By: Charles Simpson
Hello readers! Thank you for talking the time to purchase and read my E-book. As a young person in the 21st century, I know how hard it can be to save, invest or even make more on the side in the economy we unwillingly inherited. Although things are tougher than they once were, it is no impossible to acquire money, save and grow financially and personally. Today I will bring to you some tips I have witness and have done myself to become wealthier than I thought I would be! Now, I am not rich by any means. I am pretty damn far from so, but I do have savings, investments that go beyond most my age and have no debt. All of the following has helped me increase my wealth and allow me to live an easier and happier lifestyle. These simple, and seemingly small, tips will help you out in the long run. They will make you into a more responsible and wise adult heading into the real world. These tricks may give you the security nest to allow you to have the money to go on that dream vacation you always wanted. Enjoy reading everybody! Cheers!
The first section of this E-book will deal with savings. The following is from personal experience. Although simple, I will tell you why these are significant and why you should consider each of the following. As you read you will understand how doing all this can add up and why it is so easy to lose money you thought you once had. Now, I know everybody has a different financial situation. I don’t expect every person reading to take each tip and apply it themselves. What I am expecting is for you to consider and try them out yourself and see what works for you and the difference it will make. When you take part, you will be surprise on the new found freedom and accomplishments of no debt and more money!
Minimalism – the art of getting rid of your stuff and making due with less. Another more well-known term you may be familiar with is “less is more”. Truth is, less is more. Minimalism is an essential tool for every young person entering the workforce. When you are young, you are not tied down to any real commitments. Most do not have a home to pay off or have a family to raise. Those two things will single handedly keep you in the same sandbox for a very long time. Those without these commitments are allowed to travel, explore and work wherever they need to. When you are young, you have the ability to move area to area for work. Sure, some jobs have you going all over the place, but many keep you in close quarters. Those who want to move to bigger and better things know they will need to relocate. Having a lot of stuff will drag you down. Now only will it be a pain to lug everything around, but you will spend a lot more than you should. Sure, I have a lot of nice things. Numerous movies, videogames and a nice TV, but do I need all that? No. In today’s world where we have streaming services and access to anything online, it is almost impossible for any person with some rational reasoning to become a hoarder, or spend more money than necessary. You can make due with so much more with less than before. So, how much do you need? A lot of people who consider themselves minimalist can live out of their backpacks and be perfectly fine. Me personally, I say anything you can fit into a studio apartment and still have room to do yoga, or whatever you are into. Get the essentials (house hold appliances) and make do with the rest (nice clothes, entertainment). Once you are establish with a home you want to live in for 30 plus years, than fine, get more stuff, but remember, the more you own, the more they own you.
When I was working in food service, I was always hanging on a thread. The money was minimal, but that wasn’t why I was always low on money. I was low because I put everything away in the bank. Every pay check I would put a good 50% to 75% of my paycheck into my bank account. Yes, before you ask, I was living at home. If you are on your own or pay rent, you will obviously need to put in less, but if you are not paying any bills than there is no excuse once so ever to not have anything in your savings. For those who have low to no expenses, putting way a good chunk of your paycheck is essential. It is hard to do at first. Studies have proven that people get a rush when spending cash on expensive items. To this day, I get a small kick when I buy something expensive but don’t really need. The trick is to give yourself that same rush when you save. Now, even though it is possible, you will never achieve the same high saving as you do spending. Saving is a disciple very few master. Truth be told, you will not get a real rush until months or a year down the road when you check your balance. When you see the thousands of dollars in your account and realize you have more money than most people, you feel a sense of superiority. You have a kick in your step knowing you have more security than most.
Making yourself transfer the money can be tough because you will contemplate in your head how much to take out each paycheck. One thing to consider is setting up a deal with the bank, where every month they will take out a certain number or percentage of your pay and put it into another account. Once they take that money, the rest is for you to do whatever you wish. Giving this control helps me stay more disciple because it reminds me of school. You want to do well and impress your teachers so they and fellow students will think highly of you. That added pressure puts more pressure yourself. Normally we say that this is a bad thing but I beg to differ. Pressure and stress can bring the best out of people. Pressure and stress along with creativity and hard work is what makes so many people entrepreneurs. When people are low on funds, they work harder. When pressured, one produces something better than one who isn’t because they have more drive to successes. We all know what it takes, we just need to ask if we really are willing to put in the work. Giving yourself less will make you think twice about money and make you value it much more. It will make you work harder to get even more and will make you a more well-rounded person.
