#1 Rule for Becoming Rich if You Are Young

Posted: August 30, 2006 in Blogs I'm reading!, Family, Finance For Youth, Friends, Jobs, Life, Working

Our parents seem to have figured it out, our grandparents definitely did, and you will too.  It all depends on how much you want to learn, and how fast you want to do it.  I’m talking about becoming financially secure.  I know that secure is pretty boring and vague, but before a bird can fly, it must learn to walk, and that is the same for you.

Before you even need to worry about being rich, you need to worry about covering all your bills.  Before you even think of getting bills, you need to think of a way to pay for them.  And before you start thinking about methods of payment, you need some capital.

 Income can come in many forms.  It could be your allowance for doing chores, or just being the great kid you are, it could be in the form of birthday checks sent to you by Aunt Ruthie, or, like the rest of the world, it comes from holding a JOB.

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Comments
  1. newyorkjobs says:

    Good advice! Point well taken.

  2. EasyChange says:

    I like your blog; seems like there is a lot of good advice.

    The one suggestion I would make is to leave the music off by default. I browse these sites at work and the music might get people in trouble.

    Keep it up; great advice.

  3. Wil says:

    Easy-

    Thanks! I wasn’t sold on the music anyway. I think I’ll nix it for now.

  4. A generation or two ago they had a world war and their perspective was quite a bit different. I completely agree that before a person thinks about retirement they need a plan for their day to day living, learn to live within a budget and make setting some money aside every month a priority. Unless they get in the habit of saving it may never happen. I think people of a generation or two ago had a much better work ethic but I am probably guilty of not measuring up either in that regard.

  5. Wil says:

    I think none of us do as well as we would like. My point here is that too often, kids think about being rich without having a plan for being solvent.

    Thanks for the comment!

  6. kidfinance says:

    Short and straight to the point great blog post. Holding a job is always the first step

    Kidfinance- http://www.kidfinance.wordpress.com

  7. Wil says:

    Thanks for the compliment!

  8. BeingParents says:

    Human beings tend to miss the simplest things.
    GREAT POST. Thanks for the reminder.

  9. Wil says:

    Thank You!

    I’ve always thought it funny that when we are raising our kids, we forget the great advice many of us were taught when we were young.

  10. Will Kriski says:

    We were sold a bill of goods that is no longer true. “Get a degree, and you will find a good job for life”.Too many people are just trying to ‘pay bills’ and get by, focusing more on security than success. They don’t think big and so they struggle all their lives.

    My advice for becoming rich is that you generally can’t do it as an employee. Start your own business as soon as possible either as an independent consultant/contractor (as I do) or start a larger business selling products or services. Getting paid directly for your time is pretty limited. You need leverage. If you need to be an employee for a period of time, do it to get the experience and move on. If you analyze all the rich people, how many of them are employees? Realize that no employer is looking out for your best interests. You have to go after it yourself. I know that might sound a bit harsh but it’s worked for me. Good luck to you all.

  11. Wil says:

    Will

    Thanks for reading and for the comments. I congratulate you on your apparent success, but I couldn’t disagree with you more about not being able to become “rich” as an employee, but only as an entrepreneur. As you say, it worked for you, but for many trying to go it alone, especially too early or without the proper background, spells certain failure.

    Young people, for the most part have none of the experience or training to overcome many of the obstacles that are present with owning a business. Is this bad? I certainly don’t think so.

    Some of the “richest” people I know have made their money as employees who have diligently worked their way up the ladder. Along the way, they picked up several skills that have accelerated their growth and wealth building. Some of the “rich” entrepreneurs I know have a lot of money, but have made sacrifices in other areas of their lives, that I’m not sure they would have made if they knew the outcome. “Rich” is so much more than just having money.

    Again, thank you for reading, and for the comments!

  12. PK says:

    the less people know the truth, the better

  13. Chris M says:

    For ages i’ve been looking for someone like you to start a blog like this!!

    I can assure you that there’s a lot of people like me out there need some guidance and advices and ideas or tips to save money, invest money especially young people who are still studying or preparing for working life in near future.

    I love reading ur blog! Thanks! =)

  14. […] Get a job: Encourage your teen to find a part-time job so that he learns the value of work and develops a good work habit. Giving allowances is okay, but adults have to work for their money; no one just gives money to them. Help your teen look for a paper route, babysitting job or a job at the local fast food joint. Working ten to fifteen hours a week while in high school will help them learn to prioritize their time and earn money for their spending and savings needs. (Note from Wil:  I talk about this very topic HERE!) […]

  15. […] Get a job: Encourage your teen to find a part-time job so that he learns a value of work and develops a good work habit. Giving allowances is okay, though adults have to work for their money; no one only gives income to them. Help your teen demeanour for a paper route, babysitting pursuit or a pursuit during a internal quick food joint. Working 10 to fifteen hours a week while in high propagandize will assistance them learn to prioritize their time and acquire income for their spending and assets needs.(Note from Wil:  we speak about this really subject HERE!) […]

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