How important is it that you make money young? If you claim it’s very important, you’re in luck because if you want to do it, there are predictable ways to make it happen. The trouble we usually run into when teaching the younger generation about building wealth in the early years is a lack of focus and tendency to indulge in rampant consumerism. Don’t get us wrong ? we’re all for consuming. Unfortunately, too many young (and old) workers get a credit card and that’s all she wrote.
The end result is bad debt, which multiplies like rabbits at an all night sex party. What do you get? Too many bunnies!
But if you really want to make money young, the first thing you should do is forget about the stock market. An unhealthy obsession with this second rate class of asset investments will not serve you well in the long term. Pay close attention here. No matter what the shrieking, babbling heads say on television and radio, the stock market is not where Americans go to make fortunes any more. At least not on the investment side of things. You need to get yourself on the other side of the desk.
There is still certainly wealth to be created if you start a massive Ponzi Scheme (Bernie Madoff), employ criminal accounting techniques (Enron), or simply become a broker for a firm that reimburses you quite well to funnel clients into their recommendations, churning accounts with superfluous trades that earn extra commissions for ? lucky you ? the broker.
See? You can make money young!
The Young Wealth Team
Flickr / theritters