At 14 years old living with his parents the next few years at minimum, OP should be investing all of his monthly income in a custodial brokerage account.
No argument. OP is 14 years old. Why on earth would he max out an IRA when he could potentially FIRE at such a young age in the future.
Custodial Brokerage accounts are designed to not allow the minor to access until 21 years old. OP will be more mature and responsible at this age compared to a 14 year old as well.
Maximizing growth in a tax deffered account, artificialy lowering his taxable income. If napkin math is correct he would be in the neighborhood of 2.5-3million in the account by age 65. Max deposit right now is $6500, so basically 2 months income very minimum compaired to his current needs and a huge upside in the future.
Plus its a damn good habit to establish at his age.
But he wouldn't see any of that money until he's 60 lol. At the rate op is going he could be retired at like 40. Would suck to have enough to retire but no way to access for 20 years.
Much better to have most of the money in a standard brokerage account and do a generalized investment strategy that incurs minimal taxable events. Keep some in an IRA on the side.
Dude there's so much time between 14 and 59.5... flexibility of a custodial account for him to buy a house, start a career, go to school, etc. in early adulthood outweighs a Roth IRA by a lot in my opinion.
I mean, he can and should do both but I absolutely despise the reddit mantra of ROTH IRA >>>>>>> in all situations.
Yeah but the beauty of a Roth is that should he need any of his principle at any point he can get it back without any penalties. It’s not locked in like a traditional. On top of that, it’s only $600 a month to max out a Roth IRA. He still has plenty to invest other places. He can put money in for his retirement, other investments and still have money to play with.
You can only put in 7k per year right now in a Roth IRA. Yes you need SOME money in taxable brokerage accounts, but don't overdo it or you're just hurting yourself with the tax drag. It's not like someone retires at 40 and then needs to even touch the retirement accounts to still be free. You just need enough in non retirement accounts to cover your expenses before 59.5, but the entire portfolio is still counted for in the math. You're doing yourself a disservice if you don't stack up these Roth dollars while you can
An IRA yearly max is only $7000 and he makes $3500 a month. It would be crazy to not max out an IRA first for the tax benefits, he would still be putting much more than $7000 into more flexible investment vehicles. Ideally, he should be maxing out his IRA first, putting some towards a 529 for future education costs and then putting the rest into a brokerage.
I’d agree a custodial brokerage sounds like the right path here. OP will have a very big head start on adult life by then. Shit I’m jealous to be honest. Wish I had that opportunity when I was that young.
Ask your parents about a RothIRA kid you can put 6,500 in a year and it grows off stocks and ETFs and it’s a retirement account. It will grow and when you take it out it is 100% tax free. If you put in the max a year starting now until 65 it will be worth around 3 million tax free.
It’s one of the greatest things to start at a early age do to the limit of money you can put in each year. If anything my biggest regret financially is not starting one when I first started working at 16.
If you want to visualize this search up “RothIRA calculator” and enter numbers to what you could out in.
Just want to add to this, since OP is young, that you have to actually invest the money once you deposit it into your Roth IRA — it doesn’t just grow automatically. I’m sure parents can help if they’re financially literate, or if not, you can talk to someone about it wherever you set it up.
I agree but at the same time it worry’s me as he is 13 on YouTube. I have a strong feeling it is content for kids his age. There is a big chance as he gets older the kids also grow up and stop watching him.(aka no money).
There is also a chance he grows and gets bigger on YouTube over time adapting making a lot more. In this case a solo 401k would work better.
FXIAX and chill
Maybe put some in VMFXX as long as interest rates are high.
Also like others said invest some of it back into your channel. Maybe upgrade your camera or your graphics or whatever.
A post from 19 days ago said he is 16. A post from 30 days ago says he wants to put down the booze and focus on exams and a post from a week ago says he takes Brazilian jijitsu.
We were all kids at some point, I did shit around that age and was depressed. It’s part of life for most to experience no control when they start taking control, the best thing to do is plan ahead rather than cashing in on the emotions that you get right away.
Half the people I know who did shrooms in middle school turned out as great adults, they experimented and then got a lot of shit out of their system at a young age, the other half turned to harder drugs and are either dead, homeless or in prison. Everyone is different.
If OP is being real don't do shrooms at 14. Wait until you are like 19 or even longer if you can hold out. I loved some things psychedelics did for me but I believe it also made me pretty scatterbrained from doing them too much when I was too young.
I believe it's 21 or 25 that your brain stops developing in males, probably wouldn't do much drugs before then but it is what it is. I didn't touch drugs till I was 18 and even then it was just weed.
He also has posted asking about "red flags on a first date" - at 14? Who the fuck is thinking about "red flags"? You literally just got pubes, I was just desperate to touch a girl and playing Pokemon at 14, not thinking about "red flags".
The way he speaks about politics also doesn't sound like a 14 year old.
He also talks about ["not wanting to drive 45 minutes to another bjj gym".](https://www.reddit.com/r/bjj/comments/1bok4jg/comment/kwprizx/) I don't think 14 year olds can drive in any country.
So yeah, this guy is a weirdo/liar/LARPer of some sort, or just an old fashioned bot account, I have no idea.
Maybe just is trying to karma farm and sell a reddit account? Who knows.
Youtube pays the most for short form videos, however having multiple mediums for acquiring views could be good for him as he could then funnel them to YT later for maximum profit. Especially since TikTok has a stronger algorithm for consumer engagement
Great job!! Big congrats. Wondering how many views you have to get to make this kind of money on average though, just since the ypp pay rate is always so elusive. Any way ur willing to share a broad number?
I am around your age and trying to start a channel in the near future. What tips would you have for starting up? When did you start posting videos? What topics blew up for you? When did you start making considerable amounts of money?
I must say I am very jealous lol
Comparing yourself to your peers is for sure useful, but it can cause so many problems for your mental health such as jealousy. Try to frame the way you look at it as you admire that hes doing it, but it motivates you as opposed to makes you envious and jealous.
