25 and Living with Mom and Dad
48% of all 25-year-old Americans still live at home with their parents (ZeroHedge). If you are one of them, you don’t have a debt problem, nor do you have a spending problem. You have an income problem.
Millennials are eager to get out of debt, but not all debt is bad. I have no problem going into debt if it will produce income for me. But most Millennials are in bad debt, the kind of debt that drains your income. There is a simple fix to get out of debt. You need to increase your income. Income solves all.
Follow these simple tips to reduce your debt:
1) Make a conscious decision to INCREASE income
2) Promote and sell yourself (in that order)
3) Reinvest the money
Don’t listen to people who say that your first priority should be on paying off debt. No, you need to first worry about stacking more paper. Once your income rises you’ll be able to pay off your debts so much faster and easier.
Why aren’t Millennials thinking first about how to jack their income levels up? I was once doing a real estate deal and was impressed by the service the young rep was providing. He was 28, and not making enough money. I offered him the opportunity to go work for me where he would make three times his $25,000 salary helping me handle my real estate transactions. The guy didn’t want to move. He didn’t want to follow the money.
Millennials are graduating college more than any other generation. They are in greater debt post-college and they can’t get jobs. Why? Don’t be stupid! You have to follow the money, and if that means moving away from mommy and daddy, then get that moving truck ready!
If you are a Millennial ready to get out of debt, my advice to you is:
1. Follow the money
2. Be willing to be uncomfortable
3. Do what’s difficult
4. Cut off the negative influences
5. See opportunities and take action
Getting an education is a good thing but there are other options to consider. If you are still young, I suggest graduating high school and then working for two years before attending college. I also say that everyone should work while in college. Employers want to know you have work experience.
Millennials are the most educated generation who have the most debt and the most trouble finding jobs.
I suggest Millennials throw their resumes away because they only end up in a black hole and no one cares about resumes. One should approach looking for a job like looking to sell to prospects. In a job hunt, you are selling who you are and what you can do for an organization. Job hunters should seek out people who they want to work for, seek them out and get in front of them and persist until they do.
You need to follow money and opportunity, don’t be held back by old thinking. It is vital to your success to break out and seize opportunities available to you. If you are a Millennial in debt, think about moving elsewhere in order to increase your income. If you’re still in your hometown, struggling to find a job that will pay you anything, relocate to where you will have more opportunities.
You need to make a list of people, not companies, but people that you want to work for and then research how to get to them. You then must do whatever it takes to make that connection. Make creating wealth for yourself top priority in your life. If you are forced to return back to your parents, you will continue to suffer if you do not take massive action to achieve wealth.
College is a middle-class trap…
…and one should have a defined purpose and goal before taking on such enormous debt. I created Cardone University as a much cheaper alternative to give you the tools you need to succeed in the marketplace in the 21st century, with over 1500 videos on demand to turn you into a sales pro and put you in control of your income!
Be Obsessed or Be Average,