“If you started [investing] in your 20s, there is no way you wouldn’t end up wealthy.”

Michael Taylor

Michael teaches personal finance at Trinity University and writes a weekly finance column for the Houston Chronicle and San Antonio Express News. He previously sold bonds for Goldman Sachs, and used to run a distressed debt hedge fund. He is not your typical finance professor as he gives you the real-life perspective of how to manage your money.

During the episode, Michael reveals several tips in growing wealth which you did not learn from school. He believes that venturing into investments at an early age promises a future of fortune. He explains how compound interest works, why we need to understand it, and what benefits it could provide. You might not be interested in learning such early in life, but once you listened to this episode, you’ll have a whole new outlook at your finances.

Listen to ILAB 95 on iTunes here or subscribe on your favorite podcast app.

ILAB 95 Show Notes

Where we are:

Johnny – Bulgaria

Sam – Florida

Book:

The Financial Rules for New College Graduates

Discussed:

ILAB 11 – Advice for 17-24 Year Olds on Money, College, Credit and Finances

Recommended:

ArtofFX – start with just a $10,000 account (reduced from $25,000)

Fundrise – start with only $1,000 into their REIT funds (non-accredited investors OK)

Wealthfront – get your first $15,000 managed free

Time Stamps:

07:52 – Why professors experience difficulty understanding and teaching finance

13:05 – His personal finance course

16:55 – Students in debt vs. Students investing

24:00 – Investment advice for young adults

32:12 – Explaining compound interest to young adults

38:53 – US Tax Code

43:10 – Saving money based on income

49:04 – Advise for youngsters in getting an investment adviser

56:47 – The use of Robo-Advisor

1:00:28 – Favorite investment books

1:05:21 – What to look forward to in his book

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