- 6 months ago
NYC, Entrepreneurship, & Healthy Living
Howdy, I'm Taylor. I'm a 20 something former management consultant and ivy-league grad from California turned solopreneur in New York City, and I love making videos that follow all of the above. Stick around 😊
Howdy, I'm Taylor. I'm a 20 something former management consultant and ivy-league grad from California turned solopreneur in New York City, and I love making videos that follow all of the above. Stick around 😊
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LearningTranscript
00:00What's up guys? Charging. Charging.
00:07Today we're going to talk about money.
00:14All right, so we're actually on our way to the bank right now, or we're going to go in just
00:17a minute. But first I'm going to take you guys to the couch to let you know the things that we're
00:20going to go over today. That's my attempt at a cool transition. With a sound and maybe like a
00:27little, we'll see how it goes. That's right. You heard it here first. We're going to talk about
00:32cash. We're going to talk about investments, how I invest my money, emergency funds, saving accounts,
00:37and high yield saving accounts. Plus, if you know me, there's going to be a little bit of chit chat.
00:42So stay tuned for all the juicy money talk. Really quick though, while yes, I am talking about my
00:47personal strategy, my money strategy in this video, hopefully it should still help you out and maybe
00:52you'll take some new things into consideration when strategizing what you want to do with your
00:55money, such as how to invest it and how much you want to keep in savings and where you should store
01:00your savings, etc. So with that, please give this video a very quick thumbs up 0.18 seconds. It really
01:06helps out my channel with no cost to you. I would really appreciate it. Also quick disclaimer and
01:11just something I presume I will get a few comments on in the comment section. All of the money that I
01:15talk about in this video, the money that I have in my investment accounts and my checking and my
01:19savings and cash, all of that money I made and earned myself. Except of course for the cash that I
01:23specifically say was gifted to me from family members and family friends for graduations,
01:27birthdays and other milestones. I worked as a model for three and a half years when I was in high
01:31school and made a decent amount of money doing that. I also think I invested it pretty wisely.
01:35And then I also had two finance internships in New York when I was in college, one of them at a large
01:40hedge fund and one of them at a large private equity firm. So I have made all of this money myself
01:45and I just want to put that out there before people assume that, I don't know, my parents gave it to me or
01:49something. All right. With that out of the way, let's go back to the car and talk about cash.
01:53All right. Yeah. So first we're going to discuss cash. This is my shoe. I put my shoes on in the
01:58car because if my dog sees me put them on in the house, then he thinks we're going on a walk and
02:02I cannot disappoint my little Charlie. He is an angel. All right. All right. So cash. The reason that
02:10we're going to the bank right now is to deposit all of the cash that I had on hand. So just over the
02:15years, you know, when I graduated high school, I had a birthday, Christmas, uh, graduating college,
02:20I just have accumulated a decent amount of cash over time. And I was always one to put it in a box
02:26in my room, you know, into a secret place. As I've gotten older and began to understand personal
02:31finance a little better, ideally, obviously, as time went on, I would have deposited that money and
02:36then put it into my investment account and just seen it grow over time. And I don't mean to make it
02:40sound like I have, you know, $10,000 of cash. I don't, but it is a sizable amount that has a much
02:45better place than in my room. So my plan today is to put all of it into my bank account and then
02:51to put it into my investments. And on the couch, I'm going to go over my investment, not strategy,
02:56but kind of where I'm going to put that money. But first, before we go over the investment side of
03:01things and everything else that we're going to talk about today, a little word, if you will, on cash.
