this video is going to create future millionaires because I'm going to explain exactly what you need to be doing at ages 13 14 15 16 17 and 18 so you can get financially ahead and if you're older then use this as a checklist to make sure you're on track I promise if you just Implement a few of these things you'll be so far ahead of everyone else they won't even believe you I managed to become a millionaire in my 20s however if I watched a video like this when I was younger then I'm sure I could have made my first million much faster don't just watch the part of the video that's for your age you need to do all of these things and if you skip steps you might end up regretting it right let's kick this off with age 13 when it comes to investing the hand down most important thing is time in the market but what does that actually mean well put simply you want to have your money invested for as long as possible so it can start growing rapidly like a snowball rolling down a hill and eventually turning into an avalanche so if you're actually 13 or younger and you're watching this video right now I think all us oldies would agree that you're in the best possible position so how do you actually start investing at this age well as you're currently not of legal age to invest on your own you're going to need to convince a parent or Guardian to open up something called a custodial account now I understand it might be hard to speak to your parents about money and investing my parents never ever spoke about money at all let alone investing so if you want to feel free to show them the next 30 seconds of this video so I can help persuade them to open up one for you a custo account is an invest in account controlled by an adult for the benefit of a minor typically a family member these have different names depending on where you live in the UK we have something called a junior stocks and shares Isa which lets your parent or Guardian invest up to £99,000 a year on your behalf now of course they don't have to do this much but just think every birthday or Christmas you could ask them to put some money into the account and invest in some stocks and shares I'm not a financial advisor and this shouldn't be taken as Financial advice however over the years I've just invested in a simple lowcost S&P 500 Index Fund this invest your money across just over 500 of the biggest public companies in the USA so you don't have to worry about picking individual stocks the historical average yearly return of the S&P 500 is 12.58% over the last 10 years as of the end of May 2024 of course Investments can go down as well as up if you got a junior stocks and shares Isa then you'll be able to start managing it for yourself from the age of 16 and you can start to withdraw money from the age of 18 if you wanted to but if you're anything like me once you've got the investing bug you'll probably want to keep it growing in America you have two main options a ugma and a utma these both have unlimited contributions but you could trigger gift tax if your parental Guardian puts in more than $188,000 in one year the only real difference between these two is that with a utma you can also invest in real estate and Fine Art a custodial account can be set up with most banks and brokerages my favorite is Vanguard for both the UK and the USA as they've pretty low fees and they've certainly been around for a long time so if you're young than 18 then please please please promise me you talk to your parents about getting one of these accounts as it gives you such a head start start right moving on to age 14 besides time another huge Advantage you have at this age is that you probably don't have to pay rent and other monthly bills this means you have the freedom to try different ways to make money since you don't need a reliable income every single month you should go out and try everything from cleaning driveways with pressure washers to competitive Sports not everything has to be about making money you can learn a lot from other activities which you can use to make money when you're older my son Curtis used to get up at 4:00 a.m. most mornings for swimming practice of course he didn't earn any money from this but it did teach him discipline so when he started his business at 18 he could outwork his competition I speak to so many teenagers who tell me they don't have a talent but when I ask them what their hobbies are they can't even name a few they've tried you can't expect to find your talent if you don't try a wide range of different things if it doesn't work out then that's absolutely fine just try the next thing and the next when you find something you're naturally good at or enjoy getting better at Double Down on it and make it your mission to become one of the best next age 15 one of the things I miss most about being younger is birthday and Christmas presents not that I got a lot as my parents weren't very wealthy but I definitely got more than I do now that's just the reality of growing up especially for young men so instead of asking for presents like PS4 games and other things that you're not really going to care about in less than a few months a huge life hack is to ask for cash whenever possible I'd also highly recommend going and getting a Saturday job now don't be too picky at this stage even working in a retail store behind a counter can earn you a nice bit of extra money you'll also learn a lot of useful social skills that will prepare you for the real world doing both of these things will help you start stashing away cash as long as you avoid the temptation to spend it I like to use the word stash instead of save as I have a problem with the way most teenagers approach saving money they will save for months and then go and spend it all on a new game console or a day at the theme park now obviously we all like a roller coaster that's for sure this shouldn't be what you're stashing your cash for though of course you should spend some of it to have fun however see your stash more like a Launchpad that you can use to make even more money the hardest thing in the world is starting with $0 to your name so if you can avoid that even if you have as little as $100 then it's going to make everything so much easier oh and I almost forgot go and apply for your provisional driving license in the UK you can do this when you're 15 years and 9 months old so it's worth getting even if you don't intend start using it right away right now it's getting serious age 16 you've got a 2-year window before you enter the real world so it's time to really think about what skills you're going to start focusing on and developing by now if you've done all the things I've mentioned in this video then you should have a pretty solid idea of what you're good at these may seem unrelated at first but pick a handful of them and start stacking your skills on top of each other when I was younger I was talented at selling designing mechanics and woodwork so I invested my money into different things that would help me get better at those skills now I had no idea how I'd link them together but I trusted that in the end it would all make sense I'm not really talking about buying courses as there's so many fake G is that they're just trying to scam you out for your money with that said