It’s about a week post #FinCon19, “Where money and media meet.” I absolutely LOVED the event! I’ve made so many great connections and gotten to meet people like Wealthy Doc, Jonathan from Joney Talks!, J. Money from Budgets Are Sexy, ESI Money, and Grant Sabatier from Millennial Money.

If you’re interested in learning more about FinCon, just as an FYI #FinCon2020 will be held in Long Beach California. You can also check out my FinCon 2019 review here (review coming).

A Little History

Roughly two or three days into #FinCon19, one evening, when Dad and I got back to our hotel, the subject of a rebrand was brought up. We started doing a little research and seeing which domain names would be available.

For the first two years of my blogging career, my blog was called Invest13. I had picked that name because 1. I was 13 when I started blogging, and 2. I was a total money nerd and huge into investing (and still am!).

While Invest13 was a fine name, it could’ve been better. The difficulties I ran into (particularly at FinCon when I was introducing myself) was that the name didn’t exactly make sense. What did I blog about exactly? What did the 13 mean? Was my blog just about investing?

In-person I could explain the two prior points and then it would make sense, but for the average person who stumbles upon the blog on their own and sees the name “Invest13” it won’t quite make sense unless they do some digging around on the site.

The New Brand

Thus, I decided (with tons of help from Dad!), to rebrand to GenZMoney. Unfortunately, I wasn’t able to procure genzmoney.com so I had to settle for genzmoney.co (though we are in the works of trying to buy the .com domain).

The reason I chose GenZMoney is that the name says it all – A blog about money, for my generation (highschoolers and college students). Plus, not only is it a little more professional, but choosing to include a broader term like “money” in the name rather than something too specific like “invest” allows me to easily blog on a broad range of topics that interest me and my generation.

Things like personal finance, side hustles, investing, online businesses, and especially for me, crypto. 😉

Conclusion

So that’s my quick update! Welcome to my new blog, GenZMoney. I hope I can provide massive value for as many people as I can, impact my generation for the better, and make financial education fun for my peers.

Interested in learning more about GenZMoney? Check out the About page here, or this post here to see what you can expect from GenZMoney going forward, my posting schedule, and the topics I’ll cover here.

See y’all in the next post! Thank you so, so much for reading. I really appreciate it.

– Terry

Invest13’s Origin Story

On the 3rd of February, 2017, I was introduced to the word “blog.” I had no idea what that meant. I think I had to Google it.

On the 21st of February, 2017, I bought my blog’s domain name, invest13.com.

Needless to say, I apparently didn’t hesitate for very long before just jumping all the way in! 😀

I did pretty well for the first few months, and published six blog posts, designed the site, and filled in all the necessary pages (About, Resources, Contact, etc).

But then after that, I messed up. Big time. I just… stopped posting…? From a purely numbers standpoint, it is one of the biggest and most embarrassing fails ever. Six blog posts in two years???

Though from an experience standpoint, I’ve hit a gold mine (and successfully mined the gold) – and I’m really excited!

All things considered, I think I give myself [★★★★✰] for effort, initial success, the fact I bought a domain and didn’t start with a free one, and that I even tried blogging in the first place (considering how little I knew). I’m proud of my 13-year-old self. Sure, I did pretty badly, but the fact I tried is huge – that was one of the biggest things I was struggling with as a self-taught entrepreneur (finding a business idea and just going with it).

What I’ve learned:

Over two years, here’s what I’ve learned.

  • The #1 Key to Success is… stupidly simple: Consistency.
  • Don’t strive for perfection – you’ll never get there.
  • Don’t feel ashamed for not having the perfect design or blog (looking back, the design wasn’t bad at all. I’m not sure why I was bothered by it and never wanted to tell anyone about my blog).
  • Join the Rockstar Forums. They’re amazing.
  • Make a thorough plan, and identify your “Why.”

 

The biggest thing I missed when I started was the importance of consistency. No matter how big or small the effort, as long as you are putting a bit of work in every day, it will make a huge impact. Man oh man, how I wish I knew that when I started.

The second biggest mistake(s) was striving for perfection, and unless everything was perfect, I didn’t want to announce the blog’s existence. Sigh, only me.😂

Lastly, two other important items are (A) Accountability of some sort, and (B) Making a detailed plan before I started, so I’d have a couple weeks (or even months) worth of content to work with. Those last two would have been very helpful.

