Wealth Building Tips for College Students

The average age of millionaires around the world is slowly declining. As the Internet community blossoms, millionaires are becoming younger and younger. This trend only goes to show that wealth doesn’t recognize age. Too many people start the process too late with the belief that one can only acquire wealth after a certain age. But you don’t have to be old or experienced to become a millionaire these days. The process of wealth building can start at any age. All you need is a financial lesson or two to get you started. So here are some great financial tips for the college student who wants to jumpstart his journey towards financial freedom.

1. Save Before You Spend
A common mistake college students and even average adults make is to come up with a monthly budget and save whatever money is left. Unfortunately, having money at hand is often too tempting. It’s quite common for people to go over their projected expenses. One financial lesson you should learn early is to save first. Decide how much of your source of income or allowance you want to save and deposit it in a bank first. Then, make do with the remaining money. You’ll be surprised how well you can adjust your lifestyle with limited resources. A key aspect in wealth building is saving. This method ensures that you are always able to put away a little bit of savings.

2. Party Moderately
College students love to party, but unfortunately partying takes a major toll on your finances. The problem with college parties is that you’re often going to be in a high-energy situation where alcohol is readily available. After a few bottles, you’re going to feel very generous with your money. You might be even tempted to gamble a bit, or buy drinks for all your friends. Don’t party too hard. This is one financial lesson you don’t want to learn the hard way. Wealth building requires control. If you’re in the habit of losing control, then your path to financial freedom might take longer than you’d want.

3. Get a Job
Many college students have an allowance. But even if you do, don’t let your allowance be your primary source of money. Getting a part-time job will teach you a lot about the value of money. Most people don’t respect money until they have to work to earn it. Getting a job will teach you a valuable financial lesson – wealth building requires hard work. A job will develop your work ethic and discipline.

4. Time is Money
There are so many ways to waste your time in college. You can go out with friends, hang out at the frat house, play pool, play video games, chase after girls, get drunk, and party. Here’s a financial lesson for you, “Every minute you spend on frivolity, is a minute you don’t spend on wealth building.” Who a person becomes is determined by what he does during his free time. If all you do in your free time is get drunk, they all you’ll be looking forward to is a hangover.

5. Don’t Join the Popularity Contest
Some college students still handle themselves like high school students. They care about image, appearance, and popularity. Unfortunately, image, appearance, and popularity cost money. College students spend a fortune on signature clothing, fancy cars and jewelry. One financial lesson you have to learn early is that there is a big difference between looking wealthy and being wealthy. In the process of wealth building, you have to be prudent with your money. You can splurge on luxuries that provide no return for investment. Use your money to acquire assets, not liabilities.

College is not just there to teach you academic lessons. It is meant to teach you life lessons as well. It is meant to build your character and help you transition into adulthood. The wealth building process is a process for mature individuals. A college environment is the perfect environment to simulate what goes on in real life. You can find a financial lesson in almost any college situation. You’re going to make a few mistakes now and then, but that’s fine. That’s part of the learning process. The key is to remember your mistakes and learn from them.

Wealth Building – True Secrets of the Wealthy Mentors

Wealth building is still a mystery to many. This is the age where money is plentiful but wealth is frustratingly elusive to most. But there is an elite group of the very wealthy who have found their secrets to success. These are the secrets of wealth building that elude the vast majority of people. It is my testimonial that the fastest and most lasting wealth is learning from great mentors. In this article, I will reveal where you can find them and it will surprise you to find out who they may be.

Let us discuss a little about what wealth is. It causes much confusion and angst when wealth is mistaken for what it is not. Money is not wealth it is a part of wealth. There are many things in life that describes wealth. Just ask a child or an aged person what wealth means to them. You will get surprisingly similar answers. You might get an answer like a great family, friends, comfort, respect, dignity, a toy, good food, and sometimes money. So as long as we understand what wealth truly means, we can move on to the main topic.

