Here is exactly how to build wealth in your 20s, how to invest in 2021, and the best stocks / real estate / index funds to research for the rest of your life - Enjoy! Add me on Instagram: GPStephan
FIRST: BUILD YOUR CREDIT SCORE Those 3 numbers will dictate whether or not you get an apartment, are allowed a mortgage, get a car loan, have a low interest rate, or even PASS A JOB APPLICATION. So to do this: - Go and apply for a free Discover It Secured Credit Card online. -Sign up for a free credit monitoring website -Wait 6 months and apply for a second no annual fee card -Get a Charge Card -Profit
SECOND: GET AS MUCH JOB EXPERIENCE AS POSSIBLE I believe that your 20’s are REALLY such a good time to take a LOT of risk, try new careers, be as BUSY as possible, and THEN - see what sticks. Every job is going to give you a different skill set, that you can THEN leverage into your next position…while, each time you try something new, you’re going to learn what you like, what you don’t like, what you’re good at, what you’re BAD at - and, from there - I nearly guarantee you’ll make more money as a result.
THIRD: START A BUSINESS The best way to make a ton of money and become wealthy, is by starting a business, and have that business be mobile. EVEN IF IT FAILS, or if you make NO MONEY from it - I promise, it’ll be one of the most valuable learning experiences you can get, and it’ll bring you SIGNIFICANTLY more life perspective than someone who has NOT run their own business. It’s something I like everyone should try at least ONCE, and your 20’s is the perfect time to do so.
FOURTH: INVEST EVERYTHING, IMMEDIATELY THEN…in terms of WHAT to invest in…PERSONALLY…I would invest in equities, which include individual stocks, or a broad index funds likem VFIAX or VTSAX that covers it all. Just buy solid, long term stocks and index funds, and then don’t look at the the prices or sell for 30 years.
FIFTH: LIVE LIKE YOUR BROKE I’ve said this before, but your 20’s are a free-pass to live like your broke, because no one expects you to have anything, anyway. You can live with your parents, you can live with room mates, you can drive an old car, you can be super cheap, you can live in a less desirable part of town…and NO ONE CARES.
SIXTH: MAKE SURE TO CREATE MULTIPLE STREAMS OF INCOME. When 65% of millionaires have 3 or MORE sources of income…I would take that Into consideration, and do your best to DIVERSIFY as much as you can.
SEVENTH: STAY AWAY FROM BAD DEBT. For myself, the ONLY debt I consider acceptable is a low interest rate mortgage, a business loan, or anything that actively makes you more money than what you pay in interest..if your debt doesn’t fall in THAT category, or you don’t absolutely NEED it…get rid of it.
EIGTH: STAY HEATHY I’ve found that I do my best, most energetic, and productive work when I get a good night of sleep, I eat healthy, and I go to the gym on a regular basis.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]
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