What’s so awesome, though, is this:

Yeah, I “failed,” but I’ve learned the lessons. Now, not only can I apply it to the future businesses and hobbies I want to master (and cut out a lot of mistakes and pain), but I can just hand others a sheet with two years worth of mistakes that they don’t have to figure out the hard way. They’ll thank me later. 😀

The New Beginning

What’s just as important as learning the lessons above is actually putting them to work. An even bigger mistake would be to just mention them and shrug it off. Going forward, here’s what will be happening with Invest13:

  • I’ll be posting at least once a week (this will probably change because I’m not sure what I want my posting to schedule to look like. At the very least, I’ll be posting consistently).
  • I’ll be engaging with my fellow FI bloggers more proactively through Twitter and the Rockstar Forums (I already read almost daily on both platforms, but I’m paranoid about leaving stupid comments – half the time I’ll post a “comment” in my head without actually doing it 🤔).
  • I’ll be brainstorming for other types of content as well (I’d really love to start a podcast, interview series, Youtube channel, or other type of content to go along with blog posts (especially with all the cool people I’ll be meeting at seminars like #FinCon2019!).

Conclusion

The gist of this “blog post” is mainly to be an inspirational piece to launch Invest13 2.0 and to solidify the lessons I’ve learned into my own noggin’. Also, it prevents me from just quitting and silently deleting the site and acting like nothing ever happened. That would be awful. So it’s also playing an accountability role, and it’ll be a lot harder to procrastinate.

Here goes.

I’m hitting publish.

Right…

About…
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There is one thing that we can do as a kid that gives us a MASSIVE advantage for later on. It’s a trump card that if used correctly, could yield millions of dollars later in life. That leading edge is investing early with compound interest.

A few days ago, I was very blessed to be able to contact one of the best financial advisory firms in the US, Creative Planning. At the head of this company is Peter Mallouk. His firm is run on a very high fiduciary standard, which makes it all the more exciting to get such solid advice. Through the contact, I was invited to submit 3-4 questions about money or investing, and Mr. Mallouk gave me some great answers.

Here they are:

Q: As a kid or teen, what’s the best thing we could do today that would yield the biggest advantage later?

A: Open a Roth IRA, and put your earnings from your part-time job (or any money you earn) in there.

Q: Are there any investing strategies different for kids than adults?

A: Buy all stocks – you have a long way to go to watch it grow.

Q: What’s the biggest mistake we could make as kids?

A: Missing the chance to start early.

Bonus Question: You mentioned a little bit about buying 1/4 shares of stock. Could you explain a little more on that, and maybe, give some examples?

Answer: The best option here is to go to TD Ameritrade and open an account and invest in the S&P 500.  For now, that will be better than partial stocks.

The highlight of this article is the answer to question three: “The biggest mistake kids could make is missing the chance to start early.”

Just so you can grasp what this means, here are a few examples:

If you got a part-time job at the age of 14, worked 20 hours a week, at $7.25 an hour (minimum wage), that would give you $580 per month! If you invested $100 a month at a 10% rate of return (which is BELOW the market average), by the age of 65 you would have $1,691,315! Now, this example is a little off, because as you get older you won’t be making minimum wage (hopefully), and you will be able to contribute way more.

Here is another example. You are 21 years old, making $30,000 a year. You have $5,000 saved up, and you start to invest 15% of your income monthly, which is the recommended amount, and you reap a 15% return (You decided to take an investing class and learned Value Investing . . . lol, just a suggestion). By the age of 65, you have $18,471,052 MILLION DOLLARS!!! 

This is not an unrealistic example. Now, it might be a little different if you’re 21 with $100,000 in debt – yeah, maybe a little harder. My goal, though, is to help kids be in a totally debt-free position by the time you are an adult, so you can invest way earlier and reap these amazing benefits.

Compound interest is all about the fact that you’re earning interest on not only the initial sum but also on the past interest earned. That’s what makes even a few dollars turn into millions. I know that’s a little confusing, so look at this example:

You invest $1,000 at 10% interest compounded yearly. After one year, you have $1,100. You have $1,000 plus 10% of $1,000 (which is $100). After two years, you have $1,210. After three years, you have $1,331. See, now it’s paying you money for the money you just earned AND your initial investment. That’s compound interest 🙂 .

