Shout out to all the millennials who are still surviving this tempting, deceiving, unfair, and competitive world!
Yeah, you heard us. In the current time we live in, everyone all over the world is striving to become successful and wealthy or at least earn a decent amount of cash for their monthly wages.
We all know this for sure that the big dollar sign in our heads never fails to show up every day of our lives. However, when the dollars do appear into our hands, we just tend to follow its lead (you know like shopping and stuff). In no time our money just waves goodbye.
Unlike the limited necessities back in the day, we now have tons of places, products and services to spend our money on and on top of that, most of us today have a stagnant income that doesn’t compensate with the accumulated debts like loans and an overwhelming bunch of other commitments to pay on a long-term basis.
So, do you think that we millennials are the worst in managing our finances? Well, no! In fact, this may seem like a rare occasion but there is a group of money-savvy millennials who could give us some pointers about the do's and don'ts of finances. Let’s check them out.
1. Save up your earnings for a future investment.
“Half of the income will be used to start my own F&B business in the future.” - Ahmad Akid
This young man seized an opportunity by making viral quirky videos on TikTok that led him to earn an income of up to RM10,000 per month. As a social media influencer, Ahmad Akid Zulkiflee manages his income accordingly to support his family and makes sure half of his income is saved to open up his dream F&B business in the future.
So, if you think you’ve walked down a different path, make the best of it by turning the current source of income into your dream come true.
2. No such thing as fast money.
“There is no magic trick here and there is no such thing as instant success or fast money or big breaks overnight.” - Christy Ng
Ahhhh! We bet some of you ladies are shrieking at those gorgeous shoes!!!
Christy Ng had a passion for shoe designing and like many successful entrepreneurs, they all had humble beginnings. She started making shoe designs that are accustomed to each pair of shoes in its own unique style. Now, with the spirit of ‘never giving up’, hard work and dedication over the years, she is able to establish her very own store that is very much on demand.
So, lesson learned. There’s no shortcut in making money and becoming a millionaire overnight.
3. Start your financial journey with a journal.
“I wasn’t using the journal to write down what I wanted, I was using the journal process to write down how to get what I want.” - Patrick Grove
This is one of the most successful businessmen of our time!
Being the chairman and co-founder of at least 5 businesses, Patrick Grove is never more meticulous with his finances. In his journey, he faced many failures but also learned to appreciate each one because it led him closer and closer to getting what he wants.
Patrick believes in writing down his goals in a journal not just about what he wants, but also the steps to take to get it. By having a finance journal, he is able to stay focused and be persistent in his way of investing and profiting money.
So, tip number three…start creating your financial entries.
4. Offer people something that is worth big bucks.
“If you want to get to such a big figure, especially if you’re just starting out, you need to have a product or service to go ahead and serve the people.” - Jack Bloomfield
Unlike other schoolboys who hangout after school, this guy spends all the time he gets in generating an income. For such a young lad, he seems to know a lot about e-commerce! This ambitious guy believes in a fair deal of give and take. Other than that, we could learn that setting a big figure to achieve is possible.
Have you ever wondered what is the best deal you can give people and still make a profit?
5. Money is more valuable when it is shared.
“Money and good donation is something that I do regularly no matter how busy my schedule gets.” - Tanya Mittal
OMG, she’s MISS ASIA 2018!
Well, here’s something more she does than to just look pretty. She is a SELF-MADE MILLIONAIRE entrepreneur who has set up her Handicraft Business at the age of 19.
Guys, she had zero investment in her business, but she became a millionaire in just 2 years. Isn’t that dope? A valuable act of love that she practices is that money is worth sharing to the less fortunate. At times, we can have soooooo much, loaded with cash and still feel like a total loser. If we want to add more value to our money, SHARE it.
6. Debt is not an option.
Source: Business Insider
“I saved 50% of every pay cheque I received through my various jobs so I could graduate college with a healthy nest egg” - Erin Lowry
Erin Lowry is known for her best-selling book Broke Millennial. Financial management has never been more important to her and her family. She says her success is owed in large part to the critical foundation her parents laid for her and how she learned to think about money. Erin Lowry’s parents only paid half of her college tuition fees so she would learn the value of money and how to generate them to pay the remaining fees. Guess what guys, she graduated debt-free.
Debt is always crouching at our doors so let us not make it an option unless you know it’s something you can get rid of as soon as possible.
7. Expand your network for multiple channels of income.
Source: The Steeple Times
“Those who insert themselves into as many channels as possible look set to capture the most value.” - Pete Cashmore
This is the CEO and founder of the top blog, Mashable! Having a net worth of $95 million today, at 19, Pete Cashmore was known to be famous for the news and gossip he brought to people about the entertainment world. He found his passion for sharing how web tools and social networks were transforming human interactions and reshaping cultures. Mashable came about and he was recognized as the Young Global Leader by The World Economic Forum.
Hey, if you have something worth the money, share it to a bigger audience.
So guys, there are many more aspiring millennials out there who are working towards becoming the best at financial management and here’s an obvious fact…they are just normal people like us who are just trying to make it in life. Let’s get hold of our finances and not let it hold us back.
Hey, there’s more money lessons than just the five above Catch more tips with Dennis, Livonia and Fahad Iman on this episode of What’s The Feed: To Loan Or Not To Loan.
Source: EasyUni, Press Reader, Forbes, The Star, Business Alligators, Breaking Tales, CNBC, Mashable, Lifehack, Youtube, Instagram, Tik Tok