One tip I would seriously consider and is something I found quite useful is having multiple accounts. When I was working food service, I had a bank and a credit union. My paychecks would go into my bank and my savings were with the credit union. When I would save up $2000 or so, I would drive out to the credit union and deposit a check with that amount and never touch it. I did so because I did not have a card to this account and the building was a few miles away from me at all times. If I were to go there myself, I would need to take some time out of the day to go up there by car through a busy intersection. The harder it is to get to the building, the less tempting it is to take a lump sum and spend it all on BS.
For every dollar you spend on eating out or buying a new shirt, take what you spend and put somewhere from 20 to 50% of that amount into your savings. If you buy something you don’t really need, at the very least, try to pay yourself too. Add to your net worth even though you continue to load up on liabilities. You don’t need to do this for bills, medicine or anything important. Just do this on things that can be consider frivolous.
Retail stores are not the only place for drawers. Your home is perfectly suitable for one too. I actually saw a guy on Youtube do this and thought it was a great idea. Buy a drawer online and put lose change and bills in it. If you have some $1 bills burning a hole in your pocket, put them in a drawer. Same goes with all denominations of bills. When you go to the ATM, take out as much as you can and put some away. Personally I say have $500 in one. Once you get that, put it in a safe and forget about it. You never know if all the ATM’s in an area can go haywire the same day you need cash. Online banking can go down and digital accounts could come under some cyber-attack. Extra cash keeps you prepared for the worst case. In emergencies you will have cold hard cash, the perfect thing to bail you out of almost anything.
I’m sure this is a no-brainer for many of you reading, put I would strongly recommend getting online accounts on Netflix, Pandora or whatever to get access to your entertainment. Paying for music and cable is out of date. There is no real point anymore because we can get access to it online for free or pay some low month fee. Not much more than what I can say. All your entertainment can be on your phone and laptop and can be accessed for free.
When people say you can get anything online, they were not exaggerating. For years now, I have gotten all of my clothing, movies, videogames and anything else I need online. Often times I can get it for much less and not have to pay tax. Paying retail always a mistake. Yes, you can get it at that moment, but can you wait? If you are getting new T-shirts or electronics, you can get a deal online and have it sent to you in a couple of days. Better yet, if you are a book reader, you can have all your favorites in one device (Kindle) for much less. Minimalism and saving money going hand to hand. Thrift stores are amazing to. They have things you thought you would never see and sell them for dirt cheap. Even cheaper than what many sell online. There is a feeling of independence and individuality in these stores and you feel like you are supporting the little guy when you buy their products and not some corporation while shopping at a major retailer. It’s cheap, easy and they will have what you want and possibly surprise you with more.
Do I really need to explain? Your stomach will get fat and your wallet will become slim. Take your leftovers from home and have it for lunch. However, if you can get free food, take it! If you do eat out, don’t get a drink or a side of fries. The burger itself is cheaper and will fill you up. Thirst? Go to the water fountain.
I went to a dealership to claim some prize a few months ago (the prize was a gold dollar in case you were wondering) and I had to interact with a car dealer. Everything you hear about them is true. They are douchbags who are probably hated by their own mothers’. While talking to the guy, he asked me if I was looking for a new car. I told him I was and he proceeded to ask me how I was going to buy it. I said in cash. He looked at me like I did something wrong and said “Don’t you want to lease it? You need to lease to build up credit. How are you going to buy a house without any credit?” I wanted to punch him in the face. He started to make me feel bad after telling him I had no intention to lease. I felt sorry for myself before realizing he is an asshole trying to scam me for more money. Every smart finical person will tell you to NEVER lease. Leasing gets more money into their pocket. If that is not bad enough, when you lease, you don’t really own it. You are limited to how much you can drive it and you have to be extra cautious. Why have something if you can’t own it? If you are getting a car, BUY IT! To me leasing is for people who are status conscious and need a new car every few years. That car should be yours and yours alone (okay maybe family member can have access to it too, but defiantly not a dealer).
As far as cars themselves, just get one used. Once you buy a car, it loses a good chunk of its value the second you drive it off the lot. Every year the price will drop and within 5 years, you will have a hard time getting rid of it unless you are selling it for pennies on the dollar. One of the worst things about our society is how image obsessed we are. We judge people based on the car they drive. People take honor and pride for all the wrong reasons. Unless you fix that car from the bottom up, there is no real reason in my opinion to take much pride in a vehicle. The point is to get you from point A to point B. Boys, if you want to impress a girl but have a crappy car, don’t worry. She isn’t worth it. If she bases you off the car you drive and makes any kind of assumption, she is judgmental and has a lot of problems no sane person would want to deal with.