Don’t think you will be going on this journey alone. As a kid, your parents or other adults will be able to help you with the basics, but when you’re an adult yourself I recommend you work with an advisor . . . but not just ANY advisor. It is very important to understand that there are big differences between different advisors. Tony Robbin’s book, Unshakeable, does a great job of explaining them. If you’re interested, here’s a link talking about it.

If you want to play around with it, Dave Ramsey has a great retirement calculator that I like to use. Ever wondered how much you would need to retire? Try here if you want to find out. It’s a little harder for a kid to use, due to the fact that most of us don’t have a steady income, but it’s fun to put numbers in and play around and see how it comes out (you’ll need an email account though).

Dave Ramsey also has an article on how teens (and kids) can become millionaires. He has a mind-blowing example of two kids who invested at different ages and the result is insane.

I can’t stress the fact enough to get started early . . . which means RIGHT NOW. If you are serious about wanting to start on this journey and are ready to take the next step, to start and fund an account, hit this link.   (Link Coming) Also, if you would like to email me your questions, feel free to do so, and I will do my best to help.

The day you start investing is monumental. It’s something to put down in a journal. With lots of time, decent returns, and even just a few mediocre dollars, you can produce millions.

Until next time,

Sincerely,

Terry D. Turner lll, 13-year-old and Founder of invest13.com

I have been recently watching a new documentary called Poverty, Inc. It is extremely eye opening, and I highly recommend it. You might want to watch it with a parent, though, if it is hard to understand, because some of it can be confusing (my parents helped explain a lot in detail). Anyway, I just never realized the impact that your giving can have. Just thinking about, it makes my jaw drop. It seems so obvious . . . yet what we think is helping is actually destroying economies.

I am going to use Haiti as an example, because what I am going to talk about is actually going on in their country right now, and a few years ago, we were right in the middle of it ourselves. So here it is:

At 4:53 p.m., January 12th, 2010, there was a MAJOR earthquake. It killed 220,000 people, injured 300,000, and left 1.5 million people homeless (according to researcher Dr. Timothy Schwartz these statistics are open for debate). This was the biggest earthquake they had had in over 200. I tried researching how powerful the earthquake was, but it is pretty confusing (I found out that it was 7.0 out of 10 on the Richter scale. 7.0 = 2 petajoules which = 0.5 megatons, and that’s where I got stuck. (Here is the link to the strength of 0.5 megatons if you want to figure it out 🙂 ).

After that earthquake, tons of countries rushed in to help. That is totally fine, and a great thing. After something like that, any country would need help. Now here is the tricky part. After all, those NGOs (Non-Government Organizations, or in other words, charities) came in to help, they NEVER left… to this day. Now, why is that a problem? Let me explain.

After that natural disaster, people rushed in tons of emergency food, especially rice. That’s good at first. Then they kept doing it and kept doing it. Did I mention this was free?

When Haiti’s market was flooded with FREE rice, how will the Haitian farmers sell their rice? It makes perfect sense to get the free stuff instead of buying it, right? Now, the rice farmers had a whole year of work, and future years, down the drain.

People think Haiti is helpless, and if all the NGOs left, they would starve. No, they wouldn’t. People there know how to grow food. They aren’t toddlers.

The reason everybody there is still in poverty is because when there is tons of free stuff being given away, the local businesses hurt a lot. Now, if you are wondering why the Haitians don’t just sell their stuff in other countries, it’s because other countries have tariffs. A tariff is where if somebody tries to sell stuff in their country they have to pay a huge tax. Then, it’s not worth it for the business.

Trust me, my family knows this firsthand. We were helping a really good friend in Haiti start a small business, selling lots of different things (kinda like a mini grocery store/general store). It was never successful, because no one there had money. Since our friend has a really big heart, he ended up just giving food away. So now his business is losing money.

Now, if charities, NGOs, and tons of free stuff like that ruin an economy, why don’t they leave? Because they all get PAID to be there. The people working for these NGOs have very little taxes, huge houses, and even servants. The government will pay them . . . and where does that come from? Our pockets, in the form of taxes. Big Fat Bummer.

Ever heard the saying “Give a man a fish, you’ve fed him for a day. Teach a man to fish, you’ve fed him for a lifetime”? Well, there are a few NGOs who do that same exact thing. They help teach the people how to start a successful business and help them get the resources they need. That, to me, seems like a good way to help.