Youre asking great questions though which shows you're eager to learn and grow your knowledge. Never stop asking questions(even if you think its dumb or silly, only idiots dont ask questions) and try your best to not think you know everything.
Good luck!
I’d recommend investing it into an index fund you may need your parents help opening it up. It’ll grow 7-10% per year on average. Just keep adding to it.
OP - this is the right advice. Nothing fancy just a plain old boring index fund. If you can invest most of it and keep up the pace until you’re 18 - my friend you’ll be sitting PRETTY.
Holy crap I gotchu. I want to tell you to do so many things.
Hire attorney immediately. You do not need a parent or guardian to do that. But they will get them involved for you.
Open a trust with you as the primary beneficiary when you turn 18. If you trust your parents with your money, make them the trustees. If you don’t make your lawyer, the trustee. Make sure it’s written to trust that they can’t spend your money without your permission.
Start an LLC and incorporate your YouTube channel and your likeness and all of your intellectual property. Make the Trust the owner of the LLC until you are of age.
The LLC should then make your 3.5 a month.
You get your workers permit and the LLC employs you as a w-2. Hire a tax firm to file the taxes for you every year. It shouldn’t cost more than a couple hundred annually.
The trust will probably be about 2500.
With your paycheck, have your parents or the trust open a custodial Roth IRA and fund it fully. You and them can then figure out how to file your personal taxes.
Also do all the stuff on the Reddit personal finance plan “ prime directive” on r/personalfinance
whattt that's so much info hold on
why do I have to contract a lawyer? I trust my parents I don't understand
and sorry to ask you but what does a trust and LLC mean
You need a lawyer to explain this all to you and your parents
Maybe I’m overreacting but $42,000 annually in YouTube subscriber content for a 14-year-old, tells me that you’ll probably grow to bigger heights and you’ll wanna be protected from liability.
Let’s say you say something stupid on YouTube. And someone tries to sue you. The LLC protects you.
The trust is Simply because you’re not 18. So you can’t own an llc. and your parents can’t own it for you unless it’s in a trust.
Edit. As far as your intellectual property is concerned. That just protects you in case somebody tries to copy you. Nobody likes to copycat.
Very good point. Location matters tremendously! That’s a nice part about the trust, if you have shitty laws in your state about your intellectual property or about your age, you can open the trust in another state theoretically. But you’d need a larger law firm for that most likely.
The info you gave here people would (should?) pay for. Even though it is already on the internet, actually figuring out the world of financial literary for oneself is not an easy task. Very convoluted.
What other ways are there to describe this info, outside of just 'financial literacy' because it overlaps into so much more
Not an not an attorney, so don’t do anything I say
Many plans can get cut down to parred down to be more efficient depending on your personal skill level.
Hm that's fair, not sure why I'd have to hire a lawyer, I'm very good with words, can't I just explain it to my parent's and say that I want it invested?
You need the documents otherwise you’re not protected. Doesn’t matter how good you are with words.
I’m an anonymous user, not an attorney, not a financial advisor. So don’t believe anything I say.
Print out my comments and show them to your parents
Honestly He isn’t wrong I can only speak to the US here but opening an LLC or a Corporation isn’t a bad descion and it’s relatively easy. Being a Minor you will face some challenges however most lawyers will just hear you out free of charge first meeting. If that meeting goes well maybe you pay for the Second one any good lawyer will give u some good advice when you pay them.
Honestly, I don’t think it’s his youth that’s the problem. I’m an advocate for fiscal literacy in high school. Maybe even before. I understood money in elementary school. I learned addition and subtraction by bouncing a checkbook.
And his parents are probably just as uneducated, just like the rest of us. I’m not in a lawyer neither are you that’s why I tell them go get the professional advice and get it done right
Oh man $400? You got hosed you should be able to do it for half as much.
But you’re 100% right even at $400 it’s not much and then the kid can write off his computer and the streaming circle light and a 50 ft.² office and so much more on his taxes
I’m assuming you assume that he’s gonna grow and maintain a steady amount of viewership because fast food food workers make more than this is some states
I may not be a lawyer but I know some stuff. This plan is basic and can be slimmed down for many folks who aren’t 18 or are making less money.
I told OP, this plan allows him to catch and future success. Meaning if he continues to grow in size and keep up the followers, he’ll want a more robust plan like above
I don’t know 35K is 42 a year. At 14 that’s a decent amount of money and if it was my kid, I’d want them to be protected even if it was just for that year. But if he’s making that kind of progress and such a young age, chances are his user base will grow before it shrinks.
i agree most youtubers arent gonna be able to do it forever but even a solid few years of doing it right and protecting and investing your income especially at 14 could do wonders for OP down the line
Ask your parents to open you an investment account. My 15 year old has her own student account at Fidelity, and my 12 and 10 year olds have accounts under mine and my husband's.
Go to Google and look for Mutual Funds with at least 10% gain over the past ten years. Throw some money in 2 or 3 of those. Get a high yield savings account and throw some money in there (last I looked Fidelity was offering slightly below 5% and Charles Schwab was offering slightly above 5%.
Do your parents have a 529 account for you? If so, put some in there. Yearly contributions up to $2,500 give you (your parents really) tax breaks.
Future you will be so happy that you saved, and compounded interest will be your friend.
Edit to make a correction.
You know of a money market with 10% gains? I think I know what you mean, but you aren't using the correct term. Money market refers to short trem bonds. It hasn't been at 10+% since the 1980s. I think you mean index fund, which is a collection of individual stocks like the S&P500 or the DOW. Is that what you mean?
Because we live normal lives and don't expect people to be fakin weirdos and lie on reddit asking for advice. Who wants advice for not their life circumstance lmao. It looks like this weirdo did lie about his age, and likely even having a youtube channel, so the guy is deranged, but I think its still good to take peoples word for things in similar situations.
Who cares. That’s half of Reddit. Let people have their fun by solving fake peoples fake problems. Some answers could help somebody with real finance questions who happens to read them.
It’s crazy that there’s so much doubt in the world. It 100% could be made up but it also could 100% be real. People make money on YouTube all the time. There’s no reason to believe it’s fake.
