How To Invest For Retirement In Your 20s

How to invest for retirement in your 20s. So start early, right? You hear it all the time. I'm going to say you should start at 18 years old when you're a legal adult. So I'm going to give you some very specific steps to get this underway and some tools that you're really going to need to get inspired, especially in your 20s. I don't know how many kids I coach, whether they're student athletes playing on a football team or whatever team they're on, they get motivated by cars and jewelry and things that they've never been able to buy before versus later in life. That's why I love Roth IRA for younger folks, because it actually puts that money away till later in life. But let's go through very specific steps. How do you start your investing journey in your 20s? I'm going to even go down into 18, like I said. Number two, what are some efficient strategies to maximize your return and really get that compounding power? Because that's when you're going to get motivated. When you see the compounding power of a calculator and what you can do to put a small amount away and a small contribution every month at the right interest rate 10, 20, 30, 40 years from now, being a millionaire is not difficult. It's different. And it's so many of you, your spending pattern is you make spend, make spend, make spend most of your life. And then you get in your 40s and 50s say, oh, maybe I should actually put some money away for later in my life. You've missed so many years of compounding power of money. And then number three, what are the biggest mistakes that I see young investors make? And you can tell I've already embedded several, which is you make spend instead of make invest. So that's the pattern that we want to create in the beginning. So how do you start this journey? First of all, you got to understand, again, compounding power. So pull out your phone, look up any kind of compounding calculator and just start with easy numbers. Like I did this the other day with a friend of my daughter's, who's 19 years old and she's got, I don't know, 1500 bucks put in a savings account. I said, you put that in an iFlip account, right? So I'm going to give you a free app to iFlip. You can put as low as $50 and it's the constant putting it away. I said, so let's just say you're 19 years old and you put $1,500 away first, and then you contribute an extra 200 per month for the next 10 years, say an average of 12%. See what that adds up to. It's $20,000, $30,000 just for $1,500 investment with little contribution. Just play with the numbers, put $5,000 away, contribute a hundred a month. Again, use 10 or 12% interest rates. Those are easy to get. And just do with the difference between 10 years, 20 years, 30 years, just play with this compounding calculator. You're going to be magically impressed of how fast you can become a millionaire by just doing consistent small amounts put away and into a compounding investment. We'll talk about investing strategies next. First is the behavior and anyone that is younger than 20, I want to also give you a link to GravyStack. So GravyStack is how to become an entrepreneur. It's a hundred mission and gigs. It's gamified learning, experiential learning, where you can set up a debit card through your iPhone with your parents' permission. For those of you under 18, your parents do have to sign you in, but at 18 and older, you're an adult. This gets you thinking like an entrepreneur. See, you can have anything you want in your life. You just have to learn to make the money. So while we're giving gifts away, I also want to give you two tickets to our Millionaire Intensive. We do it every three weeks from 10 o'clock to six o'clock, and I want you there. I want you to start learning in your 20s how to be entrepreneurial. So if you have a job, that's fine, but that's a fixed income. So live corporate life, live through an LLC. So I want you to live it all. I want you to live corporate life, learn to make money, come to our marketplace, and then continue to use GravyStacks for missions and gigs that you could make up, age appropriate as you want, and put your money into iFlip. It's a base of at least what to do. Those of you who are a little more motivated, get a Roth IRA. You could get a free one over at the iFlip account. So while you set up an account at iFlip, ask for a Roth IRA and put money away. Yeah, you can't access it to your 60s, but you know what, that's the point. You can only put $6,500 a year away into a Roth. So it's not like it's taking all of your money, but it's putting a portion of that money away, not into savings, but into a vehicle called a Roth. Here's where it gets really juicy and fun. So when Bitcoin, for example, hit the market, I bought it $4,000, I bought it $9,000 in Roth IRAs, which means when it soared, that was all tax-free, tax-deferred money. So it went from $4,000 and $9,000 into $80,000. I mean, my kids' Roths blew up. It was awesome to