When you turn 18 a lot of things change you become more autonomous you become an adult you can now vote along with a host of different opportunities that are opened up to you when you turn 18 but one kind of area that isn’t talked about enough is what to do with your finances when you enter adulthood this should be something that everyone should be talking about but they don’t so in this video I’m going to go over seven different things that you should do pertaining to your personal finances when you turn 18 these aren’t in any particular order but they are all very very important to setting up a healthy and just good financial future for yourself right when you turn 18.
You should do is start looking into investments because this is great once you turn 18 years old you’re now old enough to open up your own brokerage account and you are now old enough to buy and sell stocks so what you should be doing is looking into investments you know maybe getting a book on investing or something like that or if you don’t want to do that I recommend just checking out some of my other videos that I have you know how to get into the stock market I made a video about every step that you should take but just become aware of it what stocks are which you know what is a blue-chip stock what is a pretty safe portfolio what’s a risky portfolio what are big indexes and different things like that just understand a bit of the vocabulary and I keep talking about the stock market but look into other investments as well look into different things like real estate investing and if things like that and just begin to understand.
The world of investing you know you’re now eighteen everything is now opened up for you so just look into what your opportunities are and just learn about it a little bit number two is start earning money so I could also phrase this as kind of get a job and there’s multiple reasons you should do this the first one is you’re gonna start having some money coming in you know and it’s important to be saving your money in that way you even have money to invest you know you don’t want to rely on your parents always just for money coming in and you’re getting older now you know you’re now 18 years old you can now go and get really kind of any job that you want and all the different opportunities are out there you can likely Drive now.
There’s no really excuse and you’re young enough that you still have enough time you can maybe work on the weekends or maybe over summer and just getting money coming in is so important especially at such a young age and on top of that it’s great to get a job because you can learn about how business works you know how to work with employees how to work with your boss how to work in a professional setting and that was something that I went out and got a job when I was a teenager because I of course wanted to make money but I got a whole lot more out of it just due to understanding how business works so this is definitely something that you should take advantage of start earning money it’s also great because you don’t have a bunch of expenses now you’re likely still living at home you don’t have a mortgage or anything like that so you can save a high percentage of your income you know likely for the rest of your life you won’t be able to save as much money as you’ll be able to save right now.
So this may be something that you should definitely take advantage of number three is take a good look at college and this is something that not enough people do a lot of people just see college as the next step and they just go right into it without even really thinking about it so what I mean by evaluated is I want to look at you know where can you really go to college like where did you get accepted or maybe you’re in the process of applying look first look at how much it’s gonna cost you you know how much debt are you gonna have to go into what’s the scholarship looking like and then also take a critical look at what you want to study and look at all right this is my salary afterwards will I be able to handle that much debt is that the best way for me to kind of go to my future goals and just take a good look at it understand the finances too many people that I know I’m in college right now too many people jump in they get in a mountain of debt they don’t know what’s gonna come next and you don’t want to get in that situation so just know.
What to expect evaluate if it’s best for you for your kind of future goals and you can think about different more unorthodox parts of college maybe you want to go it’s a community college first if you’re not too sure kind of how you want to go about it maybe you want to go to trade school just take a good look at college and understand the toll it’s gonna take on your financial life number four and this one is study personal finance so now that you are an adult you’ll likely get into your real job in the coming years and I highly encourage you to start studying a little bit about personal finance and just know how taxes work know what you can write off when it comes to taxes of course it goes back to the number one about investing but also things like watching your money know how mortgages work and how loans kind of work in different ins like that so just understand personal finance as a whole there are some great personal finance books that are out there and I know when I say that a lot of people like personal finance books and just like fall asleep thinking that’s the borings thing they’ve ever heard in their life, but if you just go in Amazon and look at personal finance books you can find ones that are just very interesting reads that’ll keep you engaged and it’s just great to have some financial knowledge.
Before you start making money and if you don’t want to read I recommend checking out videos on this channel you know I have a passion for personal finance I’m one of those weirdos and I made an entire YouTube channel about it so I highly recommend looking here on YouTube on my YouTube channel seeing if there’s anything else that you may want to learn and I’ve got videos pertaining from stocks to real estate to just general basic money principles and different things like that so look on here start learning a little bit about personal finance and you’ll be in a great position for when you start earning real money number five and this is stop wasting time I mean you are now 18 years old and if you think about it you’re getting up there you mean in your 20s you kind of establish yourself about who you are as an individual and you’re two years away from me 20 years old you’re gonna likely be going to college in the coming year or so and it’s now time to really take control of your life you know maybe you felt a little bit lost through high school maybe you felt that you wasted a little bit of time.
You didn’t work to your full potential or anything else like that but now it’s time to kind of recoup and understand that hey you know I’m about to enter the real world you know I am now an adult and it’s now time to take control of my life take control of your time and start having time be an asset for you you know look where you are wasting time and start being a little more productive and filling in those gaps of times with learning about the stock market we’re learning about personal finance and therefore things like that so just stop wasting time and then also as I’m kind of talking about wasting I’m talking about time here but also stop wasting your money as well I mean now that you’re an adult it’s now time to be a little more fiscally responsible and it’s now time to not waste it on little doodads here and there you know that’s fine in middle school in high school.