If the younger generation wants to get rich, they need to stop these four big mistakes.
Not a generation has no problem with money. But the sad truth is that the younger generation from 19 to 30 is having more financial difficulties than any other generation since the Great Depression.
We live in another world, with expensive things, rising student debts, and finding a job is a difficult thing. But that doesn’t mean we can’t get rich, ”said Grant Cardone, the famous American millionaire with three companies worth millions of dollars. He has written many books in the top selling of the New York Times.
If the younger generation wants to get rich, they need to stop the 4 silly mistakes they still make:
- Borrow credit for things that do not generate additional income
According to the Schwab report in 2019, young people are spending an average of 478 USD (about 11 million VND) per month for unnecessary items (such as eating, entertainment, luxury goods and vacations). This number is much higher than the 359 USD (8.3 million VND) compared to the expenditure of older people.
“One of my top money rules is that using only credit cards for transactions I know will help me earn more money. The cost of a class will help you learn more about something; or renting an office to run your company is also a smart choice. Buy an expensive motorcycle or shoe that will eventually wear out is a kind of unintended spending, ”said Grant Cardone.
- Compare the amount you have with others
Other people who have a lot of money or money don’t pay your bills, sponsor your retirement or help you live comfortably. Comparing your value to others is a mental trap.
Stop worrying about how financially behind (or ahead) of others is. Focus on your financial goals. Do not waste time. Sit down and calculate the numbers to get rich.
- “Virtual” spending
People you see on Instagram – with their extravagant dinners, parties, cars, designer clothes and vacations – are not necessarily rich people.Mistakes -They are most likely just virtual people with unrealistic spending. The extravagance they use can be purchased with their parents’ credit cards.
Virtual lifestyles on social networks are absolutely impossible to apply to real life, unless you are an influential social media player and it is your full-time job, helping you earn million thanks to virtual network.
- Looking for satisfaction instead of financial freedom
Satisfaction is the opposite of wealth. The whole middle class is primarily looking for comfort. They were satisfied with average income, two weeks of leave, health insurance and a house.
But the rich find more than comfort. They try to earn a lot of money because it gives them financial freedom and safer than they need. However, too many young people are now satisfied with their finances, so they do not want to set higher goals.
If you’re just looking for comfort, you’ll probably never gain financial freedom. Satisfaction with the present only gives you a middle-class life. Financial freedom gives you a rich life. Know how to choose wisely.