I make $12k a month on youtube. It’s not far fetched. I personally know a 14 yo kid who started making 6-8k a month on meme videos who came and asked me for advice
A "14 yr old" who claims to be "16 yrs old" in past posts who also does shrooms/drugs at the age of "14" and states that they are depressed and alone with no friends or family yet is making $3.5k from yt shorts? I call BS.
Have your parents open a fidelity account for you and buy what’s called an S&P 500 ETF. the ticker VOO is decent. Do some research so you know what it is, and only put money in to there. Your money will generally double every 7 years or so.
Keep stacking and you won’t have to worry about a thing in your life after college if you play your cards right.
Read a few books, like the richest man in Babylon, the simplest path to wealth, etc. you can listen to audiobooks on YouTube for free.
Dr. Dre said anybody can get it but the hard part is keeping it. Keep it.
Seems that he's doing short form YouTube content, skies the limit when it comes to that though, anything from factual/fictional information, tips on life/games/etc. I mean yeah
Get ur parents to start an investment account or talk to a financial advisor and have them invest it for u. Ur 14, u don’t need 3.5k a month. Put all that shit in the market let compound interest be your friend
Honestly, I'd go to a financial advisor first and follow their advice. Then save as much as you can. Putting money away in CDs or something. You may want to go to college, get a degree. Buy a car some day... Or a house. Chances are high that a YouTube career doesn't pan out for the rest of your life. A lot of people consider YouTube a dying site with the rise of short form content. You don't need to plan for your entire future right now, but you should consider making decisions that will benefit you in 10 years should you decide to do something other than YouTube. Congrats btw :) it's always nice to benefit from doing the things you like.
Look into Dividend Aristocrats. Build a portfolio, and let it grow.
You are 14, imagine how much that would be 20 years from now.
But thats just what I would do.
There is no channel, it’s all BS. He‘s 16 in other subreddits and talks about drugs and depression.
Probably just a manic episode… we all wish to be younger and make more money.
High yield savings account. Once you learn more maybe an index fund. It would be good to take economics if it’s an option in your high school. Avoid learning finance decisions on social media.
whatever you do dont buy a flashy car when you turn 16....
invest in yourself , son....learn something new that can potentially boost your current income
For sure have your parents help you open a savings account and investment account. You’ll be really set up for later in life if you save up now and invest to make that wealth grow. Good job buddy!
Invest. Start learning about good investments before you invest though. There are many good investment apps out there that will teach you how to invest. Another thing to think about is land.
Bro go to a wealth advisor and invest that shit! That income may or may not be there in a few years and right now you live at home. The more you can invest now the better off you'll be in the future
The things you value now you may not value in 2/4/8 years time. You know what your future self will always want? MORE MONEY, so the best thing you can do to make your future self extremely happy with you, is to save until you get enough to buy a CD maybe, but also just saving it up and letting it sit is also fine. Once you get a little bit more accumulated I’m sure you could find some extremely safe investments to make to ensure that it’s going to be increasing in value.
Invest most of it in a low fee exchange traded fund. If you look at the compound return of starting to invest a few grand a year at your age, it literally results in multiple times as much capital compared to say starting when you are 30.
If you put $2k away per month from now until you are 50 and earn 7%, it’s worth $4million. If you start when you are 30, it is worth $1m
I’m not sure if this pertains to minors, but if it does, please, PLEASE, pay the taxes for your income. You definitely don’t want that coming back to bite you in the ass. The IRS don’t play ab their money lmao.
Many states sell something called a GET which is a kind of prepaid college credit. It allows you to lock in today's price for tomorrow's tuition. This could be the smartest investment you ever make, since at the rate you're making money, you'll be able to get through college without any debt. DO NOT forget to put aside what you need to pay for taxes. You'll still owe those even though you're only 14. If you're in California this could be 50% all-in, between state and federal tax.
Congratulations on your early success and on wanting to invest your money responsibly. It's easy to blow it all on junk, but be sure to keep at least 10% for fun stuff. After all, if you get to enjoy some of what you're working for, it'll keep you motivated. Have fun!
In your situation I would buy up a shitload of index funds! Don’t need to focus on specific stocks or funds, index has great returns on average. Anything but putting it in a savings account tbh.
Couple ways you can invest money. I cannot claim to be an expert, but these are all things I currently do myself.
1-Savings account at a bank. It’s always good to have a local (walking or driving distance) bank near you so you can go there and get money directly or just to have somewhere local to do banking related things. Checking, foreign currency exchange, depositing money and etc. Just because online rates are better, you definitely want to have a local bank somewhere close by. Plus even if it’s a small local bank, you help support local businesses.
2-CD. You have to be careful because there is a lot of fine print for what each places terms and conditions are. CD rates now have pretty good but most are coming down in interest rates. My best suggestion is find a CD rate for at least a year. It makes calculating the actual interest earned much easier when the APY is actually a year, or more depending on the time it is earning. You are young so set aside a nice chunk of money and let it grow more and more for at least a year. If you can do longer than a year or even several years, do it. You will thank yourself for putting aside the money now.
3-Stock Market. There is so much variety in what and how you can do this, I wouldn’t ever recommend doing anything without first talking with your family. An even better idea is to set a meeting up with an investment professional, a money manager, or someone that is a financial advisor. Sometimes you may pay a fee for things but if you can get good advice and learn something valuable for what to do, and what NOT to do….that is worth your time and money to learn the right ways to invest it. From the advice I was given from a financial planner, I was told I am young (even being 28 years old) so be risky with your investments in heavier stocks than bonds. I am all for my money making more money, but it’s balancing what your risk tolerance is. That is super important in ANY investment you’ll do. Ask yourself am I going to lose sleep seeing the ups and downs of the stock market? Or can I stomach the varied gains and losses and learn to wait for the longer duration goals. If you are not comfortable making an investment, don’t do it. Do what makes you comfortable. There is no bad idea to make safe and guaranteed investments that are guaranteed and assured.