This is my story. This is a story as much about my personal development as it is about being able to learn and build great fortunes over and over again. Yes, it is about your finances as much as having a great family. You see I grew up on a farm, but one day, as a young man in my late teens and living through one of the worst periods of my life, I stumbled across four of the wealthiest men I had ever known. As fate would have it, they became my mentors. But truth be told, it was they who maneuvered me into their world of high flyers and jet-setters. I had to learn the hard way. It was certainly no free ride.

Now, I can most assuredly tell you that growing up a country boy and being thrown into the world of high finance and international business is about as much a culture shock as jumping into a stormy sea without learning to swim. It was terrifying at first. It was sink or swim. And without the strong helping hands and guidance of my mentors I would most certainly have been shark food.

So, who were my mentors? I had already mentioned these four business men. The main reason they had decided to hire and mentor me was because of my demeanor; my upbringing. They wanted to know how it was that I had learned all those social skills and the ancient ways of culture. I then realized there were actually more mentors in my life. They were the true mentors that teach you the life skills that become incredibly important as you journey thorough life. These business mentors actually valued what I had already learned as treasures of mankind.

My early mentors then were in my life situation, my maternal grandmother who was essentially my mother and my paternal grandfather who played the role of father to me. Grandmother taught me to give aid to people to help them get on their feet. She would never allow a child to go hungry; even the lost children that lived on the streets in the days of my childhood. Grandfather taught me the importance of building the family. The family is a great part of your wealth building foundation. He made sure I was introduced to the skills of working well in any situation. He gave me the knowledge of the ancient world; the old texts and philosophies of building wealth.

Are these people my only mentors? Let me explain. They were the most impacting in my life because they were the ones that guided me in my formative years; first as I grew up and then as I was a total neophyte of international business. Together, they formed my foundations to greater things in life.

I appreciate your reading to this point. Therefore I shall offer you the same advice my early mentors gave me. In fact, in one voice, the common pieces of advice they drummed into me were:

1) value what others try to teach you (be humble, even a child can teach you),

2) a teacher will always appear as one is ready to learn (i.e. always be ready to learn something productive),

3) ask to learn about something from knowledgeable people and offer something of equal or greater value in return (not necessarily money, it may be a service or a piece of expertise),

4) do these things over and over again throughout your life (remember the lifelong learning).

Now that I have identified what you must do to find your mentors, let us journey on and find your mentors. After all, that was the promise. But before I do, let us reiterate the importance of having mentors in your life for your ultimate success in life. Remember, mentors are people who have already gained wisdom in that part of life in which you do not already have. And that may be anyone, even a child.

Here are where you can find your mentors, and who they may be:

1) parental figures (parents, grandparents, relatives, etc.),

2) a person or people whose career or expertise you have a strong interest in (a banker, a business person, a doctor, a fisherman, a jeweler, etc.),

3) these days, you can even hire one and there are many great ones available (very commonly these mentors have a following of people, or content that is of very special interest to you, in fact, often you can actually make more money using the system or principles that you learn),

4) accept an apprenticeship if ever a person you greatly admire offers it to you (make very sure it is a win-win situation for both, be fully respectable),

5) do the above all over again in any part of the world or any part of your life that you wish to strengthen or even to renew.

If you have noticed, I have not named anybody simply because the mentor for you is someone that may mean little to another person. Remember the teacher appearing when the student is ready?

Now, it is your turn to do a lot of homework. I did my mentor search for my wealth building as though my life depended on it. How much does your life mean to you? Often, many people ask if it is all worthwhile as they have to commit to a life that is no longer like the one they now live. This is absolutely true. You will change your life and lifestyle sometimes almost completely. It all depends on the type of life you wish to have.

As for myself, I much prefer to live the live of holidays, beautiful homes, less worry, great interesting people, enjoy great health, a smiling child, and even giving a hand to a needy soul without starving myself. I have been in abject poverty, homeless, starving, so ill death was preferable, my crying child, and starving when saving fellow human being.

Yes, being the jet-setter and flying high is much more preferable to being stuck in the quagmire of despair. Which kind of life would you rather have?

1) The life of a mentored and successful financial genius.

2) The life of a lost soul on the planet.

3) Or your own life right now?

My choice is clear. It is my hope that you will find yours.