How to Get Rich and Wealthy While You’re Young Enough to Enjoy It
Whether you’re 25 years young or 55 years young, the search for how to get rich and wealthy while you’re young enough to enjoy it can be a tough one. We have some helpful tips that made all the difference for us on our journey to success.
Have you ever had the feeling like your life is like running on a treadmill to nowhere?
Well, we started out like many of you.
Young… or at least young-ish (age is just a number right?) working professionals busting our asses at our jobs trying to chase the American Dream.
We had jobs, a small apartment, $20 handles of vodka, a Netflix subscription, and everything we were supposed to need or want for at that age.
However, there was something that still escaped us.
Real money. Not paycheck-to-paycheck money.
We felt like we were moving forward in our jobs and lives, but our bank accounts told a different story. We knew we were going nowhere fast.
It was disheartening.
We were told ever since we were children that we were supposed to give up our youth as a sacrifice for the altar of the money gods so that one day we could retire on some beach at age 70 and play golf while spooning on our rocking chairs… or something like that…
I do think though that in our heart of hearts, we could feel the trap placed around us.
We had to make the money to spend the money on the car to drive us through the traffic to make us the money…
So, we decided to change things.
It didn’t happen overnight and certainly was no “get rich quick while sitting on your ass” scheme that we followed.
We started working every day towards building our own business where WE would set the rules and be the rulers of our time and money.
Now, just two years later since we quit our jobs, Lauren and I make over $100,000 per month on average working online. That was more than Lauren’s ANNUAL salary as a certified public accountant – and we made it in a MONTH!
In fact, Lauren and I made over $818,000 last year while getting to travel and experience life on our terms.
- No job
- No rules
- No traffic
That’s why I need to make this article.
For all of you preferred video learners out there, here is a video of this topic (plus some extra tips!) from our Youtube Channel below.
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I see a lot of the mistakes we made when trying to find wealth and the things we did that had the biggest impact. If you’re still young or just feel young, this article is going to show you how to have fast financial success.
A lot of the advice will probably be VERY counterintuitive to what you have heard.
Starting with point #1…
Nobody Gets Rich with a 401k, Roth IRA, House, or Mutual Fund.
I recently saw a video that made my eyes roll so far into the back of my head I was able to see my brain stem…
It was this video of Mark Cuban (whom I generally like) giving some advice on 401k’s:
If you don’t watch it, he basically tells you that if you don’t have a 401k, you are “stupid.”
Here’s my beef with this advice:
Mr. Cuban did NOT become rich because of a 401k.
He’s giving this advice on Business Insider because he’s a billionaire. So when Mark speaks about money, you want to hear billionaire advice (or your brain tends to think it is even if it’s not, just because it’s Mark Cuban talking).
The truth is that Mark got rich by investing all the money he had into his software business, which he eventually sold for six million… then taking risk after risk with the money he did make eventually buying the Dallas Mavericks and becoming a billionaire.
That’s why he’s on the screen right now.
Funny enough, he even talks about not having a 401k in the video….
This is important, so pay close attention:
This video is a prime example of someone who used the fast lane to be rich and is now teaching others more politically correct slow lane tactics.
Fast lane tactics are how to make LOTS of money while you’re young. Slow lane tactics are about making money for when you’re old and grey.
Slow lane tactics you’ll see commonly recommended as “smart investments” that use any extra capital you have:
- Retirement Plans (401ks, Roth IRAs, etc.)
- Most Housing Purchases (exceptions exist, but generally most long-term real estate investments are not going to make you wealthy fast)
- Mutual Funds
Listen, if your greatest aspiration in life is to retire at 70 and play golf, Mark’s advice here is fine!
We’re not blasting 401ks or trying to say that they are bad investments. Not at all!
With this method, you could even have a million dollars when you’re older (keep in mind though, at 70, a million dollars won’t be worth as much).
However, these strategies are HORRIBLE if you actually want to get rich while your young or with ANY kind of fast pace…
My beef with Mark here is that he is preaching medicine down your throat that he never took himself.
It should be said that once you make really good money (enough to invest in your business AND save), these investments are smart.
But while you’re still on the treadmill, they take the precious little capital you do have and tuck it away for when you’re much older.
Instead of putting your capital into slow lane places, if you want to get rich and wealthy quickly, you need to put it into…
Start an Online Business (Like a Blog).
The internet is a BEAUTIFUL thing, baby.
Before it was around, you would have to start a brick and mortar business, which requires investing a TON of money up front just to get started.
Not. Any. More.
There are TONS of ways to make serious money right from your computer without a ton of investment if you’re willing to put in the work.
Now, I need to preface this with something.
I’m obviously going to come into this with a lot of bias. Lauren and I make over $75,000 per month blogging so that’s what we tell people to try first.
Why would I recommend anything else? It’s how WE became successful…
That being said, there are TONS of online businesses you can start that will make you serious money.
Some of the most popular are…
- Amazon FBA
- Shopify Stores
- Selling Crafts of Etsy
- Online Coaching
- Website Buying and Selling
- Day Trading
- Become a YouTube Celebrity
- Become an Instagram Influencer
All of the above have produced young millionaires.
