8 Epic Money Tips for Young Adults (Ft. N’Jaane Taylor)

Managing money as a young person can be extremely difficult and it’s not something they teach you in school. However, it is possible but with some simple steps and the right mindsets you can get really good at managing money when you’re young.

N’Jaane’s YouTube

0:00 – Introduction
1:48 – #1: Having Multiple Bank Accounts
8:16 – #2: Look at money as a form of energy
9:48 – #3: Look at what you spend your money
10:58 – #4: How is your spending making you feel? Is it bringing you joy?
13:55 – #5: Have a holistic view of money
17:45 – #6: Have good money habits when earning a little or a lot
19:28 – #7: Never spend money you don’t have
21:00 – #8: Give to something that is important to you

Recommended Videos:

Barefoot Investor Bank Accounts Explained


N’Jaane 0:00
Looking at money as a physical form of energy and understanding what it actually is, money is just energy. And as long as you’ve got energy in your body, you’ve got a way to make money and switching from a real scarcity mindset to an abundance mindset. It’s like, actually, I can make a lot of this. And it’s not a bad thing, if I do.

Ryan 0:23
managing money as a young person can be extremely difficult. It’s not something that they teach you in school, I know I wasn’t very good at managing money when I was young, however, it is possible. And with some simple steps and some simple processes in place, you can get really good at managing your money when you’re young, to be able to save for a property or to invest or to set up your life. Today, I have with me, john Taylor, who is one of my best friends in the whole world, but also an extremely successful young person I’ve seen you go from, you know, basically having no money at all.

N’Jaane 0:58
And they’re stressed out,

Ryan 1:00
stressed out on money, and then even earning just small amounts to be able to build up savings, build up a buffer and fun, build up your life to the point now, a couple of years later, when you’re a successful DJ, you’re running, meditate and levitate, you’ve got a lot of things going on in your life and more money coming in than you used to. And you still better at managing money than me. I’m excited to share today, some of the things that you do in your life that people can take away and maybe apply to their lives, whether you’re young, this will help you. But even if you’re older, you can take a lot from this as well. So thanks for finally coming on. Well, we got there. So what are some of the things that you implemented in your life to get you from that point where you were really stressed out to feeling like you have control over your money?

N’Jaane 1:46
Yeah, so I was really fortunate. I have a lot of mentors and friends that in the business game and entrepreneurs and so I went to a master your money seminar, I guess when I was really young. And there’s just like, it’s a really simple tactic that I started implementing. And I found that it didn’t actually matter how much money I made. It just gave me that head start in like, very slowly building stability for myself. So the biggest thing that I took away from that was the full bank accounts like how to actually physically manage your money. So

Ryan 2:28
Well, that’s it, most people just have one bank account. So mine comes in and money goes out. And then most people aren’t necessarily tracking that. They just kind of do the blind like half and just hope it goes through. Yeah, especially if you know, as a younger person, you’ve gone out on the weekend. You’re not sure how much you spend?

N’Jaane 2:45
Oh, yeah, I really feel for I feel for people on that one. That’s why being a DJ is great. Just do that. You’ll save hundreds of dollars for a drink.


Ryan 2:58
So what are these four bank accounts? And how do you allocate money across them?

N’Jaane 3:02
Yep. So I it’s easy. Look, I’m a bit OCD. So. Um, so I like managing it myself. But you can set it up. I know that I think maybe NAB and there’s a lot of banks that will let you do this automatically. So you don’t have to be going on to your bank account. And like manually doing this every single week, the you kind of work out how much money you spend on a weekly basis what your bills are, and then that money can just automatically be deducted and put into each different account. So

Ryan 3:41
explain the accounts and what each account is for.

N’Jaane 3:43
Yep, so I’ve got weekly expenses, which is exactly how it sounds. I just figured out rent, food, phone bills, like pretty much. Take a look at your bank accounts. See what you’ve spent on a weekly basis for the past like few months, average it out, it should like you’ll find the stuff you’re spending money on every single week. And especially for me, like I like to do it manually. Because I’m a DJ, my income will fluctuate on a weekly basis. So if you’re someone in that kind of situation, these tactics will work really well for you as well. So yeah, weekly expenses, exactly how it sounds, and then 10% save. So no more, no less 10%. So if you’re earning $200 a week, 20 bucks into a 10% save account. Now this is for investments only. So like gold, Bitcoin. A home like this is just an account should grow, make your money work for you.

