“Wealth can only be accumulated by the earnings of industry and the savings of frugality.” – John Tyler
Some things are hard to comprehend. Quantum Physics, Rocket Science, Accounting, and Neuroscience. These things are complex and take a lot of time to understand. Building wealth, in fact, is not.
It may seem foreign to many people but this is due to the fact that many of us have been trained to be good workers rather than financially stable businesspeople.
Granted, generational wealth is the crème de la crème. But, there is never a late time to start your own generational wealth for yourself and your future family members.
There are many ways to be rich but these are two ways that will guaurantee you wealth. If you keep these two things as the cornerstone of your focus for the next few years of your life, expect a great outcome in your future…
(1) Save and Invest
So much money has never gone through our hands like ever before. Instead of getting paid $5 an hour for tasking work, many of us are getting paid $12 or more! Unfortunately, with so much money provided to us over time, there are even more ways to blow it.
With YouTube and television glorifying consumerism, it is nearly impossible for millions of millennials to not waste their money on things that truly bring no value to their lives.
It is one thing to tell them to stop spending money but it is another thing to tell them to save money and invest it as well. Any how, this is what you must do in order to be rich…
You must give up immediate gratification in order to be free to spend on the things that you want in the future. That should be preferred, compared to the ‘p’ word – pension. By saving your money, you allow yourself to have the funds to invest your money and make returns that will suppliment your income – i.e. real estate income and dividends from stocks.
Indeed it takes time to learn how to invest wisely but if you can study in school and get decent grades, you can study your preferred way of investing and do just as well. The first step is in controlling your spending in order to have the money to invest. ZERO dollars to invest means ZERO chance of growing RICH.
(2) Start a business
Nowadays, nearly everyone is starting businesses. Many of them are crappy, but there are equally as many that are of substance where the customer and the creator can come out on top. Now is the time to start a business in whatever you are passionate about.
Many of the millionaires and billionaires that you idolize now became wealthy not because they found a way to be wealthy, but because they grew their passion into a business (Elon Musk? Jeff Bezos?).
What that means for you is that if you want to be truly wealthy and for generations to come, you MUST start a business. This is not an option. Owning and running businesses are the truest ways to wealth. Become synonymous with a business and wealth will flow to you. If you settle to be an employee and sell your time for slave dollars, expect to live a mundane life with no sense of achievement.
Stay humble but stay driven. Don’t settle. If those around you downplay your goals, run away from them and build your castle above them.
Until next time,
Live Long and Prosperous.
Value Investing Millennial Jahnome McEwan provides FIFTY tips for Young Adults looking to build wealth from now. If working a 9-5 until retirement twists your stomach, Jahnome has a way to get you out of it!
Click here if you are interested in learning how!