When getting a used car make sure you get all the info on the car’s history and service record. Afterworlds get it inspected ASAP. If the car is good, you are golden. You will save money and have something you need. Having a flashy car is narcissistic and a waste of your time and money. Get a car you are not too attached to. Like anything in life, it can be broken or stolen. What would happen if your BMW got wrecked? You would be ruined. What would happen if your 10 year old Corolla was wrecked? Well, you may be upset because you may have to take the bus to work, but you will not be in a world of pain. Cars are designed to get from one place to another and that is all it was ever intended to be. Plus, if you learn how to take care a fix a car yourself, you have some knowledge and independence that few have. Girls who find that attractive are the keepers.
We all have that one thing we really want but costs a lot of money. Best way to deal with it is to have a small piggy account or box where you put some spare money in time after time. As time goes on, that money will add up. The longer you take, the more thinking occurs on whether or not you really want it. I’m sure we all spent all of our money on something we thought we wanted, bought it and didn’t really touch it after buying it. A good trick I learned is to put whatever spare change you have (after paying bills and your savings of course) into a side account or box and watch it grow. As time progresses you will find out if you really want that item. If you still do, you now have the money to get it. If not, you still got the money. Can’t go wrong no matter what.
Now before you call me a hypocrite for saying you should buy and not lease a car, hear me out. A home is VERY different from a car. A car can take you anywhere. A home cannot (unless you have an RV). As stated earlier, you never know where you will be 5 years from now. We all make plans and say what we hope, but the truth is we don’t know what is going to happen. Things happen by chance and it can be really amazing or rough. When you own a house, you’re stuck. Allow yourself to move on to bigger and better things in life. Travel the country, or world, and see where you like it the most. Once you know exactly what you want and know how to get, THEN you can settle down. Until then, just rent a small place with very few things inside.
I personally found bike riding freer than driving a car. When you are in a car, you have to stick to the road, get gas, go under a speed limit and get it inspected every year or so. A bike, not so much. With so many responsibilities you are hindered to your car. Another reason to buy cheap. If you can commute using a bike or simply walking, then by all means do so. Save money and burn calories.
We all get bored and need to be entertained. Sometimes the internet is not enough. Sports and music can be great. As a guitar player myself, I know how much that hobby can be. The best thing to do is get an acoustic guitar. Trust me, the best songs you will ever write will be on an $80 acoustic Yamaha. Music will give you hours of enjoyment and make you more creative.
Sports can do the same. Once you get a good tennis racquet or basketball, you are set. You can play for hours with a group of people, bond, have fun and burn calories. How can you complain about that? So many people want to play and are willing to play with you no matter your skill set. It’s also a great way to meet new people and not deal with bars, clubs or annoying parties.
Reading and Writing are great too. I recently started writing more and realize how much fun and rewarding it is. You will be lost in time while being productive. It will make you more intellectual and a better spoken. These skills can come in handy for a job down the road.
If you are not into either, just walk and talk with your friends. Try to avoid stores if you are easily amused by products. Get some fresh air and have a good discussion with someone you care about. Who knows, with all that walking, you may discover a cool part of town you never knew existed.
Go to stores that sell high quantities at a low price, learn how to use coupons most affectively and get some sort of membership where you can get points for what you buy. You will be amazed on the hundreds if not thousands of dollars you save on groceries a year doing so. Also consider buying store brand over name brand. Rarely do you noticed that big of a difference.
When tax seasoned came around, I was asked if I had any receipts I can show form donating things I used to own. I sadly did not. I remembered turning in my old glasses and was asked if I wanted a receipt for a tax write off. I said no and walked off. Now I regret it. That could have been a $50 write off. If you donate, or are trying to get rid of stuff, take that into consideration. Always ask if there is a way to get a write off. It may not be a lot, but every penny counts.
Why pay someone when you can do it yourself? Cut your own hair, change your own oil, put air in those tires, and fix the furniture. Anything you can think of, do it. Don’t buy new. Redo. Same goes with leftover food. Just suck it up and eat it. Can’t stand the same old food over and over? Put hot sauce on it. Be creative. Learn some new skills and take ownership of the items you own.
Don’t have a computer, internet or a good book to read? Go to the library and use up all three. You can spend hours almost every day and get what you want. Many have movies too. It’s hard not having fun with a library card.
Yes, eating right costs a lot. Know what costs more? Cancer and diabetes. Be healthy, have some self-respect and take care of yourself. Go for a run, play a sport, go ride your bike and avoid junk food. Hospital bills are too expensive and will continue to rise. Being healthy will save you money and add years to your life. Oh, and water is free. Just don’t buy it in a bottle. I really shouldn’t have to tell you this but we all need a basic reminder every once in a while.
As far as the law is concerned, well this should be obvious. Don’t be stupid. Don’t get any tickets or bail people out of jail. If they mess up, that is there problem, not yours. Yes, laws can be stupid and we just want to tell the police to F off but we need to remain rational. Just don’t bring any unwanted attention and your record and wallet will be fine.
