8 Epic Money Tips for Young Adults (Ft. N’Jaane Taylor)

https://www.youtube.com/watch?v=eslXgi36xgw&ab_channel=OnProperty Managing money as a young person can be extremely difficult and it's not something they teach you in school. However, it is possible but with some simple steps and the right mindsets you can get really good at managing money when you're young. N'Jaane's YouTube 0:00 - Introduction1:48 - #1: Having Multiple Bank Accounts8:16 - #2: Look at money as a form of energy9:48 - #3: Look at what you spend your money10:58 - #4: How is your spending making you feel? Is it bringing you joy?13:55 - #5: Have a holistic view of money17:45 - #6: Have good money habits when earning a little or a lot19:28 - #7: Never spend money you don't have21:00 - #8: Give to something that is important to you Recommended Videos: Barefoot Investor Bank Accounts Explained Transcription N'Jaane 0:00Looking at money as a physical form of energy and understanding what it actually is, money is just energy. And as long as you've got energy in your body, you've got a way to make money and switching from a real scarcity mindset to an abundance mindset. It's like, actually, I can make a lot of this. And it's not a bad thing, if I do. Ryan 0:23managing money as a young person can be extremely difficult. It's not something that they teach you in school, I know I wasn't very good at managing money when I was young, however, it is possible. And with some simple steps and some simple processes in place, you can get really good at managing your money when you're young, to be able to save for a property or to invest or to set up your life. Today, I have with me, john Taylor, who is one of my best friends in the whole world, but also an extremely successful young person I've seen you go from, you know, basically having no money at all. N'Jaane 0:58And they're stressed out, Ryan 1:00stressed out on money, and then even earning just small amounts to be able to build up savings, build up a buffer and fun, build up your life to the point now, a couple of years later, when you're a successful DJ, you're running, meditate and levitate, you've got a lot of things going on in your life and more money coming in than you used to. And you still better at managing money than me. I'm excited to share today, some of the things that you do in your life that people can take away and maybe apply to their lives, whether you're young, this will help you. But even if you're older, you can take a lot from this as well. So thanks for finally coming on. Well, we got there. So what are some of the things that you implemented in your life to get you from that point where you were really stressed out to feeling like you have control over your money? N'Jaane 1:46Yeah, so I was really fortunate. I have a lot of mentors and friends that in the business game and entrepreneurs and so I went to a master your money seminar, I guess when I was really young. And there's just like, it's a really simple tactic that I started implementing. And I found that it didn't actually matter how much money I made. It just gave me that head start in like, very slowly building stability for myself. So the biggest thing that I took away from that was the full bank accounts like how to actually physically manage your money. So Ryan 2:28Well, that's it, most people just have one bank account. So mine comes in and money goes out. And then most people aren't necessarily tracking that. They just kind of do the blind like half and just hope it goes through. Yeah, especially if you know, as a younger person, you've gone out on the weekend. You're not sure how much you spend? N'Jaane 2:45Oh, yeah, I really feel for I feel for people on that one. That's why being a DJ is great. Just do that. You'll save hundreds of dollars for a drink. Yeah. Ryan 2:58So what are these four bank accounts? And how do you allocate money across them? N'Jaane 3:02Yep. So I it's easy. Look, I'm a bit OCD. So. Um, so I like managing it myself. But you can set it up. I know that I think maybe NAB and there's a lot of banks that will let you do this automatically. So you don't have to be going on to your bank account. And like manually doing this every single week, the you kind of work out how much money you spend on a weekly basis what your bills are, and then that money can just automatically be deducted and put into each different account. So Ryan 3:41explain the accounts and what each account is for. N'Jaane 3:43Yep, so I've got weekly expenses, which is exactly how it sounds. I just figured out rent, food, phone bills, like pretty much. Take a look at your bank accounts. See what you've spent on a weekly basis for the past like few months, average it out, it should like you'll find the stuff you're spending money on every single week. And especially for me, like I like to do it manually. Because I'm a DJ, my income will fluctuate on a weekly basis. So if you're