How to Turn Your Dumb Summer Job Into $162,000

[thecanadianDJ]

I'm sorry, where the fuck did you find an account/investment that has a 10% return?

[Bnoffeepi]

You make a butt load of money D:

[AdamsGoingNowhere]

vlogbrothers is like fun school

[Kaaxe]

I for one jumped on the stock market, hurrr.

[IWorshipAsians]

ohh ahh! up the ra!

IRA FTW!!!

[ThousandTimesBefore]

... In Switzerland, we've got 5 weeks of summer break. BUT we've got many other breaks that are all 2 weeks long over the year (fall break, christmas break, sports break and spring break). So that's not bad, either :)

[sjturneronthecorner]

where i'm from we get...8-10 weeks for summer break

[crayolaupyournose]

Wait, wait. HOW long are US summer holidays?!?!

[goldsunwarrior]

@crayolaupyournose it starts anywhere from early May to late June and ends either in August or early September (so like three months)

[crayolaupyournose]

@goldsunwarrior That's crazy! In England we get six weeks!

[Honorasaur]

We only have 6 weeks holiday..

[godessshannon]

This was genius :DD

[brandonkalsip]

His description of crappy summer vacations is eerily accurate. 

[aIIesanders]

Why not go with a Roth IRA instead of a regular IRA? Any thoughts?

[turniphead14]

What if you don't ever want to retire.....

[rowanandaurora]

Whats the story with Rosi choosing the title?

[awkwardfour]

Daniel Biss totally made this entire video, didn't he?

[sarahthefrey]

This is an excellent example the importance of starting fiscal planning at a young age. However, the issue that students need to be wary of, is that if they are seeking any form of government subsidized education funding, they will ask you to liquidate retirement assets in order to pay for school first. For example, I am a university student in Ontario, Canada and had to sell my vehicle and liquidate my RRSPs before I qualified for the Ontario Student Assistance Program.

[kjth2003]

Who else thought that at 1:13 it said $47 because the bar on the bookshelf make the 2 look like a $

[Truetone30]

i just talked to my wife about the IRA and well since she worked at the bank i would belive she knows what she is talking about.. so with that i told her that i just seen this video with a guy that talks really fast tellin me how i should get an IRA she then asked do you know anything about it then i said no she said its stocks and there are plans to sign up for and if the stocks bottom out you lose your money. So yeah with the way things are now this is a really bad idea! with that said goodday

[iinventedthequestion]

if i do this when its all said and done i got paid 2347 dollars to mow someones lawn

[TheHumbleWriter]

I got $9 an hour at my first job...

[SkateAndCheerGirl]

But wait- I'm awesome at tetris..... MY NERDYNESS (awesomeness) IS GUNNA MAKE ME RICH!

[MrAlexIsWeird]

I made a video on how to make 400 000 dollars a day :D Thumbs this up if you laughed at mine :)

[armin3442]

in 63 year im gonna be rich!

[Salahuddin07]

@armin3442 unless you die or the dollar bill flops..

[dwakeling1]

so explian why everyone doesnt do this ?

[sprillia]

am i the only one who had the ad of the creepy man saying "i love you, vlogbrothers"?

[TheHelkai]

@sprillia no, and i think i'm scarred for life.

[Lukeyy19]

@sprillia you need Adblocker

[missdecember97]

When I first saw IRA, being form Ireland and all, I found it hilarious when he had to point out it wasn't the IRA I'm familiar with lol xD

[carmykins2011]

@missdecember97 Haha, me too!

[KungfuCow5]

@missdecember97 It is an unfortunately named account-type.

[YGHumble]

i looked into your advice and went to bank of america. for the ira the interest rate is only .45 there. did it drop from 6.5 percent like you mentioned or did i miss something?

[CrazyIonStudios]

An interesting observation:

When a business gets a loan from a bank with interest to provide a service or product, everyone suffers. Why, you ask?

Think about it. The interest that the business has to pay along with their loan, will be reflected in their costs (i.e. it will go up). You may think, "eh.. just a small increase... no big deal.." BUT, it's not just you (the middle) who's buying. It's the poor, too, that have to buy the same thing at the same price. See the impact?

