3 Things You Should Do As Soon As You Turn 18 (to get financially ahead)

@lifemaxingmike

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Why it worked

The video provides actionable financial advice relevant to a young audience reaching a significant milestone (turning 18), using clear, concise points and relatable examples of potential financial outcomes.

Summary

The creator outlines three key financial actions to take upon turning 18: obtaining a credit card for rewards, opening a high-yield savings account (HYSA) for better interest, and starting to invest to build long-term wealth. They emphasize the potential for significant financial growth through early and consistent investment.

Structure

1Introduction: 3 financial steps for 18-year-olds
2Step 1: Get a credit card for rewards
3Step 2: Open a HYSA for better interest
4Step 3: Start investing for long-term wealth
5Conclusion: Encouragement and call for engagement

Call to action

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On-screen text

3 Things You Should Do As Soon As You Turn 18 (to get financially ahead) 1. Get A Credit Card! 2. Open a HYSA! 3. Start Investing!

Original caption

What to do when you turn 18 #finance #savingmoneytips #Budgeting #financialliteracy #creditcard

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Transcript

3 things you should do the day you turn 18 to get financially ahead as a 17-year-old on track to graduate high school with over $50,000. First, get a credit card. There's literally no point in using a debit card when you can use a credit card and get cashback and rewards. I know that's the first thing I'm doing when I turn 18. Second, open a HYSA, a high-yield savings account. This is way better than a traditional savings account because you get paid interest just by keeping your money inside of there. Right now I'm using Marcus by Goldman Sachs which pays you with a 3.5% interest rate per year, but I'm getting 4.5% because I used a referral link. If you want one, send me a DM. Third, start investing. Investing is the best way to build long-term wealth. If you turn 18 and invest $300 into S&P 500, $300 to $500 a month from the day you turn 18 to the day you turn 60, then you would retire with over $2.3 million. With only $150k of that $2.3 million being your own money. Appreciate y'all for watching. Let me know if you guys have any questions or tips in the comments.