Investing begins today, and we have some fail-safe solutions that will help

WHERE & WHEN TO BEGIN BUILDING WEALTH

Suggestions for a New Generation

BY JAMES HOLDEN

If you’re reading this magazine by choice, there’s a distinct possibility you understand the values and mechanics of creating wealth. On the other hand, if this information accidentally fell into your hands because you’re impatiently waiting for an appointment—and the line ahead of you is unbearably long—the decision to catch up on old-fashioned reading could make a difference in your financial future, and will be a fantastic first-step on the road to wealth.

Watching TV commercials of ragsto-riches real estate experts hawking self-help books promising success beyond imagination, having your web searches interrupted by a cadre of ads telling you that you’ll end up eating dog food when you grow old if you don’t invest today, combined with the noise from those who care about you, but stress that you better save for your retirement—or else, is absolutely, unequivocally, and spoton wrong in helping someone achieve financial stability.

MY DISCLAIMER First things first, I’m not an expert or financial consultant, and this advice is free, so it has that same value. This article is in no way an attempt to advise readers to make any investment and is solely for entertainment. All suggestions are based on personal knowledge and are not a guarantee of similar results.

GETTING STARTED Two essential idioms I’ve learned and wish to share; saving your first $10,000 is a monumental task and will cause frustration every step of the way. Secondly, to make your first million dollars of assets, you need to start with $10,000. Without credibility and some level of seriousness, the road is difficult. By following the steps here, you will increase your efforts to reach your first $10K more quickly. Many who are starting a career— as I did—have student loans, extraordi

“I CAN BE BROKE WHILE YOUNG

AND PRETEND TO BE AFFLUENT,

ONLY TO BECOME DIRT POOR

WHEN I’M OLD, OR I CAN CHOOSE

TO BE FRUGAL WHILE I’M YOUNG—

VIEWED AS A GENIUS, DESTINED

TO ACCUMULATE UNIMAGINABLE

WEALTH SO THAT SOMEDAY I WILL

BE FINANCIALLY FREE.”

narily high living expenses, and credit card bills that cast a cloud on the horizon. To consider saving month after month might not appear to be a viable option, but unless you take the first step, you are destined for financial failure.

When creating an investment plan, three actions are necessary: (1) You must want to be rich because, without a burning desire to reach such a lofty goal, you will not succeed. (2) Make more money than you bring home today. If you don’t have a side-gig or second job, get one immediately. (3) Your expenses are too high—regardless of what you believe, and you must cut them down—its simple economics.

These recommendations may sound horrible at first, but busy people tend to spend less money. Plus, when you invest in yourself, your time and money take on a different value—respect for earned income is an essential component to understanding investing.

HERE IS A LIST TO HELP YOU: • Record every expense—it is a pain, but you need to know where your money is going and who is benefiting. Ask with each purchase, “Will spending money today aide to reaching my financial goals?” • Cut out all non-essential expenses from your daily routine. • Stop using credit cards and carry cash. • Eliminate eating out and stop eating sugar, fats, and wasteful calories. • Consider a change in lifestyle, because the one you’re leading isn’t working. • Surround yourself with successful people and LISTEN TO THEM! • Apply $50 or more to your credit card balance each month; this comes from the money you saved (see above). • Your student loan is a learning experience—and an expensive one— so never forget it; every month, when you pay that bill, think about the knowledge you gained and how it will help you going forward.

Now you have a roadmap, here’s more to think about the next time you splurge; “I can be broke while young and pretend to be affluent, only to become dirt poor when I’m old, or I can choose to be frugal while I’m young—viewed as a genius, destined to accumulate unimaginable wealth so that someday I will be financially free.”

IF YOU’VE GOTTEN THIS FAR, HERE ARE SOME OTHER STEPS YOU’LL NEED TO TAKE A. Save your change, sell your junk on eBay, scrape up every penny you can, and invest in an ETF (Exchange-traded fund), which follows an index. Research Vanguard, Fidelity, or T Rowe Price; all have excellent opportunities for new investors. Once you open an account, make it a bill you pay each month. Religiously, pay yourself whatever you can: $5, $10, $20, or $50 monthly— just don’t miss a month. Have a directdistribution go into your new account and let it grow over the years to many hundreds of thousands of dollars. B. There are apps available (Acorns, Qoins) that round your expenses up