Millennials make a lot of mistakes—every generation does. This is because people are ignorized by the media. Planet earth manufactures so much ignorance it’s incredible. Today I wanted to highlight the 5 largest blunders that millennials must fix if they want to get their money right. Make this the year you get your financial house in order!
1) Not making enough money—The holy grail of money that almost no one talks about is to make money. You can get rich or solve money problems without making money. Making more money is more important than saving or paying off debt. Spend more time making money and less time talking about your age, social media, and politics. There will be many presidents in your lifetime most of which you will disagree with.
2) Paying off student debt prematurely—Student debt would be the last thing I would pay back and I wouldn’t suggest you do so until after you have some real money put away. And by the way, before you pay off your loan you should renegotiate a payout. Get your financial life in order and then start paying off your part of the student debt bubble of 1.3 trillion dollars.
3) Using Credit for stuff that can’t create income—I have a rule, ONLY USE DEBT IF IT MAKES ME MONEY OR MAKES ME BETTER. Never use debt that can’t produce income. Buying a home with a mortgage that can never make you money just doesn’t make sense. Buying a motorcycle on debt can’t make me money but I would lease a car so I could make sales calls. Just look at your parents.
4) Investing prematurely—Wall Street loves to see you invest money at the age of 12 and spin all these stories about if you do so you will be rich when you retire. It’s insane. If you don’t know what you are investing in then its not investing, its gambling. There is no way you will possibly know what you are doing at that young of an age. Information is everywhere and knowledge is almost nowhere.
5) Spending too much time at college. If you believe you have to go to college then get in and get out. You could cut your college bill in 1/2 by getting it done in half the time. This would save the average college student $46,000 and have you earning money twice as fast as most of the chumps you go to class with.
All millennials should be coming to 10X GrowthCon this March. It’s the biggest entrepreneurial business conference of all-time. Learn strategies and get ideas that are priceless from men and women responsible for over $10 billion in sales.