How to Start Building Wealth As a Teenager from Nothing
Having wealth is easy. That’s only if you inherit a great number of assets from your parents or other family members, right? This only belongs to a small percentage of people in the entire world. Most likely, they came from wealthy backgrounds and have successful businesses. Others got wealthy because they knew where to invest their hard-earned money. Born into a rich family could make you a lucky person.
Many of us can look up to the most successful persons of today. Many of us wondered how they were able to achieve such monumental success. Who knows the people we look up to start where we are today. They worked smarter by working many steps ahead of everyone else. Some of them may have enough creativity to think outside of the box.
If you’re an ordinary human being, like you and me, that’s okay too. We can build wealth out of nothing as well if we set our minds to it. What separates us from the wealthy is there is a challenging set of obstacles we have to face. Your future could change by the actions you make today. If you start as early as possible, that means you can retire at an earlier age. That means you get to enjoy any lifestyle the way you want to.
“Wealth is not about having a lot of money. It is about having a lot of options.” — Chris Rock
Most of us fall and accept a cycle that’s been passed on to us. It might go something like this. If we work hard in school, we’ll be able to get good grades. These grades will help us get accepted into a great college or university. We have to follow a course that we are passionate about and finish that within X amount of years. After that, we have to land a dream job that is in line with our course or degree. We are expected to stay with that company for many years until we get promoted to the highest position. This job needs to compensate us with desirable monetary compensation. This will allow us to buy the things that we want. What’s are other signs of success? Purchasing a car and property of your dreams. We’ll need to get loans for those two. Before you know it, you’ve fallen into a cycle where you might be living paycheck to paycheck. You are making enough to make it through the month. Savings? You might even if be broke. But no one needs to know about that. This is what the older generations perceived as an achievement or success.
“Formal education will make you a living; self-education will make you a fortune.” — Jim Roth
We can get lost or feel frustrated if we stick to this kind of mentality. What other people think of us. How others define success. What they don’t tell you that not everyone is born to be a follower. We don’t have to listen to the people around us. We want to create our paths for ourselves. What if you weren’t the kind of person who would stick to an 8–5 job bound to the walls of an office? If you find it difficult to be in this kind of situation, then why are you putting it up with it? Is it because the company that you’re working for is popular? Or is it because it pays well? What if you can make more money doing what you love? There isn’t a clear-cut solution for everyone. What may work for one person may not work for another. That’s why you need to know more about yourself and what your strengths and weaknesses are. At this point, you’ll need to identify the goals. These are long-term or short-term that you intend to achieve. You’ll need to put in more work and effort on how to achieve them.
“Wealth is the ability to fully experience life.” — Henry David Thoreau
Here are some hard facts about these successful figures we’ve heard of. These are some things that you have not heard of before. Right at this moment, you need to change the way you see things. Take these things into account and start building your wealth today!
1. You Are Self-Made
The reason I’ve been able to be so financially successful is my focus has never, even for one minute, been money.”- Oprah Winfrey
Research has shown that about 68% of the richest people in the world are self-made. This pertains to those who have a net worth of $USD 30 million or more. Some of them were born in poverty. Others used their strengths to identify desirable products and services. They managed to penetrate a market that was never seen before. Who exactly are these millionaires or billionaires we are referring to?
- Warren Buffet — CEO of Berkshire Hathaway
- Howard Schultz — Previous CEO of Starbucks
- Oprah Winfrey — Media executive, presenter, producer
- Jeff Bezos — CEO of Amazon
- Elon Musk — CEO of SpaceX, Tesla,
- Sara Blakely — Founder of Spanx
Believe it or not, only around 24% inherited or created their wealth. This fact will change the way you believe in creating wealth. With anyone as ordinary as you and me, it’s possible to achieve. Creating wealth is possible and within your reach.
2. You are a Problem Solver
“Every problem has a solution. You just have to be creative enough to find it.” — Travis Kalanick
How did these people do it? Look at Elon Musk and Jeff Bezos. They are earning millions while they sleep! It’s because they were the first ones to come up with solutions that solved problems. Once they were able to do it, people started buying into their products and services. It’s simple as that. If you can solve a million-dollar question, you will be rewarded with millions! If you are a person with good analytical skills, you will be able to look for problems. If you can do that, it’s better if you can solve them. Once you can do this, you can build your business around this problem. This will separate you from the rest. You will be one step ahead of your competitors. Most of them are looking left and right and copying their competition. You know better now.
