Building Wealth Early is Important

You hear all the time that you don't have to worry about anything but partying  in your 20's but I couldn't disagree more. Being in my 20's I'm obviously not speaking from experience but rather observation. The one thing I've heard more times then anything else is the phrase "If I could go back in time.."
Time is the most important thing we have yet we waste it constantly. That doesn't make much sense now does it?

So why wait? Start now. Save your money and invest your money. Go for a big paying career or find business/freelance field that works for you. In your 20's you have youth and energy so use it! Instead of partying with your friends, take up hobbies, even consider learning a skill.

 Starting out you should consider these 3 steps. Make sure you make enough money each month, get your bills in check (make your monthly budget affordable) and make sure you're saving enough each month.

Once you have enough saved up I'd recommend learning as much as you can about stocks or real estate (if you're going to school for economics or finance you'll learn quite a bit about stocks) don't make the mistake most of us young folks make which is moving without thinking and then paying the price. It's easy to lose money in any one of these investments if you don't know what you're doing so put in the time to do you're homework and the profits will come.

  All too often I see people my age wasting money on ridiculous things to the point where they're putting themselves in debt for thousands of dollars. No matter how you want to slice it that's ridiculous. So be a contrarian, and build your wealth rather then waste it and start as early as possible.

 There's a reason why there's a 1% and a 99% . Most people do things the same way and others do things their own way. You tell me which side you would rather be.

Building Wealth Slowly

You know, in the last year I can honestly say I've done a lot of research on Business and Finance that I never thought I'd have the patience to do.
To be honest when I started I was like a bull seeing red looking to charge in only one direction: The Road To Riches. In my pursuit I've leaned new ways to go about building your wealth that I'd like to share with you. I'm not a millionaire (yet) so I'm not going to talk to you like one. Instead, I'm just going to give you some guidance that has helped me.

Rule #1: Live Within Your Means
"If you buy things you don't need, soon you'll have to sell things you'll need" - Warren Buffet
This is rule #1 because it's the first one we all break. It's human nature to have a desire for more then we need. Not being able to control this will leave you broke. Always make sure you're making more then you're spending each month. If you operate a business or have a job you want to make sure you're making a profit each month. What do you do with that profit? Stack it up and invest in something when you have enough money to do so. Do NOT spend it on material things.
Buy a used car, get a roommate, shop at walmart (you gotta do what you gotta do) just focus on reducing costs while increasing cash flow. Limit your bills and your spending habits and suddenly you'll enjoy looking at your bank account rather then dreading it.

Rule #2: Avoid Credit Cards
This is a big one. First off, yes you should build credit. However having a monthly budget with interest on top of it every month is a no-no. If you need to build your credit, put half of your monthly gas budget on it for a few months, and pay it off in full each month. Make sure you do not carry a balance. Once your credit is established, stop using the credit cards and save your credit for quick flip investment opportunities. Credit is also bad because it develops bad habits such as people spending more then they make and not managing their money. If you enjoy the convenience of a card over cash, use debit.

Rule #3: Invest Your Money
If you think stuffing money away in a piggy bank, mattress or savings account is going to help you build wealth you're wrong. While you want to save your money, eventually you need to put it to use. You need to be very careful before investing in anything regardless if it's a business or stocks. Research what ever it is you're interested in until your eyes bleed. I cannot stress this enough. You don't fear risk, but you damn sure better respect it.