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This is the time of year when there are millions and millions of people graduating college and they’re wondering what am i gonna do what am i gonna do there’s also millions and millions of juniors in college right now who are realizing they’re about to graduate the next year they’re looking at that person they know and they’re a senior and they’re graduating
They’re gonna say that’s gonna be me next year i’m actually gonna graduate what am i gonna do today i’m gonna take you guys down eight steps that you need to basically take as soon as you graduate college if not even before you graduate so you have all these in mind guys this is a financial education channel so if anybody came across this video and you’re not here
For financial reasons then this is probably the wrong channel for you i’m not going to give you a relationship advice i mean these are all strictly related to finances steps you need to take so your entire financial life is gonna be better after that guy so that’s the purpose of this video today guys and you know what let’s just get into this so number one number
One understand that the next seven eight years your life or the most vital years of your life as far as financially setting yourself up most vital you’re gonna graduate college most you guys if you’re just getting a bachelor’s degree you should graduate around 22 years old maybe 23 years old here you’re wondering what should i do in life well understand whatever
You’re gonna do those next seven to eight years you can either put you way ahead in life and get you way out in front of all your your peers and whatnot and way out in front of where your parents are at everybody it can do that or it can set you up where when you reach that thirty year mark when you’re 30 years old and you reach those 30s you’re like oh i haven’t
Really done too much yet like i need to start getting this figure it out so you can either set yourself up to be way ahead of the game or you can set yourself up to be way behind the game or just you know where everybody else is at that time so realize that it’s so vital it’s the most important seven eight years your life in my opinion of all them and and i would
Appreciate i’m sure some people are in a chronic actually would watch this video who aren’t even graduating college who maybe are in your 30s or 40s or 50s i bet you any money you guys would agree with me most vital years your life or your 20s as far as setting yourself up for a financial success or failure and i bet you i could i don’t care i couldn’t tell you
How many comments i’ve seen over time of having this channel of people in their 30s or 40s or 50s saying i wish i would have been focusing on investing in my 20s i wish i would have been starting a business i wish i would have been doing some of these things guys so understand that understand it’s so vital that your twenties at that point number two you got to ask
Yourself do you want to start a business do you want to rise through corporate ranks or do you just want to be an employee all three of them are fine all three of them fine i don’t judge if you want to be one over the other those kinds of things at my personal way but that doesn’t mean you can’t change as time goes on you got to really ask yourself when you’re about
To graduate college or you just have think what do i want to do with my life do i want to start a business do i want to you know try to rise the corporate ranks do i want to do this do that for me for my story i wanted to rise the corporate banks i really did that was my thing when i got done community college i didn’t want to go on to any more college after that
Because i was doing well i was doing well financially i had a really good paying job at that time everything like that so for me i was just thinking i’m gonna rise the corporate ranks at my workplace that’s what i’m gonna do that’s what i’m gonna do i’m gonna be a corporate type guy and that’s what i’m i think but always in like the back of my mind i was always be
Thinking like i want to start a business like like it like it was like you’re calling to me i want to be an entrepreneur i need to had no clue what type of business i wanted to start the lake all the time like that thought was in the back of my head like i would think you know what this i don’t think i’m going down the right path i think i need to start a business
I think i’m an entrepreneur i think i’m not meant to be a robot and as i got in the corporate world and i started rising you know and i did well i got promoted in these kinds of things and things were going well but all the time it came back to i realized how much my creativity was limited working at a corporate place in in it like bm2 be it so clear to me that
I want to be my own boss i want to do my own things i want to make my own moves not somebody else deciding my moves for me so that led me to entrepreneurship but i never knew what business i want to start but you got to kind of ask yourself especially as you’re going along those years is doing what you want to do the best for you and maybe you think i want to
Start business then maybe they time goes on you realize it’s just not you’re not cut out for it or it’s not cut out for you or whatever and maybe you’re like i should be working at a corporate company i should be working for somebody else making their dream possible and through that i can financially financially succeed and that’s fine and at the same time if