[bkcpisme]

@CrazyIonStudios I noticed you deleted all your previous posts.  Does that mean you've realized the error in your ways?

[Timmytime178]

even with those rates just sitting on the money is a bad idea you should be adding the whole 50 years

[rebeccawashere]

It feels great to be young !

[noreaction1]

I see you base your calculations on a hefty 6.5% rate.... sadly the only rates I see are not even a percent and a half...

[artbrutals]

@noreaction1 My bank's rate is .5%... =/

[noreaction1]

@artbrutals yea, and also he calculates based on quarterly compounds... every bank I know only compounds annually for this kind of stuff... so really instead of 162k its more like 2.5k unadjusted for inflation. it works in concept, but good luck finding a bank with those specs

[FakeMito]

REAL NOT RIAL

[kalika2011]

Thanks for dissing Mount Rushmore. :/ -South Dakotan, hurrr-

[vincent42valintine]

IRA in the uk is an ISA

[Iyellatrocks]

Do you get 12 weeks holiday in the US? Here in Denmark we only get 6 weeks :( btw are there any Danish nerdfighters?? :) if so: halløj, hvordan går det? ;)

[birstykarrott]

What's an IRA in the uk please x

[bkcpisme]

@birstykarrott a terrorist organization jk lol

[ZombiePocky]

No one can get 6.5% interest anymore though, John.

[ImTheVip]

Let's say if I put 5000 $ how much will I get after 40 years and 50?

[reezyrobyn]

This is really smart! I have one question about it though. If I were to set this up exactly the way it was described, then I got a good job with good Benefits including retirement, when I retire would the business have any issue with me having an IRA? would I even qualify for retirement options if I have an IRA?

[duke1duke1]

@reezyrobyn You probably won't get social security because it will be bankrupt before you retire. You will be expected to work your hand to the bone for wealthy retirees who own houses free and clear and vacation in Costa Rica during the winter, while you rent a jalopy and live in a crowded apartment with 5 roommates in order to pay their government retirement cheques.

[Maximo20009]

John! so the bank will help me understand how to open an account and have interest? PLEASE ANSWER ME BACK? im still a teen and just got a bank account i still dont understand much of it :(

[1fishy2fishy]

this video only has one top coment

[maryred90]

مشششششششششششششششان الله اسكت

[azyeennekun]

Muslims can't get interest, so I guess I'll just have to go the old fashioned way and work for my own money =/

[CrazyIonStudios]

@azyeennekun That's the way it should be.

[sometechshit]

I broke a sweat watching this video

[pcsuper1]

@CrazyIonStudios but in real life it does work and it does pay off, money is always kind of a gamble and there's still a lot of chance your alive in the next 30 years.

[duke1duke1]

@CrazyIonStudios Money doesn't go "into the pockets of bank owners" when it is put in a bank. It's not locked in a Scrooge McDuck vault, you brainless fartchild. Bank lend out that money to businesses in order to expand their productive operations, which certainly do benefit mankind.

Because something was written in the Quran doesn't make it true. There is no rational evidence for Allah. Through human reason we cannot know about Allah (or flying spaghetti monsters), only blind faith.

[bkcpisme]

@CrazyIonStudios At the risk of starting a flame war with a troll, interest is an integral part of how banks make money. If banks didn't charge interest, then there wouldn't be any banks. What is the harm in that, you ask? If there were no banks, no one would be able to secure loans for various ventures/expenditures.

[bkcpisme]

@CrazylonStudios To continue, without loans to proceed with operations, many companies wouldn't get off the ground, homes would remain vacant, jobs would be lost, the value of the dollar would decrease and etc and so forth. However, if businesses were supported by the government as you propose, this wouldn't be an issue. But, other issues would arise from that.

[bkcpisme]

@CrazylonStudios Continuing further, a government-run economy, as in China, is fine for some, but there would be minimal incentive in innovation of current products and services. If the US were to follow that road, our GDP would swell initially, but we would quickly decline to the level of China, and quite probably below. On top of that, no innovation means that Humankind ceases to grow and evolve. Okay, I'm done!

[bkcpisme]

@CrazyIonStudios As to the "no banks" issue, banks would not exist if they could not make money. They make money by charging interest on loans. There is no incentive for a bank to lend money if it does not stand to gain.