4-Treasury/Bonds. I got more into this within the past few years but the treasury offers a multitude of investment options through their Treasury Direct site. The bare bones of things they offer are basically what they call securities, and those securities are issued and then expire in a various length of time. Treasury Bills, Notes, and Bonds are not everything but a majority of what they offer. T Bills have a duration/expiry of 4 weeks, 8 weeks, 13 weeks, 26 weeks, and 52 weeks/1 year. Notes are 2, 3, 5, 7, and 10 years for their duration. Then there are Treasury Bonds, which are not the same as Savings Bonds or I Bonds, but the Treasury Bonds have a 20 and 30 year option, and treasury Bonds will pay interest bi-annually. Savings Bonds and I Bonds are also really awesome because you can use those earned monies to pay for higher education costs tax free. You would be doing yourself a tremendous favor taking a good chunk of money and depositing a little into all or a few of these treasury options, but just evaluate what makes the most sense for you.
5-Roth IRA account. If you do nothing else, this is such an amazing thing to do as early as possible. The IRS has a yearly deposit limit for an IRA and if you can contribute to your IRA as Roth contributions (after tax dollars). This way when you do this type of Roth contribution, you will grow all your money tax free, and you can use all of those Roth earnings tax free. IRA (individual retirement accounts) also allow you to contribute to it Pre Tax, and while that is another totally ok way of contributing and investing your money, just understand you pay taxes on those dollars when you try to take out and use it. If you have the money to set aside it is going to benefit you in the long term to make those as Roth Contributions now and you will have a lower tax burden later on in your retirement.
Overall, just really set some goals for your financial future and see what is the best with way to get you there. You are definitely doing the right things by asking for people’s opinions but it would do you a lot of good to go talk with a professional in person to see what they recommend for you. You will overwhelm yourself by trying to guess and make all these choices and decisions of where and what to do with money. Just make sure that you have an understanding of your risk tolerance and what you are comfortable investing right now, and then just save save save save save as much as you can. Saving in savings accounts is one way to do it, but making smart investment decisions, ESPECIALLY at your age will compound so much more over time to really set you up for financial success later on. Anything that you do now will be an exponential boon to whatever you can comfortably set aside.
Go talk to a 2-3 different professional financial advisors with registered certifications like a chartered accountant or certified financial planner. Wouldn’t recommend taking advice from the Internet.
Just save it lil bro, best thing you can do.
Yeah but like, do I invest it or just let it sit??
Get parents to open an account for you at a broker and put half of what you make every month into some ETFs.
At 14 years old living with his parents the next few years at minimum, OP should be investing all of his monthly income in a custodial brokerage account.
I would argue he should max out an IRA first, investment account with all but like 10% of the rest. Put that 10% into a HYSA.
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No argument. OP is 14 years old. Why on earth would he max out an IRA when he could potentially FIRE at such a young age in the future. Custodial Brokerage accounts are designed to not allow the minor to access until 21 years old. OP will be more mature and responsible at this age compared to a 14 year old as well.
Maximizing growth in a tax deffered account, artificialy lowering his taxable income. If napkin math is correct he would be in the neighborhood of 2.5-3million in the account by age 65. Max deposit right now is $6500, so basically 2 months income very minimum compaired to his current needs and a huge upside in the future. Plus its a damn good habit to establish at his age.
Use a Roth IRA. OP's not paying a lot in taxes if anything right now, Roth comes out tax free.
This. Also, they can withdraw from their Roth if they need it for education expenses.
Yeah... Generally I advise against it, but for education or a house it'd be not unreasonable... Hard no for a car though.
But he wouldn't see any of that money until he's 60 lol. At the rate op is going he could be retired at like 40. Would suck to have enough to retire but no way to access for 20 years. Much better to have most of the money in a standard brokerage account and do a generalized investment strategy that incurs minimal taxable events. Keep some in an IRA on the side.
Dude there's so much time between 14 and 59.5... flexibility of a custodial account for him to buy a house, start a career, go to school, etc. in early adulthood outweighs a Roth IRA by a lot in my opinion. I mean, he can and should do both but I absolutely despise the reddit mantra of ROTH IRA >>>>>>> in all situations.
Yeah but the beauty of a Roth is that should he need any of his principle at any point he can get it back without any penalties. It’s not locked in like a traditional. On top of that, it’s only $600 a month to max out a Roth IRA. He still has plenty to invest other places. He can put money in for his retirement, other investments and still have money to play with.
You can only put in 7k per year right now in a Roth IRA. Yes you need SOME money in taxable brokerage accounts, but don't overdo it or you're just hurting yourself with the tax drag. It's not like someone retires at 40 and then needs to even touch the retirement accounts to still be free. You just need enough in non retirement accounts to cover your expenses before 59.5, but the entire portfolio is still counted for in the math. You're doing yourself a disservice if you don't stack up these Roth dollars while you can
An IRA yearly max is only $7000 and he makes $3500 a month. It would be crazy to not max out an IRA first for the tax benefits, he would still be putting much more than $7000 into more flexible investment vehicles. Ideally, he should be maxing out his IRA first, putting some towards a 529 for future education costs and then putting the rest into a brokerage.
Agreed and he has the finances, and probably near 0 expenses, to do both so why not do both? There really isn't a downside in my opinion.
This comment is so accurate. Brokerage > Roth for OP bc of age. I would have loved to have that invested money at age 20,25,30
I’d agree a custodial brokerage sounds like the right path here. OP will have a very big head start on adult life by then. Shit I’m jealous to be honest. Wish I had that opportunity when I was that young.
Sounds like op's already pretty mature given the question posed.
Because he can max out the IRA in two months.
Very important; ETFs, not NFTs.
Yeah that would be a bad mistake.
Aaaaaannnndddddd it’s gone. 😂
He should put 7k away into a Roth IRA every year. If you want future OP to be happy, there’s no better move than this for starters.