No this is not as gross as you think. Just reuse a shirt and pair of pants/ shorts you haven’t gotten dirty or sweaty for a couple of days and change. The pants and shorts can be used a bit longer. Less times to the washer and dryer the less energy and water used.
If you drink something from a glass, just rinse it out and reuse it. That simple.
Years ago a friend of mine’s older brother took up Buddhist philosophy. He became a minimalist and did not want material possessions. My friend wanted to come up with a way give him a gift that wasn’t store bought. He decided to write a song on his guitar and play it in front of him on his birthday. He absolutely loved it. Gifts that come from the heart and are created by you are something that leaves a much bigger impact on someone than anything you buy. They are less likely to get rid of it or give it away at a later date. Not only that, but just thinking about it will bring joy.
When I was younger I played videogames almost every day. I had my mom buy me every new game that came out. Lord knows how much she spent. Now as an adult, I see the cost and realize I can’t keep do this to myself. Instead, I wait at least a year or more after the game is released. Not only is the game cheaper but when it has been out for a year or more, the games get rereleased with all the patches and DLC. If I bought the game back when it came out, I would have paid $60 and anywhere to $5 to $15 for DLC. If you wait, you can get all that for less than $20 on Ebay. The game will still be just as good. No I take that back, if not better (after DLC patches). You spent a quarter of the price and got more content. Win Win.
I am a man who believes in true equality. I believe if a man and a woman are on a date, they should split the bill. Now if the man pays, and the woman pays on the next date, that is perfectly fine too. Boys, don’t feel obligated or pressured to spend all your money on a girl. It will not impress her. If anything, it will make you look desperate. The worst thing that could happen is that she takes advantage of you and you end up paying for all her stuff. If you wish to save money, you need to surround yourself with people who think and act the same way. If somebody you are dating is not reasonable financially or in any other department, you will only be hurting yourself down the road.
If you need good creative dates that are cheap, go to a national museum or walk around the park or city. You can go window shopping, go into buildings and attractions and look around while engaging in a good conversation. If you are charming and funny, all the surroundings will be secondary. She will remember the experience she had with you and realize you can be a lot of fun just being around one another. Anyone that can take something as simple as walking and talking and turn that into a memorial date is one of a kind. Make yourself interesting and charming.
When we think of Investing, we tend to think of buying stock at a low price and selling them at a higher cost down the road. This is one type of investing. Another is an asset that can be used to make you money. Others include preserving wealth or preserving your livelihood. Before I get too far, I will let you know I am not a financial advisor. For obvious reasons, I cannot give you specific stock investment tips or companies you should look into. I will give you some things to look into and give you some other investment ideas you should seriously consider. These tips can help make you money and preserve wealth.
For the younger readers out there or those who have not entered and are considering college, I got some bad news for you. College is a scam. Pretty much everything you hear about it is a lie. Yes, the parties are fun and you will have a good time and grow as a person. The part you hear about following your passion, and hard work leading to a job in your field is a complete lie. Most majors will not get you anywhere. Currently, we are the most educated generation and yet we are waiting tables and serving coffee. Putting that psych major to great use. If you are entering college, consider a STEM degree. These majors are much harder and require more time and effort in the here and now, but down the road, you will have much more success and money than your counterparts who majored in business, psych, global affairs and almost any other major. As it stands, STEM jobs pay at a much higher rate and appear to have fewer unemployment than a lot of other fields. Put simply, learn math, get into computers or medicine and work your ass off. If you want to do some further research, read Worthless by Aaron Clarey. He goes into which majors best suited for a career down the road.
For everyone else, I suggest looking into the trades. Unfortunately for decades now, blue collar work has been looked down upon by our society. The jobs that make our lives possible and easier than ever are being mocked and ridiculed for being occupied by “simple minded” people who couldn’t make it in an academic setting. It disgusts me. What is even crazier is that now a lot of these jobs are now paying better than ones that require a four year degree. I keep hearing about all these kids who skipped college to avoid debt and decided to become a welder or learn how to apply dry wall. These guys, now in their mid-20s, are making close to six figures a year. Your degree in sociology is making you $10 an hour at a local coffee shop and the kid who decided to skip college and learn a “dirty” job is making enough money to buy the house next to yours… or should I say your parent’s. Want to hear something even crazier? Many blue collar jobs are DESPERELY looking for workers. Now, not all will pay nearly as much as a welder, but many pay well and offer security. People need plumbing, electricians and construction workers. Without those guys, our society would crumble. When I hear people advocating for fee college, I cringe. It’s not so much the idea of a free education, but the fact that there are so many jobs out there that pay well and need people like you and I, yet we are obsessed with a piece of paper that says you can work at some high end desk job. The market can’t survive with all of us working at a nonprofit or whatever flavor of the month degree. The market would become oversaturated very quickly if we all went to college assuming our degree would get us a job. We need to stop relying on decade’s old wise tales about the college education. We are not all cut out for it and most degrees will lead to a job that will not pay. These jobs would continue to fall out of popularity amongst the youth if we keep advocating high education. If I had to do it all over again, I would skip college and learn a trade.
