How to Make Money Young

8 Secrets of the Young Successful Entrepreneurs

 

YOU are a business - the need to be a young successful entrepreneur

Today's generation will live a higher quality of life for a longer period than any generation before. That's the good news. The bad news is that the company pension plans that were there for are parents won't be around when you retire. Social security probably won't be around either. Because of that, people that don't plan ahead will be working until they are very old and will have missed out on a lot of things life has to offer. With a practical financial education and learning the secrets of young successful entrepreneurs, that won't be you.

 

It is important that you become financially free at some point during you life. Financially free means you can do what you want, when you want. If you want to work, you can, but you don't need to since you're a young successful entrepreneur. You still may need to live within a certain budget, but you can afford most of the things that you want.

 

Taking the business of you seriously it is important to know how to make money young gives you financial freedom while you're young - that makes life a whole lot more fun. You have the luxury of time and money to do what makes you happy. This need for financial education that lead to financial freedom is even more important as you get older. I've seen many 80- and 90-year-olds working because they have to in order to pay their bills - don't let that be you.

 

Young successful entrepreneurs know the importance of creating a budget that will allow you to live the lifestyle you want. Some people that live in an affordable place in America without a lot of extras may only need $500,000 to retire on. Others of you may need $10 million. It depends on the lifestyle you choose. Just be sure to plan early!

 

It is important that every person knows how to make money young and start to plan for his or her future right now. When it comes to the future, make sure you don't count on social security or pensions - it's all on you. Don't get stressed because of that fact - you have time on your side and a practical financial education will ensure you are a young successful entrepreneur.

 

Three ways to make money young

Real estate, stock market and entrepreneurship are responsible for creating the majority of financially free people. It is important, at the very minimum, that you learn and master one of these subjects. You should also have a fair understanding of the other two.

 

The more hooks you have in the water, the better chance you have to catch a whale. In other words, the more investments you make, the greater the chance you have of having at least one deal that gives you a huge return. Plus you will have a diversity of investments that will give you returns far into the future.

 

Young successful entrepreneur plans

Before jumping in and buying real estate, stocks or starting a business the young successful entrepreneur plans and builds their foundation. Here is a recap of some of the basics that will get you to your financial goal faster.

 

  • Written Goals - Put you goals and financial plan in writing, and commit to whatever plan you feel is best for you. Your goals should include how much money you need to make every month to live the lifestyle you want, while building your net worth.

 

  • Accounts - Each plan requires you open:
    • Two savings accounts with a bank
    • A checking account
    • A brokerage account
    • Retirement accounts

 

  • Budget - Creating and following a budget that will allow you to invest money on a monthly basis is essential.

 

  • Credit - Build your credit to an excellent rating and maintain it.

 

  • Investment plan - You should have an investment vehicle chosen and an automated dollar cost averaging plan established. That way your money will automatically be invested each and every month.

 

  • Outlook - You are investing for the long-term and it's important you realize your returns will change with market conditions. If your investments lose money, don't throw in the towel. Continue to invest, to gain knowledge and experience. The second part of outlook has to do with working with the greater good in mind and giving back to others.

 

  • Team - The key people on this team should be a qualified tax planner and a financial advisor. Tax consequences are a major consideration, so have your qualified tax planner set up vehicles that will help you avoid, defer and minimize your taxes. Also, a trusted financial advisor should help you to earn solid returns. In addition, network with like-minded people, as well as people you can consider mentors.

 

  • Knowledge - The more you know, the better your returns. Become an expert in at least one of the investments discussed: entrepreneurship, real estate, and/or the stock market. You should also develop a solid foundation of knowledge in all three subjects.

 

Becoming a young successful entrepreneur doesn't take much. The secrets on how to make money young starts by getting a practical financial education. This will give you a huge advantage and you will enjoy financial freedom much sooner.


Vince Shorb leading financial literacy advocate provides young adults and parent free video clips at www.FreeBy30.com. Visit the site now and learn more about the first multi-media course that teaches high school and college age people about money - 'Financially Free by 30'.