I know it’s your 20’s and you want to party and travel and not worry about retirement or your future for another 10 years. But I want to you to know that time can be your best friend or your enemy. If you want time to be your best friends it’s imperative that you start building the foundation to your long term wealth right now as we speak. I know a lot of adults or professors don’t talk about this topic often so you feel like this is something you’ll learn later on in life. but i’m here to help you achieve financial freedom as friend.
Is financial wealth just for retirement or could I be young and rich ?
YES and NO! the habits and the adjustment you make in your life will tremendously create a stepping stone for your future. There’s many ways you could achieve financial wealth right now in your 20’s or long term wealth so you can retire early. But I believe you can have both if done right. And no you wont wake up the next day a millionaire unless your that lucky but creating financial wealth takes time and dedication.
what can I do right now?
- Start Investing in yourself by staying in school, reading a book, learning a new skill, finding a mentor, taking e courses or classes. A successful person never stops learning and this is why they are wealthy cause knowledge is power. Everything they do to better their selves is an investment and this type of investment is little to no risk but you receive a great big return.
- Start an online business. Being a sole proprietor is one of the easiest form type of business there is. it’s easy to start and only takes a few minutes it’s just requires a few capital, time, patience and strategy.
- Create financial habits that will jump start your wealth because you can’t be wealthy if your a total spender. To be money smart you must have self control. It’s about knowing your wants and need. Two important numbers you must know is your total bill amount and your monthly income. This will let you know how much you have left to spend.
What I could do to retire early?
Three simple words: Invest your money
This is the little secret adults don’t speak about often. you don’t have to be 30+ years old or be rich to invest. Open an Roth Ira or ask your job if they have 401k. Once you have the account invest 10 % of your income into mutual funds, etfs, or stocks this is a diversified portfolio so that way your separating your egg in each basket so if one company goes down in the market you don’t lose all your money. I recommend you do 90% stock since at are we can take a risk.
Let’s take a closer look:
Amazon a couple years back were performing poorly in the market. But they still had investors who bought stock shares for probably less than 100 (assuming). Amazon made some changes to their company. They slowly started increasing their profits and sales until they hit there boom and now they are one of the biggest leading ecommerce store. Now those people who initially invest 100 received a big return and can probably call themselves millionaires or wealthy.