How To Start Building Wealth Early

How To Start Building Wealth Early

Our culture starts young people out on the wrong foot in life, financially speaking, and we have to help them see what is really possible for their lives and their money.

Being wealthy doesn’t necessarily mean having a huge bank account either. Being wealthy also means the relationships in your life are right, and debt will affect those relationships if you aren’t careful.

A bigger bank account simply means you have more freedom in life.

More freedom in your life means you will be able to become the person you want to become much easier, and enjoy a much more fulfilled life.

Having said that, what if we had a bigger percentage of high school and college aged kids who knew how to discipline their daily lives and their money.  What if they knew how to commit to being debt free, starting early in their lives instead of later.

Let’s say they understood what it meant to put, say $250/month, into a solid mutual fund every month instead of a car payment.  Wouldn’t it be wonderful to see them building that kind of a retirement instead of throwing the money away to a banker on a loan.

You can save a few thousand for a car if you work and keep your expenses down.  You can then turn around and save a few more thousand over so many months, and then upgrade your vehicle, using what you saved plus the value in what you are driving now.

You can turn this into a snowball working in your favor and upgrade your vehicles and always drive paid for cars, or trucks if you prefer a truck.

During this whole saving process, you develop a disicipline in your life that lasts a lifetime.  You have control of the money you earn as you save it.  You do not become a slave to any lender, and you keep a certain freedom in your life.

If you want freedom in your life, don’t go into debt.  You will have to be intentional and serious about staying out of debt, and be your own person in the process.

Most of your buddies and several of the adults in your life will tell you that you can borrow the money and not hurt yourself, you can even help yourself with good debt, so some say.

You will have to make up your own mind at these points in time, but remember that you give up some of your freedom every time you borrow money.

Use your head and figure out how to get the money you need in a different way, by earning it and waiting to buy when you have the cash in hand.

You have to prepare for the times that things break, putting cash back first.  Then discipline yourself and tell your money where to go with a weekly plan for what you earn.

Otherwise, your debt and lack of money every week will control your life.  Money builds faster than you think when there are no payments going out.

As you read this, most are probably thinking how hard it is to save the amount of money you need for major purchases.  The problem with that lack of patience is that it will cost you dearly down the road.

The price you pay later in life for taking out a loan is huge compared to the smaller price of saving your money, delaying the purchase, and paying cash.

My hope is to get more younger people building freedom into their adult lives and holding on to it.  You spend more time with your family and less time agonizing about payments and how little you have left over after all payments are made.

Thanks for reading and enjoy the day…you’re welcome to leave comments, too.

Scott Moore

About the Author
I love to write about a variety of things, but my passion is helping kids just entering the workforce understand that they can live debt free.

I also love to write about physical fitness, online marketing, and a wide variety of things.  My family is my main hobby, though.

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