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Title: How to Turn Your Dumb Summer Job Into $162,000
Added: Jul 4, 2011
Author: vlogbrothers
Duration: 3:58
Description:
In which John celebrates financial independence by explaining how minimum-wage summer jobs can become incredibly lucrative if only you save some of your money in a retirement account. In the US, the most common retirement accounts are called IRAs (IRAs have tax advantages), but any investment account will do. Just sock the money away in a low-fee diverse mutual fund, wait 50 years, and enjoy the magic of compound interest.Caveat: Obviously, I am not a financial advisor or investment professional. I am a novelist. Also, while it's a good idea to start an IRA in high school for most people, it may be a BAD idea if you're planning to seek financial aid from a private college in the US, because they might count your retirement savings against your financial aid application. (If you attend or will attend a public university, this is unlikely to happen according to my research, although again, I am a novelist, not a banker.) There are a LOT of nerdfighters in the voting round for YouTube NextUp Europe. You can vote here: http://www.youtube.com/nextupNerdfighters to vote for include:missxrojas (who gave The Fault in Our Stars its title)DeEelcoShowBarryAldridgedutchforn00bsBeckie0booksandquillsOMFGItsJackAndDeantristopiatvwillsodysseythegearskeepturningmusicfromblueskiestyrannosauruslexxxEDIT: Islamic banking does not use interest, so this particular piece of financial planning advice does not hold water in the Islamic world. (But I still advocate for beginning to save early!)
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Channel: Education
Tags: investing retirement money finance work markets stocks trading investments mutual funds business savings nerdfighters analysis john green news economy economics
investing retirement money finance work markets stocks trading investments mutual funds business savings nerdfighters analysis john green news economy economics
Youtube Comments: 2866
mismonty46 Says:
Apr 5, 2012 - Thanks, John. I actually came on here because I was too nervous to fill out the application for my summer job. Now I know how much it will mean in the future, and I feel more confident. Thanks!
Likeflames Says:
Apr 6, 2012 - Today I opened a Roth IRA after "meaning to" and "thinking about it" since you posted this video. I don't know what I was so afraid of, cause it's just me saving money and EARNING MONEY with the money I am saving. It's like financial sorcery!Thank you for your big-brothery advice. I promise to be more financially responsible from here on out. (Most of the time.)
wafelsen Says:
Apr 10, 2012 - I opened up an IRA yesterday, and I for one would love to be making 6.5% return on my investment
EbrithiI Says:
Apr 10, 2012 - Wow. and this vide is 3 years old. in BC canada our minimum wage is about to go up to 10.25
ciaramusicislifeTSS Says:
Apr 11, 2012 - Seeing John have to explain that the IRA isn't the terrorist group made me giggle.
SlightlyCrimson Says:
Apr 16, 2012 - OMG. I have finally found out what a cash ISA is O_o (the UK version of this)- I always hear banks advertising them on tv, but I never got round to actually looking it up (subconscious repulsion of economics). Thanks John :P x
Giftoftruth Says:
Apr 17, 2012 - AD BLOCK. It's a thing.
TheCuriousSockPig Says:
Apr 24, 2012 - Oh that's what an ISA is! Thank you :)
wall12390 Says:
Apr 24, 2012 - lol its less than 1
EbrithiI Says:
Apr 25, 2012 - Swear to god it said 09 when i watched it xD Point is still the same either way
adventurerneil Says:
Apr 25, 2012 - Congrats on your IRA! I've been aggressively funding my roth IRA for the last 4 years. There are a bunch of stocks and ETFs that currently yield at or above 6.5%. I like junk bonds, because they pay out monthly, so I can reinvest dividends monthly. Go to google finance and punch in ticker JNK. Also, DO YOUR HOMEWORK before you buy JNK, or anything else. Cheers!
WabbitWanderer95 Says:
Apr 28, 2012 - This video has made me a lot more money conscious....Thanks John :)
w50swimmer2 Says:
Apr 30, 2012 - We watched this today in math class!!!!!!!!! Best math class ever!!!!!!!!
TheRealKingMJ Says:
May 1, 2012 - what if the bank shits itself like most of the banks in the United States?
sparx151 Says:
May 4, 2012 - probably been said but.... can you retire from being a novelist?
Thiren111 Says:
May 6, 2012 - Ok guys! Are you not the one that pointed out not to say PIN number (personal identification number number) but now says IRA account (Individual retirement account account)
jasta54me Says:
May 13, 2012 - I wrote beckie0s channel sucks and this came up?
everdarkable Says:
May 17, 2012 - so can you just deposit any amount of money into a IRA account? like just one cent?
DraconicFury Says:
May 19, 2012 - All I need to do now is get a job.
MainlyNo Says:
May 20, 2012 - In sweden we get taxed once for our wages nd again when we acces to our pension capital... the joy of living in the country with highest taxes in the world -_-
sojib221 Says:
May 22, 2012 - Hi, have you wondered about the Thaintorm Forex System? (google it). My brother says it helps people earn tons of profits.
Carofdoom1126 Says:
May 22, 2012 - I'm making you my financial adviser, but then again, I'm only 13, I don't need a financial adviser.
MZZenyl Says:
May 23, 2012 - 12 hours of summer vacation?! I only have 6...! 0_o Never had more than 7...
mooseman2626 Says:
May 28, 2012 - John, you know that you're a novelist, right? You have to WRITE UNTIL YOU DIEEEEEEEEEEEE
BJMCM11 Says:
Apr 4, 2012 - Benjamin Franklin did this for Boston and Philadelphia. I think he put an equivalent of about 1000 dollars each in when he died. And his will specifically told them not to take it out for 300 years. 300 years on it was worth over 3 million each. Which was used for scholarships for kids in each city who could not otherwise afford to go to college. Auld benji was some man for one man. I will be doing the same when I die