Mark Kohler explains how young earners and small-business owners can build wealth through frugal habits, setting aside money for taxes, and funding retirement accounts like IRAs and 401(k)s through an S-Corp structure.
I know sometimes you're living month to month. Keep living like a college student so you can live like a pro down the road. That's what the A listers are doing. They're taking their money and investing it. Start taking a good chunk of your money, set it for taxes, and then set aside a chunk and go, okay, I got to start funding an ira. As a small business owner, you can have your own 401k in your s Corp. Let's start funding retirement accounts. Let's start saving for the future. You're in an
amazing time right now to capitalize on the money you're making. Don't blow it. Save. Save it and invest it for the long haul. Have a long term mindset about this.
I know you think the money will never end. You're in your 20s and you're like, oh, I'm going to be a billionaire. I'm going to be the next guy on TED Talk. Sometimes that doesn't happen. This is your chance. You've got to set aside some money for the future. And it could be a game changer 10, 20 years from now.
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