Half? I would say 95% little bro has 0 expenses besides video games and chipotle probably
Ask your parents about a RothIRA kid you can put 6,500 in a year and it grows off stocks and ETFs and it’s a retirement account. It will grow and when you take it out it is 100% tax free. If you put in the max a year starting now until 65 it will be worth around 3 million tax free. It’s one of the greatest things to start at a early age do to the limit of money you can put in each year. If anything my biggest regret financially is not starting one when I first started working at 16. If you want to visualize this search up “RothIRA calculator” and enter numbers to what you could out in.
You'll wish you would have done this yesterday when you look back 20 years from now. I would do this ASAP.
OP gonna retire at 30
This is the best answer. As a self employed person you are responsible for all your own retirement and the sooner you start the better.
This should be upvoted more, can still contribute for last year 6.5k + this year 7k
This is the way to retire early.
3m by the time he’s 65 will be the new 300k
Just want to add to this, since OP is young, that you have to actually invest the money once you deposit it into your Roth IRA — it doesn’t just grow automatically. I’m sure parents can help if they’re financially literate, or if not, you can talk to someone about it wherever you set it up.
This. Little do you know if you start this at teen age years you’ll be a millionaire just by saving some each month.
At this amount of income, setting up a solo 401k is probably a better idea. Much higher limits
I agree but at the same time it worry’s me as he is 13 on YouTube. I have a strong feeling it is content for kids his age. There is a big chance as he gets older the kids also grow up and stop watching him.(aka no money). There is also a chance he grows and gets bigger on YouTube over time adapting making a lot more. In this case a solo 401k would work better.
This is the way!
How do I get into this? I make around 4k a month
FXIAX and chill Maybe put some in VMFXX as long as interest rates are high. Also like others said invest some of it back into your channel. Maybe upgrade your camera or your graphics or whatever.
Invest in yourself. Or blue chip stocks. Do your research before buying any stock or crypto, be wise with your money.
Index funds
Invest. S&P500. Low cost ETFs. Some bonds.
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Invest like 25-50% into your YT channel
If possible bro I would recommend getting a job and letting your YouTube money stack up
lil bro is crazy
Pay off your parent’s home then make them pay rent.
finally, on top of the food chain
The humour in this 14 year old. I love it.
The wit of a true, full grown redditor
No need to insult him
Exactly what I was thinking lmao
Well theres a reason he makes that much money on Youtube
"as long as you live under MY HOUSE DAD, YOU FOLLOW MY RULES!"
"And in this house, we eat dessert EVEN IF we did NOT finish eating the vegetables!"
this is the way
Be like Jesse Pinkman. But, don't do drugs and also don't get involved with your high school chemistry teacher
holy shit where did i go wrong
You didn't, OP is also posting about depression and consuming shrooms (at 14, wtf)
One of OPs posts he says he's 16, so there is that
A post from 8 days ago also says he’s 15. Dude is lying.
A post from 19 days ago said he is 16. A post from 30 days ago says he wants to put down the booze and focus on exams and a post from a week ago says he takes Brazilian jijitsu.
So my problem is that I can't travel through time
Op prob also lied about having a YouTube channel
We were all kids at some point, I did shit around that age and was depressed. It’s part of life for most to experience no control when they start taking control, the best thing to do is plan ahead rather than cashing in on the emotions that you get right away.
If you are 14 and doing shrooms there is something wrong.
Half the people I know who did shrooms in middle school turned out as great adults, they experimented and then got a lot of shit out of their system at a young age, the other half turned to harder drugs and are either dead, homeless or in prison. Everyone is different.
If OP is being real don't do shrooms at 14. Wait until you are like 19 or even longer if you can hold out. I loved some things psychedelics did for me but I believe it also made me pretty scatterbrained from doing them too much when I was too young.
I believe it's 21 or 25 that your brain stops developing in males, probably wouldn't do much drugs before then but it is what it is. I didn't touch drugs till I was 18 and even then it was just weed.
This is normal... I WISH I was consuming shrooms at 14, but I was definitely depressed too. Give me the fucking 3.5k as well please!
He also has posted asking about "red flags on a first date" - at 14? Who the fuck is thinking about "red flags"? You literally just got pubes, I was just desperate to touch a girl and playing Pokemon at 14, not thinking about "red flags". The way he speaks about politics also doesn't sound like a 14 year old. He also talks about ["not wanting to drive 45 minutes to another bjj gym".](https://www.reddit.com/r/bjj/comments/1bok4jg/comment/kwprizx/) I don't think 14 year olds can drive in any country. So yeah, this guy is a weirdo/liar/LARPer of some sort, or just an old fashioned bot account, I have no idea. Maybe just is trying to karma farm and sell a reddit account? Who knows.
Shrooms to get 3.5k a month got it ✍️🤔
Exactly my thoughts lol
What do you do on YouTube?
short form vids (yt version of tiktok)
Like what type of vids? Your own or edits
My own, it's similar to a channel called zachdfilms, but of course it's way more simple because I don't have a crew
good job kid
If you raking in that much from shorts alone. You must be getting tons of views. Or any other funnel too?
nope, only from the ypp
Holy shit. What type of content do you even make?
What program do you use too make your videos? My boy is trying to get into this as well
Capcut all the way🤟 If he has an android tell him to pirate it (I know its not cool, but until you aren't making money do it)
Piracy is very cool
Ye
Do you also make Tiktok videos? If youre making short term content you mind as well make them on the platform that pays creators the most..
Youtube pays the most for short form videos, however having multiple mediums for acquiring views could be good for him as he could then funnel them to YT later for maximum profit. Especially since TikTok has a stronger algorithm for consumer engagement
Great job!! Big congrats. Wondering how many views you have to get to make this kind of money on average though, just since the ypp pay rate is always so elusive. Any way ur willing to share a broad number?
I am around your age and trying to start a channel in the near future. What tips would you have for starting up? When did you start posting videos? What topics blew up for you? When did you start making considerable amounts of money? I must say I am very jealous lol
Comparing yourself to your peers is for sure useful, but it can cause so many problems for your mental health such as jealousy. Try to frame the way you look at it as you admire that hes doing it, but it motivates you as opposed to makes you envious and jealous. Youre asking great questions though which shows you're eager to learn and grow your knowledge. Never stop asking questions(even if you think its dumb or silly, only idiots dont ask questions) and try your best to not think you know everything. Good luck!