How do you invest in debt? You mean bonds? No, actually. Pay off your debt so you can be finically free. If you owe money to somebody, you have a shadow lurking over you at all times. It doesn’t matter if it is the Mob, IRS (same thing), bank, school, car loan, etc. They will harass you and keep tabs on you until you pay them off. If you are not careful, you could end up in jail or have your goods confiscated and sold off. Ouch! You cannot get in trouble for paying off your debt. Before you buy anything else, pay off your debt. Once you are free, then you can have fun.
Before I begin, I must tell you this: Investing in precious metals will NOT make you rich. This in insurance. Many people ignorantly think that if they hoard up on gold or silver, they will become rich and live like kings when they retire. On the contrary. You actually want the opposite to occur. You want gold and silver to go down. Yes, you read that correctly. You want prices to go down because it indicates a good economy. The reason you buy precious metals is to protect against hyperinflation. When the economy crashed in 08, prices went through the roof. In a short period of time silver was almost at $50 an ounce and gold near $2000 an ounce. Prices have since gone down quite a bit but nowhere to what it once was. With more countries defaulting on their debt, precious metal collecting and prices will continue to rise. You hope for the best but keep them in close quarters . Those who want to invest should buy and store in a safe. For me, if you don’t have it in hand, you don’t really own it.
How much should one buy? I personally would want to have 500 ounces of silver and 10 ounces of gold (American Silver/ Gold Eagles, backed by the US Treasury, for those who live in the US). Yes, I know this is a lot and is expensive but it will restore value. The value may drop over time but they will never go down to zero. Make a goal for yourself to buy 50 ounces of silver and 1 ounce of gold a year. If you can do more, awesome.
You can have some gold and silver in your retirement portfolio too. I personally wouldn’t do more than 3%. There are a lot of pie charts online that show you how much one should have. Everyone is different so what works for me may not work for you. I’d say keep it low. Just enough to preserve some of your money at hand. Like I said before, I don’t consider it a possession unless it can be seen and touched. If something bad happens and everyone rushes to buy these metals, who is to say that those who claim to have some actually do, or will even give it to you?
I don’t care about your politics or stance on guns. Every law abiding, mentally stable person in this country (US) should own a gun. You don’t need anything crazy like an AR 15 or AK 47. A Glock 19 or .44 Magnum will do just fine. A gun will protect you and your loved ones and will never lose value. In times of desperation, it may be the only thing that keeps you alive. If a true economic crash were to occur, guns and ammo would be worth more than food and precious metals in my humble opinion. People will want to protect themselves and their loved ones first and foremost. It is in our nature. Having an added sense of protection is empowering and will teach you responsibility. Now, of course we hope not to ever use one but when push comes to shove, I will use it if need be. I don’t care about you. It’s not that I don’t have empathy or that I am a cold hearted person. I just don’t know you. If you came after me in a threating manner, I will do what I feel is necessary. End of story.
How much ammo should I get? Just remember, like all things, collecting ammo can get expensive and take up a lot of room. Some say 1000 rounds. I personally would be okay with half that. It really depends what you use it and how you plan on using it.
Again, treat getting a gun like any type of insurance. You own a fire extinguisher to protect yourself against a fire. You hope and pray you never need to use it, but you feel a little safer knowing you have it.
Many would consider this conspiratorial. Sadly, many would see guns, metals and now Bitcoin as conspiratorial too. Bug out gear is meant to keep you safe and prepared for an emergency. Think of it as survivalist camping goods. Now, I am not talking about a nuclear war or zombie invasion. I’m thinking more along the line of natural disaster like Hurricane Katrina and Sandy which’d caused a lot of deviation. Homes were lost and people were desperate. When looting occurred, violence followed suit. People lost everything and were in a rush, fighting one another to get supplies they need until the rescue squad came. Many didn’t know what to do or what they need, causing more panic and chaos. A bug out gear allows you to have the tools needed to live off of for 3 days. The 3 day rule allows you to be safe and prepared in case a rescue team hasn’t found you immediately. What you need in this is up to you. You need to do the research yourself because the geography may be different from mine. Some people are more skilled in certain things so they may not need as much equipment as others. Again, this would require some personal research. Like guns, they will not give you added value or be used as money but the value will never go down to zero and will keep you safe in a worst case situation.