Ryan 4:51
So long term investment,

N’Jaane 4:52
long term investments, it doesn’t matter if you’re making like $20 a week you put 20 cents in and if you do you Yeah. Um, look, I’m gonna money, not math. Um, yeah, so 10% save. And then the fun one was you will be a lot more excited about is 10% play, which that is your fun account. That’s what you blow on the weekend. That’s what you just do whatever the heck you want with that money and just giving yourself that kind of leeway. It then prevents you from just having a blowout at some stage and spending ridiculous amounts of money on shit you don’t need. And then the rest is general savings. So, for example, a car or I’ve just spent like, I just dropped about seven grand on like sound equipment that came from my general savings account, what

Ryan 5:49
percentage do you put into general savings?

N’Jaane 5:51
Everything that’s left? So you’ve got

Ryan 5:54
up to you how much you put in? Or whether you’ve got any left at the end of the week? Yeah, yeah.

N’Jaane 5:58
So you’ve got weekly expenses is obviously your most important because that’s what you need. And then 10%, save 10% play and general expenses is whatever’s left. So you can do with that as you wish you can save money you can spend, it’s, that’s totally up to you. Yeah,

Ryan 6:17
so managing, I guess having those multiple bank accounts that’s similar to what I do. But I do have it automated. So it’s like every week, a certain amount of money will go across to bi weekly spending. And then I separate out the regular bills like rent, phone bills, stuff like that stuff that’s consistent. So my weekly living is just a discretionary budget. So I can just spend that on groceries or entertainment or traveling in the band, or whatever it might be, I’ve got a certain amount of money that week. So I kind of have a similar process to you, I’ve just really find that doing it all from one account is just way too hard. Because it’s just everything comes out. And it was really

N’Jaane 6:55
hard to manage the money and understand if you’re using your money well or not. Yeah, and it’s all from one bank account.

Ryan 7:03
And you can set up online savings accounts as well. So you can have one bank account that actually has a card attached to it that you can spend. And then you have online savings accounts that you move over your fund money and your investment money into. And then I like the percentages as well. Because then your income grows, then your savings grow. Or if your income declines, you can still keep that habit of saving, and you might not be saving as much, but it’s achievable as well. And then you just focus on living your life on what’s leftover.

N’Jaane 7:30
Exactly. And it’s not like, Okay, I have to put $200 into that account. It’s like, no, it’s whatever percentage you’ve made that week, which from someone that’s, as Ryan knows, has zero stability in their life, like I went from promo work, which is one of the least stable jobs you can do to being a DJ, like, my income fluctuates so much. So just during

Ryan 7:52
COVID when everything was shut down,

N’Jaane 7:55
let’s not talk about that.

But yeah, so just having like a percentage is so much more achievable. And then it just gives you a little bit more momentum as well and kind of gives you a bit more confidence in yourself. So

Ryan 8:11
So I guess that’s the How to of how you manage your money. But what is it that makes you different from every other 22 year old out there? Who was spending all their money or going into debt? Or, you know, getting car loans to buy their cars? Like, how do you look at money differently at your age. Compared to other people, I’m just curious, because you just do it so differently.

N’Jaane 8:37
I guess there’s a few different, there’s a few different things like my view on money, I used to be, as you know, incredibly stressed. And I just I never seem to have enough of it. And I guess just looking at money as a physical form of energy and understanding what it actually is like, money is not everything, like money is just energy. And as long as you’ve got energy in your body, you’ve got a way to make money like it can be made, essentially, is what I’m saying. And so I used to have all of this stress about it. And it’s like it’s really unnecessary. So just kind of identifying money for what it is and switching from a real scarcity mindset to an abundance mindset. And it’s like Actually, I can make a lot of this and it’s not a bad thing if I do. And I guess that’s been a whole other journey for me personally, in doubling my rights as a DJ and actually valuing yourself so there’s that side of things and then also looking at what I actually spend my money on. So I used to kind of just like blow it on. I don’t know dumb shit, like, just without eating out apple. Hey, you see something cool I think, Oh, I used to spend a lot of money eating out. So I think just becoming really conscious of where the money is going, I did an exercise, I learned about joyful spending. And I did a really cool exercise that was, it’s like a food diary, but for your dollars. So I was noting down every time I spent money and Little things like coffee, like home, oh my gosh, the amount of money that I spent on coffee was ridiculous. So I bought an aeropress and started making coffee myself. So I think once you become incredibly aware of where the money’s going, you can kind of make trade offs. It’s like, Alright, I’ll eat out on that night. And then I’ll make put in more effort to cook meals at home, or, okay, I really like my barista coffee. So I’ll get one every few days, a lot of the time, it’s more out of habit than actual joy. So I would write down not just where I was spending my money, but how it made me feel. And if the money being spent, wasn’t actually bringing me something joyful. Then I was like, oh, and again, going back to the energy exchange, it’s like, okay, let’s say that you have an average partner job, right? And you make $25. Now, so I go to the shops, I see a jumper and it was $75. And I was like, Okay, let’s look at this, in terms of energy is this jumper worth three hours of my life. And if I really love the jumper, hell, yes, it is, I’m gonna buy it. So just kind of looking at like, how you value yourself, the value of the job that you have how much energy you’re getting, like, sometimes, you can have two jobs, they both pay $25. But one gives you heaps of energy, and you love what you’re doing. And then you can go and still spend time with your friends, and you can and you’re going to have a much more worthwhile life. Whereas if you have another job that pays you $25 now, but it’s draining all your soul, then you’re probably not getting the value that you’re actually worth. So I think that’s it,