3. You Will be Rewarded
The highest reward for a person’s toil is not what they get for it, but what they become of it.” — John Ruskin
Once you have mastered the solution to a problem, that’s when the money comes in. Some of the biggest companies out there is a result of buying out their competitors. One day, your business will become desirable and profitable. When this happens, you might encounter a couple of things in your journey to wealth building. Someone will give you X amount and run your company. This business of yours is the result of time and effort. It could be something you’ve built with your own two hands that you’ve spent X amount of years.
Others would hold on in hopes of improving their business and moving into new ventures. Other business owners will work on improving it. This will result in a higher value for the company. Later on, it can worth a large amount than what it was offered at first.
4. You Will Achieve Financial Freedom
“The financial goal that wealthy-minded persons pursue is freedom, not riches!” — Felicia Woodside
Money only has value when it’s based on certain beliefs. It comes with the perception when it comes to it. Once it loses its value, it isn’t worth anything anymore. Money is transportation worked on to achieve closer to our goals. It could be paying off the mortgage on a piece of property or your dream car. You will set those wheels into motion by establishing a successful business. This will lead you to achieve financial freedom. You will have more options than before. You will be able to afford things without having to worry whether you can afford them or not.
5. Your Most Precious Asset is Time
“Being rich is having money; being wealthy is having time.” — Margaret Bonnano
The most precious asset is time. That’s why we need to ditch the old-school concept. When we retire at the age of 60, that’s when we can start enjoying our lives. That’s a little too late, don’t you think? It’s a good thing that many people from the younger generation are realizing this. When you are young and wealthy, you can enjoy life the way you want it to be. As long as you know how to manage the money you’re making and turning that into wise investments, you will go a long way.
That’s why if you are keen on building your wealth, you need to break that unhealthy pattern now. Otherwise, you’ll be stuck in a 9–5 job that will limit you from doing anything. It’s about taking the risk without having the fear of failure. If your ideas or solutions fail, it will motivate you to come up with better ones. Failures are good. That’s because they build experience and as long as you don’t stop trying, you will reach your goals one day. Do you think successful people made it big during their first try? They made a lot of mistakes along the way and learned from them. Not once, they didn’t let these failures hold them back. It pushed them harder and brought them to where they are today.
All you have to remember is to stop chasing after money. If you have skills when it comes to solving problems, you’ll be on the right path no matter how small a problem is. What the world needs now are more problem solvers who have strong determination. With a powerful combination like this, there’s no stopping them. Change the way you think about money now. Stop chasing after it. Once you learn how to solve problems, it will be the start of a wonderful journey ahead.
Welcome to the 21st century, folks! The definition of success is subjective. Many would equate to success with a career. Others would say it’s about having a happy and stable home. The definition of success will vary from one person to the next. is, The power of wealth lies within your hands. It is up to you whether to jump on that boat or stay behind and fall into that vicious cycle. It is a repetitive cycle that almost the entire population has fallen into. But of course, it doesn’t have to be that way. You have the option to follow another route and build wealth based on your knowledge and skills.
Again, you may look up to successful figures and mentors. They can only share so much valuable information. If you follow their exact steps to getting wealthy, you might not get the same results as them. Why is that? Times were different back then. There was less competition compared to the present. Also, you have to learn how to adjust on your part. It takes a lot of creativity and innovation to stand out from the rest. You have to find out what is the perfect formula that works out for you. It might mean going through a lot of trial and error.
The road to getting rich and wealthy isn’t an easy one. It could be the most challenging chapter of your life. You’ll never experience that unless if you start right now. Start each day with confidence. If needed, make a checklist of things to achieve. Start planning out how to reach your short and long-term goals. Once you can achieve them daily, there’s no stopping you from reaching your goals. The tools are within your fingertips and it’s up to you to get started.
“The greatest thing money can buy is financial freedom.” — Damien Thomas