Lets discuss how you can build wealth as a teenager and in your early 20’s, and how you can use that to one day achieve financial independence – enjoy! Add me on Instagram: GPStephan
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FIRST: Read the book Think And Grow Rich + How To Win Friends And Influence People:
The entire premise of this is simple: With the book Think And Grow Rich, it gives you the mental blueprint to achieving ANYTHING you want…and it breaks down EVERYTHING successful people do that makes them successful in the first place, and what they all have in common with one another. Not only that, shows you, step by step, how you can manifest anything around you – through your thoughts, which then leads to action, which then leads to results.
Same applies to the book “How to win friends and influence people,” except this focuses on how you can improve the interpersonal relationships you’ll have in life, and business – and how to get people on your side. Because here’s the reality: if you want to make a LOT of money and build your wealth, in some way or another, you’re going to have to communicate or interact with people.
SECOND: Figure out how to make money
Take some time to learn about different industries, figure out what you want to do, and how you intend to make money. Then, start studying how to do that WITHOUT SPENDING A SINGLE DIME – this part of your journey should be ABSOLUTELY FREE.
THIRD: Get experience doing it
Don’t wait, just start. There is NO BETTER learning experience than literally just going for it – because I’ll tell you, there will NEVER be a point where you’ll feel completely “ready” to do it. Most of the time, you’ll be in your head worrying about whether or not you know enough, or you’ll be doubting if you’re making the right choices or not, or if you should spend your time doing something else…that never goes away.
FOURTH: Learn from someone else
From my experience, usually the BEST education you can get – comes from just working for free, and observing what other people are doing.
FIFTH: Try as many things as possible
I really think that the MORE options you give yourself early on, the BETTER the outcome will be…you’ll be exposed to so much more, you’ll get a wide variety of experiences, and from that – you’ll be better able to chose an option that really works best with you.
SIXTH: Take risk
You could totally afford to lose absolutely everything – and chances are, that’s not that much to begin with, so you’ll be totally fine. Plus, you’ll have your entire life ahead of you to come back from it even stronger.
SEVENTH: Set good financial habits
-ALWAYS save a certain percentage of your income, no matter what.
-ALWAYS live below your means
-Sstart tracking your income and expenses
-stay out of consumer debt, like credit card debt – or any type of debt that costs too much and doesn’t make money
-invest your money consistently, which I’ll mention shortly
Second: Open up a secured credit card and build up your credit score
Third: Open up a Roth IRA.
This is a retirement account where you can contribute and invest after-tax money, and then all of the profit within that account is COMPLETELY tax free after the age of 59.5. This means that, as a teenager, you can get DECADES of compound interest – completely tax free – and basically be rich as fuck by the time you’re ready to retire.
Fourth, when you invest your money – INVEST LONG TERM.
This means your investment will have more time to recover in the event prices go down, it means you’re less likely to emotionally buy or sell investments with the expectation of profiting and making quick money, and it means you’re likely be more rational with what you do.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com