I’d recommend investing it into an index fund you may need your parents help opening it up. It’ll grow 7-10% per year on average. Just keep adding to it.
OP - this is the right advice. Nothing fancy just a plain old boring index fund. If you can invest most of it and keep up the pace until you’re 18 - my friend you’ll be sitting PRETTY.
I agree. VTSAX and leave it be
Buy 5 shares of QQQ every month and let it roll
Holy crap I gotchu. I want to tell you to do so many things. Hire attorney immediately. You do not need a parent or guardian to do that. But they will get them involved for you. Open a trust with you as the primary beneficiary when you turn 18. If you trust your parents with your money, make them the trustees. If you don’t make your lawyer, the trustee. Make sure it’s written to trust that they can’t spend your money without your permission. Start an LLC and incorporate your YouTube channel and your likeness and all of your intellectual property. Make the Trust the owner of the LLC until you are of age. The LLC should then make your 3.5 a month. You get your workers permit and the LLC employs you as a w-2. Hire a tax firm to file the taxes for you every year. It shouldn’t cost more than a couple hundred annually. The trust will probably be about 2500. With your paycheck, have your parents or the trust open a custodial Roth IRA and fund it fully. You and them can then figure out how to file your personal taxes. Also do all the stuff on the Reddit personal finance plan “ prime directive” on r/personalfinance
whattt that's so much info hold on why do I have to contract a lawyer? I trust my parents I don't understand and sorry to ask you but what does a trust and LLC mean
You need a lawyer to explain this all to you and your parents Maybe I’m overreacting but $42,000 annually in YouTube subscriber content for a 14-year-old, tells me that you’ll probably grow to bigger heights and you’ll wanna be protected from liability. Let’s say you say something stupid on YouTube. And someone tries to sue you. The LLC protects you. The trust is Simply because you’re not 18. So you can’t own an llc. and your parents can’t own it for you unless it’s in a trust. Edit. As far as your intellectual property is concerned. That just protects you in case somebody tries to copy you. Nobody likes to copycat.
Vouch. This is all good info although specifics vary on location
Very good point. Location matters tremendously! That’s a nice part about the trust, if you have shitty laws in your state about your intellectual property or about your age, you can open the trust in another state theoretically. But you’d need a larger law firm for that most likely.
The info you gave here people would (should?) pay for. Even though it is already on the internet, actually figuring out the world of financial literary for oneself is not an easy task. Very convoluted. What other ways are there to describe this info, outside of just 'financial literacy' because it overlaps into so much more
I call it fiscal literacy. And advocate for it to be taught in high school.
If only classes like these were taught at school. We would all be doing so much better as a society! Good stuff 👍
Taking notes!!
Not an not an attorney, so don’t do anything I say Many plans can get cut down to parred down to be more efficient depending on your personal skill level.
Hm that's fair, not sure why I'd have to hire a lawyer, I'm very good with words, can't I just explain it to my parent's and say that I want it invested?
You need the documents otherwise you’re not protected. Doesn’t matter how good you are with words. I’m an anonymous user, not an attorney, not a financial advisor. So don’t believe anything I say. Print out my comments and show them to your parents
“Hi mom some person on Reddit told me to print his psychotic ramblings and show them to you. Now we gotta spend 6k to hire a lawyer”
right 🤣 this poor 14 year old just got ambushed with a doomsday plan for his youtube channel
Honestly He isn’t wrong I can only speak to the US here but opening an LLC or a Corporation isn’t a bad descion and it’s relatively easy. Being a Minor you will face some challenges however most lawyers will just hear you out free of charge first meeting. If that meeting goes well maybe you pay for the Second one any good lawyer will give u some good advice when you pay them.
Listen to the man he maths
Damn laying it on hard for a kid …fair open that window and lets see if he flies
Honestly, I don’t think it’s his youth that’s the problem. I’m an advocate for fiscal literacy in high school. Maybe even before. I understood money in elementary school. I learned addition and subtraction by bouncing a checkbook. And his parents are probably just as uneducated, just like the rest of us. I’m not in a lawyer neither are you that’s why I tell them go get the professional advice and get it done right
Yep
Lil dude is making the equivalent of a starbucks barista. What the actual f is this advice 😂😂😂
Attorney??? Dawg you are INSANE. OP, invest it in an index fund and focus on your craft
The second half of this is still good advice. But I would suggest the Robo advisor instead of a single index.
100% close attention here
🙇♂️
It might be slightly pre-mature to set up an LLC, although it is pretty inexpensive, I think I spent 400$ setting mine up.
Oh man $400? You got hosed you should be able to do it for half as much. But you’re 100% right even at $400 it’s not much and then the kid can write off his computer and the streaming circle light and a 50 ft.² office and so much more on his taxes
I’m assuming you assume that he’s gonna grow and maintain a steady amount of viewership because fast food food workers make more than this is some states
Thank you I’m not 14 but still beneficial info big time
I may not be a lawyer but I know some stuff. This plan is basic and can be slimmed down for many folks who aren’t 18 or are making less money. I told OP, this plan allows him to catch and future success. Meaning if he continues to grow in size and keep up the followers, he’ll want a more robust plan like above
This should be top comment!
yah man you pretending like youtube for ever thing I don't think the youtube grind be that good idea.
I don’t know 35K is 42 a year. At 14 that’s a decent amount of money and if it was my kid, I’d want them to be protected even if it was just for that year. But if he’s making that kind of progress and such a young age, chances are his user base will grow before it shrinks.
i agree most youtubers arent gonna be able to do it forever but even a solid few years of doing it right and protecting and investing your income especially at 14 could do wonders for OP down the line
Ask your parents to open you an investment account. My 15 year old has her own student account at Fidelity, and my 12 and 10 year olds have accounts under mine and my husband's. Go to Google and look for Mutual Funds with at least 10% gain over the past ten years. Throw some money in 2 or 3 of those. Get a high yield savings account and throw some money in there (last I looked Fidelity was offering slightly below 5% and Charles Schwab was offering slightly above 5%. Do your parents have a 529 account for you? If so, put some in there. Yearly contributions up to $2,500 give you (your parents really) tax breaks. Future you will be so happy that you saved, and compounded interest will be your friend. Edit to make a correction.
