If you’re interesting in becoming financially free, starting in your teens, then be sure to check out these 4 advices on how you can get started!
The first advice to share with you is that you should get a job, not just a job to make money. Money isn’t the case here, but get a job to get experience. Now that you are still young, be sure to use your time well. Get experience that will benefit you in the future. If you learn today, how to make money, how to generate passive income, or learn how others make money. This is your chance to learn from the best, and maybe also get paid while doing so.
The second advice to give you, is to prepare your mindset for financial freedom, and for income to be generated throughout your whole life. If you stay in the scarcity mindset that your environment has, then yes… It will be very hard for your to achieve that financial freedom. Therefore, find ways to get your mindset in the ready state. Reading books is a good one. Not just random books, but especially books that will get your mind in such a state that you will want to learn more. My favourites are the intelligent investor by benjamin graham, think and grow rich by napoleon hill and rich dad poor dad by robert kiyosaki. And of course, my own latest book, how to invest 2 minutes and make money.
The third advice that I want to give you, if you want to start your financially free life, is live below your means. Don’t purchase the things, that you don’t really need. Sleeping on it, is a good way to see if you really need something, or not. But in the end, using your credit card to purchase something you can’t afford now, is also something that will not help you generate more money in the future. So if you want to have that financial freedom, one of the first things you should consider is living below your means. If you’re still in your teens, most likely you are still living with your parents, the cheapest way to save money, and use that money to invest and grow it over time.
And that brings us to advice number 4. You have to teach yourself some financial habits, that will grow your wealth over time. And the first one is start paying yourself first, when you value your own time, also pay for your own time. Once you understand why you should pay yourself, you will also appreciate yourself, and start caring for yourself. The second is tracking your expenses. Most people have a general idea of what goes in and out, but very few, actually track their expenses for the purpose of getting that financial freedom. So start tracking your expenses, and learn how to grow your income. The third habit I would say, is stay out of consumer debts. As mentioned before, don’t go buy stuff you can’t afford, or dont need. In the end, having bad debt will cause money to be taken out of your pocket all the time, whereas when you learn how good debt works, that’s the way how you can create a passive stream of income to make you grow money, without you working for it anymore. The last habit is investing. Now when you are in your teens, I understand that you might not have any strategies learned yet. So, the easiest way is to invest long term. Find a good index fund, put your money in. And let it grow over time, that’s it… Wait like 10 years. And then your money will have grown, more than when you leave it on the bank.