Regarding "no loans" I was continuing my train of thought. If banks don't charge interest, they don't make money. And if banks don't make money from issuing loans, they will stop. No capitalistic incentive for them to continue.

[bkcpisme]

@CrazyIonStudios The fact that they earn money through interest is a fact and not an argument pro or con. Saying it is "bad" is your opinion, and not proved through any argument you have made thus far.

[bkcpisme]

@CrazyIonStudios I did not say that the banks failing would cause calamity, but rather your premise that they not charge interest changes the dynamic of capitalist societies as a whole. If the banks fail, bad things obviously happen (the great depression; the current recession). A capitalist society would not be able to function any other way, however. Power in the hands of many always ends up being power in the hands of a few in the long run as well (Cuba, China, Russia etc).

[bkcpisme]

@CrazyIonStudios Banks have accumulated so much power because they are the centers of finance in most countries. Even in your model of non-interest, banks would still continue to be quite powerful.

Neither an opinion nor a generalization, merely a statement of fact based on historical common knowledge. The video poster is from the US, and the video assumes presence in the US. The US is capitalist. I am looking at your proposal as it would work or not in the US.

[bkcpisme]

@CrazyIonStudios This is not a debate. You haven't posed a rebuttal to my counterargument. Therefore, it is me educating you on economic and financial systems.

On a side note, a troll is someone who posts in an attempt to illicit a negative emotional response. Calling me ignorant, when I am likely more educated and more qualified to discuss these matters than you are, is an act of trolling.

Thanks for playing.

[bkcpisme]

@CrazyIonStudios And how's that working out for the predominantly Islamic countries out there that still practice it? It's great in theory, but in practice, you will probably find it ultimately fails. It's too risky for the lender in the long run. In the short run, it may work out, but the lender will always lose in the long run.

[bkcpisme]

@CrazyIonStudios There are obvious examples of countries that are predominantly Islamic, and practice their own versions of Sharia. Whether or not these countries follow your own personal view of what Islam ought to be is irrelevant. They still exist.

[bkcpisme]

@CrazyIonStudios Didn't really learn anything here. Sorry ^_^

[bkcpisme]

@CrazyIonStudios "Other issues" refers to the country (I am assuming we're talking about a capitalist state) becoming fully socialist. While that isn't entirely a bad thing, socialism probably wouldn't work in an economy that is already designed to function with capitalism.

"GDP swelling" refers to the size of the state (I'm again assuming the US) and the industries that exist therein.

[bkcpisme]

@CrazylonStudios To continue the "GDP swelling" idea, the government would create thousands of jobs in industries that it deem important. GDP would increase. However, after some time, GDP will start to fall as the wealth gap will widen (as is evidenced in other socialist states like China). Innovation, one of the core industrial abilities that makes the US different from China (just for instance) would suddenly stop. Competition breeds invention, not socialism.

[PEEJ012]

@duke1duke1 you could have made your point without attacking this person's religion :/

[Carliekinz]

So basically I took a class for 16 weeks that covered exactly what he is talking about. However I learned more about it from John then I did in the class.

[WolvenClawPeacemaker]

Awesome advise!

[young108west]

I worked for UPS in college (in Florida) playing manual labor 110 degree human tetris. Greatest game ever, and I lost a bunch of weight too :)

[EmiRedFaerie]

In the UK we only get 6 weeks summer holidays, so 10 weeks sounds pretty good to me :)

[aang94479]

I love how he says "I made a poem"

[TechoNet]

im sure this guys a jew LOL

[SkinnyMetalDude]

Savings are indeed good. 401(k)s are great to set up if your work has them available. In five years I've amassed nearly $13,000. Sure, not from a minimum wage job, but from just $13/hr.

[farlcoon]

Savings are a weaker choice then reduced risk stock options, such as pharmaceutical companies.

[MrExtensionCord]

unfinished book reaches no 1! you are a legend

[tassicle]

1. My dad set me up one of those accounts this year and I thought he was crazy when he called and set "I set up your retirement fund today" but now I understand.

2. WHO SAYS MT. RUSHMORE IS A CRAPPY VACATION?! Unless you ONLY see Mt. Rushmore. Excuse me while I get defensive over my home territory. I happen to live less than an hour away the thing.

