Episode 4: Saving and Investing while young with Justin Taylor
Listen to Justin talk about military life, a frugal lifestyle and how he now saves 70% of his income! He served in the Air Force and now is an engineer for the military. Listen about how he walked into the military for school, and ended up being financially independent from a young age, from his dad’s offer to raise a cow if Justin purchased it for profit, to being paid to go to school!
Justin’s budget is in-depth and powerful for taking control of your money and spending/saving.
- Growing up in a low-income area and how Justin learned frugality
- How financial concepts like compound interest effected Justin’s money habits
- How financial education in High School could dramatically help low-income areas
- The role of cheap robo advisers in getting younger people started in investing
- Why investing any amount on any day in the last 85 years would yield profit
- The power of an in-depth budget
- How to practice with stock trading (MarketWatch.com)
- Don’t buy a huge house and fancy car to celebrate your first job after graduating
- The average savings for someone that’s about to retire
- The power of set it and forget it. (Dollar Cost Averaging)
- How saving and having a good life aren’t mutually exclusive
- What is a Sherpa?
- Make More Money Does Not = Spend More Money (No Lifestyle Creep!)
- Extracting real value from every dollar you spend.
Financial and Physical Health are similar. Show me where your money is going, Show me where your caloric intake is. Most people can’t tell you either. If you take the time to see where the money is going, you can plug the holes in your financial boat.
- It may not be reasonable to start investing now as a college kid, but if you can, do it! (I opened my first Betterment account March 23rd, 2017! You can too! If you have questions reach out to me on Facebook or on my question page and I’d love to help)
- If you can’t invest now because of being in school still, create a game plan for when you’ll start investing and how
- Track your income and outflow of money. If you know where every penny came and went, you’re empowered.
Pro Action Items
Download Saving-Sherpa excel spreadsheet to track all your income and expenses and track it so you know where your money goes.