03:06I know that this varies a lot person to person and country to country, but just as credit cards have
03:12become so widely used, it's just become less important to carry around like a lot of cash
03:16to pay for things. But I do agree that you should have some cash on hand pretty much all the time,
03:21you know, just for emergencies, you know, if a place doesn't accept your card, if you need to pay for gas,
03:26anything, it's good to have a little bit of cash. But I pay for pretty much everything using my credit
03:30card. And I know this varies a lot country to country because when I studied abroad in Spain,
03:34it was very important to carry around quite a bit of cash. I mean, that's how I paid for,
03:38I don't know, I would say about half the things there, but whether it was food, groceries,
03:42you know, drinks going out, whatever, cash was really important to have on hand. So anyway,
03:45I'm just curious your relationship with cash. How much do you carry? Well, not how much, but
03:49like, do you like to carry around a decent amount of cash? Do you still like to pay for things with
03:52cash? Just kind of what's your overall philosophy on cash? But anyway, I'm going to deposit almost all of
03:57mine today. I mean, I saved a little bit, so that way I have some on hand, but I'm going to deposit almost all of it.
04:01And then I'll let you guys know on the couch what I'm planning on doing with it. So I will see you guys in a bit.
04:18All right, guys, we have arrived. There's not a line to get into the bank, which is great. Yesterday,
04:24I actually came yesterday to do this. There was a huge line. I'm guessing people came here to cash
04:29their stimulus checks. That's the only reason I can think there would be such a long line like that.
04:33It's also inauguration day. I don't know. Who knows why these things happen?
04:36We're going to go in. We're going to deposit that cash and I will see you guys in a little bit.
04:45All right, deposited it. It literally took, I would say three minutes. There was no line today. Like I
04:51said, it was amazing. Just went up and the machine counted it. I don't know. I've never,
04:55you see those like machines and the movies and stuff. I've personally never seen one in real life,
04:59but it counted it so fast. It came out to exactly what I counted it to. So that was great. And it's
05:03already in my account. I mean, it's processing, but it hit my account immediately. So anyway,
05:07now let's go home and talk about what I'm planning on doing with the cash. And also just what I
05:12currently have in my account and what my investment plan is, and also some other
05:16fun money related things. So I will see you guys on the couch at home. Bye.
05:22All right. Welcome back to the couch. So now that we have discussed cash more or less,
05:26let's talk about a few other things such as what am I going to do with this cash? Well,
05:30this brings me to the investment portion of the video. My plan in a nutshell for this section is
05:35to take all of the money that I don't need to have readily available and invest it. Invest it in what,
05:40you might ask. Well, I currently have most of my invested money in the SPY ETF. This is an ETF that is
05:46designed to follow the S&P 500 index. The benefit of it being an ETF is that it can still trade
05:51throughout the day, like a normal stock, but you can still enjoy the diversification that you would
05:56get from an index fund. So I would say it is a safe investment, especially considering my plan
06:00and what I've been doing for years is to put it in and never really look at it. At least I don't touch
06:05it. I still look at it occasionally to see how it's grown, but that's different. I just think that's
06:08cool. So I know some people in the comments are going to say, or probably, maybe, perhaps,
06:12are going to say, Taylor, the market's at an all time high right now. Now is not the time to invest.
06:17Well, what if I decided to not put my money in at this all time high? Or what about this all time
06:23high? I would clearly be missing out on some serious gains. My point is, if my plan is to put
06:28it in and never really look at it, just let it sit and grow over the next 50 years, based off all
06:32historical evidence that we have, it will grow. I can't time the market, you can't time the market,
06:37even if you think you can. No one can time the market, and I personally don't think anyone should
06:41try to time the market. So the best thing that you can do, in my unprofessional opinion,
06:45is to adopt a similar long-term growth strategy like this one. Now, I do have a decent amount
06:51of money in individual stocks as well. However, these stocks are also big, safe, what people would
06:56usually deem as safe blue chip stocks. Think Apple, Coca-Cola, etc. And day trading just really isn't my
07:02thing. Also, very few people actually sustainably make a lot of money day trading. They make their
07:07money by selling courses about it. And because of my risk aversion with money, I think that this is a
07:11safe strategy that will get me as close to a guaranteed long-term growth as anything else.
