”Finding good partners is the key to success in anything: in business, in marriage and, especially, in investing.” – Robert Kiyosaki
If you are teenager, you are probably under the assumption that you are in your prime years of spending ridiculous amounts of money on things like clothing, concerts, and copious amounts of food!
You are right and wrong.
The way I see life is just like how we see humans. As a baby, you can barely walk and you need help with everything. When you are in your middle ages of life, you are the most vibrant – driving, talking, making decisions. Once you get to the later years of life, depending on how you took care of yourself in your youth, you will either need assistance with nearly everything, or you will be functioning just as good or even better than in your mid-years. My goal is for you to have the financial equivalence of the latter.
Here are three more tips for teens yearning for financial success.
Ask A Lot of Questions
In our teens, the questions we ask people tend to be fairly trivial. There is a larger focus on celebrity break ups and make-ups than on what successful adults have done to get to the position they are in. What I urge eager teens to do is get into the surroundings of successful people. Get to the coffee shops and other social areas that are near the financial districts of your city. Some of these individuals won’t give you the time of day, but there are still many of them who would love to share some knowledge with you. I once met a man randomly at a store and we struck up a conversation. As usual, I complemented him on his taste in watch that he was wearing and that got him excited. I asked him what he did for work and I took in as much information as I possibly could. I asked him questions based around investments, life, family, decision making, and so much more. This sort of authentic information is something that you need to search for, not expect. So I urge you guys to get the confidence to talk to random people who seem like they are where you would like to be. This is how you find mentors! They can ensure that you avoid the pitfalls that they may have made in their youth.
Don’t Let Entertainment Guide Your Purchases
You know what I’m talking about (Gucci Gang, Gucci Gang). So many of the songs that we listen to promote luxury brands that these brands don’t need to advertise themselves. Some youth (and even adults) look up to musicians. Unfortunately, some believe that because their favorite musicians are singing or rapping about the lifestyle they have, fans think that they should work towards emulating it. Some people will use debt to pay for the items they see musicians wearing, which is insane! No wonder celebrities get paid so much. They’re putting millions in the pockets of brands that aren’t worth their ticket price. So, what this means for you is that you must fight the urge to be like celebrities. These guys are making millions of dollars a year. You are probably barely cracking past $10,000. You do not need a Gucci belt at this time in your life. Don’t follow trends, follow dollar bills.
Understand The Value of Money
Understanding the value of money is imperative if you plan to be wealthy in the future. I don’t think I really valued money in my teens. I was living at home, expenses were being paid by my parents, nothing was coming out of pocket for bills. I was spending money as fast as I was making it. That was until I discovered what investing was. Once that happened, over the years, I began to value money. If I wanted to buy X, I would see how much of Y I could buy with that same amount and if it is worth it. Of course I still spent like crazy, but much of my pay went to savings and investments because working hard makes you value your efforts, and therefore how fast you blow your money and where. If you do not work hard for your pay, you will not value it. That is why, in my opinion, it is better for parents to make their kids work for the big purchases they want by doing chores or getting a job. I don’t think I would value money if 100% of my wants were funded by my parents. Don’t get me wrong, my parents paid for a lot throughout my youth and in many ways they still do. Loving parents will be loving parents. But in order for you to be great, you must value money in order to make your money essentially make you money.
Until next time,
Live Long and Prosperous.
J.M.
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