[Shosty77]

The highest interest available is 2% NOT 10%. It hasn't been at 10% in over thirty years.

[Erno181]

Could you add to that IRA account whenever? Like i could get a job in October ( i'm 14 age thing) but I got paid $110 in three days for working for a frend, and i have to spend some on school and cool thing :). But I want to start early and just hope for the future economy to nicer that it is now.

Tank yo ☮!

[samal4]

John should be a financial consultant or an insurance agent. He can help families save money.

[Acid113377]

this video has so many incorrect facts in it, its sad really

[DcTheLeet]

It's impossible to earn 10% interest, why did this guy even make this video...?

[hobbitno12]

@DcTheLeet he wasn't saying you could earn 10% he was using 10% as a easy number to think about that wouldn't involve lots of math.

[vlogbrothers]

@DcTheLeet The calculation I made was for the average rate of return on investments over the last 100 years, which is indeed much less than 10%. -John

[Rayne0804]

@vlogbrothers John, you forgot to mention why "this guy even made this video:" Because he's a Made of Awesome guy who has a habit of trying to improve his viewers' days and lives and IQs about important stuff every now and then. Because such a small detail shouldn't make or break the "quality" of a video. Because this guy happens to be a lot of people's hero. And of course, because he never, ever forgets to be awesome. -Jackie, Chicago IL

[duke1duke1]

@vlogbrothers S&P500 is lower now than it was 10 years ago even in nominal terms, and the government published inflation stats are garbage.

[duke1duke1]

Plus the US has removed itself from the gold standard under Nixon. It would be more realistic to compare results from then to now, and not include investment returns from when the US was a laissez-faire capitalist growth machine with an inflation proof gold standard. I would use the inflation numbers published by John Williams at Shadowstats because they are not "hedonically adjusted" and compare the same basket of commodities year to year. Gov't inflation numbers during price controls r a joke

[folklore2]

@DcTheLeet The percentage used was for the calculation was 6.5%. The 10% was an easy to calculate example... Still doesn't take away from the argument. Saving is good. To few a people do it.

[thedudewiththesax]

@DcTheLeet I wanted you to know that I made your comment visble just to dislike it

[eastsideboy10114]

smart :)

[TheJollynerd]

Hey fellow nerdfighters!!!! when you're done here, you should stop by my channel! I'm starting out a vlog of my very own! come by to challenge me to do silly things, listen to me talk about the inane happenings in my life in a comedic light, and/or to support a new vlogger! DFTBA!!!

[stessaboi]

save early save often! I was taught that awhile ago, doing some actual math and getting some real numbers makes it seem that much more awesome! thanks!

[verhappytoast]

@DramaticExplosion I totally agree, and to be a 13 year old dude sucks so much because girls that are 13 can baby sit. who hires a guy baby sitter?

[carebear649]

@DramaticExplosion too young to know the difference between to/too :p

[Emogeta]

Very helpful. Well looks like I got my retirement fund now :)

[100JamesX]

Great advice!!

[f1ctgt2]

WELL................u can do that or u can make fake hacks in vb 2008 and upload them to sharecash......just sayin :)

[KINDspotting]

@DramaticExplosion Unless you're a nerd... then its a smart at school but other than that stupid age.

[KINDspotting]

@DramaticExplosion I feel your pain, mate. DAMN THIS AGE!!! ITS UNLUCKY!!!!

[Ayshafr]

Why can't actual teachers teach like you guys?

[blueiis10]

i'm almost caught up on all the vlog brother videos ive missed!!! :D

[ivasanders541]

local job search  careerstartlocation .info lots of listings

[ReKrisB]

I love watching these vids because while some people would think it's a waste of time to be on YT as much as I am, at least with the Vlogbrothers, I can go "SHHHHH I'M LEARNIN' STUFF!"

[xStellarStellax]

@bwaychick20 It was him. It was mentioned on his Tumblr, Twitter, and effyeahnerdfighters but I don't remember it being in any videos.

[wakeupitshere]

What if the USD collapses? It's a very real possibility so... if that happens then you ahve NOTHING! Ron Paul 2012, buy gold!

