Make 85k a year @ Deloitte consulting. Got a YouTube channel that pays be about 40k a year and I live at home rent free with no student loans or other expenses. What should I be doing with my savings?

likesmarthelpfulupliftingfunny
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Make sure you are maxing out your 401k
Have 3 to 6 months emergency fund
Max Roth IRA
Save a portion for short term needs in Ally Bank 2.2% (down payment or future car purchase)
The rest, save in Index fund. Fidelity and Vanguard have low fees..

See your money grow. Compounding interest!

likehelpfulsmart

Hi E71- yes open a vanguard or fidelity account and buy a no commission low expense ETF

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Hey so I have a great salary and have a full salary coming in on the side, too. I have so much money that I need help saving it to have even more money! Help!

likefunny
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A more important question, what’s your YouTube channel about? I could use another 40k/year to pay off loans 🤨

likefunnysmart

My ex makes around 10k a year off ONE video on how to skin an alligator. He is literally just recording and decided to put in YouTube because his friends encouraged him to. Lucky b**tard.

likefunny

Curious how many views you need/subscriptions to be pulling in 40k from YouTube. Would be interesting to hear. Thanks!

likesmarthelpfulfunny

female privilege smh

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Curious about YouTubers! 1) how often do you get paid? 2) is your pay proportionally equal to your subs/views? So someone with double your volume makes $80k? 3) do you get a 1099? 4) how much time do you spend working on this? Appreciate any insight!

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my utube has 43 subscribers. I upload videos of a niche video game nobody plays. Not monetizing but anyone wanna sub so I can one day make the big bucks like big boy op?

likefunnysmart

swtor

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You have a YouTube channel... so you have a business. You are eligible for a solo 401k which greatly increases your contribution limit (~59k). I’d take a closer look at that

likesmart

Any tips on starting a YouTube channel and balancing it with your consulting job? I’ve been wanting to for years! Don’t care about making money from it, just curious as to how one balances it all!

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Make sure you have an idea of the kind of content you’d like to create. Plan plan plan! Plan your content 1 month out, 3 months out if that works for you. Determine how often you want to upload videos - weekly, biweekly. Then record multiple videos at once; maybe dedicate a day to shooting like 3-4 videos. Editing is the issue. You can dedicate another day to editing and special effects or pay someone to edit and produce. It’s very doable. Just start

likeuplifting

Y’all are miserable. Be happy for my guy instead of jealous. He just asked a question

likeuplifting

Invest in property. Get your own condo.

Or do a property turnaround. If you’re smart you can get 100-150k ish per year. But you need passion on that too

likesmart

You can humble brag

likefunny

I already do the obvious like max my 401k, Roth IRA, and backdoor Roth IRA.

likefunny

If you make over the IRS limit to contribute Roth. I think AGI if you are single is 120k and couple filling jointly 189k.
Backdoor process is that you contribute to traditional IRA and then immediately convert to Roth by paying the taxes but you can't deduct that amount when you file your taxes.

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You’ll make money faster and more liquid with post tax investment in mutual funds and stocks. Any IRA means you play by government rules and you can’t reach your money for what you want to do. In ten years you will have new opportunities, IRA means you can’t touch it until you are nearly dead without making you bleed.

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Hey a trust fund protect your money so no one sues you. Put your house in it when you buy one. Buy a duplex and rent out one of the houses.

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Ugh i know. I have 2 channels that make a combined about $90k a year.
Welp, see ya later.

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Already quit my job to start a YouTube channel

Thanks guys! I looked into setting up a separate 401k contribution through YouTube and that's helping me set that aside! I am reluctant to buy property as I currently live in Chicago but see myself moving to Texas or California in the next 5 years...really appreciate everyone's time! And haha I'll keep my channel to myself but if you search YouTube for Lululemon brand ambassador reviews, maybe you'll stumble across my channel.

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Also for those who want to get started in YouTube, for me it was about finding something I'm passionate and knowledgeable about (clothing and fitness) and connecting with like minded people. Also having a clean setup and clear audio is huge! But honestly, I realize I was one of the earlier people to hit YouTube as a brand reviewer for Lululemon and I was definitely really lucky that my first video on taking care align pants went sorta viral haha

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Around how many views are you pulling in per video?

How would you like to turn those 2 income steals into 3? Got an idea for you to invest in ☺️

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Invest the money in stocks until you know where you be living at least 5 years then add a rental property, unless your parents don't mind helping out if you buy one where you currently live.

likesmart

This is a good idea

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