Becoming rich is depends on what you mean by ‘rich’. If you’re talking money, then I’d suggest reading “The Richest Man in Babylon”. Basically, you can become rich just by being smart with your money. Save 10% of your gross income (you’d be surprised how easy that is), limit your luxury and unnecessary spending. Buy things that appreciate in value or have passive income (by doing this, I was able to buy a condo at 29 and it’s paid off now, because I leveraged it to buy a home and rented it out after living in it for 5 years).
When you start out, don’t live on your own. Live at home for a year or two, then get roommates to cut costs. Don’t eat out much. Find inexpensive things to do that are fun (in most cities, museums are free, and they expand your education if you visit them with an open and inquiring mind).
Going to college and getting a high paying job is one way - but you’ll probably rack up debt. The key is to limit debt. Read stories of people who went to college and limited their debt, or paid it off as fast as possible (because you can and should). Keep debt (even mortgage debt) to a bare minimum. Pay off credit cards at the end of each month. Start with one savings account at a high interest bank, preferably do CDs if you don’t need the money. As the account grows, open more savings accounts to pay for things you may want in the future (car, home, vacation, etc.). Fund them. Invest fully in your 401(k).
On the other hand, being ‘rich’ to me means living a full life. It may be easier if you’re ‘money rich’, but you don’t have to be. I spent most of my young life without cash. While I lamented it (I was young, and desperately wanted to keep up with other people), I learned that those were probably the best times of my life.
To be rich, keep learning. Don’t ever stop. Study important topics like history, economics, math. Remember everything you do impacts other people - which doesn’t mean you have to focus on them. It just means you need to focus on yourself while realizing if you’re a jerk, you’ll only hurt yourself in the long run. So keep focusing on yourself without hurting others. As I point out to people, on a plane, when the oxygen mask drops, you don’t put it on the other person first. You put it on yourself first. Then help others. Why? Because you may pass out helping a flailing, scared, person. Then you both die. So by helping yourself first, you stay alive, and you help others stay alive. Helping yourself is the best way to help others. It allows you to share.
When you start out, don’t live on your own. Live at home for a year or two, then get roommates to cut costs. Don’t eat out much. Find inexpensive things to do that are fun (in most cities, museums are free, and they expand your education if you visit them with an open and inquiring mind).
Going to college and getting a high paying job is one way - but you’ll probably rack up debt. The key is to limit debt. Read stories of people who went to college and limited their debt, or paid it off as fast as possible (because you can and should). Keep debt (even mortgage debt) to a bare minimum. Pay off credit cards at the end of each month. Start with one savings account at a high interest bank, preferably do CDs if you don’t need the money. As the account grows, open more savings accounts to pay for things you may want in the future (car, home, vacation, etc.). Fund them. Invest fully in your 401(k).
On the other hand, being ‘rich’ to me means living a full life. It may be easier if you’re ‘money rich’, but you don’t have to be. I spent most of my young life without cash. While I lamented it (I was young, and desperately wanted to keep up with other people), I learned that those were probably the best times of my life.
To be rich, keep learning. Don’t ever stop. Study important topics like history, economics, math. Remember everything you do impacts other people - which doesn’t mean you have to focus on them. It just means you need to focus on yourself while realizing if you’re a jerk, you’ll only hurt yourself in the long run. So keep focusing on yourself without hurting others. As I point out to people, on a plane, when the oxygen mask drops, you don’t put it on the other person first. You put it on yourself first. Then help others. Why? Because you may pass out helping a flailing, scared, person. Then you both die. So by helping yourself first, you stay alive, and you help others stay alive. Helping yourself is the best way to help others. It allows you to share.
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