How to Make $50,000 to $75,000 a Year by 18
$50,000 - $75,000 by 18
$100,000 - $150,000 by 22
Everyone should have a passive and portfolio income of $50,000 to $75,000 a year by the time they reach 18 and $100,000 to $150,000 a year in passive and portfolio income by the time they reach 22. No, this isn't rich. But it is comfortable. Getting rich by 18 is possible, but not without exceptional skills and a whole lot of luck.
By the time you graduate high school your income should be at least $50,000 a year and by the time you get out of college 4 years later your income should be between $100,000 to $150,000 a year without you having to work for it.
That you do not is not your fault.
The lack of providing financial education - the education that will provide you the knowledge to acquire those assets to generate an income of $50,000 to $75,000 by the time you get out of high school - is essentially the responsibility of our culture.
It is not our parents fault nor is it the "fault" of our educational system. It is primarily the "fault" of our society.
Because this education is unknown to our parents and it is not taught in our schools it is the responsibility of each individual to acquire this information themselves.
Fortunately at this time in our history, this information is readily available to the masses - perhaps for the first time. Books such as the "Rich Dad, Poor Dad" series by Robert Kiyosaki, "Multiple Streams of Income" by Robert Allen, "The 9 Steps to Financial Freedom" by Suze Orman and "The Automatic Millionaire" series by David Bach all explore and explain the details of this information.
Working for a living, and by this I mean going to work at a job and getting a paycheck once a week or every two weeks, is a relatively new concept. It's only been around for the last 150 years or so or commensurate with (and as a result of) the beginning of the industrial revolution.
Prior to the industrial revolution, only serfs or slaves worked for someone else. Everyone else was self-employed. And that had been the case for thousands of years of human history.
This is the path we need to return to today. Many people feel they cannot master the details or intricacies or stress involved with owning and running a business. Others feel that owning a business is somehow taking advantage of people. For all these people, they are probably right. The alternative for both groups is to be self-employed.
Essentially, this is what the rich and super-rich in our society are doing and have always done. No one can know everything they need to know to run a multibillion dollar business. Very few could even know all they would need to know to run the laundromat down the street. What the rich and the super-rich do is hire people who know what they do not.
This then leaves the owners of business free to focus on the skills they know best and love doing. They leverage time and resources to accomplish the feats they achieve. No one can be a success alone. All success requires teamwork, from the marathon runner to the star pitcher of a MLB team.
The greatest successes in history did not do it alone. They all had teams of successful people behind them, supporting their efforts, involved with the details they did not understand, could not master or simply had no time to focus on. Leverage your skills to achieve success. Focus on those things you do well leaving those things you do not do well or have no time to do to others.
The book "The E-Myth Revisited" by Michael Gerber is an excellent source of what to do if you own or are thinking about owning a small business. This book will help you understand why 80% of new businesses fail within 5 years and 90% fail within 10. "The E-Myth Revisited" shows us why being self-employed and owning a small busines often becomes worse than a job and working for someone else. Don't make the mistakes most people do when starting or going into business for themselves. Get this book and avoid them.
So. How do you get rich by 18?
The simple answer is that you don't, not without hard work, extraordinary skills, exceptional courage and luck being your close companion.
That leaves me out and probably you too. So what can you and I do?
You can still acquire an income of $50,000 to $75,000 a year without working for it, at least in the sense of going to work at a job and receiving a paycheck. You will still be working, perhaps harder (more hours) than you would for someone else, but you'll be working for yourself.
Working for yourself will provide you with more satisfaction, greater confidence, more prosperity and greater happiness than working for some job.
Not having an income of $50,000 to $75,000 by the time you're 18 or $100,000 to $150,000 by the time you're 22 is not your fault. It is simply because no one told you how.
If you read all the books I have mentioned, you will have a good head start. There will still be a lot to learn, much of it from "on the job training" - the mistakes you will inevitably make, but eventually if you keep at it you will get it.
Those books are a good first step. Next is to discover your passion in life and begin doing it. Even if it leads you away from learning about financial education. As you begin this path, implement the 4 Way Test.
The 4 Way Test was developed by Herbert Taylor in 1932 and is now a credo of Rotary International. The test is this:
1. Is it the truth?
2. Is it fair to all concerned?
3. Will it build goodwill and better friendships?
4. Will it be beneficial to all concerned?
Living the 4 Way Test will bless you spiritually, emotionally and materially. The world is in dire straits now, perhaps more so than ever in history. Living the 4 Way Test, implementing it in our lives, in our homes, in business and in politics can set things on the path to a better world. Not implementing the 4 Way Test will condemn us to more of what we see going on all around us. If you have a better way of implementing ethics and morality into your everyday affairs, do it, if not, use the 4 Way Test.
Most of the successful people I have researched and interviewed started their first business at around the age of 9. If you are not one of these, don't worry. It's never to late to begin. But a start at 9 will amass the assets you need to achieve an income of $50,000 to $75,000 9 years later - with the proper education, financial knowledge and mastery of the necessary principles.
Learning these principles will enable you to go to college and acquire additional assets to achieve an income of $100,000 to $150,000 in another 4 years. This is not an impossible dream. It is possible - for everyone.
Sports. What about sports? Or dance? Or art? There is no excuse for not acquiring the proper financial education for only this will free you from the tyranny of work or financial enslavery. However, if sports, dance or some other field is your passion in life, do it. Let the financial education come later.
Fulfilling your passion in life is the only true way to be happy in life. The money will come by following that path. But then, as the money begins to roll in, we need to initiate our financial education in order to hold onto and protect the wealth we have.
America is the most litigious society in the world, and will only get worse. Financial education will enable us to protect our financial assets, minimize our taxes and ensure us an income when we are no longer able to pursue our passion. Financial education will protect us from losing all that we have gained when just one lawsuit can take it all away.
It will require 8 to 10 years of work after you begin this path for you to achieve an income of $50,000 to $75,000 a year in passive and portfolio investments. And that assumes that you're about average and acquire the financial education and master the necessary principles to do so. It will require another 4 to 5 years to reach $100,000 to $150,000 in annual passive and portfolio income. But it is possible. You can do it.
Rich at 18 may be an impossible dream. But never having to work again at 18 is not, if you begin soon enough. Be bold, live your dream, follow your passion and learn the financial education you need to be free from work, and to retain the income that makes living your dreams possible.
http://how2getrich.bravehost.com/rich18.html
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Perry Jones is a successful entrepreneur and work from home advocate. He has several websites including How To Get Rich - http://how2getrich.bravehost.com, Millionaire Books - http://millionairebooks.1afm.com and others.
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