someone in that kind of situation, these tactics will work really well for you as well. So yeah, weekly expenses, exactly how it sounds, and then 10% save. So no more, no less 10%. So if you're earning $200 a week, 20 bucks into a 10% save account. Now this is for investments only. So like gold, Bitcoin. A home like this is just an account should grow, make your money work for you. Ryan 4:51So long term investment, N'Jaane 4:52long term investments, it doesn't matter if you're making like $20 a week you put 20 cents in and if you do you Yeah. Um, look, I'm gonna money, not math. Um, yeah, so 10% save. And then the fun one was you will be a lot more excited about is 10% play, which that is your fun account. That's what you blow on the weekend. That's what you just do whatever the heck you want with that money and just giving yourself that kind of leeway. It then prevents you from just having a blowout at some stage and spending ridiculous amounts of money on shit you don't need. And then the rest is general savings. So, for example, a car or I've just spent like, I just dropped about seven grand on like sound equipment that came from my general savings account, what Ryan 5:49percentage do you put into general savings? N'Jaane 5:51Everything that's left? So you've got Ryan 5:54up to you how much you put in? Or whether you've got any left at the end of the week? Yeah, yeah. N'Jaane 5:58So you've got weekly expenses is obviously your most important because that's what you need. And then 10%, save 10% play and general expenses is whatever's left. So you can do with that as you wish you can save money you can spend, it's, that's totally up to you. Yeah, Ryan 6:17so managing, I guess having those multiple bank accounts that's similar to what I do. But I do have it automated. So it's like every week, a certain amount of money will go across to bi weekly spending. And then I separate out the regular bills like rent, phone bills, stuff like that stuff that's consistent. So my weekly living is just a discretionary budget. So I can just spend that on groceries or entertainment or traveling in the band, or whatever it might be, I've got a certain amount of money that week. So I kind of have a similar process to you, I've just really find that doing it all from one account is just way too hard. Because it's just everything comes out. And it was really N'Jaane 6:55hard to manage the money and understand if you're using your money well or not. Yeah, and it's all from one bank account. Ryan 7:03And you can set up online savings accounts as well. So you can have one bank account that actually has a card attached to it that you can spend. And then you have online savings accounts that you move over your fund money and your investment money into. And then I like the percentages as well. Because then your income grows, then your savings grow. Or if your income declines, you can still keep that habit of saving, and you might not be saving as much, but it's achievable as well. And then you just focus on living your life on what's leftover. N'Jaane 7:30Exactly. And it's not like, Okay, I have to put $200 into that account. It's like, no, it's whatever percentage you've made that week, which from someone that's, as Ryan knows, has zero stability in their life, like I went from promo work, which is one of the least stable jobs you can do to being a DJ, like, my income fluctuates so much. So just during Ryan 7:52COVID when everything was shut down, N'Jaane 7:55let's not talk about that. But yeah, so just having like a percentage is so much more achievable. And then it just gives you a little bit more momentum as well and kind of gives you a bit more confidence in yourself. So Ryan 8:11So I guess that's the How to of how you manage your money. But what is it that makes you different from every other 22 year old out there? Who was spending all their money or going into debt? Or, you know, getting car loans to buy their cars? Like, how do you look at money differently at your age. Compared to other people, I'm just curious, because you just do it so differently. N'Jaane 8:37I guess there's a few different, there's a few different things like my view on money, I used to be, as you know, incredibly stressed. And I just I never seem to have enough of it. And I guess just looking at money as a physical form of energy and understanding what it actually is like, money is not everything, like money is just energy. And as long as you've got energy in your body, you've got a way to make money like it can be made, essentially, is what I'm saying. And so I used to have all of this stress about it. And it's like it's really unnecessary. So just kind of identifying money for what it is and switching from a real scarcity mindset to an abundance mindset. And it's like Actually, I can make a lot of this and it's not a bad thing if I do. And I guess that's been a whole other journey for me personally,