Money for young people is like having a new car, and although you know how to drive you don’t know what all the individual buttons on your wheel actually do. Money can be a hard subject to discuss and not everyone really wants to talk about, but the truth is the younger you are when you start talking about money, the more you will have when you get older. Although I’ve talked about, in the past, what young people should do with there money this time I think it would be best to give very specific ideas of what you should do with your money*.
- Invest in Real Estate. So many people say what do I look like a millionaire when I tell them to invest in Real Estate. Turns out if you look properly and are not afraid to invest in outside states property can be “really cheap,” in retrospect. When investing in property it is important to note the taxes you’ll pay every quarter or year, and what the upsides for you are at the end of the year. That being said you should always look to purchase a property with many tenants, and that is to ensure that you never get stuck if one leaves.
- Stocks and More Stocks. Stocks are something that is so simple to invest in but require a lot of legwork. The main thing to know is to look at the financial stability of companies, what is their6 service, who is their competition, and most importantly do they offer a dividend at the end of the year. This is key because it is basically free extra money that you get at the end of the year, on top of the money that you make from the stock growing year to year.
- Buy a Business. This one is a little tricky for people to wrap their minds around because so many people think owning a business is impossible. Although it is not walk in the park, a business can be one of the best returns you could ever get in terms of an investment. With the proper systems in place and a management team, anyone can learn to operate a business, whether it be a brick & mortar location or an online store a business can really help grow your worth. Learning how to run that business may take a little bit of time, but like I said when done right you can reap huge returns on your seed.
Overall these three things may seem to be something that everyone says you should do with your, but the main difference that I’m advocating is that you shouldn’t wait until your 26-30 to start investing your money. Whether you have $5 dollars or $5,000 making the proper investments at 20 can lead to a faster growth pace as you age. Remember it is never to early to make money, invest money, or start building your brand.
*The following article is solely for educational purposes, not meant to sell you anything, and not specific to each individual person and their circumstances. Always consult your financial advisors or banker before purposing new ideas, and now that nothing is a guarantee. This article is not meant to push you into something or be more than simply educational.