“The rich buy assets.The poor only have expenses.The middle class buy liabilities thinking they are assets.” Robert Kiyosaki
Entrepreneurial teens have a good taste in life,but here are some of the things they constantly do not follow blindly and make the least of investment in:
– Follow the latest fashion trend in clothes,shoes and hairstyles.
– They do not invest in the latest electrical gadgets.
– Holidays and touring are some of the fun they love,but postpone till they start making some real profits.
They invest quality time and money in themselves by acquiring knowledge.
I have seen children as young as 5 years old with amazing entrepreneurial spirits.One such child received a bike for his ninth birthday.He started renting out the bike to his friends and in no time had enough money to buy a second one,after his parents matched what he had managed to save from the rental.
Some other interesting teens with great entrepreneurial skills are stories I have heard from the audiotapes from the Rich Dad Success Stories from Robert Kiyosaki.Investing in this audio will greatly enlighten you tremendously.
Another kid learnt the craft of candle making began making candles for family and friends,then finally got a contract making and supplying candles to one restaurant which led to two and eventually had to supply 10 outlets within 18 months. Incredible what one simple idea can turn out to be.
A teenage girl started building websites on “MySpace” for family and friends and she is now a millionaire at the age of 18. She said “two years ago I borrowed $8 from my mum to buy a domain name for my site and today I have employed my mum and friends in my business.
I have also purchased a house a tangible asset,which I will be selling in a few years time at a profit.She could have easily used that same $8 to fix her nails or for something else which would not have made her,her millions today.This mere 8 dollars has multiplied to a million.
Even as a teen who is probably not working,I know you have had a chance to have more than $8 or whatever currency you use in your country,but what did you use it for?Did you use it for something worthwhile or wasted it? Now that you are aware that a small amount of money can be turned to millions with the right skill set,take extra care on how you spend your money next time.It does not matter what the amount is.What really matters is what you do with it.
What amazed me the most was when she said during an interview that she was not driving yet.It dawned on me straight away that this teenage girl really understood the difference between a liability and an asset.I think she has realised that a car will constantly be taking money out of her pocket instead of adding to her.
Normally girls around her age pride themselves in the make and models of cars they drive.This girl in spite of her millions has decided to be wise and buy assets rather than things that will constantly drain her money.I am sure she will definitely buy a car when it becomes a real necessity for her,but she is currently happy to travel on public transport and enjoy lifts from families and friends if need be.
Learn from her.Be the next teen millionaire.
by Laura Lyseight