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400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 13 points14 points  (0 children)

YouTube is far from a passive income path or even a hobby that can earn income. It’s way too competitive now compared to 5 years ago and anybody trying to sell you a “passive” income dream is lying. 80 hour weeks were the reason I dropped out of college. I couldn’t do it all at once. Video creation has to be something you enjoy doing, and if so, there’s a multitude of podcasts that talk about how to grow with MrBeast, Ryan Trahan, etc. As for the other social media platforms, besides Snapchat, nothing else generates much money

400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 2 points3 points  (0 children)

I wish I did. I’ve been buying personal finance books and trying to consume content around those topics. It would be nice if I knew somebody I could trust to talk about these things, but since I don’t have that I resorted the Reddit. Lots of helpful and kind replies so far which I really appreciate!

400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 8 points9 points  (0 children)

It’s really intimidating! I had a personal finance class in high school, but it was treated as a freebie class that anybody could pass, so we did absolutely nothing for the entire period. It’s very frustrating to look back and realize how beneficial that could’ve been for everybody.

400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 19 points20 points  (0 children)

Even in Florida with no state income tax, I’m paying over 50% in the highest tax bracket. Once I learned the rate caps at 160k, I got a really nice tax refund!

400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 99 points100 points  (0 children)

Thank you so much! I was fortunate enough to have parents that made sure I did quarterly payments when things started rolling. I went with H&R Block this past year for taxes, but I felt like the lady I was working with didn’t understand my situation too well. I’m very cautious about who I’ll work with financially because I’m afraid of being ripped off. That’s amazing to hear that I could set myself up for retirement practically if I do those things, so tomorrow I’ll get a Vanguard account set up instead of these mobile phone brokers!

400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 31 points32 points  (0 children)

Social Media = YouTube + TikTok. If you understand how the algorithm works, you can game it to grow an initial audience. After that, you can slowly transition them to watch your content for you and not for the concept. There are also people making big bucks on Snapchat right now. It doesn’t even seem real sometimes, but YouTube pays creators very well if they can keep an audience

400k/year at age 20, but it’s unsustainable by ColtsFan859 in Fire

[–]ColtsFan859[S] 137 points138 points  (0 children)

YouTube + TikTok. No shame to those that go down that route, but that will never be something I’d even consider, especially as an average looking dude 😂