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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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            Published on January 8, 2021

            How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

            How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

            Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

            The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

            Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

            What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

            Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

            1. Pay More Than the Minimum Credit Card Payments

            Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

            Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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            You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

            The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

            2. Start With High-Interest Credit Card Debt

            If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

            First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

            At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

            3. Revisit Your Budget

            Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

            You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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            Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

            If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

            4. Avoid Using Your Credit Cards

            Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

            The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

            It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

            5. Start a Side Hustle to Boost Your Income

            You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

            If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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            Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

            It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

            6. Sell Your Used Items for Extra Cash

            Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

            A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

            Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

            When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

            7. Know When to Seek Help With Your Debt

            Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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            There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

            In extreme cases, the debt solution can be:

            • Debt relief – where your debt is partially or wholly forgiven
            • Debt consolidation – taking out one loan to repay others
            • Debt settlement – the creditor forgives a significant portion of your debt
            • Bankruptcy – legal process for seeking relief from some or all your debts

            It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

            Wrapping It Up

            Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

            So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

            More Tips on How to Pay Off Debt

            Featured photo credit: rupixen.com via unsplash.com

            Reference

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