Millennials - 5 Financial Tips to Live The American Dream | Mark J Kohler

Hi, Mark Kohler here and I've got some important financial tips for you millennials or someone you may know that's a millennial. Now, I want to give you five tips that I know are going to help you have more financial freedom, security, and better live your American dream. Now, I'm a CPA attorney, best selling author, radio show host, and a partner in a law firm and accounting firm, helping small business owners and thousands of millennials. Over the years, as we've been building our law firm and accounting firm, I do a weekly podcast, weekly newsletter, all to help small business owners. And again, I've got lots of followers that identify with the dreams and beliefs and mentality of the millennial generation. So let's get to it. I want to blow you away with five tips. First, financial tip. Keep living your dream. That's. And I'm not kidding, that's important. A lot of millennials are passionate. They're dreamers. They have big dreams of being an entrepreneur, starting their own.com, their own real estate empire. That's awesome. Don't lose that vision. It doesn't mean stop going to school or not having a job. But I want you to hang on to that dream and I want you to build a business plan, a business model. Maybe it's five years out, it's 10 years out, but it's an ideal scene. It's a mission statement. It's your own personal dream that you're going to write down and put in a journal, put it on a, post it on your mirror, put it in your planner, on your phone, anywhere. That will help you remember that you've got a vision and a dream and it will come to reality. As you write it down and grasp it, you can follow your dream and passion. I want you to write it down and start believing in it and continuing to dream about it. Number two tip. Now this is important because along with that dream and that passion, you've got to have stability. And that means continuing your education and keeping the day job for a while, at least for stability, maybe even keeping that day job as you build that small business in your basement or on the computer at night and you're building that dot com dream, that Internet marketing dream, the affiliate marketing, real estate, whatever it is, I want you to continue to build that dream while you have stability. That's one way to create a lot of financial stress in your life by quitting your job prematurely. Don't do it. Keep the day job, keep going to school, even part time at night, online, whatever it takes so that you get that degree which will open doors down the road, doors you may not even know you're going to bounce into. You've got to keep that stability while you continue to focus on that long term. Dream number three, Stay out of debt. Now there's good debt, productive debt. Buying a rental property, buying a home, going into college education. Debt within reason. But getting into credit card debt can be a nightmare. It can destroy your life. It can cause horrendous financial stress in your life and in your relationships. Don't do it. And if you're in debt now and you're trying to get out of debt, email me. My information is down below. I'll send you a debt snowball plan for free. Just a little video on how to set up a debt snowball and get out of debt faster than you dreamed up. Even if you're in credit card debt for 500 bucks, maybe 5,000, maybe 50,000. Whatever that credit card debt is, let's get out of it and let's stay out of debt and build some reserves so you can get back to that dream number four, this is a tip for all my millennials. Even my own son is living this dream and I'm so proud of him. And that is buying real estate. Even if you're an Internet marketer or.com joint venture affiliate marketer, what are you going to do with your profits? What's going to generate profit when there's a change in the Google Analytic program that you're relying on, the app that you've developed that goes obsolete? What's your plan? Do you have something to fall back on? I want you to start buying real estate as soon as possible. Affordable real estate, rental property. It may not even be in your town. Maybe you live in California, New York or Chicago. But buying a rental property sounds incomprehensible. But you could buy rentals in other states that you might visit. Maybe there's a cute little rental by your grandma's house. Buy rentals, continue to learn about real estate. Invest in a little reasonable real estate education. Get involved in a real estate community. I've got my links below again. Email me. Go Mark. Send me some real estate education information. We'll get you to the right place and it can be done affordably without putting a bunch of credit card debt into your mix when you're not ready for it. And number five, the next tip of these five, these are huge. Number five is to start saving immediately. Open a Roth ira. The sooner you do a Roth early in life, the more power this Roth IRA will have for you down the road. Now some of you are like, what's a Roth ira? It's an investment account that grows tax free and comes out tax free. You can even withdraw contributions that you put in if you need them, but you can't take out the earnings. There's a penalty for that and you don't want to pay that tax or penalty until you're older. You want to start saving now. This is where I love Dave Ramsey and some of his videos on YouTube of saving just even $1,000 a year and what that starts to look like down the road. It's incredible. Start making a goal now to save $100 a month, $50 a month, $500 a month. If you're making some money more, set up a Roth 401K. If you've got a small business, I love to help clients with that. But start saving immediately. Get into the habit of savings while you're getting out of debt and building that small business dream. Back to tip number one. In summary, don't think of the millennial categorization or label as a bad thing. I think it's an amazing thing. You have a unique skill set, unique dreams, and a unique ability to make those dreams happen. Where other generations, they didn't think that big, you can think big and that's okay. Now. I just recently published my fourth book, the Business Owner's Guide to Financial Freedom. This is another resource. It's on audiobook soon. It's already on Kindle. It's only been out a month. Get out and get a copy and start studying it too as part of your learning and growth. I've got a great podcast, I've got incredible YouTube videos, weekly newsletter. All that information is down below. Get engaged in it. Continue to learn incredible financial information that can build upon these five tips I've already given folks. Thank you so much. Give my YouTube channel like and please continue to live your American dream. Thanks so much for watching and if you found that helpful, please look in the description below. I've got links to my tax and legal library, my QuickBooks training videos, how to start a small business 50, 60, 70 videos, some as long as 30 minutes, explaining more information on tax and legal strategies that will change your life. Also, if you'd like to subscribe to my newsletter or check out my social media links, please click here. There are weekly free tips and strategies and articles that you'll find extremely helpful and I would appreciate it if you'd subscribe to my channel. I'VE got so many videos here. I produce every week on my YouTube channel, and I'd love to give you a ping every time I shoot a new video. Thanks so much. And keep living the American dream.