Everyone dreams of being wealth someday since wealth not only boosts an individual’s purchase power but also dictates his social status. For some people, wealth is inherited from the parents but the major challenge is maintaining it. However, for most people, richness is a manifestation of the skills explained below. The best time to begin compounding wealth is at a younger age so that old age doesn’t become an excuse to poverty.
At tender stages, life serves its unfair share of challenges ranging from mobi-debts, despair, over expecting lovers, career and unending desires
The road to a rich future is not an easy ride but with the following strategies, no obstacle can stand your way to wealth at teenage.
1. At all cost, avoid procrastination.
The certainty of next hour, next day, next week, next month and generally tomorrow has killed potential tycoons by ten years of age. The younger generation have a mentality that the present should supersede wealth creation since the latter comes upon retirement. Unluckily, the result is always an endless push till they graduate to adulthood with the same financial struggles they had at teenage. One fact often hidden to them is that procrastination paralyzes the compounding of their interests. The best time to start saving and investing is this second. What are you waiting for?
2. Stop linking wealth to underground forces.
Many times, if not all, we see tycoons and attribute their wealth to magic. I’d like to challenge you that its purely wise choices. Reading this post will not make you a millionaire magically but investing your capitals in a venture and reinvesting your profits in the venture will. Your choice of investment should be that with guaranteed future profits
3. Heavily Invest in self.
The best human and material resource a person has to generate wealth is the person himself, hence there is a dire need to invest in oneself. This simply means learning new skills each day through taking a short course, reading books and articles like this one and mingling with persons that can influence your life positively towards your goals. You cannot aspire to be reach yet you spend most of your time in Pornhub or with friends that have signed a lifetime contract with poverty. Investing in oneself increases one’s competency and there is hidden monetary outcomes in competency, both in the job market and cooperate market
4. Prepare a detailed budget.
One major enemy to wealth creation is making impulse purchases. It indicates lack of a budget, implying purchase of things you do not need. If not careful, the result is selling things you direly need since at the end of the day, your expenses must balance your income. A good budget should leave some allowance of saving.
5. Avoid borrowing for current assets.
The drive to look rich and comfortable has forced many to rush into loans to buy current assets like cars, sofasets, hometheatres, mobile phones among others. These are assets whose values depreciate and more attractive models arrive from the minute they are bought. They will add no coin into your pocket yet some of them will require service fee right from your pocket. The worst part is paying huge interests on their loans.
If you must take a loan, invest it in a fixed asset whose value starts compounding the minute it is purchased. Ensure you settle such loans within the shortest possible time to avoid extraordinary interests on them
6. Take calculated risks.
As a youngster, you have several years to spend in this world. the time to take risks is now. Come on, quit that job and start that business or blog now. Plant those trees or horticultural crops now. Often, higher risks result to higher outcomes, but remember not to risk blindly. Consider the pros and the cons of your risk
7. Do not put all your eggs in one basket.
Diversified skills and efforts seldom bring undesirable results. Create more than one income source and more connections using your numerous skills. All of them cannot fail you. However, for material investment, it is wise you deal with one completely before embarking on another.
If these seven strategies are well applied, no excuse can hold you from getting rich in campus and beyond.