1. Do not spend your money on things that Rot, Rust, and depreciate.
Exactly as the title states just don’t do it… buying a car don’t do it. Electronics don’t do it. Obviously you will probably need a car, but don’t get crazy because you want cash on hand if you want to stay in the game. So no Mercedes. I can possibly see a computer being a good investment but an IPad? Maybe if you do a lot of reading on it I guess your only paying yourself back when you learn so I guess that wouldn’t be so terrible. You think I am joking honestly I am being pretty serious you should only put your money on things that appreciate like real estate, gold, silver, if your already a billionaire at 25 I’d say Invest in Oil. Simply what I am trying to say is that you need assets to your name or a certain profession that is very rare like being a rocket scientist because a low supply of rocket scientist will will increase the demand causing you to get paid more for being a rocket scientist . Understand how it works?
2. Build your credit
“Money makes the world go round” technically this also means debt makes the world go round, but debt is all around it is used by man and it is needed to build businesses and to move the economy. With this being said at a young age I was glad that I had a brother that told me to go get a Best Buy credit card. Obviously I asked him why? He said well your a huge nerd and you already pay for video games all the time you might as well build you credit. At the time I knew nothing about credit and I am glad I listened. I can now borrow money easier and I can get myself into debt faster haha. Relax relax I know what I said and yes debt is not always a bad thing when it’s controlled. Its what can help grow wealth when used right.
3. Learn to Invest in Real Estate
Every millionaire that I have had read books on or researched has either made most their wealth off of real estate or currently owns it. It’s the number one thing that you can own fully and have all access to all it benefits by only paying for 20% of the full price or 10% depending on the percentage of down payment. The number one reason stopping them from buying their first property is the mindset. Also they don’t just have the funds to do it because of the current situation that they are in, but they are plenty of lenders that are willing to work with you( If you were taught the importance of good credit in your early years). Many people say things like “oh well it’s to much work to be a landlord and I don’t want to deal with terrible tenants” oh well who said it was going to be easy. Although it might not be easy make sure your well prepared and you educate yourself before because you don’t want to go in on a bad deal.
4. Investing the stock market
People will always bash on the stock market by saying “nah I am good man I rather keep what I have safe” but that reality is that even if they keep their money on them it is still not safe from inflation. It’s that scared mentality again that they have stopping them from growing at least on average you will receive 7% return on your investment a year and that’s including inflation calculated already. You might ask but what if it dumps the next day what if it crashes? Well I can tell you that smart investors love “crashes” or what I should say is that they love corrections in the market. It gives them an opportunity to buy in at a better price. Don’t have any knowledge of the stock market? well there are plenty of brokers with financial advisor that you could talk to and there is a few apps that I use to buy into ETF(Exchanged –mutual fund) like Acorns, Stash, and I am currently also in a RIET(real estate investment trust fund) so my money is always working for me. Just be smart educate yourself and from my knowledge we are hitting a ten year mark determining another possible correction in markets. Last month we had a correction experts say there will be another one. Just in case that doesn’t scare you I’ll leave a referral code for just acorns because my link is not working currently for stash but you can also find it on my other blog posts.
Start investing with Acorns today! Get $5 when you use my invite link: https://acorns.com/invite/UFPHS5
5.Be efficient with social media
Social media is the next big thing besides bitcoin and other cryptos. I don’t know how many times my father has reminded me that I am always on the phone. Little does he know that I am networking through it. A lot of what I’m going to tell you have already been doing for awhile especially if your a “millennial ” but the truth is everyone is purposely doing it for the fame and followers. Everyone likes to be remembered or get the most likes and they especially all want to be recognized. This kind of skill is so crucial when it comes down to creating your own business and seriously capitalizing and creating serious side income. So put yourself out there tell people what you know and you might be the next big entrepreneur and leave your job or just start a small business.