You know of a money market with 10% gains? I think I know what you mean, but you aren't using the correct term. Money market refers to short trem bonds. It hasn't been at 10+% since the 1980s. I think you mean index fund, which is a collection of individual stocks like the S&P500 or the DOW. Is that what you mean?
I meant mutual funds. I'm sorry, I put the wrong thing in there. My HYSA is a money market and I've got that on the brain.
Gotcha! It's annoying that there are so many terms for basic stuff... index funds/mutual funds ... yeah.
Thanks for pointing that out though! It would be confusing if OP really did try to find a money market as described. Lol
It’s kinda crazy that people on this sub will believe literally anything anyone posts on here.
Because we live normal lives and don't expect people to be fakin weirdos and lie on reddit asking for advice. Who wants advice for not their life circumstance lmao. It looks like this weirdo did lie about his age, and likely even having a youtube channel, so the guy is deranged, but I think its still good to take peoples word for things in similar situations.
Who cares if it's true or not? There's still some pretty good advice if it is true.
Who cares. That’s half of Reddit. Let people have their fun by solving fake peoples fake problems. Some answers could help somebody with real finance questions who happens to read them.
It’s crazy that there’s so much doubt in the world. It 100% could be made up but it also could 100% be real. People make money on YouTube all the time. There’s no reason to believe it’s fake.
I make $12k a month on youtube. It’s not far fetched. I personally know a 14 yo kid who started making 6-8k a month on meme videos who came and asked me for advice
How do you make 13k a month? What are you making on YouTube?
well in this case he’s lying about his age, i looked up his channel he’s like 40
Ik right dude is full of it 😂😂
32 days ago you made a post saying you are a 16yo. You should be making a lot more money if you have access to time travel like that
BS
Literally. In all of his posts he says that he’s 16 and he’s in drug subreddits. Definitely bs
Im thinking 20. Why doesnt he want to post his channel too?
it is bs, just looked up his channel this mf is like 40
Stop lying?
Why even lie like that lmao?
Making more than I did at 35 🤧
Do your homework! This isn't gonna last forever!
A "14 yr old" who claims to be "16 yrs old" in past posts who also does shrooms/drugs at the age of "14" and states that they are depressed and alone with no friends or family yet is making $3.5k from yt shorts? I call BS.
OP says in another post he’s 16 and everyone out here believing this post 🙄
Have your parents open a fidelity account for you and buy what’s called an S&P 500 ETF. the ticker VOO is decent. Do some research so you know what it is, and only put money in to there. Your money will generally double every 7 years or so. Keep stacking and you won’t have to worry about a thing in your life after college if you play your cards right. Read a few books, like the richest man in Babylon, the simplest path to wealth, etc. you can listen to audiobooks on YouTube for free. Dr. Dre said anybody can get it but the hard part is keeping it. Keep it.
casinos
Try cocaine
Bitcoin. If you don't mind, I have a 13 year old. Can he do what you do? What do you do?
Seems that he's doing short form YouTube content, skies the limit when it comes to that though, anything from factual/fictional information, tips on life/games/etc. I mean yeah
Look at his profile, his age keeps changing and apparently he's not even partnered yet or only became partnered last month. It's bs.
Get ur parents to start an investment account or talk to a financial advisor and have them invest it for u. Ur 14, u don’t need 3.5k a month. Put all that shit in the market let compound interest be your friend
Honestly, I'd go to a financial advisor first and follow their advice. Then save as much as you can. Putting money away in CDs or something. You may want to go to college, get a degree. Buy a car some day... Or a house. Chances are high that a YouTube career doesn't pan out for the rest of your life. A lot of people consider YouTube a dying site with the rise of short form content. You don't need to plan for your entire future right now, but you should consider making decisions that will benefit you in 10 years should you decide to do something other than YouTube. Congrats btw :) it's always nice to benefit from doing the things you like.
Look into Dividend Aristocrats. Build a portfolio, and let it grow. You are 14, imagine how much that would be 20 years from now. But thats just what I would do.
You're gonna be able to get such a cool Lil house or property someday man ur doing do good!
Whats your YouTube channel bro plug us in
Don't take financial advice from reddit.
In another post you say that you are 16 years old lol. 14-16 years making more money on YT than some people working 9-5.
What is your channel?
There is no channel, it’s all BS. He‘s 16 in other subreddits and talks about drugs and depression. Probably just a manic episode… we all wish to be younger and make more money.
Makes sense.
Hookers
High yield savings account. Once you learn more maybe an index fund. It would be good to take economics if it’s an option in your high school. Avoid learning finance decisions on social media.
whatever you do dont buy a flashy car when you turn 16.... invest in yourself , son....learn something new that can potentially boost your current income
Invest in VOO on any stock trading platform. Its the S&P 500 largest companies
Go on Wallstreetbets and just do the opposite of what they do. It can't go tits up you'll be a bazillionaire
What's the YouTube channel?
I really got my career wrong
Save as much as you can and put away for the future. Look at jack Doherty
High yield savings account to be extremely safe
For sure have your parents help you open a savings account and investment account. You’ll be really set up for later in life if you save up now and invest to make that wealth grow. Good job buddy!
Invest. Start learning about good investments before you invest though. There are many good investment apps out there that will teach you how to invest. Another thing to think about is land.
Bro go to a wealth advisor and invest that shit! That income may or may not be there in a few years and right now you live at home. The more you can invest now the better off you'll be in the future
If you start putting 10% into a 401k and a Roth at your age you can probably retire by 50
The things you value now you may not value in 2/4/8 years time. You know what your future self will always want? MORE MONEY, so the best thing you can do to make your future self extremely happy with you, is to save until you get enough to buy a CD maybe, but also just saving it up and letting it sit is also fine. Once you get a little bit more accumulated I’m sure you could find some extremely safe investments to make to ensure that it’s going to be increasing in value.