You don’t want to do either of those and you just want to work a middle-class job making 50 k years 60 k or whatever that’s fine as well like like just just think about that think about what you want to do think about what you want to do just like it’s just kind of some mental awareness for yourself think of what category am i going to fit into am i gonna be in
This one that one and this one and it could change over time you might start out just thinking you just want to be a regular employee as the years go on maybe elson you get promoted nelson you want to rise the corporate ranks after that you never really know you things can change as time goes on number three set up a plan if you want to start a business right if
You think you want to be an entrepreneur have like a plan in place to get you there so my plan was i always had that thought in the back of my head right that maybe i want to start a business someday so it was made sure i had plenty of money set aside so whenever the day came and i was ready to start a business i wanted to i wanted to go out and make that dive i
Could financially do it i could financially do it so if you’re one of those people that chooses the business round you’re like i want to start a business but maybe it’s not for you at that particular time maybe you want to go get some experience in the work world maybe you want to work in that industry a little bit of time like like or you just need to save up
Money think about like how you’re going to navigate that over time and think about what’s the plan to get to where you want to get which is to start a business if you want to go that route so focus on that guy’s number four if you have not learned about investing during the course of college then you absolutely need to make a priority to learn as much as possible
About investing now you’ve graduated college you’re gonna start getting a job you’re gonna start making money things like that you’ve got to learn as much as possible about investing and it doesn’t just have to be stock market investing that’s what we talked about primarily on this channel 99% of the time right israel we’re talking investing but that doesn’t mean
You have to do that that doesn’t mean you have to go that route you could look at real estate investing you look at investing in bonds you can look at investing in in private companies you know being a more like a vc type you know investor then in small businesses there’s a lot of different investments you can make you would be a gold investor a silver investor
You would be you know there’s a million different types of stock traders you know i’m like a modern long term stock market trader you could be you know a super long term like a warren buffett you could be a day trader you could be a short-term trader there’s a lot of different ways you can go but learn as much about it and investing as possible and then once you
Kind of have dated around a little bit some of these investing styles for is reading books things like that figure out which one comes most naturally to you because it’s gonna depend like like for me stocks are the way to go but at the same time someone else might look at stocks and like now that’s not for me real estates for me or and somebody might else might
Look at that and say no not real estate for me investing in bonds corporate bonds that’s my thing or treasuries whatever whatever suits your style you can date around a little bit read some books see which one’s you’re like really interested in and then deep dive on that and become a almost had like an expert in that particular category so then you can start going
Into step number five which is start investing as soon as possible start investing as soon as possible if you have not watched a video i did on this channel about in basically a compounding calculator it’s basically a video called i think like zero to a hundred thousand dollars like how long would it take or zero to ten million or something like that like how long
Would it take like go and watch that video or go on google and typing compounding calculator and you’ll realize how important time is when you’re compounding numbers when you’re compounding numbers when if you start investing a thousand dollars at 23 years old you get a 10 percent return per year first is starting at 33 years old or 28 years old the numbers are
Dramatically different they’re dramatically different so realize you need to start investing as soon as possible as soon as you really start becoming you know a subject expert on that industry which might take you a year or two just start investing start getting into real estate aren’t getting in the stocks whatever it is your your thing is start investing in it
It’s better to start young because experiences you’ll have when you’re young even if you make some mistakes they’re gonna you immensely over the years if it’s a lot better to maybe 23 years old invest $1,000 and lose $500 then when you’re 55 years old you just start doing that right and you invest $100,000 and you lose $50,000 like which one would you rather be i’d
Rather be the 23 year old who when they’re 55 has already got five million dollars in the bank and isn’t worried about making those kinds of mistakes or will not because they’ve got experience for three decades think about that guy so what start investing as soon as possible number six decide if you want to buy stuff or you want to buy stuff so what you guys can’t
See behind here is a nice camera i just bought last month at ke na dhih dhih cost over $1000 i bought that as an investment in this channel an investment in my business i use that for my real estate videos i got lighting set i got all this new paneling for audio to make the audio even a little better on the channel that cost like 150 bucks i didn’t make decisions
