4 Ways You Can Start Building Your Wealth in Your Teens
At this age, the world does provide unlimited opportunities. In fact, this generation (and the ones to come) are lucky. Every day, our lives keep on improving. Most of our necessities have been met and it’s time to deal with other things. Also, it’s a matter of perception. If you have a negative perspective, you won’t recognize obstacles as opportunities. Optimists will view these same challenges disguised as opportunities. They will speak out if you know where to look. If you’re not afraid to reach for your goals, this article has been written for readers like you. You have the potential to stand out and inspire others.
Everyone needs to recognize the fact that building wealth at any age is possible. That’s right! If you’re familiar with Ryan Kaji, he is one of the biggest names out there. In 2015, he started unboxing toys and making his own toy reviews (with the help of his parents) at the age of 4 years old. Can you believe it? 2 years later, his parents signed up with PocketWatch. It is a startup media company targeted at children. Now, he is 9 years old, has his own app, games, and merchandise. Until now, he is still making a lot of YouTube videos and there is no stopping this wunderkind. It didn’t happen by pure luck. It was a combination of striking at the right time. Not everyone was doing it. Discipline and hard work with the help of his parents catapulted this kid into great heights. It seems like everyone is vlogging. But it takes originality, likeability, and other factors to stand out. No other child influencer can reach the popularity of Ryan.
“Building wealth is a marathon, not a sprint. Discipline is the key ingredient.” — Dave Ramsey
If you think about it, it’s too late for many of us to start as a kid. We were living the best of our childhood. But hey, that shouldn’t stop us there. Ryan Kaji proved to us that accumulating wealth can start at any age. You don’t need to wait until you graduate out of high school or college to start building wealth. As a matter of fact, you can start at any time you want to. Some can start during their teen life. The earlier you get started, the faster you’ll accumulate knowledge and experience. The advantage of building your wealth early is that it is so much you can learn along the way. If you want to retire early, you will have to start early. You don’t have to clear out your entire bank account to learn the secrets. It’s more important to change your mindset starting now. Begin picking up useful habits and improving your skills.
We have been fortunate with the current technology that is available within reach. Not only that but there are so many tools out there that you can use. The real question you need to start asking is, what are you good at? What are you passionate about? Are you willing to put in the hard work and extra effort? If that’s a big yes, here are some things you can look into.
1. Start Reading as a Habit
“An investment in knowledge pays the best interest.” — Benjamin Franklin
Trust us when we say this. Reading is one of the most important skills that you can ever pick up. Start reading not because you have to. Start reading because you want to know more about building wealth. An important book that will get you started is titled Think and Grow Rich written by Napoleon Hill. This book is about bringing out your inner intention. Especially when it comes to reaching goals defined by your purpose. It is based on the commonalities that all successful people have. After reading this book, you will have the same mentality as them. This mindset will get you further and closer to your goals, whatever they may be.
The second book that you have to read is How to Win Friends and Influence People by Dale Carnegie. This book helps you increase your popularity and create meaningful interpersonal relationships. Also, you’ll win over people with your way of thinking. Keep this in mind if you want to have a successful business. You need to communicate and negotiate to get people on the same road as you.
Reading is a necessary skill for any entrepreneur at any age. For a start, these books will definitely put you on the right path. This will give you the right foundation while you are building your wealth. Focus and train yourself to have a powerful mindset. It’s easy to achieve this. Start learning from the effective tips and techniques of successful people.
2. Choose A Career
“I say always follow your passion, no matter what, because even if it’s not the same financial success, it’ll lead you to the money that’ll make you the happiest.” — Ellen DeGeneres
Now that we’ve got you focused, the next step would be choosing a career path for you. As young as kindergarten, a teacher will ask you what do you want to become. As a kid, you’ll think of the first profession that pops out of your head. And like many kids, it’s so hard to choose because there are so many! Fast-forwarding to the present, you should be the only one who will decide your career. Not because a parent wants you to become this (add title) or someone designed it for you. Your career should be something you should be sticking with for the long term. It’s so easy to get lost since there are so many career paths out there. We don’t blame you. It’s not the easiest task to do. But we can break it down for you.