To me Bitcoin could be the biggest thing to grace humanity since the dawn of the internet. The whole concept of a decentralized currency that is has a limit and can cross all borders with little to no cost is amazing. More recently with all the economic turmoil in Greece, many Geeks have invested in Bitcoin. This is likely because their government can’t take it away and the currency can be spent on items online like Paypal. In the past gold, silver and other metals were confiscated by governments for various reasons. Bitcoin is all digital. Much harder to do so without forcing some information out of you. I will admit, the technology behind it is hard to understand and the price does change on the drop of a dime, however its legitimacy as a future currency and contender to take out major banks is a reality we are witnessing today. The idea of the user controlling their own money without some banker is a new type of freedom humanity has never truly seen. Like stock, you should only invest in what you are willing to lose. Bitcoin could crash and never come back. Bitcoin could also reach $1 million and become one of the biggest currencies in the world. The possibility is endless and is something everybody should look into and support.
Investments in stock can be hard and troublesome for somebody who is new and trying to get into the game. It requires a lot of research and risk. As they say, “the higher the risk, the greater the reward”. My best word of advice is to look online and find some really good sites (http://www.morningstar.com) that break down the company that have stocks available for purchase. Look at their dividends and profit ratios. Also keep in mind on what is useful and what will be in demand in the near future. Right now, many economist are expecting infrastructure and health care to become one of the biggest staples in the economy. Younger individuals have the ability to take more risks finically. They have a much longer time to recover any loss and can ride out all the trends before things begin to stabilize. Look into companies that are rising or seem to become a major contender down the road. If you need help, talk to an investor at your local credit union. That is what I did. I put quite a bit of my savings into the market and have seen growth. I am not living it up, but I am very happy seeing where it is going and plan to see more growth. Now, you should do the research yourself too. It can be dangerous to trust someone you don’t know with your money. With the right amount of knowledge and guidance, you can find a plan that will preserve what you have and give you a stronger return on your investment than having your money collect 1% of interest a year.
When investing at a bank or credit union, make sure you take a test to see how much risk you are willing to take. When the advisor looks at the results he or she will be able to assess your results with the appropriate stock. If you are a true risk taker, seriously consider penny stock or stocks that are very cheap. You are more than likely to lose all of your money. There is however, that one in a million chance that it will be the next Apple or Google and you will hit it big and retire before 35. Don’t count on it, but one of those is bound to become something great. Again do the research and talk to an advisor and let them know what your plans are. Find something you like and grab the bull buy the horns and run with it. Obviously, you don’t want to invest in too much, let alone all of it into on company. Diversify your assets and watch your wealth carefully. Think of it as going to Vegas without all the annoying tourist, overpriced food and attractions.
If you are wonder how much you should put in a penny or cheap stock, I would do no more than $2000. Again this is my personal preference. You may want to be more conservative.
If you want to invest but don’t have the knowledge or resources to meet the right person, the Acorn App may be the perfect thing for you. To put simply, it is an app that you can get on your phone that will put some money into the stock. You can choose your portfolio based on the risk you are willing to take. You cannot directly choose your stock but you can see where your money is going into. It is linked up to your bank and can be deposited or withdrawn at any time. One of my favorite things about the app is that you can choose how much money you wanted deposited into it daily, weekly or monthly. Another awesome aspect of the app is that it will round up all your purchases to the nearest dollar. The amount rounded up will automatically get invested. Let’s say for example, you buy something for $4.52. $.48 will automatically be taken from your account and will be invested into a diverse mutual fund. If you spend $5.00, $1.00 will go into investing and so on. It’s a simple way to invest some while spending, while somewhat justifying your purchases.
Retirement is something very few young people think about. Most of us are in a lot of debt and don’t have the time or money to look into long term investment. It’s easy to see this as something to worry about down the road. Seriously, when are you going to retire? Never! Seriously, millennials may never have that privilege! On a somewhat more serious note, when we look at a 401k we have no idea what we are really doing. We just let our employer take care of that mumbo jumbo and hope for the best. What can you do? Well, to be honest, not a whole lot. You can dictate on how much you want to put in each paycheck and what percentage of stocks and bonds you want. When I say there isn’t much you can do, I am not necessary talking about what you want to invest. I am talking about the future of the 401k itself. God forbid the US has to sell some assets before completely collapsing. What would be the easiest thing to do? Sell off a national park or all natural resources? No. Your retirement. Now, I don’ think they can take it all out from under you, but they can tax the you know what out of it and sell that off to foreign banks. I am not saying we should not invest, I am simply saying it may not be the best think to rely on. This is why I like metals and Bitcoin so much. They seem to be far more reliable and have a strong community behind them at all times. Many of today’s stocks are hyper inflated due to 401ks. With so much money being poured into the system, it could create one of the biggest finical bubbles. A crash like this could take a VERY long time to recover from.
