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This Is How Young People Can Get Rich

This Is How Young People Can Get Rich

In the past, being a millionaire was usually associated with middle-aged men and women. These days, younger generations seem to be making the news with miraculous success stories and this can be attributed to the way information and knowledge is spread around in modern times. The internet is in our pockets all the time and millennials have accepted the fact that they are going to spend their entire lives learning new things, and they are happy to do so. The fact that they are learning more and on their own makes their chances of success much greater.

That is the root of their advantage compared to the previous generations but how exactly do they do it? Well, there are a lot of factors and a lot of different approaches. We are here to discuss some of these approaches and good life practices that can help you achieve this financial life goal.

1. Networking helps

Effective networking

    Don’t take this piece of advice the wrong way. I’m not saying that you should attempt to only socialize with rich people, but you should network with people who are after the same goals as yourself. A network of people attempting to reach a common goal are far more likely to do it than a single individual.

    There are more than a few ways that you can do this, one of the more obvious ones is using the social networks but you need to do this in the real world as well. Don’t burn any bridges and keep in touch with your classmates, previous and current co-workers, business partners and attempt to keep a well nurtured professional relationship with most of them. Even though a contact may seem irrelevant at the time who knows what might happen down the road.

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    2. Fight your consumer instincts

    Our parents kind of grew into consumerism and gradually accepted it. Our generation is a bit different. We have been born into full blown consumer society and a big part of our generation didn’t really learn how to deal with it. They are drawn in by colourful advertisement and can get quite upset by not being in line with the “latest trends”. Rich people buy things that they need to make money while poor people buy things to make rich people richer. This should be enough to help you deal with your consumerist instincts. Leisure is overrated anyway.

    3. Save to invest

    Coin Dropping Into Piggy Bank

      The time when we stacked up money, dollar after dollar and kept it on our savings accounts so it can grow has long passed. Today this takes too much time and may hinder your career’s growth. Getting a job for young people can seem as a daunting task but there are a lot of jobs that you can do from home and earn a hefty sum to get you started. Saving in order to invest is the only things that actually makes sense. You need to get your money to make you money by investing in new things.

      Don’t rush into things and invest smartly. Get rich quick schemes usually don’t pay off and you should probably stay away from them, especially if someone else is trying to pitch you the idea and you did not come up with it yourself. You need to examine the risks and probability for success that your investment plan has and ensure that the risks are reasonably small before you proceed and put your chips on the table. After all, every investment is a bit of a gamble.

      4. Pick your career wisely

      Let’s be frank here, this one is easier said than done. When searching for an optimal career choice we usually use a blend of internal desires, research and advice from people we trust to make our decision. This makes things quite a bit more complicated but the current generation is aware that you can get both money and passion if you research correctly and avoid relying on hearsay.

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      Today you can use many free resources to help you get a clearer picture of the current economic situation and job prospects so you have a much easier time when you look for a good job. Make sure you are making decisions based on things you know are true and don’t let your emotions completely take over if you don’t have solid plan.

      5. Research the people who did it

      Mark Zuckerberg

        As we already mentioned, there are a lot of people who managed to become billionaires in their youth, and even more who are millionaires. Mark Zuckerberg’s story is probably the most widely known since his social network, Facebook, has had such a tremendous impact on the lives of people across the planet. Today he is one of the richest men in the world with estimated 20 billion net worth and his story has even been immortalized in the movie “The Social Network”.

        Zuckerberg’s story is one of many success stories of young people making it big. Research them and see what train of thought they used to get where they are today, what inspired them to get the ideas they got and how they approached this colossal task. Creativity and inspiration are two of the best allies you can have in the business environment and it will help you keep motivated when you run into tough times.

        6. Goals will spur you onward

        It is easy to get distracted along the way and lose sight of your goals. Furthermore, going “Oh, how I wish I was a millionaire”, every day isn’t something that you can really call having goals. It is more like wishful thinking. You need to determine what you want in life and then and only then can you really make a plan on how to reach those goals. Still, it is not enough to rely on this major goal in life for motivation. Once you make a plan draw motivation from short-term goals to keep you going but always keep your final destination in mind.

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        7. The Web is golden

        The internet

          I’m sure that most young people today are aware of how big the Web is and it is far from finished with its growth sprout. Whatever your niche may be, whatever your business goals are, the Web can surely help you in some way. If we look at thins across the board the universal usefulness of the Web, provided that you can find your way around it and most young people can, is unsurpassed.

          Networking, marketing, business opportunities, funding, market research, competition research, you name it and you can probably find a way to do it online. A lot of people made it by doing work strictly in the online environment without ever needing to boost their effort with “real world” efforts. Still, don’t shy away from direct contact, opportunities come in all shapes and sizes.

          8. Get to it!

          Thinking about your future is one thing, doing things to reach the goals you set for yourself is a whole other ballgame. If you take a look at the schedules of young millionaires, you will see that most of them work 10-12 hours a day and they gladly do it. Dragging your feet will not help you reach your goals, you need to be prepared to put in the necessary work. You are young so use that youth of yours to prove yourself and get the results you need to progress.

          9. Make your youth your edge

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          Young people at a meeting

            Sure, young people run into a lot of disapproval and cynicism from older businessmen and women but you should not let this discourage you. They do have more experience than you but you understand the new world order much better than they do plus you can handle a 15 hour work day, sleep for 5-6 hours and then come back and do another 15 hour run.

            There are a lot of things that youngsters can do better than older people, one of the things is having a greater knack to adapt and learn new things. Rely on your youth to learn from their experience and get new business ideas and better understanding of your vocation and don’t let yourself become intimidated by them or anything else for that matter.

            10. Fear is the enemy

            There are few things that can destroy your chances of getting rich as being afraid to even try. The most common excuse is “I’m too young” and this one is the worst of them all. Just because you are young doesn’t mean that you can’t have a great business idea and many people have proven this. If you don’t take yourself seriously nobody else will. Use your fear as a sign to be cautious but don’t shy away from opportunities motivated by irrational fear.

            Youth is full of potential and it is the best catalyst for change. Young people are the root of revolutionary ideas and changes in the world and you should never let yourself believe that you don’t have the potential to achieve something. Good luck and may your motivation never falter!

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            Ivan Dimitrijevic

            Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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            Last Updated on April 3, 2019

            How to Nix Your Credit Card Debt in Less Than 3 Years

            How to Nix Your Credit Card Debt in Less Than 3 Years

            Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

            By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

            This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

            Hint: there are ways that are easier than you think.

            1. Consider Consolidating Multiple Credit Cards If Possible

            This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

            It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

            Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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            Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

            My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

            Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

            2. Try to Pay the Full Balance You Spent Each Month at the Very Least

            You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

            Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

            If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

            3. Pay Extra When You Can – Every Small Amount Counts

            This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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            It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

            4. Create a Plan on How to Pay Extra

            Back to the main point, having this plan is giving you one less thing to think about.

            This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

            For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

            Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

            5. Cut out Costs for Services You Do Not Use

            If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

            In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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            6. Get Aggressive About It

            Consider these points:

            Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

            Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

            Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

            Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

            7. Reevaluate Your Progress at Set Intervals

            Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

            By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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            Finally (and most importantly)…

            8. Keep Trying

            Do not get discouraged. Pushing it off will make it worse. Just keep trying.

            Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

            Start Knocking out Your Debt Today

            The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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            Featured photo credit: Pexels via pexels.com

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