Personal Finance for Students - Introduction

Hey what's up everyone and welcome to the School of Personal Finance. In this video I'm going to be introducing you to a new video series that I'm putting together called Personal Finance for Students. So one of my friends he told me that he's going to be teaching personal finance at his local church and he asked me if I had any ideas. I've been wanting to do this for a while now so it's giving me the motivation to go ahead and put together this video series. So in this video today I'm just going to walk you through the eight different topics that I'm going to be covering in this series. Now even if you're an adult I think you could still learn a ton of stuff by watching these videos and if you could also do me a favor any friends that you have that have teenage children please share this with them so that they could go ahead and watch it. Now I'm going to be putting the entire series out just through my normal YouTube channel. I'm going to upload videos as I produce them but then I'm also going to be putting them in the education center over at the School of Personal Finance. So right now we're going to go through I'm going to walk you through the eight different topics that I'll be covering throughout this video series and then we'll go from there. All right let's get to it. All right so the first topic that we will be covering is the importance of giving your money a job. So as you start to earn an income and you have cash flow coming in it is so important to tell that money where you want it to go to give it a job. We all have expenses we have things that we need to spend money on every month like housing and food and then we also have things that we want to spend money on like things like going out to dinner or just entertainment and enjoyment. We have to have a game plan for how much we want to spend in each of these different categories. So it really is a form of budgeting it's what I always call turning the lights on knowing where your money goes every month and having a game plan and then how you also need to be very intentional for how much money you want to be saving and investing every month how you're going to be paying down debt building an emergency fund saving for retirement saving for different points throughout your life maybe for purchasing a house. So this first topic is going to be all about coming up with a game plan making sure that you are telling your money where to go and that you're not just spending and racking up debt and not paying attention to these things because the quicker you get these habits in place the better off you are going to be. All right and then the second topic is going to be all about the day-to-day management of your money so how to use banks for example how to use debit cards credit cards financial apps like PayPal and Venmo digital currency and how that's kind of changing the landscape. So in the second video we will go through all of that stuff so you have a basic understanding of how to use those how to open up a bank account what fees to watch out for all of that stuff so that you're prepared as the time comes for you to go ahead and get started with these products. All right and then the third topic is going to be about building your financial senses or your financial intuition so like for this I'm talking about things like understanding how much things cost when you go to the store trying to find good deals on stuff and coming to the determination in your head is there a good value here is this something that I want to be spending my money on also things like needs versus wants and opportunity cost and also being able to look at things and price it in hours worked so I try to do this with my son all the time when he wants to buy something and I'm like you know what how many hours of work would you have to commit to be able to purchase that so it's good to start turning on these financial senses and start looking at the world in that way so that you could determine if it's a good idea for you to spend money on certain things or would you rather save that money or maybe pay down debt with that money all of these things that you want to start thinking about at a very young age so you could start making financial savvy decisions all right and then the fourth topic is going to be the basics about debt and credit cards and loans and how interest works and all of the things that you really need to know before you graduate even high school it's great to know in college as well and you need to know when you graduate college but it would be wonderful if you could learn this stuff before you even enter into college especially if you're going to be taking on student loans so you have an idea of how that works and how it could impact the rest of your life so we're going to cover that in topic four in this video series all right and then the fifth topic we're going to cover is what Einstein called the eighth wonder of the world and that is compound interest and how the earlier you start what a dramatic impact it has on the rest of your life so we will play around with numbers I will show you many examples of compound interest so that you could start saving early and let that compounding magic work for you and then the sixth topic we're going to cover is getting started with investing so we'll talk about the stock market we'll talk about different types of retirement accounts investing in individual stocks versus mutual funds or index funds I'll explain what all of those things mean just to give you the groundwork so that you could start researching this yourself and get started early because as we just mentioned compounding right the earlier you start the much happier you will be later on in life so I'll get you going on the path to just pulling the trigger and getting started with investing and then the seventh topic will be on the basics of insurance and how it works and why people purchase insurance and the different types of insurance that you'll probably run into soon after you graduate college and even the insurance that right now your parents might be covering for you like health insurance and car insurance so we'll cover those we'll talk about some different terms that you really want to know and really just the basics of insurance so you're prepared when it comes time for you to make those decisions at least you have a basic knowledge of how it all works and then the eighth and final topic is going to be on taxes so I'm going to teach you enough to be dangerous just a basic understanding of how the U.S. tax system works how we have a progressive tax system most adults do not understand this so I'm not going to go too deep into it but I want you to at least understand what credits are what deductions are and how our tax system is implemented in this country so you have a basic understanding of it so those are the eight topics that I'm going to be covering if there are any additional topics that you think would be helpful please let me know down below I'm also going to be creating a playlist in my YouTube channel so it's easier for you to just go ahead and watch all eight of them I look forward to getting to work putting these videos together and I will see you again soon. Thanks.