Consulting

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?

likeupliftingsmarthelpfulfunny
Reaction Icon Like
Arrow Icon
works at

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!

Reaction Icon Like
likefunny
Arrow Icon

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

Reaction Icon Like
likesmartfunny
Arrow Icon

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!

Reaction Icon Like
likesmarthelpful
Arrow Icon

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

Reaction Icon Like
like
Arrow Icon

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.

Reaction Icon Like
likefunny
Arrow Icon

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

Reaction Icon Like
likesmarthelpfulfunny
Arrow Icon

female privilege smh

Reaction Icon Like
Arrow Icon

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!

Reaction Icon Like
like
Arrow Icon

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?

Reaction Icon Like
likefunny
Arrow Icon

swtor

Reaction Icon Like
like
Arrow Icon

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

Reaction Icon Like
likesmart
Arrow Icon

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!

Reaction Icon Like
like
Arrow Icon

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

Reaction Icon Like
likeuplifting
Arrow Icon

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

Reaction Icon Like
likeuplifting
Arrow Icon

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

Reaction Icon Like
likesmart
Arrow Icon

You can humble brag

Reaction Icon Like
likefunny
Arrow Icon

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.

Reaction Icon Like
like
Arrow Icon

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.

Reaction Icon Like
like
Arrow Icon

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.

Reaction Icon Like
like
Arrow Icon

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

Reaction Icon Like
likefunny
Arrow Icon

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.

Reaction Icon Like
like
Arrow Icon

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

Reaction Icon Like
like
Arrow Icon

Already quit my job to start a YouTube channel

Reaction Icon Like
Arrow Icon

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

Reaction Icon Like
like
Arrow Icon

Around how many views are you pulling in per video?

Reaction Icon Like
Arrow Icon

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.

Reaction Icon Like
likesmart
Arrow Icon

This is a good idea

Reaction Icon Like
Arrow Icon

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

Reaction Icon Like
like
Arrow Icon

Related Posts

If anyone wants to join a boutique HR & Talent Advisory consulting firm, Kincentric is hiring for an Associate Partner role! Location doesn’t really matter, but preferably in IL, NY, or ATL.

like
Reaction Icon Like
Arrow Icon

Download the app for more exclusive discussions.