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While searching the net, I came across an article of tips that fit perfectly for the FBENOW viewers. With some assistance from retireat21.com, here’s a quick rundown on how to keep your young money stable and affluent, especially with today’s economy:
1. Don’t Stretch Yourself Too Thin
Basically if it’s too hot, then don’t be afraid to get out of the kitchen. Don’t be afraid to take some time off if you’re feeling financially or mentally pressured by your business venture. Do whatever is needed to relax your mind and balance your responsibilities.
2. Do What You Love But…
“They say, if you love what you do, you will never work a day in your life,” says Susanto. Essentially meaning that if you go into business based on something you love (which you should) still make sure that it is something you can financially benefit from in the long run. The harder you work, the more money you’re bound to make. Be sure to find a “smart” way to balance the two.
3. Don’t Bite Off More Than You Can Chew
Being young can sometimes be the wrong instrument for “grand plans” and galaxy dreams, so make sure if you are beyond a simple innovator make sure your business plans are things you can follow through with. Don’t base your thoughts and actions on money alone. Find a median between tough life decisions and reality, most likely it will work out for the best.
4. Stay on the Right Side of the Law
Money makes the world go round’, right? Right, but to insure that you’re not spending your total earnings on legal fees make sure to brand your company. “Take the necessary steps, in your country, to register your business, submit necessary reports to financial authorities etc. Numerous, potential successes have been ruined by their ignorance or disregard of this fact,” says Susanto. The law is the law and its not worth throwing all your hard work and profit down the drain for things that could have been easily resolved.
5. Youth Is Your Advantage
As young people we have the ability to think above and beyond very easily. While others before us may be stuck in an isolated time capsule, we’re thinking up ways to reinvent old things and make them new. In essence, being young greatly works in your favor. “When you look at history, most of the biggest companies today started when there was nothing else like it. That’s why they were so successful, they beat the competition to it!When you discover the perfect niche on your own, the possibilities for growth, and advancement, are endless. Further, even when competition comes knocking, you will already have the experience that they don’t, and a solid customer base, whose trust you have earned,” says Susanto.
For more information about these tips or any other pertaining to your young money, check out retireat21.com.