If you are investing, what should you do? Put most of it in the IRA. The simplest explanation I can put is this, IRA taxes you now, and non IRA will tax you when you retire. I rather get it over with now than later because they could always be increased years from now. If tax rates do change, IRA can change too, meaning it could tax you when you retire. Just keep that in mind.
The last and possibly best piece of advice I can give is to invest in yourself. The only real way you can be free is to have your own source of income. Entrepreneurship will make you become a better person in so many ways. You will be more willing to take risks, build connections, be more creative and work harder for what you want out of life. Now, I am not saying you need to become rich or even make a living off of this. What I am saying is that you should do some work on the side, make use of your free time and build your wealth so you can have the security and fun you deserve.
So how can one invest in yourself? You need to ask yourself what you are good at. If you are a charismatic person who likes to be center of attention, you might want to become a YouTuber. If you are a writer, get a blog or write a book. Keep it simple. Since my sophomore year of high school I have been playing tennis in my spare time. I was good enough to make varsity in my senior year. During the summer break, I played by the park near my house almost every day. I met a lot of interesting people and met one who wanted me to give him lessons. He told me his hours of availability and gave me a business card. Of course being the idiot I am, I didn’t take him up on that offer. I second guessed myself and just forgot about it. I could of had more money doing what I loved and would have helped making a new player improve. It would have been my first step into entrepreneurship. I would have learned about marketing, price negotiation and customer service first hand. Who knows, it could have led to more opportunities. Never make this mistake. If somebody is willing to give you money for something you are good at, take it! The concept for work will no longer be a chore. It would become a goal, an achievement, and a new challenge you are willing to conquer head on.
A world dominated by entrepreneurs is a world with strong leadership, remarkable achievements and a general desire to push yourself more and more each day. Without these people, we would be writing on stone tablets. Don’t be scared and don’t rely on someone else. Go out and do it!
One of the best things to do finically is have multiple sources of income. The idea is not to have all these sources bring in as much as your primary job, but to bring you enough to help out and give you some extra spending money. There are plenty of things you can do nowadays to make some extra cash thanks to the internet. The following advice is primarily centered on things you can do online. Please, don’t expect to become rich doing so. Most will likely give up because they require a lot of work and dedication. For those who are serious and wish to pursue this further, than your chances of making some decent income will increase. Just remember, having multiple sources of income may become your saving grace if something were to happen to your job.
Earlier I suggested everyone to invest in yourself. The following sites allow users to create content that millions around the world can enjoy for free. Seeing ambitious people create an empire around the work is always inspiring. These individuals turned their hobby into a full time job. Sure, some of the videos or podcasts people put are dumb and make no sense. As idiotic as many are, they have a following. If done correctly, something can be marketed and gain an audience. Now, this would take a lot of work, networking and luck. You would have to grow an audience and hope one of your videos/ posts goes viral. If it doesn’t, you may have to work that much harder. Often times, you will not make much. You would need around 100,000 subscribers on average before you can consider that your full time job. Becoming a blogger or Youtuber is one of the safest investments because there is low cost and risk. Many programs and marketing can be done for free. For example, Reddit has brought a lot of traffic to my blog:
If you are not into either but like to create crafts or any other product or service online and want to create a legitimate looking website for very cheap, Blogger or WordPerss are great tools. You can easily find a free template to suit the site’s purpose while looking professional at the same time. Coding can be easily found online and there are many videos giving you step by step instruction on constructing your page. If you want a domain name, it will only cost you $12 a year on Blogger. Just get a Google account and set one up. It is really that simple.
The following three will give you less money than the previous. This is what I consider beer money. If you want some extra cash for a videogame or concert tickets or whichever, this is the perfect source of extra cash that requires little effort. I will give some insight on the following three:
Amazon Turk: This is a service through Amazon. They have numerous jobs that pay very low. Some will pay you $80, but these are rare and do require you to meet their qualification or get accepted by an invite. Many of the jobs anyone can do are surveys for some university or filling out some data (like names or numbers from an old document) for a data base that cannot be done electronically. The work is annoying and time consuming but easy. If you do two hours, you will make somewhere between $5 to $10. Yes, that little. If you are consistent and do this every day for a month, you can have an extra $150 to $300. It does add up, just remember that. If you are consistent enough, who knows, you can get a new console.