On do i want to buy stuff with that money monetary things you know do i want to spend that thousand dollars on getting a you know a 65 inch plasma or not plasma i guess that’s how style is 65 inch led or do i want to spend that money on a new camera that could make me money do i want to spend $150 going out to eat for sushi three times or do i want to spend $150
On some paneling all over my room don’t make the sound a little better in the videos like that’s kind of the decision you have to make do i want to be someone that’s just spending my money on stuff do i want to buy stuff do i want the nicest car possible do i want to go buy a corvette or do i want to buy something that’s gonna make me ten corvettes like that’s
The questions you got to ask yourself there’s nothing wrong once again i don’t there’s nothing wrong if you want to buy stuff if you want to buy a rolex watch instead of instead of investment and stuff you can there’s nothing wrong with that just realize that if that money you had invested in your business if you start a business something like that that might
Make you 50 rolex watches so so kind of understand that and nothing’s guaranteed ever nothing’s guaranteed just something to throw out there guys so think about that number seven you got to start an emergency fund start emergency fund put you know at least a month’s worth of savings have a no merge see fun an emergency fund meaning that money’s not touch unless
It’s an absolute emergency like you get laid off from work like what something horrible happens like that guys a big health issue something an emergency an emergency that’s what that fund is and you should have at least a month worth of expenses in there i really would prefer three to six months worth of a worth of paying all the bills in that emergency fund not
To get touched unless it’s in emergency like unless it’s the worst thing possible happen guys that’s what that money’s for start that immediately very important because that will keep you away from if something bad does happen you have to take out a bunch of debt or something like that and then you end up when things get better you have to pay back all that debt
And a big interest rate all those kinds of things guys so you’ll save yourself a lot of money and a lot of stress and you’ll be able to sleep better at night knowing that hey you know what if i got fired from my job if you do work at a place or you own your own business you lost a big customer that hey i got plenty of money sitting around that i’d be okay till i
Find something else so think about that guys number eight last but not least number eight when college ends don’t think you’re learning ends when college ends that’s when the real learning starts you need to really start learning at this point on your own learning about investing like we talked about learning about business learning about everything you possibly
Can learning about taxes learning about all this stuff that maybe you didn’t really care about so much in college to care about in high school which is fine but you’ve got a really short learning about that stuff for that then guys don’t just like think okay you know what my college days are over i don’t need to learn anymore i don’t need to learn anymore i can
Just work my job or whatever and i don’t need to learn it that’s a big financial mistake because the more you learn the more it’s gonna help you make wise decisions financially which will then benefit you in the end guys so do not think like just you know college is over i’m done learning do not think that at all so this kind of covers what to do after college and
As far as like you know student loans and some of that stuff i know that will will come in a place especially if you have student loans i would i would always suggest you know making sure you’re trying to pay those off but if you’re at a low interest rate like a three or 4% or something like that if you really are a hard worker as far as investing you have a good
Investing philosophy it might make sense to put some more money toward investing rather than paying down that loan so fast because if you’re a decent investor you can probably make a lot better than 3 or 4% in the market you can probably if you’re just a decent investor you can probably make 8 to 12 percent per year especially if you’re like doing the stock market
Right if you’re a stock market investor you can probably do 8 to 12 percent if you’re just decent then if you’re really good you can make 16 18 20 25 percent a year as long as the markets aren’t that crash or something that are stable or they’re rising a little bit you can do that so that’s what i would kind of recommend but if you’re not an investor especially
You’re not an aggressive investor and you’re just investing in things that are gonna make you 3 or 4 percent per year then i ain’t gonna actually recommend you pay down those student loans instead of that guys so i hope this helped you immensely if you just are about to graduate college or you’re graduating college or you know someone that’s about to graduate
College i hope these tips help immensely you just came across this channel we’ve talked a lot of personal finance on the channel make sure you subscribe for that we talking entrepreneurship is subscribe for that if you want to be a business owner we talked the stock market the most how to be a successful investor so subscribe for that if you guys are interested in
That thank you for watching and have a great day you
Transcribed from video
What to do AFTER COLLEGE By Financial Education