watch. You do a little bit of a sell-off and you continue to grow those Roths. So strategically done, a Roth is a way for you to also set up a secondary compounding power investment account. As you diversify, you can diversify in iFlip, you can buy pipeline stocks, you can buy gas and oil, you can buy tech, you can buy a whole variety. And as you start getting $10,000, $20,000, $30,000, $40,000 put away, now start looking at real estate. Do your first real estate investment. I don't care if it's a fix and flip or you've got partnered with other people and you do a buy and hold, but start looking at other diversified investments. Why not buy a local service company, a local coffee shop, hair salon? Just because you own the shop doesn't mean you have to do the work. One of my favorite service-based companies is cleaning companies. Every commercial property has a cleaning company. Somebody comes in and clean, why isn't it you? You say, well, I don't want to clean. I didn't say you have to do the work. I said you have to own the company. So in your 20s, I want you to start thinking like an entrepreneur. Join our community and be part of how millionaires think and how we diversify. What are some big strategies? So number two, what are some strategies? Well, you're going to start with Gravy Stack and iFlip and get a Roth and then start maybe doing some real estate, doing some notes. I know kids in their 20s who are serious about creating wealth who actually start life insurance policies. Their cash value can borrow against them. Those are cool. There's so many different things that you can do as you start really putting money away, but you have to make it, invest it, and you spend later. You pay tax last when you really live corporate life. So again, make sure you come to that Millionaire Intensive. If you didn't grab the tickets, they're still in the show notes. Grab them now. Invite some friends and invite people to this channel. I want you to subscribe. I want you to click the notification button and share my channel with at least 10 friends, especially if you're super young because you're going to want that environmental support. Make it a fun competition. Who's putting the most away? Who's made the most for the month? Start talking about money in your 20s. It's not this fear-based thing just because you didn't grow up with it. I mean, I didn't grow up with any money conversation. I grew up on a farm in Nebraska. Nobody, I'd say 90% of the families in the world don't talk about money. So start your own tribe of people talking about it and join our community. We have a lot of 19, 20, 21-year-old millionaires. There's no reason you can't be one. You just have to behave different than all your friends do. So the biggest mistakes are putting all your money into one thing. And I see kids do this all the time. They want to stock trade. Unless you're going to get up with the market and go to bed with the market, that is a very tenuous and very emotional roller coaster. And we're in a very recession environment and a presidential election year, which means it's going to be volatile, very volatile, which is why I prefer you look over and use iFlip. It's a software. It's AI-driven. It will take you out of the market. Big mistake also is you just keep making and spending. Everything you make is everything you spend. And then worse is you start putting your spending on credit cards with no ability to pay them off. Now you have a big credit problem and unfortunately I've seen kids in their 20s go bankrupt. Let's speak directly to you NIL athletes. Gotta speak to you guys because you're making a lot of money. You're doing it in the wrong vehicle. You're not doing it right. You're putting your personal bank account completely wrong. You're not running yourself as a brand or a business and you're going to blow it because the tax burden that you're going to have by the April coming after you made a lot of money in NIL is going to be horrific. The school's not going to pay it, so I hope mom and dad have that kind of money. I'm going to speak to some of you that are big D1 schools playing football right now. I know you're making $100,000 to $200,000. You better have $40,000 to $70,000 put away to pay that tax bill. Or call my office. Talk to me directly. Say I'm an NIL athlete or I'm an NIL parent, meaning you have a student athlete who's being paid name, image, and likeness and you got to do it differently. So please lean on me to help you get it done right or go into an amazing IRS burden. So all of you, last thing, grab this journal. Make sure you're writing down everything you're learning on this channel. I want you here five days a week and just start consuming this content every day and your life will change with money. And being a millionaire in your 20s is not difficult, it's just different. So be your friends to it. By the way, if you have any questions, go to askloreal.com. Ask questions, make requests, and we're right here.