Have you ever thought of the fact that out of the billions of people on earth, only a small fraction ever makes wealth before they pass on? The ratio of rich people to poor people is just so high; however, you need to ask yourself which side you want to fall to. Do you want to join the wealthy or the poor? Trust me, the wealthy club is better; there’s nothing funny about being in debt or being unable to afford the basic necessities of life.
Being wealthy is always better than being poor because you would have access to the best things in life and a better quality of life. You would even have better access to quality healthcare and be able to live longer and healthier provided you continue to make healthy nutritional and physical choices.
Unfortunately, some people leave their quest for wealth until they are getting too old. People spend them focusing on education, going to school and gathering certificates without much attention to what they are actually going to do with the certificate.
A certificate can never make you rich; it is what you do with the knowledge you have gained that counts. I find it funny when people come out of college and they don’t get jobs and then they go back again to study and obtain a higher certification.
That’s really funny because the funds you spent on getting a new certificate could have been spent building a business and then when you have become successful, you can now start studying to get all the certificates in the world that you desire. If you want to become rich at a very young age, there are some things that should be avoided; some of them include-:
5 Things to Avoid To Become Rich at a Young Age
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Irrelevant expenses
As a young person, you would most likely desire to won the latest things; the latest iPhone, that expensive wristwatch, that jewelry; but do you really need these things? Of course these things are good and fun and they make you feel good and happy but trust me, you wouldn’t be so happy when you are old and poor.
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Bad Savings culture
So you don’t even have savings and you want to be rich at a young age? That’s like wanting to build castles in the air. You cannot achieve wealth if you continue to spend every last penny you have.
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Inadequate financial knowledge
Money is what everyone uses daily but only a few people understand money. A lot of people lack the full understanding of how money behaves, so to speak.
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Fear of risks
People who like to stay in their comfort zones may never become wealthy. You get wealthy by putting yourself out there, taking risks and of course, preparing to fail a few times.
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Putting your finances in the wrong hands
Of course, you may need a financial manager or an investment manager at some point to help you invest your money properly but if you are not careful, this may be one of the biggest mistakes you would ever make – some of them are very good at messing clients up.
Now that you know some of the things to avoid if you want to get rich at a young age, you also need to realize some hard facts.
- Working for someone else might not make you rich. If your goal is to work for an employer until you retire and then settle to enjoy your pension, your chances of making wealth are already cut in half.
- You will try and fail plenty of times. People might even start laughing at you or thinking of you as crazy when they see your struggles.
- Wealth certainly has little to do with luck and more to do with hard work.
You must always bear these three facts in mind on your way to making wealth at a young age. You also need to map out the strategies which you are going to use. Some effective strategies include-:
How to Become Rich With No Money at a Young Age
1. Set your targets
You should know what you want to have achieved at every age. For instance, you could say that by 30 years old, you want to own chains of businesses. When goals are spelt out clearly, they become easier to achieve.
2. Look for a mentor
You should also look for someone who is successful and can have a very strong influence on you. This is someone that should be able to teach you a few things about becoming wealthy and sustaining it.
3. Change your friends
There’s a popular saying “show me your friends and I will tell you who you are. This is very true. If the type of people you hang out with are those whose priorities are screwed you; people who are only concerned with youthful things like cars, money, sex and music; that’s probably how you are going to end up. You have to surround yourself with people who have the same dreams and aspirations as you or at least desire something similar.
4. Have it in mind that you are never too young to start
Don’t wait until you are in your twenties or thirties to start pursuing wealth. Remember that life is very short and start now. A lot of young people have been able to build wealth for themselves even people who are as young as sixteen.
5. Dispose of irrelevant items
All those fancy things you have acquired that you don’t necessarily need, consider disposing some of them. In fact, when you are done disposing them, you just might have the capital you need to start your own business.
6. Save, save, save
You need to develop a huge crush on savings. Make sure you fall in love with the habit of putting something aside regularly from your earnings.
7. Reduce your debts
You should only incur debts when it is really necessary. Don’t go borrowing or making huge irrelevant expenses with your credit card. You should also try to honor your debts at all time as this would help you build credibility and you wouldn’t find it difficult to get business loans and funding whenever you need it.
8. Don’t be lazy
Wealth is not really a friend of lazy people. You must be ready to work hard and work smart.
9. Love what you do
You should also ensure that you engage yourself in businesses and activities that you love to avoid frustration and dissatisfaction which may cause you to give up.
10. Give
I believe in the saying that givers never lack; that’s how the universe works; touch lives and you would be blessed.