Freelancer: Like Amazon Turk, Freelancer is a site where you can do some random things like writing a review or doing some data entry and get paid. Unlike Turk, you will make some more money. You get hired based on the skills you write in your profile and how much you bid. The lowest bidder usually gets the job. You might want to take some easy tests that prove you can do math and write. These tend to cost a few bucks each. There are different levels of each subject, each getting progressively harder but remaining the same price. These will give you a gain when bidding against a large pool of individuals. People who have these certifications can get hired more easily, ultimately allowing you to have more higher paying and consistent work.
WhatCulture: If you like writing but don’t have the time or interest in maintaining a blog, than WhatCulture is a great site to post some things on occasion and make some money based on what you post. WhatCulture is a fun site talks about entertainment and provides some articles and countdown lists. The more popular your article or countdown list is, the more money you get. Like Youtube, it pays based on hits.
Keep in mind that there are plent of sites where you can do some work or upload pictures/ videos and sell them for others to use. Those listed above are just the more well-known and user friendly examples.
If you know something and can teach somebody how to do it, you should seriously considering teaching. A lot of people do this out of the kindness of their own hearts. Personally, if you are taking time out of your day to do some work, then there is no problem charging somebody. Teaching can be hard work and time consuming. Some people will make you feel bad for charging when so many do it for free but you got priorities to take care of. Setting a price makes you seem more legitimate and people who need your help will respect you more. If you have the free time, teaching money helps you out finically and will improve your client’s skills.
Got a lot of junk you want to get rid of? Have some artwork or crafts you make for fun and want to sell. These sites are perfect for you. So many people refuse to pay full price for goods. As long as you take proper care of your things, you can easily make some quick cash. Just make sure you communicate well with the customer and ship on time. Buyers will be more willing to come to you and you will make more money.
No matter how busy you are, there is always some extra time. Why spend your free time BSing when you can make money? Yes, I understand we all need a break, but if you need more money to buy a new car and move out of your parents’ house or have some debt to pay off, your leisure time will need to take the back seat for now. Over the years working retail, I have met numerous people who worked in either a law office or custodial full time and worked as a cashier or food server during the evening and weekend. Like everyone else, they had debts and living expenses to pay off. Only difference is, they were much closer to paying it off than everyone else. Although they always seemed tired, I could see in their face that they were happy to be there. They knew their goals would be achieved in a much shorter period of time. The money isn’t amazing but it does pay and will give you a lot more money than you had before. Look online to see who is hiring. Many are more than happy to have somebody work nights and weekends.
If you are a student or like to read/ write, I would strongly suggest security. Often times these men and women sit around and do very little. They have way more free time and often bring something to kill time. This would be the perfect opportunity to write, do homework or study. Get paid and get other work done. Can’t beat that!
If you got your own place and have an extra room to spare, you might as well rent it out. You will easily make a lot more money doing this and not have as much of your own money paying your bills. You practically make money for doing nothing. You can post this on Craigslist with your rate and any additional info. Obviously, you want to do a good background check. God forbid you get a druggie or criminal. The money you make will easily cover your property tax come the end of the year.
Final piece of advice is be like me! Write an E-Book. With the internet making it so much easier to put out your own product, it is impossible to say you can’t make some extra money. Anybody who has an ounce of creativity can write something intriguing, helpful, funny, freighting or whatever you can think of and put it online. An E-Book allows you to set your own price and not deal with all the hardship of getting your book published, copied and distributed. We can have your masterpiece in mere seconds and take it with us, along with our other favorites all on the go in a device smaller than a laptop screen. There are many programs out there that will help set up the book so it can go onto Kindle and other devices. Once published, your book will be alongside the more well-known novels. You may want to market your book for obvious reasons, but if you have a dream of writing a novel, Amazon and E-Books are the best way to get exposure in today’s market.
Thank you for reading. I hope you enjoyed the advice and hope it is helpful for you. Remember to push yourself, work hard and try try try again. It will be a bumpy slope but if you work at it, life will become much simpler. These skills will advance you in many aspects of life and will be reflected elsewhere. You will be happier and you will become the person you always wanted to be.
Millennials and Generation Z kids have had to endure a rough economy through no fault of their own. Many have dreams of going to school and working hard down the road. Despite their desire to work, money and opportunity can be rough. Unlike previous generations, younger individuals need guidance on savings, investing and finding ways to make some extra money. This short book has some quick and easy tips to help someone out. The information comes from a millennials himself. Although these are simple, they can do a lot to add wealth and keep your assets high and liabilities low. Each section will highlight tips on saving money, how to and what to consider investing in, and how to make some extra money online and offline. These may not make you rich overnight, but will give you more security and freedom down the road.