The Millionaire Investing Advice For Teenagers

The Millionaire Investing Advice For Teenagers:
🚀 Are you a teenager looking to secure your financial future? Or maybe you're in your twenties and want to make sure you're on the right track financially? In this video, we'll cover 4 simple tips that can set you up for financial success from the moment you turn 18! 💼💰
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👨‍💻 Linkedin - / william-gale-8a92b916
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👋 Who am I?
My name is William Gale, and I’m the founder and CEO of The British Home Group of Companies. Curious to learn more? Check them out below! I took the leap into entrepreneurship in 2012, quitting my job to start my first company and I haven’t looked back since! I hope you find my content valuable.
*🇬🇧* If you’re in the UK:
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🎓 Tip #1: Get a Credit Card
Yes, you heard that right! But it's not about going into debt. A well-managed credit card can actually help build your credit score, opening doors for future investments like property or a business.
💳 Tip #2: Open a Bank Account
Having your own bank account is crucial for financial independence. Make sure to choose a provider that doesn't charge monthly fees and offers benefits like interest on your savings.
📈 Tip #3: Start a Retirement Account
It's never too early to think about retirement! Setting up a pension or retirement account early harnesses the power of compound growth, giving you a head start on building wealth.
📚 Tip #4: Stay Out of Student Loan Debt
While education is important, it's essential to minimize student loan debt. Explore options like grants, scholarships, and part-time work to fund your education smartly.
💡 Bonus Tip: Live on Less Than You Make
Learn to live below your means to maximize savings and investments. Avoid lifestyle creep and focus on building wealth for the long term.
🌟 Remember, every small step you take today can lead to a brighter financial future tomorrow! Don't forget to like this video and subscribe for more valuable tips. And before you go, check out the recommended video to continue your journey to financial success! 💸🔒

[@RiskOnInvestor]

Congrats on the news about a new little one coming!
The pension advice is so good. I don't have kids yet, but have considered if i would set up a pension for my kids when they're born, they can't access it for ages (downside as they may need cash for houses, cars etc), but an extra 20 years of compounding is massive.
I think the extra i would add to you list is work hard at your job, salary progression compound massively over a career. An extra £1000 per year might not sound like much, but if you bank that for the rest of your career, that £1k could be worth £40k over the course of your life (+ extra if you invest the difference!)

[@TheWilliamGale]

Thanks!
I’ve set up pension and Isa for my kids. although limits you can put in are far lower. For instance with pension it’s at £3600, but the compounding effects are just crazy. If I put in £2880 a year with tax relief boosting it to £3600 and stop when they’re 18, so I’ve put in about £60k and then stop. Even if they add nothing till they’re 57, they’d have a pension pot of about £2m. Basically guarantees they’re going to have an ok chance to retire well no matter what. Whereas ISA it’s over to them to withdraw if they wanted when 18.
Agreed on your point on working hard, boosting salary

[@nurshathdulal1465]

Love the content! Can I ask which pension provider you would recommend for a limited company?

[@TheWilliamGale]

I use Vanguard. Key is to look through reputable low cost providers