Codie Sanchez breaks down how young people actually build wealth: develop a skill, control spending, understand compound time, and concentrate your efforts to get rich before diversifying to keep it. Start saving early. Wealth accrues slowly.
What do you tell a young person today if they want to make money?
The first is focus. Find something you're good at. People say to follow your passion. I think that's bullshit. Anyone who tells you to follow your passion is already rich.
And forgive yourself if it doesn't involve college, because two thirds of kids don't end up in college. Second thing is, I call it stoicism. But the one thing that's in your control is spending. If you're young, you got to figure out that savings muscle and it's getting reward from other.
Things, getting reward.
From fitness, from friends. Nice thing about being young is you don't need as much money to have fun. Third is time. For the majority of our time on this planet, we haven't.
Lived past 35.
So young people just cannot imagine they're going to live to be 100. And then the final thing where I.
Really screwed up was the.
Power of diversification. The way you get rich is probably through a little bit of concentration, but the way you stay somewhat rich is through diversification. And you don't need to be a billionaire. Just start saving some money. I can get you rich. That's the good news. The bad news is the answer is slowly.
