5 things to do at 18 to set up your finances

@orianasiphanoum

239.5K followers · usually 26.2K views a post

Views

131.2K

Likes

25.8K

Comments

129

980

Why it worked

The video provides clear, actionable financial advice for young adults, presented in an engaging and easy-to-understand format. The creator's personal success story (six-figure net worth by 27) adds credibility and aspiration, making the advice more compelling.

Summary

The creator shares five essential financial steps for 18-year-olds: opening checking and savings accounts, a high-yield savings account for emergencies, getting a credit card and using it responsibly, opening a brokerage account for investments, and opening a Roth IRA for long-term tax-free growth. The video emphasizes starting early with saving and investing to build wealth over time.

Structure

1Introduction to financial basics for 18-year-olds
2Open checking and savings accounts
3Open a high-yield savings account for emergency funds and short-term goals
4Get a credit card and use it responsibly to build credit
5Open a brokerage account for investing
6Open a Roth IRA for long-term tax-free retirement savings

Product placement

The creator holds up an American Express credit card and mentions it when discussing credit cards. They also mention a can of OLIPOP soda and a Windows laptop.

On-screen text

5 things to do at 18 to set up your finances 27 year old with a six figure net worth here are five 1. open a checking + savings account checking account a bank account designed for everyday spending payments you can deposit, withdraw, pay bills this is the account connected debit card savings account a bank account designed for holding/saving money you don't plan to spend right away, but I want to keep my savings in there. 2. open a high-yield savings account high-yield savings account a savings account that offers a high interest rate regular one this is made for saving and growing money not daily spending so this is emergency fund short term savings like a vacation a down payment things like that 3. get a credit card my 3 step credit card guide 1. get a credit card 2. use it for small purchases 3. pay it off completely + on time so I can build credit without paying interest and not go into debt if you don't pay it off completely you start interest and you lose money it's typically safer to pay with your rather than your debit card you can earn points or cash back on money you were going to spend anyway and build credit 4. open a brokerage account brokerage account this is where your you can buy & sell investments like stocks, index funds, ETFs money in and then choose what to your money so your money can grow over time building wealth so the earlier you start investing the more time your money has to grow even if it's just $5 or $10 since you already opened up a brokerage account 5. open a roth ira roth ira an individual retirement account that allows your money to grow tax-free can invest now and tax free your future you're going to open an account add money limit if you can and then invest that money let it grow (but add yearly) in there you can take it out tax free I would start we keep going from there

Original caption

i WISH i did this at 18 but hey it’s never too late to start! ✍🏽✨💵 breaking everything down as much as I can! welcome to ✨added value✨ card @American Express drink @OLIPOP computer @Windows glow by @Fenty Skin LOL mic @DJI Retail #financialliteracy #financetips #collegetips #addedvalue #personalfinancetips

More from @orianasiphanoum

Their other posts in the index, biggest breakout first.

Transcript

here are five 18 to finances coming from a 27 year old with a six figure net worth. Welcome to added value where we go over the money basics you never learned. So first, if you haven't already, open your own checking and savings accounts. A checking account is a bank account designed for everyday spending and payments. You can deposit, withdraw, pay bills. This is the account that's connected to your debit card. A savings account is a bank account designed for holding/saving money you don't plan to spend right away, but I want to keep my savings in there. So the next step would be opening a high-yield savings account. This is a savings account that offers a much higher interest rate than a regular one. This is made for saving and growing money, not daily spending. So this is where I'd keep my emergency fund, short-term savings, like a vacation, a down payment, things like that. Once you open this account, I would start building your emergency fund. You don't need to add thousands right away. You just need to start the habit. I would get a credit card. Credit cards are not bad, but how you use them can be. My 3 step credit card guide: 1. Get a credit card. 2. Use it for small purchases. 3. Pay it off completely + on time. So I can build credit without paying interest and not go into debt. If you don't pay it off completely, you start paying interest and you lose money. It's typically safer to pay with your credit card rather than your debit card. You can earn points or cash back on money you were going to spend anyway and build credit. Then you're going to open up a brokerage account. This is where you can buy and sell investments like stocks, index funds, ETFs. You deposit money in and then choose what to invest your money in so your money can grow over time. This is for building long-term wealth. So the earlier you start investing, the more time your money has to grow, even if it's just $5 or $10. Since you already opened up a brokerage account, I would open up a Roth IRA there and start learning more about it. A Roth IRA is an individual retirement account where you can invest your money now and it grows tax-free for your future. So you're going to open an account, add money up to the yearly limit if you can, and then invest that money inside. You're going to try to max it out every year. Leave the money in there and then future you can take it out tax-free. I would start and then we keep going from there.