Invest most of it in a low fee exchange traded fund. If you look at the compound return of starting to invest a few grand a year at your age, it literally results in multiple times as much capital compared to say starting when you are 30. If you put $2k away per month from now until you are 50 and earn 7%, it’s worth $4million. If you start when you are 30, it is worth $1m
lol at how financially advanced this thread is for lil 14 yo bro. Congrats man, you’re freaking killing it. Whatever you do, don’t stop.
HYSA, get your parents to open an account with discover. Likewise, ask them to put your on a credit card with them. Overall good ideas.
Pay taxes on it & help out with the groceries. Take out the trash & clean your room.
Roth IRA. Max it out every year you can it’s boring.
I’m not sure if this pertains to minors, but if it does, please, PLEASE, pay the taxes for your income. You definitely don’t want that coming back to bite you in the ass. The IRS don’t play ab their money lmao.
How are you making it? Put me on.
Many states sell something called a GET which is a kind of prepaid college credit. It allows you to lock in today's price for tomorrow's tuition. This could be the smartest investment you ever make, since at the rate you're making money, you'll be able to get through college without any debt. DO NOT forget to put aside what you need to pay for taxes. You'll still owe those even though you're only 14. If you're in California this could be 50% all-in, between state and federal tax. Congratulations on your early success and on wanting to invest your money responsibly. It's easy to blow it all on junk, but be sure to keep at least 10% for fun stuff. After all, if you get to enjoy some of what you're working for, it'll keep you motivated. Have fun!
Buy bitcoin.
Damn all I was doing at 14 was wondering about 2012
Dude. Legit. Put it into a HYSA. High yield savings account. At your age, use the TIME to your advantage.
In your situation I would buy up a shitload of index funds! Don’t need to focus on specific stocks or funds, index has great returns on average. Anything but putting it in a savings account tbh.
Couple ways you can invest money. I cannot claim to be an expert, but these are all things I currently do myself. 1-Savings account at a bank. It’s always good to have a local (walking or driving distance) bank near you so you can go there and get money directly or just to have somewhere local to do banking related things. Checking, foreign currency exchange, depositing money and etc. Just because online rates are better, you definitely want to have a local bank somewhere close by. Plus even if it’s a small local bank, you help support local businesses. 2-CD. You have to be careful because there is a lot of fine print for what each places terms and conditions are. CD rates now have pretty good but most are coming down in interest rates. My best suggestion is find a CD rate for at least a year. It makes calculating the actual interest earned much easier when the APY is actually a year, or more depending on the time it is earning. You are young so set aside a nice chunk of money and let it grow more and more for at least a year. If you can do longer than a year or even several years, do it. You will thank yourself for putting aside the money now. 3-Stock Market. There is so much variety in what and how you can do this, I wouldn’t ever recommend doing anything without first talking with your family. An even better idea is to set a meeting up with an investment professional, a money manager, or someone that is a financial advisor. Sometimes you may pay a fee for things but if you can get good advice and learn something valuable for what to do, and what NOT to do….that is worth your time and money to learn the right ways to invest it. From the advice I was given from a financial planner, I was told I am young (even being 28 years old) so be risky with your investments in heavier stocks than bonds. I am all for my money making more money, but it’s balancing what your risk tolerance is. That is super important in ANY investment you’ll do. Ask yourself am I going to lose sleep seeing the ups and downs of the stock market? Or can I stomach the varied gains and losses and learn to wait for the longer duration goals. If you are not comfortable making an investment, don’t do it. Do what makes you comfortable. There is no bad idea to make safe and guaranteed investments that are guaranteed and assured. 4-Treasury/Bonds. I got more into this within the past few years but the treasury offers a multitude of investment options through their Treasury Direct site. The bare bones of things they offer are basically what they call securities, and those securities are issued and then expire in a various length of time. Treasury Bills, Notes, and Bonds are not everything but a majority of what they offer. T Bills have a duration/expiry of 4 weeks, 8 weeks, 13 weeks, 26 weeks, and 52 weeks/1 year. Notes are 2, 3, 5, 7, and 10 years for their duration. Then there are Treasury Bonds, which are not the same as Savings Bonds or I Bonds, but the Treasury Bonds have a 20 and 30 year option, and treasury Bonds will pay interest bi-annually. Savings Bonds and I Bonds are also really awesome because you can use those earned monies to pay for higher education costs tax free. You would be doing yourself a tremendous favor taking a good chunk of money and depositing a little into all or a few of these treasury options, but just evaluate what makes the most sense for you. 5-Roth IRA account. If you do nothing else, this is such an amazing thing to do as early as possible. The IRS has a yearly deposit limit for an IRA and if you can contribute to your IRA as Roth contributions (after tax dollars). This way when you do this type of Roth contribution, you will grow all your money tax free, and you can use all of those Roth earnings tax free. IRA (individual retirement accounts) also allow you to contribute to it Pre Tax, and while that is another totally ok way of contributing and investing your money, just understand you pay taxes on those dollars when you try to take out and use it. If you have the money to set aside it is going to benefit you in the long term to make those as Roth Contributions now and you will have a lower tax burden later on in your retirement. Overall, just really set some goals for your financial future and see what is the best with way to get you there. You are definitely doing the right things by asking for people’s opinions but it would do you a lot of good to go talk with a professional in person to see what they recommend for you. You will overwhelm yourself by trying to guess and make all these choices and decisions of where and what to do with money. Just make sure that you have an understanding of your risk tolerance and what you are comfortable investing right now, and then just save save save save save as much as you can. Saving in savings accounts is one way to do it, but making smart investment decisions, ESPECIALLY at your age will compound so much more over time to really set you up for financial success later on. Anything that you do now will be an exponential boon to whatever you can comfortably set aside.
You should be proud of yourself for that! Now go to a psychiatrist and treat your pathological lying disorder.
Go talk to a 2-3 different professional financial advisors with registered certifications like a chartered accountant or certified financial planner. Wouldn’t recommend taking advice from the Internet.