Paradigm Shift…For Young Adults

As young adults, we know the importance of having multiple strings of income.  In fact, a lot of us held part-time jobs while pursuing our undergraduate degree or even have two jobs now while we are still young.  However, within this rat race of “getting money” are you realizing that the more you work, the less you have to show for it?  Well, if this is the case, then you are probably missing one very important aspect on your Road to Riches.

In the book, The Automatic Millionaire, David Bach, shares this story about an average couple who was able to retire at 52.  With the husband working as a middle manager at a local utility company and the wife working as a beautician, combined they were earning almost $54,000.  Now, I know you are saying, “That’s no money, I plan to earn that by myself after graduating in May,” because that’s what I said.  However, the interesting part was that they had no debt and no mortgage.  So, all of what they made, even though it may seem measly, went towards doing whatever they wanted to do.

The key to their success was that for every dollar they earned, they paid themselves first.  And not in the way that we may consider “treating ourselves,” where we spend money on a nice expensive bag or shoes.  Instead they invested the money that they made, and had it working for them.

Have you ever wondered why wealthy people never seem to be at work, it’s because they do the opposite of people who always need to work do.  Wealthy People have their Money work for them.  Other people think that the only way to get money is to work for it.  Just that simply change in thought process is what makes wealthy people wealthy and average people poor.

So, the next time you receive money from your part-time job, side hustle, or even refund check, remember to pay yourself first, before you pay all of your bills, debts, and expenses.  Set aside at least 10% in an account that you won’t touch (preferably a retirement account) and just let it grow.  Don’t count on using it or spending it.  Let it work for you.  You will be surprised in a year how much it has grown and how much you never even missed it.

About the Author

Ionnie McNeill is currently a professional speaker on youth investing and a student at Howard University in Washington, DC.  Beginning at age 7, Ionnie began learning how to invest and by age 10, already had a portfolio invested in stocks and bonds.  Since then she has traveled across the nation, making stops in New York, Philadelphia, Chicago, and Atlanta educating youth (and adults) on the importance and benefits of investing early.  Featured in magazines such as Black Enterprise, Seventeen Magazine, and Essence, Ionnie is continuing to inspire others with what she is doing as The Baby Billionaire.  Recently, she was a key panelist at the ESSENCE Women’s and Young Women’s Leadership Conference in November 2010 and 2008.

In high school, Ionnie was awarded 1^st place in the Guardian’s Girls Going Places Entrepreneurship Award Program, where she competed against 3,000 girls nationwide. Now, she is focusing her efforts on building and expanding The Baby Billionaire Youth Investing Conference, in partnership with Better Investing, which is the premiere organization for investment education.

For more information please visit: www.thebabybillionaire.com