Ryan 12:03
I was, I was listening to a book on the way RPR. And they were talking about, I can’t remember who it was, but he was working in a job that he didn’t like earning good money. And it was just like crushing his soul. And he was saying that, being in that job, he would spend money to make himself happy.

And then he found his passion, which I think was working with autistic children. And so dropped down to a teacher’s wage of like 40 or 50,000. This was in America. And him and his family lived a really frugal life. But they were saying because he had so much joy in his work. He didn’t need the material things I was saying it’s a lot easier to come home and sit on a second hand so far, when you know, you’ve had a great day doing things that you absolutely love.

I try to spend every day like that which is my my latest project Helpful Hiking is so exciting. I get to go on hikes, explore nature, swim in waterfalls and document that for other people to find. I’m passionate about it, I love it and I enjoy work everyday so I don’t need to spend as much money to make myself happy.

Well, that’s exactly it.

N’Jaane 12:51
And so just kind of like I feel like society has this really, it’s like money’s put up on these amazing pedestal like kids, you want enough to be able to get the things you need. But after that, it’s like, you’re allowed to get joy from other things. So I’m looking at money just as energy. And it’s like, is that energy that you’re giving away? What you’re getting back in return? like is that $5 or giving for a coffee, giving you $5 worth of energy back?

Ryan 13:21
I like the look that you have on joy, and actually bringing that into the equation because I’ve never done that in my life to say, Okay, this is the money I’m spending, how much joy does it bring me? I’ve definitely done the money management and looked at, okay, how much am I spending on certain amounts? Well, now I said, Okay, which of these things bring me joy, and which does, I’m sure if I looked at it now, there’s a lot of things in my life that I’m spending money on, that don’t bring me joy that I could reallocate to something that brings me or my kids or my friends or more joy in our lives, and it’s

N’Jaane 13:51
going to make your entire life more abundant by doing that. So I think, yeah, just having a much more holistic view. And just kind of incorporating money is this really beautiful tool that you can use in your life, but not forcing yourself to do shit you hate for it? Because it is just, it’s a physical form of energy, like money, just get to things essentially, like, it allows you to go places, it allows you to do all these things, but it’s like, it is just energy, like you’re trading your energy to get back something that’s physical energy, that you can then use to buy other things like

Ryan 14:32
people put energy into Yeah, you say energy, I have the same I guess concept, but I would say value. That’s okay, I use it. Yeah, if I create value, then I receive value in the form of money or cash. And then I can then pass on that value or exchange that value for something else that I value. So it’s a full value exchange. So when I realized that it really opened up my mindset to rather than being I’m working for X dollars an hour to start looking at life and saying okay, where are their opportunities Where I can add value to the world? And then where are the opportunities where that value can give me money in return, like cash in return. And when you start to do that, you know, things start to really open up. And I know that happen for you. As a DJ, when you change your rates, you’re like, Okay, what do I offer? You know, you can sing, you can dance, you can DJ, you know, you’re attractive young woman. So you’re like, Okay, I’m the full package here. I offer a lot of value to you know, someone putting on a function or a party, that’s I can actually charge for that value that someone else didn’t necessarily offer.

N’Jaane 15:35
Well, that’s the other thing. When I’m getting back that much energy return, I’m going to be giving like I doubled my right. I also gave double the energy because I was like, and actually supplied equipment,

Ryan 15:49
and organize a whole bunch of stuff as well.

N’Jaane 15:51
Yeah. And now I’ve actually come to a point where I’ve, like I was earning I did some gigs, where I was earning big, big dollars, like it was not bad.

Ryan 16:02
But one Nice work, it was like, yeah, people might make in a week or two people in a month maybe.

N’Jaane 16:10
So I kind of, I actually even got to a point where I was doing one of those gigs. And I just found that it really I was I was in a place in my life where I was in amazing creative flow I was so in alignment, like, everything, just synchronicities are happening here, there and everywhere. Like everything my life was just flowing in, it was incredible. And then I went, I went to one of these gigs, and I just got ripped out of that. And I, it was like a punch in the face. And I was like, wow, these gigs are actually so out of alignment. Like it was just a really false shallow kind of environment. I was around, like, the energy was completely off. And it took so much out of me like they’re long hours. And I just it took me like a week to get my energy back. And I went,

Ryan 17:03
what’s your grandma and want to go to bed early?

