Transcript
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– Hi, everyone.
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It’s Clyde from Yellow Brick Road here at St. Marys,
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your local wealth accelerator specialist.
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Today’s video is all about three finance tips
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that I will tell my 20-year-old self.
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The first finance tip that I will tell my 20-year-old self
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is to sit with a financial adviser.
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You see, you’re never too young
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to sit with a financial adviser,
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because a financial adviser is able to provide guidance
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and advice and tell you what you need to know,
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not what you want to know.
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They’ll help with budgeting.
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They’ll help with wealth creation, investment advice,
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and most importantly,
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they’ll be able to provide you with the knowledge
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and to understand all the technical jargon
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that you hear from the TV
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and read in the newspapers or online.
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The financial knowledge that one will gain
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sitting with an adviser will help you
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throughout your whole life.
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So that’s why I would highly recommend
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to sit with a financial adviser, no matter what.
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That’s the first thing that I will tell my 20-year-old self
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is to sit with a financial adviser and get the knowledge
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and the understanding of how finance works,
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because that knowledge will help you
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throughout the rest of your life.
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The second thing that I will tell my 20-year-old self
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is to start making super contributions from day one.
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You see, most 20-year-olds, when they,
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if they work, it’s either casually or part-time.
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Making additional super contributions from day one
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will make a huge difference when you get older.
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For example, an extra $20 a week will add
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over $200,000 extra into your super fund
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over a 40-year term.
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If I was telling my 20-year-old self
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to make extra contributions,
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I’ll start really, really small, and a $20 per week
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is not going to make a huge difference in the bank account.
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So second thing, to make extra super contributions,
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because over a long period of time,
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it makes a huge difference.
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The third thing that I will tell my 20-year-old self
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is to invest for the long term
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and not focus on short-term gains.
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You see, as a 20-year-old or as a young adult,
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most young adults always focus on the short-term gain.
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How much can I make now?
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How much can I make now?
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What’s the quickest, easiest way to make money?
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I’ll tell my 20-year-old self that investing
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is a long-term process.
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You want to look for companies that produce
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really good income, positive, really good profits,
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and they really invest that money back into the company.
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It’s always a long-term investment.
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It’s never a short-term gain.
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So there are my three finance tips that I would give
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my 20-year-old self.
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Number one, sit with a financial adviser
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so I can understand the basics of finance.
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Number two is to make extra super contributions,
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because over time, that will make a huge difference.
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Finally, focus on long-term investing or long-term gains,
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not short-term profits.
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That’s it for this week.
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I hope you enjoyed it.
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If you like what you hear,
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if any of your family or friends may benefit,
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please pass on the video to them.
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If you have any other comments,
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please write them down below.
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Finally, remember I’m dedicated to helping you
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take actionable steps today for a better financial tomorrow.
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See you all next week.
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Bye bye.