07:17All right, so that is the investment section. Now let's move on to savings and how I would like to
07:22store the money that I would like to have on hand. First though, don't forget to give this video a very
07:26quick thumbs up if you are enjoying so far. Thank you. All right, so first let's take a look at my
07:31checking account. I currently have way too much money in my checking account. And I don't mean that as like,
07:37I have way too much money in my checking account. I mean it in the sense that I think it's pretty
07:43irresponsible of me, of anyone, to have a lot of money in your checking account in general rather
07:48than in the market, like the investment stuff I just talked about, or in a high yield savings account.
07:52To give you an idea, all of the money I've ever made on Poshmark, eBay, Mercari from reselling
07:58is in my checking account. Most of the money I made from my last internship is still in my checking account.
08:03And it's irresponsible and honestly a little embarrassing to admit that I haven't put this
08:07sum of money in a more wise place yet. But that's what this video is about. I also have a savings
08:12account at Bank of America that I have had open since I was, I don't know, 10 or 11 years old. And
08:17that pays me, are you ready? Drum roll, 0.001% interest every month. Or about 0.01% APY. So I open this
08:26savings account, of course, at my parents' suggestion at a very young age and with their help. And you know,
08:30I would just deposit a couple dollars in it at a time, chores or lemonade stands and all the
08:35little like entrepreneurial things I would get up to when I was a kid. But that money has grown to
08:39enough of an amount where it should be in a different place, I would say, especially given
08:42this abysmal 0.01% interest rate. Of course, I am glad that my parents had me open this account
08:48and just taught me to save my money at a very young age. I think that it's safe to say that has stuck
08:52with me to this day. But between this money and my low interest savings account and my checking account,
08:58what am I to do with this money? This brings me to the high yield savings account portion
09:03of this video. So at 23 years old now, I have been doing a lot more research recently about high yield
09:09savings account. And I currently am sorry to say that I don't have one open yet. But after doing
09:13more research, I realized now that that is where I want to store the money that I want to have on hand.
09:18Because those accounts pay a 1% or higher, I've even heard about a 4% APY that I remember Graham
09:25Stefan talking about in one of his videos where he goes over the best savings account. I think
09:29that 4% APY is T-Mobile and there's a lot of stipulations there. But either way, a lot of
09:33these high yield savings accounts still pay 1% or up to, I believe, 1.5% APY. And that obviously just
09:39pales in comparison to my 0.01%. So will this increased interest make a huge difference month
09:45to month? No, but every little bit helps. And I think it's just a more wise place to keep this money
09:50that I want to have on hand. So this high yield savings account is also where I plan on keeping
09:54my emergency fund. And I know most financial advisors recommend three to six months of expenses.
09:59I've heard some throughout eight months. I guess the more the better, really. Unless you want to
10:03have that money in the market. It depends person to person. But my expenses right at the moment are
10:07pretty much non-existent besides the inventory that I pick up to sell on Poshmark, eBay, and Mercari. But
10:12when my full-time job in New York starts in April, I will be looking at expenses like rent, food,
10:17entertainment, etc. Lots of other things. So how much money exactly I will want to have as an
10:22emergency fund will be a little bit to be determined. I'll see when I find out exactly how
10:26much I'm really spending month to month once my like real life starts. You know what I mean? But I
10:30will probably follow that general rule of three to six months of expenses. I have also thought about
10:35money that I will want to have on hand for purposes like travel. Now I know travel is sort of
10:39a weird thing to talk about right now with what's going on. But let's say in a few years time in the
10:44future I want to take an international vacation. Ideally I wouldn't have to sell stocks in order
10:49to finance that and I also don't want to eat into my emergency fund. So my plan is to have an extra
10:55travel fund sort of you know amount of money in my high yield savings account as well. It might even
10:59be a good idea to open up a separate high yield savings account for that travel fund. I would
11:04recommend evaluating you know if you have kind of not the best concept of where your money is going
11:09each month maybe it is a good idea to open up separate accounts in order to see where your
11:13money is going. Or to use an app like Mint which helps you kind of track where your expenses are
11:17going because even if you are so good at mental accounting I think that speaking from personal
11:22experience when I had more expenses in college we can still surprise ourselves to see where large
11:26chunks of our expenses are going without us realizing it. So that pretty much outlines what I plan
11:31to do with my money in the future and in the coming months. Of course there are more nitty-gritty
11:35things like Roth IRA and 401k and things that I'll talk about in the future but that basically
11:39outlines what I hope to do with my cash, my emergency fund, money that I want to have on hand,
11:44and my investment accounts. And if I may summarize it for you so it's a bit more digestible.
