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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

            SEO Consultant

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            Published on July 4, 2018

            Top 10 Recommendations on Money Management Apps

            Top 10 Recommendations on Money Management Apps

            Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

            The solution is simple, save more and spend less. But, we all know it’s easier said than done.

            One problem is finding quality apps that save you time and money, and aren’t just hype.

            Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

            1. Personal Capital

              When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

              Here are some of its main features:

              • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
              • Discover hidden fees and how much they’re affecting your retirement plan
              • Wealth management for investors requiring a long-term strategy

              With Personal you’re free to track your expenses and net worth.

              Available for: iOS and Android

              2. Mint

                If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

                Here are some of its main features:

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                • Effortlessly track all your bills and balances in one dashboard
                • Categorized expenses to understand where you spend your money
                • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

                Feel at ease with managing your money by a reputable company that isn’t going anywhere.

                Available for: iOS and Android

                3. YNAB

                  Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

                  Here are some of its main features:

                  • Easily sync all bank accounts in one place
                  • Visually see your debt paying progress with eye-catching charts and notifications
                  • Customized categories setting saving goals

                  The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

                  Available for: iOS and Android

                  4. Wealthfront

                    Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

                    Here are some of its main features:

                    • Variety of investment account options including IRA, Roth IRA, and more
                    • Your portfolio composed of 7 different asset classes
                    • Automatically rebalanced portfolio
                    • Daily tax loss harvesting

                    Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

                    Available for: iOS and Android

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                    5. Clarity Money

                      If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

                      Here are some of its main features:

                      • Easily cancel subscriptions with one click
                      • Synchronize bank accounts fast
                      • Transfer money effortlessly between different accounts

                      Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

                      Available for: iOS and Android

                      6. Acorns

                        What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

                        Here are some of its main features:

                        • Automatic contribution option
                        • Customized portfolio tailored to your needs
                        • Low management fees ranging from $1-$2 per month

                        Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

                        Available for: iOS and Android

                        7. Albert

                          Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                          Here are some of its main features:

                          • Receive notifications for overpayments, hidden fees, and low balances
                          • An Automatic budget that’s built around your spending and income
                          • Easily track debt and set new financial goals

                          While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                          Available for: iOS

                          8. Prism

                            Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                            Here are some of its main features:

                            • View all your account balances in one glance
                            • Bill due dates are automatically pulled and tracked
                            • Receive early reminders for upcoming bills

                            If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                            Available for: iOS, Android, Windows, Amazon

                            9. Mvelopes

                              Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                              Here are some of its main features:

                              • Connect unlimited bank accounts
                              • Real-time budgeting with auto transaction syncing
                              • Low monthly $4 fee or $40 annual

                              Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                              Available for: iOS and Android

                              10. Wallaby

                                Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                                Here are some of its main features:

                                • Automatic recommendations for the best credit card to use for each transaction
                                • A friendly user interface, displaying credit cards with their corresponding images
                                • Free to use

                                If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                                Available for: iOS and Android

                                Take control of your finances and experience financial freedom

                                Picture yourself staying on budget and saving more money than you’d ever imagined.

                                It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                                You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                                Featured photo credit: Pexels via pexels.com

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