This is a heavy one. We?re going to ask our young readers to look into the future and decide what lifestyle they want to live and, more importantly, how much money it will take to get there. If your goal is to pop out kids at the rate of one per nine months and live at the expense of tax paying citizens, you won?t need to spend much time at this task.
For the rest, exactly what lifestyle DO you want to live? Will you need an extra twenty grand monthly for shopping? Do you want to be a stay at home parent while the spouse works, travel, volunteer your time, build a business, or buy real estate? Maybe it?s something else that floats your boat.
Regardless, the time to start planning on how you will have the money to follow your dreams is?wait for it?NOW, especially if you fall into the madcap shopping category. You need to have a plan in place to generate income in large quantities. That might initially come in the form of a high paying job but eventually working regular hours will cut into your gratuitous consumerism and the job will have to go. At that point you better have a little something going on the investment side.
Honestly, no matter what lifestyle you choose (except welfare), it?s sure to go down easier when you take the time to plan for it and then follow through with investment action to get you to the financial promised land.
The Young Wealth Show