The key here is to recognize that if getting wealthy while you’re young is a goal you have, creating an online business is how you’re going to need to do it! Unless you have tons of money to throw into a brick & mortar business… by all means!
Keep in mind there is a lot of flexibility to this and many different ways you can make it work.
Get Out of Your Head.
If you’re anything like me, you have tons of ideas and all sorts of creative energy, but it often never gets used because you spend too much time THINKING about what you should do.
If you want to get rich, you’re going to have to let that shit go.
For example, Lauren and I quit our jobs and sold almost all of our possessions BEFORE we had made any money blogging.
We had a few notches under our belt and just decided to GO FOR IT. This was pivotal to our success.
If we had thought about it too much or intellectualized it, we may not have quit and would definitely not have achieved the level of success we have today.
I know it sounds like jumping out of a plane without a parachute and figuring it out on the way down, but this was a key part to our success.
If you want to succeed you have to be a DOER – not a thinker.
Gain Skills and Stop Searching for Hacks and Tricks.
Let’s look at some examples of what I mean.
- Skill: Writing great blog posts people enjoy.
- Hack: Paying $10 to some dude on Fiverr to produce you a crappy copy-cat article of popular content.
- Skill: Creating amazing content on Instagram so people love and engage with you because you have great content
- Hack: Following and unfollowing people so they will follow you and you can secretly unfollow them later.
- Skill: Taking a course and studying it like a college program.
- Hack: Hunting around for free internet on the web about all the “tips and tricks” to make money overnight.
There’s a commonality in all of these: People are avoiding the work for the “easy way out” or shortcut.
Here’s the secret to getting rich when you’re young: “The shortcut is putting in the work.”
The moment you STOP looking for shortcuts and focus more on gaining skills, the faster you will make money online.
I promise! It’s easy to look at our 100k followers on Pinterest and feel like you’ll never get there. We know because we felt the EXACT same way just two years ago when we started on Pinterest.
And yeah, we tried shortcuts! We made a lot of Pinterest mistakes until we got our mindset right. But one day, we stopped trying to take shortcuts.
Instead, we decided to try to make the BEST pins on Pinterest and let our content speak for itself. THAT was how we reached 100k followers (shoutout to Lauren with her mad Canva and pin design skills!).
P.S. Lauren had to work at it and LEARN these skills. She didn’t start out as good as she is!
Here are some important skills in the 21st century that are raising in value daily. Learn these and you will find it very hard not to get rich:
- Internet Marketing
- Video Editing
- Video Creation
- Social Media Management
- Website Creation
There are plenty more, but if you choose to learn these skills and are good enough that people tell others about your work, they will THROW money at you.
Stop Spending for a While and Invest Money.
I’m going to take you back to 2015 in our cramped, overpriced, one-bedroom apartment in Dallas, Texas. This was when Lauren and I decided to STOP spending money.
- No more brunching.
- No more expensive rent Uptown Dallas.
- And no more clothes shopping (aka chasing the latest trends).
We even started eating eggs and rice at every meal to save some money (yeah, we were desperate – don’t try this at home, folks!).
We did this because we realized that these were the reasons why our money seemed to evaporate every month and financial success was eluding us.
You need to make yourself conscious of these decisions and decide if the money that you are spending is actually an investment in your future or if it’s being thrown away.
Lauren would sit here and argue that brunch was definitely an investment in her happiness and mental well-being, but I digress.
- Starting a blog
- Buying inventory for your Shopify store
- Investing in a course on Amazon FBA
- Paying for a course on blogging (cough cough… shameless promo… check out our courses here)
- Buying New clothes
- Dining out (groceries are WAY cheaper)
- Expensive rent
Spending is using money in a way that won’t bring you back any return now or in the future. It’s fun in the moment, but once it’s gone, it’s gone forever.
Investing is much different.
It may not pay off today or tomorrow, but eventually, when you gain enough skills, it will make you money!
And lots of it!
Reinvest, reinvest, reinvest!
The final trap is common amongst recently financially successful folk.
They start to make some money, start the road of pulling themselves out of the hamster wheel of working for money to live, and then they blow their money on stupid shit again (see upgrading your car, wardrobe, and home).
The key is that once you’re a few pennies up, you need to double down on YOURSELF AND YOUR BUSINESS.
You need to take every penny you earn and continue to reinvest it. Continue to push it into courses, training, and networking as you grow your skills.
Then, once you’ve invested enough in your education, business, and yes, some long-term investments, you’ll find that there is excess. (YAY!)
The excess is what you spend! The excess is what you use to take vacations and treat yo’ self.
Co-Founder, Create and Go
P.S. Have you launched your blog yet? If not, make sure you sign up for our FREE 7-Day eCourse on Starting Your Blog from scratch! Check it out and join the THOUSANDS who are already talking about it.
If you enjoyed this article on how to get rich and wealthy while you’re young enough to enjoy it or have any questions, please feel free to leave them in the comment section below!