For example,  “The Chalmers Center for Economic Development provides resources for . . . how to minister to the poor without creating dependency.” Their website is www.chalmers.org.

So what I have been thinking about is, “How should one use their money to help?” Obviously, what we have been doing in the past doesn’t help – maybe a little in the beginning, but over the long run, it looks like more harm than good. In my opinion, you really want to send your money where it will make the biggest positive impact. Tell me what you think, and after I have researched this I’ll start a part two.

If you know any really good charities, I would love to hear about them. Just shoot me an email at tdturn3@gmail.com.

Until next time guys,

Rock on,

Terry D. Turner III, Founder of invest13.com

Here are a few interesting facts that I’ve found . . .**

 

Q: How many times would you have to double a dollar to reach a million?               A: 20 times! (10 doubles equal $1024.)

Q: Would you rather have $10,000 or a penny a day, doubled for 30 days?        A: The better choice is “a penny a day doubled for 30 days.” That’s over $10 million dollars!

Using compound interest, a minimum wage earner can become a millionaire.

A daily $3 drink for a 15-year-old is a million dollar decision. Good to know . . . I’m stickin’ to water!  🙂

“Compound interest is the eighth wonder of the world. He who understands it earns it . . . he who doesn’t . . . pays it.”                                                                                          – Albert Einstein

If Methuselah, the oldest man in history, invested $100 at the age of 21 and put  $100 in every month until he died at 10% interest, he would have over . . .

$21,040,250,218,960,910,499,066,919,674,912,987,055,915,008!!!!!! (Stats I used: Start at age 21, initial sum $100, contribute $100 monthly, rate of return is 10%, was invested for 948 years compouned anually)

If you invested $1 at the beginning of the world and kept investing until now, and put in $1 every month at 11% interest, for 6000 years, you would have . . .

$27,472,382,189,658,263,441,704,375,912,384,216,654,925,959,754,473,534,243,701,425,066,737,481,697,178,125,933,671,047,926,754,063,646,150,030,044,186,583,530,159,515,939,157,637,484,501,304,588,369,133,992,833,785,221,809,581,299,154,051,055,409,813,627,413,775,573,223,586,445,758,714,013,394,885,992,324,328,884,517,923,125,723,136!!!!!                    (Stats I used: Intial sum $1, contribute $1 monthly, rate of return at 11%, for 6000 years compounded anually)***

 

**I found a lot of my information from itsahabit.com. Thank you!

***The calculator I used was at this link: investor.gov. It was the only investing calculator I could find that would let me do something like 6000 years . . . lol!

Budgeting is extremely important. If you don’t know what you spend your money on or keep track of it, it will all just go right through your fingers.

As a kid, your budget is going to be a lot more simple than an adult’s. Parents have expenses such as electricity, water, heating, food, gas, etc. and maybe even multiple incomes from other jobs and small businesses. Learning this skill and memorizing it until it’s muscle memory will be very useful as an adult and a kid.

A kid would most likely budget their money into three different basic parts. Giving, Saving, and Spending. Giving is important. We aren’t here to be greedy pigs, and besides giving is a LOT of fun 🙂 . I recommend giving at least 10% of your income, and you can even increase it from there if you want. One of the richest men in the world, Andrew Carnegie, gave away up to 90% of his wealth. Look here if you want to read about him.

Saving. This is where you would save for bigger items, such as bike, an X-box, huge Lego set, etc. If you’re a little older, like 14 or 15, then it might be more in the range of a car, college, or something a little bigger like that. This is one of the most fun parts to me . . . I hate spending. I probably put around 70% of my income in saving (lol). For a recommendation, I would put at least 10-15% of your income in saving. Right now, I’m saving for a car and investing.

Spending can be fun. I just don’t do it a lot. With the money that goes here, it’s more along the lines of random guilt free money to spend on whatever you want. Money that you use to buy gum, candy bars, iTunes cards. Something like that. If your friend has a birthday coming up and you’re getting a present for them, it would probably be funded from here. I use my spending for things like books, sometimes gum, and every once in a while, Google Play Cards.

Oh, and just a tip. If you’re buying something with your savings, like a $300 Lego set, you can use your spending for something like this. It can’t be the opposite. No random spending with your savings.

