How to Build Wealth as a Teenager

What you should be doing as a teenager to lay the foundation for accelerated wealth building as an adult.

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BUILD STRONG FINANCIAL HABITS
1. Focus on education
○ I would start by reading books, and a lot of them.
-Rich dad poor dad
-The richest man in Babylon
-Think and grow rich
-The miracle morning
-The compound effect
-How to win friends and influence people
2. Get a source of income
3. Build a budget/ Track your expenses
4. Start building credit history
5. Open a Roth IRA

So what you really need to do is research plenty of careers while your young.
1. Find the top 5 careers you think you'd like based on your research.
2. Once you have an idea of what you'd like to do try to get a internship with them.
-This will most likely be un-paid but as a teenager that doesn’t matter. You want to intern for someone successful in each field you are considering. Work for free and get real life experience to see if you actually like the career.
-If you end up deciding on a career path ask your self. Can I do this career with out going to college. The answer for a lot of career paths is yes! Some only require certifications or training and yet can earn the same or more money that going to college can.
-This will save you a lot of time and money by just being absolutely sure you need a college degree instead of just going to college because everyone else is.
3. Try a lot and don't be afraid to fail
-What ever you do, don't feel like you need to follow a strict path. The time to try things, earn no money, or fail and lose money is now!
-As you get older expense start to pile up. You get a car, need insurance, a place to live, get married, have kids, etc. And as your expenses increase and the people relying on you goes from just you to a family your tolerance for risk will go down.
-Starting a business when you have a wife an 2 kids is much more stressful than starting one now when if you fail most of you can move back in with your parents.

Finally as a real estate investor I highly recommend that when you turn 18 you buy a rental property preferably 2-4 units. At 18 you can have your parents co-sign and get an FHA or low down payment conventional loan and put 5% down or less on a property. If you buy a 200,000 dollar duplex that’s 10,000 dollars own plus another 5K for closing costs and reserves which means you need 15K.
Rent out one side to tenants and rent out individual bedrooms on your side and you will be profiting handsomely if you buy a good deal and living for free.

This is a massive step in the right direction as a young adult. You will me making some income, improving your credit with a loan, and increasing your net worth historically by 3% a year on the 200,000 dollar purchase price. Not including any forced value add that you achieved by doing a very light renovation or buying a great deal below market price.This is a great idea no matter what career you choose or if you decide to go to college.

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❎I am not a CPA, attorney, insurance, or financial adviser and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Reece MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Reece's videos. If you need ANY professional advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Reece Iovine. Any use of other media is by fair-use only. This is not an advertisement of property for sale and any mention of properties listed or sale or otherwise shall not be construed as anything other than an opinion for entertainment purposes only.