10 Best Money Tips from Personal Finance YouTubers
Advice from the mouths of seasoned professionals themselves!
While the personal finance space certainly seems saturated, the benefits of social media allow one to learn about money and creating wealth through multiple platforms. For some, YouTube videos may be the best way to learn. From engaging video conversations, to lecture-like charts and graphs, to re-enactments of relatable anecdotes, these videos make personal finance digestible and exciting. Moreover, the advice they offer is unique and personalized, often even controversial. Being able to understand different points of view in this realm is important and the diversity of thought that the YouTube space offers is essential.
1. "Sometimes the best investments you can make don’t make you more money but save you money and hiring a CPA is the best example of that."
Coming from Graham Stephen, this advice seems much sounder than it would if anyone else gave it. But, this video on eight of the best investments to make in your 20s is an advanced crash-course for young professionals on how, and what, to invest in--and why. For Stephen, a CPA makes that list since on average, people unknowingly pay nearly a third of their salary in taxes. As such, a CPA can save you more in the long-run even though they can cost a steep amount, too. While a CPA may not be the best investment for someone who doesn’t have their own business, this mindset of thinking about investments as more than just vehicles to grow your wealth is nevertheless a cornerstone of successful personal finance.
2. “If you buy cheap you buy twice.”
From Patricia Bright's YouTube page, The Break, this video on the ways in which being cheap is costing you more is a game-changer. Given that most personal finance advice is centered on saving money, budget bargain deals seem like something to embrace. But, the reality is that companies make money from entrapping you in a cycle of buying cheaper items even when you don’t need them or worse, ruining a cheaper item and needing to replace them. It is not always true that expensive items are better quality, but even hiring cheaper labor, whether for repairs in your home or for your car, but there is a time and place when quality matters.
3. "Investing into courses, into real, working knowledge, is one of the best investments that I've ever made."
Jeff Rose, of the Wealth Hacker, may not be the first to emphasize investing in your education, but he's one of the first to claim that this will double your income. In his video, detailing seven ways to double your wealth, he breaks down just how valuable certain investments are above others. While Rose’s investment advice is a bit different from Stephen’s, both are examples of investments where you spend a little upfront for longer-term gains, albeit by different means.
4. "Is high volatility a risk? It depends."
As a portfolio manager, Ben Felix knows what he's talking about--and he takes the time to break it down for his viewers, too. While most humans who are risk-averse assume that investing is risky and often put off on investing until they've built up a sizable amount of savings, Ben discusses why investing is not as risky as one may assume. Moreover, he further clarifies that investing can be more of a risk if you need to make a return rapidly versus if you don't need to access that money for awhile. His videos are deeply informative and even for someone seasoned in personal finance, Ben's videos offer something new.
5. "If you don’t find a way to make money while you sleep, you will work until you die."
Grant Cordone's no-nonsense style of imparting personal finance advice has got him a fan following. In this video about his best financial decision, he outlines why he rents where he lives but owns dozens of other properties to make him an income. Cordone talks about how he learned to invest in real estate and even offers tips like “don’t buy a single family home,” and backs that up with his own experiences. While real estate investing isn’t for beginners, this channel is one to look to for more seasoned investors.
6. "Even in a recession, don’t stop investing."
Andrei Jikh's videos are always informational and well-told, with anecdotes and historical stories emphasized to better explain finance and investment ideas. In this video, he discusses money mistakes people make when they anticipate than a recession is near—namely, that they swiftly stop investing. But, in reality, keeping your investments so that they grow again when the market snaps back, and contributing to your investments even when rates are low, will yield long-term benefits more than if one simply dried up their investments and saved them, instead, exposing that cash to inflation concerns.
7. "It's about how much value you're getting...you need to pick the one that actually makes sense."
The Ask Sebby channel focuses primarily on credit card advice, from which ones to hold in your wallet to how to save money using them. Although this is a niche, credit cards and their perks are essential to understand if you hope to become a personal finance master. This video emphasizes how to think about the value of your points from each credit card versus the overall sum of the points you've accumulated and Sebastian breaks this down in an easy-to-understand manner. The advice is useful for thinking about money overall too, however, as the value you get for your money is just as important as the option that makes the most sense for you, your lifestyle, and your situation.
8. “As long as you’re in debt, the money that you’re making doesn’t belong to you. It belongs to the bank.”
As a minimalist and lifestyle guru, Matt D’Avella has a lot of advice. But, his personal finance success story of paying off student loan debt in a record amount of time makes him an expert when it comes to money, too, and this quote, highlighting that life under debt means that your paycheck doesn’t even belong to you, underscores how important it is to prioritize paying off your loans. The examples Matt discusses, of accumulating debt in order to reach societal milestones—a new car, a private college, your own home, etc.—simply isn’t worth it when you consider that you could be paying off these bills for decades after you even make the decisions. Moreover, you’ll stop feeling entitled to spend your money, to “treat yourself”, so that you can finally begin to dig yourself out of the negative money you have.
9. “Save 10% and invest 20%, minimum.”
Ramit Sethi is NYT bestselling author whose financial advice is seen as the gospel. Still, this simple piece of advice is often ignored in favor of saving 30%, or at least 25% and investing just 5%. It is all-too-easy to invest less, especially given that investing seems intimidating and risky. But, if you really want to grow your wealth, investing is the strategy to adopt and it’s essential that one become comfortable with this. Admittedly, Sethi also advises to save a year’s worth of expenses in an emergency fund, but consider that your 10% contribution and double that for your investments.
10. “Pay off any debt that has a 5% or higher interest rate as fast as possible. For any debt that has an interest rate below 5%, just pay the minimums on that debt and take all the extra money you have at the end of the month and put it in a responsible investment, like an index fund.”
Now, this advice is likely controversial—after all, paying off debt is the #1 piece of financial advice given to most college students. But, Thomas Frank makes a point, here, that the rate of return on your investments could make it easier to pay off your debt, especially if the interest rate of your debt is lower and if you’re slightly risk-resistant. While this method won’t work for everyone, it certainly is a different way of thinking about your debt and could very well work for the right person.
Keertana Anandraj is a recent college grad living in San Francisco. When she isn’t conducting international macroeconomic research at her day job, you can find her in the spin room or planning her next adventure.
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