N’Jaane 17:07
And I just after that, I was like, okay, that’s a lot of money up front. But how much energy has that taken from me, and it was almost a week’s worth. And I went, I’m not gonna do those gigs anymore. And so now I’m working on meditate limitate my own events and the slightly less money for the one event, but it’s also two hours, not seven, and it’s filling me up. So then I have more energy to work on my channel and more energy, and I’m motivated. So yeah, I think just having a really holistic view, will help with how you spend your money and give it out.

Ryan 17:43
Yeah, I think something that’s really admirable about what you’ve done. And what I’ve seen over the last few years is that when money was really bad, and you didn’t have a lot, you implemented these things. And that got you out of some really bad situations, even when you were, you know, doing any jobs or just doing what you needed to do to pay the bills, which I know is a situation a lot of people are in and a lot of young people are in it just you need to pay the bills and do what you need to do, you did that. And then as I guess you grew your brand. And as you grew your career, you still continued to do that. And then even now, like I guess, stepping back from the larger paychecks to pursue, maintain, and levitate, to pursue your events, and to work on all of this sort of stuff, like you’re still doing the same stuff. Now, even as money goes up and down in life, you’ve got these really healthy habits in place, that definitely over the last couple of years, they’re habits that I’ve had to build up to get myself out of debt, and say, Okay, I need to keep this going in my life. And things like good things are bad, keep the same habits.

N’Jaane 18:43
And those systems allow you to do things like that, like I now have the freedom where I can comfortably step back from the super high paying jobs, and give myself time to rebuild these new events. Because I’ve been doing that for so long. And my money is a lot more stable. It’s like because you’ve been putting money.

Ryan 19:02
You’ve been putting money into your savings account, your general savings and your foreign and you’re investing so you’re like, Okay, I’ve actually got room to make a decision here where I can step back from work, which if you never save and you never do that, you can’t make that decision sometimes that can I get tunnel vision, your life? Yeah, at a really young age and to say, Oh my gosh, I’ve got this car loan that I need to pay for my rents too high.

N’Jaane 19:27
or spend money that I haven’t got. Because that’s like spending future you energy. I’m like, I don’t want to do that.

Ryan 19:35
I’ve been spending the last two years catching up from past Ryan’s mistake. And that’s

N’Jaane 19:39
just that’s instantly draining your energy when like think about debt is like you’re taking energy away from yourself,

Ryan 19:48
essentially from your future self. Yeah.

N’Jaane 19:50
So it’s just like, I’m not here for that. I’ve never been in debt. Like it’s just I’m very much use the energy that you have now. Otherwise, work your ass off to get it

Ryan 20:00
Yeah, so if you do want a car or if you do want a new drone, or if you want anything, then actually work for it, say for, look for ways that you can add more energy or more value to the world and get paid more and back so that you can have that sort of stuff. And you’re saying, like no more debt for me, unless it’s a productive asset, like a property that’s giving me positive cash flow and building towards my future, but no more. I’m so done with the debt. Yeah. So I think that’s good. I think there’s a lot of things that people can take away from that and apply to their lives. barefoot investor is a great place to start, which talks about, I guess, you haven’t even read that have you? But that’s very much the similar money management thing is like one bank account for this, put percentages into different bank accounts. So if you want more of the How to, I did do a video on how barefoot investor recommends doing bank accounts. So I’ll link up to that down below. And then yeah,

N’Jaane 20:54
another thing I do now is I’ve got I’ve added a 10%, which I’ve chosen as conservation. But I do find that just having like 10% of your income that goes somewhere that is really important to you. And it just like, it fills me on a selfish level, because I like I feel good about it. It motivates me to work really hard. Like sometimes I will take on a gig, even if it’s going to drain my energy because I’m like, I was sponsoring this gym, and I was like I made I need another year’s worth of rehab for anzacs I’m gonna do the gig. But it’s also like, it just makes you feel good as a human being. And I think it’s just a really nice thing to do. Like, we are all essentially here like, you get money from exactly giving value to people. So it’s just this other really nice little way that you can give extra value back and I always find that that comes back to fold. Yeah, so something else thanks for sharing

Ryan 21:55
your story and for sharing your tips. Finally we did it and i i will link up as well to John’s YouTube channel meditate and levitate down below if you want to check out her stuff and then sort of things that she does think so yeah, absolutely go out there and manage money well, because it definitely if you get in a bad spot, I feel like it leads to a worse life and you have less decisions. And if you do it well it leads to a better life with more decisions where you can pursue your dreams and your goals. So thanks so much for tuning in. Until next time, stay positive

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