11:49Number one, I had too much or I had a decent amount of cash accrued over time for milestones,
11:54graduations, birthdays, all that good stuff over time and I deposited all of it into my
12:00almost all of it into my checking account today and plan on investing just about all of it. I will
12:04however keep a little bit of cash on hand in case of emergencies. Number two, most of my invested
12:10money is in the SPY ETF which again is designed to follow the S&P 500 index. I also do have a decent
12:17amount of money invested in individual stocks. These are mainly blue chip safe stocks what people
12:21would consider safe stocks and I personally think that this is a good way to go the SPY ETF as well as
12:26individual stocks that are safe good blue chip stocks especially considering my strategy what I've
12:31always done what I probably always will do is to put the money in and leave it and let it grow over
12:36the next 50 years until I need to pull it for buying a house or some big expenses that I'll have when I'm
12:40like deep into adulthood. Number two, B, don't try to time the market in my opinion. Number three,
12:46I plan on opening up very soon probably tomorrow maybe the next day we'll see no not the next day
12:51tomorrow you're gonna do this tomorrow Taylor. I plan on opening a high yield savings account to store the
12:55money that I want to have on hand. This includes three to six months of expenses as well as a travel
13:01fund and of course some additional money that I will use to pay off my credit card and things like
13:04that. And any money that I have left over will feed it back into my investment account. This high
13:09yield savings account is a better choice than what I'm currently doing with my low yield savings account
13:14and my checking account because it will pay me more than one percent APY which is great and I will
13:18let you guys know which one I end up choosing. So it partially comes down to laziness that I have
13:22been holding a decent amount of money kind of irresponsibly for a while but it's also that I
13:26haven't really taken the time to make a clear-cut plan until now. And yes I would have been forced
13:31I think to do this when my steady income starts coming in but I beat future Taylor to it. So let
13:36me know what you guys do with your money. That sounds personal. It sounds a little too personal. What I
13:41mean is I think that this finance in general and just personal finance is a very very important topic
13:46that a lot of us especially young women my age don't really talk about enough and I want to help you
13:51guys. No I know I'm not a professional but if you are trying to re-strategize like I have or you have
13:56any questions just leave them in the comments down below and I think it would be really great to get
13:59a nice community discussion going about this topic. Like I said obviously not a professional but I do
14:04want to debunk this kind of mystery and intimidating wall that we can have when we talk about money and
14:09especially investing because it really is so incredibly important and just you know paramount to the center of
14:15how society and life actually works so why not talk about it you know. All right guys again quick
14:20reminder to give this video a quick thumbs up if you enjoyed it at all even if you didn't enjoy it
14:24you give it a thumbs don't give it a thumbs down but I do hope you found this helpful and definitely
14:28keep an eye out for more money related videos especially when my full-time income starts coming
14:33in I will have more to talk about and to give you guys two pointed questions please tell me what
14:37your philosophy is on cash aka do you carry a lot of it around or do you just mainly use a credit card
14:42also if you're in a different country let me know how cash kind of works in your country I know it varies
14:46a lot second pointed question do you have an emergency fund and if so how many months of
14:51expenses do you have in it all right that is all I have for you guys thank you so much for watching
14:55I hope you found this helpful and I will see you very soon I took a little break but I'm back
15:01I'm back all right I'll see you next time bye I feel like that was uncomfortably close that's okay
15:06cool transition
15:06I don't know should I start an asmr channel no I shouldn't separate separate why do I keep
15:15saying secret that's that's not even a word taylor freaking idiot freaking idiot
15:22why am I so close to the camera I hope you can't hear my grumbling belly I'm hungry
15:27oh your hair looks bloody insane taylor it's hot
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