11: Advice for 17-24 Year Olds on Money, College, Credit and Finances
Invest Like a Boss
Sam Marks Johnny FD Derek Spartz
4.8 • 518 Ratings
🗓️ 12 July 2016
⏱️ 71 minutes
🧾️ Download transcript
Summary
In this episode we provide key solutions from leveraging debt and how to use credit, owning stock, real estate, the purpose of college, the benefit of traveling and most importantly why you should start your very own business. We also discuss the importance of experience and how using an internship and mentor can allow you to learn and network properly to more effectively invest and launch a successful business for yourself today.
Relevant links for guest:
Where are we:
Johnny FD – Berlin Germany
Sam -Singapore
Recommended (books, subscriptions):
Brian Jimmerman For Ex Trading – ILAB 03
Kevin shee REITS – ILAB 07
Robert Kiyosaki – Rich Dad Poor Dad & Cashflow Quadrant
– Millionaire Fast Lane
George S. Clason – Richest Man in Babylon
Tony Robbins – Master Money the Game
Discussed (relevant links):
Time Stamp – Topic:
01:00 – Learning financial mistakes from our parents
05:55 – Opening a bank secure credit card at 17
10:30 – Leveraging debt and credit usage
15:18 – Introduction to money and income
17:45 – Tips on investing in real estate
21:50 – Learning expense reports and P&L management
26:00 – Tony Robbins Master the Game review
29:10 – Biggest first investment mistakes
31:50 – Owning Disney stock
36:00 – How we would reinvest $10k at 17 years old
38:00 – Investing in yourself is the greatest investment
43:00 – The value of college internships & mentors
53:00 – Getting arrested 4 times in college
57:50 – Why should you start your business today
1:03:00 – Traveling the world with a purpose
1:06:00 – Earn an income while living your passion
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Copyright 2016. All rights reserved. Read our disclaimer here.
Transcript
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| 0:21.0 | Welcome to the Invest Like a Boss podcast. I'm Sam Marks and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. Join us each week for exclusive interviews with our network of modern investors, business owners, and multi-millionaires to discover new ways to invest our hard-earned cash. Hey, what's up everyone? This is Johnny and welcome to episode 11 of the Best Like a Boss podcast. |
| 0:22.9 | Back here with Sam Marks, how are doing, buddy? |
| 0:24.0 | Doing great, man. |
| 0:25.2 | Glad to be back on with you. |
| 0:26.3 | Yeah, it's fun. |
| 0:33.3 | And today, the topic is going to be advice for, I was going to make it 18 to 24 year olds, |
| 0:35.7 | but I actually think we should even start before that. |
| 0:42.2 | So people who even, you know, even before they can legally start investing or dealing with money, even when they're 17, I think there's a lot of things that they can read and kind of |
| 0:46.2 | educate themselves on and start doing. |
| 0:47.9 | So let's actually make this episode advice for 17 to 24 year olds. |
| 0:52.5 | I like it. |
| 0:53.3 | Yeah. |
| 0:53.7 | And so the reason why we kind of cut it off at 24, I mean, obviously you'll still benefit |
| 0:57.3 | from this if you're, you know, 26 or even 36. |
| 1:00.2 | It's more kind of like, this is the advice that I wish that I knew or somebody I had an |
| 1:04.4 | older brother or, you know, if my dad knew about finance, these are things I wish I knew |
| 1:10.5 | when I was going through |
| 1:12.0 | college and afterwards. Because, you know, I've made a lot of financial mistakes. I'm sure you |
| 1:17.7 | have as well. I've made more than I can count. And a lot, you know, a lot of this was been through |
| 1:23.3 | trial and error and some of the, I think the things, some of the failures are kind of necessary to learn |
| 1:29.9 | how to how to position yourself better for the future just like they always say in business |
| 1:35.7 | you know your failures count for your experience and your in your future so it's been good but |
... |
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