These guidelines are here to help us remember to not neglect one section of the budget. I’m a saver, so it helps me remember to give a little and spend a little, not just hoarding money in my savings like an old miser. For my brother, he is a spender, so it helps him remember to give and save. He likes buying all those big toys, like the new Nintendo Switch or games, etc. Now my sister is an interesting one. She will save up a $100, and then take 4 or 6 months to figure out what to use it on. Lol. Neither personality is right or wrong. Each person has their own way of handling money.

As you see, budgeting is pretty basic. It’s an important part of money, and a great skill to have. I’ll see you guys later!

Sincerely,

Terry D. Turner lll, 13-year-old and Founder of invest13.com

There are TONS of business ideas out there. Some of my favorites though are online businesses. Here are a few reasons:

1. Very Small Start-Up Costs: This blog only cost me $8.88 for the domain name (invest13.com) and then $10 every year after. That’s extremely cheap! Other things like online surveys are usually free. So reason number one is affordability.

2. Growth: There is a guy named Patt Flynn who has a website called smartpassiveincome.com. He was laid off in 2008 and started a blog. Guess what? HE MAKES OVER $150,000 A MONTH NOW!!! It’s amazing (his website helps people start blogs and podcasts). Now I am not saying you’re gonna make $100k a month within the first few months, but I am just saying, there is tons of potential. Reason number two is growth.

3. Flexible Hours: With an online website, blog, or survey site, the hours you work are very flexible. The only thing with a blog or website is you have to be constantly learning and expanding your knowledge so you have information to write with and are able to write articles. Reason number three is flexibility.

Those are some of the reasons I like online businesses so much. Other businesses are great too, I just decided to start a blog. So far it has been going very well. I had my Dad (he is a web developer) help me set this up.

Another cool thing about blogs or websites is you can make it about ANYTHING. I am not exaggerating. Whatever you’re good at, whatever you’re hobby is, it can be anything. I may not have lots of experience when it comes to investing and stuff like that, but it’s my interest and hobby, so with lots of practice, studying, and time, I will get experience. Right now I am posting stuff that I already know and I am sharing the sources that I learned from.

Oh, and you can even make a website about making websites. If you have the experience on building good ones, that’s always an option. That’s what my Dad does :-).

I think that may be about it for now, but if I think of something extra I’ll come back and add it. If you have more questions or want to know more and what the next steps are, you can go to this website. This is actually where I even got the idea for a blog, and he is the one I learned a lot from and who inspired me to take action.

Sincerely,

Terry D. Turner lll, 13-year-old, and Founder of invest13.com 🙂

P.S. Like Mr. Steve, I highly recommend bluehost.com for your website, which is what Mr. Steve, Me, and my Dad use.

Welcome to Invest13.com! I am a 13, soon-to-be 14-year-old kid, who is very interested in investing, business, and personal finance. Pretty pumped about my new/first blog! Excited for what I’m going to accomplish in the future. My Dad helped me with this a lot, setting everything up, etc. Good thing he is a web developer :-).

I am going to use this to post all the books I have read, podcasts I like (maybe my own in the future, you just never know), information, sources, people, and websites that I use and trust. Feel free to take the information from here to help you on your own epic financial adventure!

Now, I have to tell you, I am not a financial genius – no way. I am still learning myself, and not all of what I post may be “exactly” right. If I find I have made a mistake, I will definitely fix it as soon as possible. That’s why I am referring to a lot of different people and information. These are the people I learned from, and I hope you do too.

I’ll also post my personal experiences on investing, business, and personal finance. There are lots of websites and blogs out there, but I personally feel like it’s hard to do everything there, because it’s centered more on adults. Now, don’t get me wrong, there is a ton to learn there, and that’s where I got most of my information. I will just try to put a kid’s view on it. I will try to make it as realistic as possible for kids.

What if you don’t have an income? No problem! I will also do my best to help you start an income.

Trust me, an income is one of the best things you could have as a kid,  because it will really teach you how to give, save, spend, invest, etc. wisely. You will be well prepared as an adult. That is very important. If you don’t know how to do those few things, no matter how much money you have or make, you’ll be broke all your life.

Well. this is my first post on invest13.com. I will see you guys later, and until then, rock on!

Sincerely,

Terry Duane Turner lll, 13-year-old, and Founder of Invest13.com   🙂