The first step would be to do as much research as you can. After all, this is where your main source of income will be coming from. When the time comes, you can finally narrow down your options. Figure out ways on how to follow that career and challenge yourself by doing everything for free. After all, you can gather all the necessary information from the best source — the internet! If you aren’t maximizing the use of Google and YouTube, then this will be the perfect time to do so! You’ll be surprised there is so much information on everything. Great sources can come in the form of articles, blogs, or even videos! This way, you can make your own decisions for yourself. Again, at any age even as a teenager.
3. Gather Experience
“Learning is a matter of gathering knowledge; wisdom is applying that knowledge.” — Roopleen
It’s wonderful you’ve decided on what you want to do for the rest of your life. Knowledge wouldn’t be much of use unless if you apply it into reality. Picking up something from reading is different from actually doing it. It’s better if you actually go out there and do it yourself. That way, if you encounter any problems along the way, you can figure out how to solve them in your own way.
You don’t need to wait for “it” to happen. Make it happen! Waiting for something wastes a lot of time. There are so many things you can pick up from actually doing something. Overthinking and worrying about “it” won’t help as well. It will get you nowhere. It will prolong you from achieving your dreams whatever that may be. Take a leap of faith and trust in yourself. Everything will work out in your favor if you take action. After all, any experience is the best teacher.
If you want to achieve your long-term goals, you will need to break them down into smaller ones. The short-term goals are easier to achieve when you take them one step at a time. Once you’ve achieved one step, direct all your attention to the next one. If you only focus on the long-term goal, you might not even get started in the first place. These are the things that you can control because they are manageable.
4. Learn from Mentors
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” — John C. Crosby
If you are decided on which career path you have chosen, find successful experts in the same field. Approach these mentors and offer to work for them without getting paid. When asking them, be honest with your intentions. Explain what you’re doing right now. In exchange, you want to learn more about the business since you’ve chosen this career. Trust us when we say that this is one of the best learning experiences that you’ll ever get to do. If you are still in your teens, offer to work for free. In this way, you will gather invaluable information along the way. It is firsthand knowledge that you can use for your own experience. It is better to learn from someone than sitting around doing nothing. You will definitely get a head start compared to the others who aren’t doing anything about it.
Even if you observing them, you will instinctively adopt the same habits. You will uncover the reasons what make these people successful. Is it because they wake up early? Do they have a schedule they stick to? Do they have a healthy work and personal life balance? If it helps, keep a daily journal of activities that you are required to do. This way, you can look back and keep track of everything important. Learn as much as possible as you will use all this to help you later on. Again, don’t sit back and wait for things to happen. Be assertive, show initiative, and make good use of your time.
Be prepared to face a lot of rejections. Not everyone will accept you under their wing. This will be for various reasons such as a hectic schedule, lack of interest, or others. The ones who will reach out to you will want to help you out to get started. They want to see someone already making their way around. One day if you become successful, it will be all thanks to your mentors. You have learned something from them and unlocked something within. Thanks to them, you have learned something and made it into your own that helped out with your own success. Don’t forget to thank them, if possible.
Again, building wealth at any age is possible. You can train your mindset to focus on what you want. That’s where you have to take a look at yourself and see what comes for you. Or what you’re good at? These passions should derive from a combination of intrinsic and extrinsic motivation. In other words, you should pursue something because you enjoy doing it. The best thing about it is knowing how to do it and being rewarded with monetary rewards. Start today! Read, settle on a career, gather experience, and learn from mentors and experts. These are things that you can do that will put you a step closer to your dreams.
Building wealth does not mean being greedy. You are putting yourself one step ahead of the others. Instead of joining the rat race, you would rather avoid a nasty cycle. This cycle includes the burden of unnecessary loans and debts. It means that you are on the right path to achieving financial independence. You are not relying on your parents or anyone else except yourself. By investing in your wealth, you are investing in your dreams. At a young age, you are opening yourself to unlimited opportunities. As they say, the world is your oyster. Nothing can stop you from reaching your aspirations, dreams, and goals.