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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 June 26, 2020

            25 Easy Tips on How to Save Money Fast

            25 Easy Tips on How to Save Money Fast

            “How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

            If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

            You don’t really need to order in food. You don’t really need to buy expensive perfume.

            Building from that, you can work out how your regular expenses can be reduced.

            As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

            And remember: a budgeted lifestyle does not mean a bad or boring one!

            But first, understand what budget you can cut down on daily:

            • Regular expenses for the average adult (can be trimmed but not eliminated):
              • food
              • rent/mortgage
              • cell phone
              • insurance
              • socializing/entertainment
              • transportation
              • hygiene products
              • household bills
            • Irregular expenses for the average adult (can be eliminated or cut down a lot):
              • travel
              • clothing
              • medication (*depends)
              • grooming (hair, nails etc.)
              • gifts

            Now, let’s dive right into the 25 ways to save money fast:

            Save Money on Food

            1. Bring a stock of food to the office/work

            Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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            Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

            2. Buy the store-brand version

            Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

            3. Eat cheaper cuts of meat

            Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

            4. Have group dinners

            If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

            Save Money in Transport

            5. Get a bicycle

            Save on gas money and bus/metro fares with this underrated mode of transport.

            6. Use public transport and/or don’t get taxis

            Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

            7. Find the cheapest gas

            Regularly check out where the cheapest gas can be bought.

            Save Money in General Shopping

            8. Shop online

            Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

            9. Sell your old stuff

            Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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            Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

            10. Bulk buying stores

            For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

            Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

            11. Become a flea market/car boot sale/street market guru

            You can find original gifts and develop good negotiation skills at these places.

            12. Generic brand medication

            More often than not, the generic version of paracetamol and other basics work the same as the branded version.

            13. Choose deodorant, not perfume

            It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

            Cut Down on Household Expenses

            14. Printing

            Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

            e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

            Expand the margins of what you are printing as often as you can to save on paper.

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            15. Minimize SMS and phone calls

            A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

            16. Shop around for insurance

            Most people don’t spend enough time searching for the best insurance deal.

            Keep a watchful eye out for deals and new competitors in the market.

            17. Try re-negotiating your rent/mortgage

            If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

            18. Don’t get a TV

            Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

            19. Pool your internet bill with a neighbour

            My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

            Save Money in Socializing, Entertainment And Travel

            20. Have house parties

            Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

            For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

            21. Open festivals, meetups and events

            It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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            22. Volunteer

            If you can’t pay for a ticket, volunteer and get to be there anyway.

            23. Housesit

            There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

            Save Money on Hygiene and Beauty

            24. DIY beauty

            French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

            25. Fewer haircuts/volunteer at a trainee hairdresser

            If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

            Bonus: Effective Money-Saving Tips for Everything

            Here’s a summary of what you can generally do to save more money:

            • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
            • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
            • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
            • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
            • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
            • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
            • Stop and think. Do I really need it?

            Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

            What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

            Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

            More Tips for Personal Finance Management

            Featured photo credit: Unsplash via unsplash.com

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