there are some good ones around as well even better though if you can find some sort of community to join where you can chat and learn so much the better however the majority of your money should be invested in equipment I remember when my son bought his first iMac for $500 from his uncle he did this with the money he'd save from doing part-time jobs because that was the biggest purchase he'd ever made at the time he would sit at that Mac and learn everything about it this led to him teaching himself how to edit videos and use Photoshop investing in tools like this can really open so many doors between now and 18 your biggest aim should be to develop these different skills that you can later used to make more money than someone that just decided to play video games this is because you can come into the real world with some actual value to offer this heavily cuts down the amount of training a company needs to give you which takes the burden off them onto age 17 now listen to me very carefully you need to pass your driving test yes I know you probably don't need to drive anywhere at 17 but trust me the sooner you do this the better in some states in the USA you can do this as early as 16 remember you only need to do it once not being able to drive is one of the biggest things stopping most people from starting a side hustle I mean what if you have the chance to work with a client but they live 30 minutes away and you can't get a lift every week you'd have to rely on public transport and we all know how unreliable that is you'll probably end up getting a bad name for yourself and coming across as unprofessional leading to that opportunity going out the window one of my key rules to this day is to be early is to be on time to be on time is to be late and to be late well that is unacceptable so if you're watching this now and considering driving lessons do it please don't be that person that regrets not jumping on it sooner yes it might be a bit scary at first I thought it was really exciting to be honest but think about the bigger picture once you've learned you can use some of that money you've been stashing away to buy yourself a cheap starter car then nothing's holding you back now it's time for the big one age 18 the world really opens up to you once you turn 18 now you're officially class as an adult and there are so many things you can do to get financially ahead I wish someone had sat me down on my 18th birthday and told me exactly what I needed to do so that's what I'm going to do for you now I've made a checklist of seven things you need to do to set yourself up for Success even if you're over the age of 18 it's super important you do all of these things sooner rather than later let me know in the comments how many you've ticked off number one open your own bank accounts having your own bank accounts that only you have access to is the first logical step you should take once you're over the age of 18 I say accounts because really and truly you should have two the first is a current account or as the Americans call it a check-in account this is where your money should flow in and out for example let's say you got yourself a job at a coffee shop the coffee shop pays your wage into your current account and then you can use that money on whatever you want really the second is a highin savings account this is where you should start building up an emergency fund of 3 to 6 months of your living expenses just in case something out of your control happens and your income dries up it's like when you chug a big pot Shield potion on fortnite but keep some minis handy so where should you open up these accounts well you need to be looking for banks that don't charge High Fe I remember I used to get charged for stupid little things all the time having these accounts shouldn't cost you money I also think you should have two accounts with different banks as it makes your savings way less easy to spend when it's out of sight it's out of mind if you're in the UK then I'd recommend going with a challenger Bank like monzo for your current account now this isn't sponsored but their app is genuinely very good for your savings account Chase is a great option as they're currently offering 4.1% % interest on your money so you'll get paid for just leaving your money in the account in the USA I'd recommend looking at Allied Bank or Bank of America because they offer minimal fees and have really strong online banking service number two get a credit card when I was younger I believe that if you never borrowed you'd have an amazing credit score since you never took out a loan or made any late payments it makes sense right well that couldn't be further from the truth taking out a credit card when you turn 18 is the perfect tool to build up your credit score you can do this by using your credit card to pay for the things you would normally pay for in cash like paying for the gas in your car for example and then paying the card off in full every month without fail using it this way will ensure that you never get charged any interest at the same time as building up your credit score a credit score is kind of like your Uber rating but for money Banks look at this and then they decide whether or not they're going to give you a loan and if they do what interest rate they're going to charge you now lots of people are against the idea of getting a credit card because they're taught from a really young age that debt is bad I know this because that's exactly what I was taught my dad would always say never A lender or a borrower be this was a saying that originally came from rich people years and years ago to keep the workers down as they knew by borrowing the working class could create wealth for themselves the rich wanted a keep getting richer and keep the poor in their place if I had a credit card when I was 18 it would have been much easier to get a mortgage sooner and buy my first property I would have also been able to borrow more money at lower interest rates now that may not sound significant but over a long period like a mortgage this can really add up number three open an investing account the key is to open the correct type of account you often hear people throwing around terms like RAF Ira in the USA stocks and shares Isa in the UK and tfsa in Canada and supers in Australia so if you don't have one of these accounts then you're missing out as they allow you to avoid having to pay taxes on your Investments but they do have limits because they're extremely powerful nowadays opening an investment account is very simple as you can do it all from your mobile phone the great thing about these investing apps is that it actually gives you the ability to buy fractional shares so rather than having to pay $220 for an Apple share you can invest as little as $1 now I wish I had this option when I was younger as it would have allowed me to get in some early experience with investing without having to take any big risks one of my favorite investing platforms is trading 212 as they offer fractional shares and also stocks and shares Isis since I was planning to talk about their app anyway I reached out to them to see if they'd be interested in sponsoring this portion of the video they agreed and are offering a free stock worth up to £100 to anyone that uses the code Tilbury when they create an account plus you can get more free Stocks by inviting your friends both of you will get a free share as long as they fund their account if you aren't quite ready to invest for real one of the really cool things about trading 212 is they let you practice investing with fake money you can get familiar with the markets using real data without risking any actual money so if you're a little uncomfortable with investing or just want to try out some strategies before putting your own money on the line this is a great way to get started also don't worry if you've already opened an account within the last 10 days you can still use the promo code Tilbury in the app and receive your free share so feel free to pause the video right now get your free stock and then continue watching number four carefully consider University so many teenagers have asked me is going to University a scam my answer is always yes and no on one hand for some careers you certainly need to go to University like doctors nurses and teachers there is a direct result from doing university courses like this you get a degree and the career path opens up to you these professions play critical roles in our society directly impacting the way we function so are absolutely not a scam I actually think these types of courses should be free and reserve for the people with the best grades and passion for following one of these careers however on the other hand there are a lot of other courses out there that don't open up job opportunities directly and therefore why waste your money and more importantly your time studying at University for something you don't really need skill trades like Plumbing entrepreneurship and Tech well they don't require a degree it's more about how good you are at what you do your track record and results will speak for itself I mean I read through my comments on here and I've seen lots of people claim they've learned more from me than they did in their business degree now that really says a lot for me and for a lot of other employers it's more about your practical experience and attitude than anything else so please don't be pressured into going to University to study something you don't care about and waste four years of your life I mean I heard there's a golf management degree now how ridiculous personally I love golf I just want a major competition called the Duke of edra cup I didn't need to go to university to learn how to play or manage the game it's laughable it really is look if you really don't know what to do with your life my advice would be to get an apprenticeship they were huge back in my day and they're coming back and getting more popular than ever plus you get paid while you're learning it's a win-win situation if you ask me so although schools and maybe your mates will try and push you to go to university think about what you really want think about the 60 to 100K debt that you could have wrapped around your neck and ask yourself is it worth paying that off for the whole of your life number five avoid bad debt debt is like a heavy anchor that drags you down slowing your progress and holding you back from reaching your full potential don't get me wrong in some cases you can use debt to your advantage like when buying a property for example taking on a mortgage to buy real estate can be a really smart investment because property can go up in value As Time Goes By by using this debt strategically you can leverage this borrow money to have access ACC to these assets that will hopefully increase your long-term net worth the same goes for having your own business if you borrow money to start your own business and it takes off you can make some serious profit without that initial money you might never be successful I know that was the case for me when I opened up my first radio control model shop without a loan I simply couldn't have started however there is a type of debt you should avoid at all costs and this is Consumer Debt if you can't afford to buy something outright that isn't going to create wealth then you shouldn't buy it a lot of people Finance their cars and this is just one example of where borrowing money actually leaves you worse off in the long run here in the UK a shocking 2.2 million drivers Finance their cars and I'm willing to bet most of them are stuck in this money trap I understand that you might want to drive a certain car now I love cars so I totally understand that I get it but is it really worth it just something for you to think about number six start a side hustle most people's advice when you turn 18 is go and get a job they make it sound so miserable and it's like you get no choice with your life that's what you're expected to do go to your job and be miserable well let me tell you it doesn't have to be this way you don't have to wake up every morning thinking that you're stuck and not progressing if you follow this video so far you'll have some valuable skills and you can use them to start a service base side hustle this type of side hustle is great think copyrighting video editing videography web development and Community Management all of these require very little startup money you just need to master the skill inside and out if you haven't got a high income skill yet then you really need to catch up so no matter what job you go and get leverage it use the skills it gives you and the money you make to transform your Daily Grind into a Launchpad for greater things even if you can't learn any skills from it use it as motivation to put in the extra work on the weekend to learn a valuable skill and improve your current situation start viewing it like this every shift you dread is an investment towards your future number seven invest for the long term compound interest is an extremely powerful law especially when it comes to investing it means that not only will you earn interest on your initial investment but you also earn interest on the interest that you've already earned this can lead to your money growing bigger and bigger over time it's like when you create that snowball and roll it down the hill it just keeps getting bigger and bigger and bigger the more snow that's packed onto it for example let's say you invest $250 a month at age 18 into a rough IRA or a stocks and shares Isa assuming an average yearly return of 8% by the age of 65 your investment could grow to approximately $1.5 million tax free now if we compare this to someone who starts investing the same amount at age 28 by the age he's 65 their investment would only reach around $679,000 under the same conditions that's less than half the amount see those extra 10 years of compounding really boost the final amount because there's more time for interest to build on interest so the younger you start the better not only will you have time on your side but you also typically earn less at a younger age placing you in a lower tax bracket this means you'll keep more of your earnings because you won't be taxed as heavily compared to when you earn more later in life if you want to dive deeper into how to pick the best stocks and watch this video next but don't click on it just share make sure to subscribe if you want to grow your wealth okay I'll see you over there