[IncoherentCommenter]

@wakeupitshere i was like you 8 months ago before i got smart and understood economics

[wakeupitshere]

@IncoherentCommenter I am smart, I have a bachelor's degree in Economics so I think I know what I'm talking about!

[IncoherentCommenter]

@wakeupitshere i can say with 100% certainty that you do not have a bachelor's in economics.

[saikogrrl]

What is the website you're using to do that interest calculation over x years?

[IncoherentCommenter]

@saikogrrl principle * (1+ interest rate) ^ time (in years)

[Kydos37]

Ahh i look up individual retirement account ireland and all i get is shit about the irish republican army haha

[Metteloid]

The only way this actually works is if you get an interest rate above 6.5%, and those are often pretty hard to find.

[aislingreene]

I paused the video to read that article, only to find that's not all of it... :(

[Freakinmooncookies]

My parents did this. It didn't work, the bank just lowered the interest percentile after like, 10 years. And then kept lowering each year after. Sucks to be in England apparently.

[floorspeed]

@Freakinmooncookies intrest what intrest

[dropdeadskateboard]

@DramaticExplosion yah about that you still got about 3 more years till you can get a job -__- im 15, im broke, i dont have a job and my skateboard just broke -______________-

[jackgvogel]

I'm 17. I walk around counting corn plants and polinateing them. 40 thousand plants in my field. Yea... I hate my crappy summer job.

[OsmanthaKing]

PUHHHHH DNT U KNO AMERICA IN DEBT I AINT TRUSTING THE GOVERMENT WITH MY MONEY!!!!!!!!!!

[TheNinjasaurXD]

Wow you know my life

[yomamasawmw]

Thank you good sir. I will open one Tomorrow.

[a2zawesomeness]

@DramaticExplosion I Always have $15 and if there is something i want i just wait for my dad to get a pay check and ask him 4 what i want...but it somethimes doesn't work

[a2zawesomeness]

@DramaticExplosion not for me! HAHA!

[KoolThing14]

@DramaticExplosion They dont have to like you, their parents do ;)

[E1eanorRigby]

One of these days, that suit is going to be all business... just to throw everyone off.

[pandemoniumwest]

is 69 the age of retirement in the USA? 

[acae1]

@pandemoniumwest hehehehe

[lajoiedelavivre]

This is why NZ has Kiwisaver. They take it out of your pay so you don't even realise you are saving for retirement (if you opt in).

[EmotionsNeverLie]

@DramaticExplosion ANd they make you do a lot of the chores and don't give you an allowance...

[LectumX]

@DramaticExplosion //////agreeeeeeeeeeeeeeeeeeeee­e

[saidamanda]

Awww, we did this in Analysis. I miss Analysis.

[TheEccentricities]

Haha 69

[unia75]

i want you to come to canada and give me financial advice!

[adrianejsm]

I liked these more when there was less pandering and self promotion. It just seems like now all they do is shout "BUY OUR STUFFFFFSSSS! and less importantly, our FRIENDS stuff" and plug the "prominent" nerdfighters." This community used to be so jokes.

[MikeyKoopa]

@LeeJ4337 You need to learn about the history of your own country mate. The IRA are responsible for the freedom of the irish people. The Provisional IRA were active during the troubles. The group responsible for the death of that RUC officer are the RIRA, another dissident group. How hard is it to understand that they are different organisations? If you live anywhere near Dublin I suggest going to the garden of remembrance and educating yourself. I'll be there next week, come say hi ;)

[KungfuCow5]

@MikeyKoopa PSNI are the NI police now. RUC were the bad ones that discriminated against Catholics. Other than that, you're right.

[Hexinvir]

You made learning fun in 4 minutes. My high school teachers couldn't do that in 5 years.

[brownieblush]

@Hexinvir Amen!

And thanks John, I'm about to be a not completely broke journalist!

[theanswerisegg]

what if your summer 'job' is an interniship where you get paid ZERO? :(

[MrBluebare]

@DramaticExplosion buy stocks

[odinfury]

Decaff.....almost as good!!! and please for the love of god stay away from energy drinks! Great advice though

[KoolThing14]

@DramaticExplosion Yeah, I know what you mean. Try and get non commercial work, such as baby sitting or mowing lawns or offering to do extra chores.