8 MONEY TIP FOR TEENAGERS TO BECOME MILLIONAIRE BY IMAN GADZHI

 8 Money tips for teenagers.

Iman Gadzhi is the founder of several businesses, including "AgenciFlow", which is a leading software company in the market.

Another one of his companies, "Gents Croquet Club" is currently among the best-performing NFT projects in the world. The multi-millionaire is a passionate supporter of education for all and runs his own YouTube channel which is dedicated for educational content like money making and self-improvement.

Gadzhi began managing and producing content for various clients at 17, which increased his monthly net income to over $750k in revenue for the year. After nearly 2.5 years of hard work, he finally reached $100k monthly in revenue. He continued pushing and expanded his agency in 2019. Gadzhi is globally renowned for self-funding five schools in Nepal, a project that has positively impacted over 2500 children.

He posted a video in 2022 named, "8 money tips for teenagers to become millionaires". I'm posting his amazing knowledgeable video her and I will then summaries all his points in simple words so that anyone can get the idea. The video is important because it has financial knowledge which is the most important factor for anyone to become wealthy.

Here is the summary of the video in simple words to understand investing and finances:

1. Split your income

The first step is to know how much money you will keep aside for investing. You need to determine the amount (in percent) of your income that you will keep aside and use it only for investing. 

What ever your income is, for example $100 a month, decide that you will keep 20% of this income every month for investing. It is the rule of paying yourself first.

Even if your income is small, just keep some of it for investing, even if it is 10%. What matters here is that you need to build a habit of investing some amount of money from your income.

You would think that what will happen by this small about. But remember that when your income will increase in future, your investment will increase too. Therefore, the returns will increase. That's what matters.

2. Put away the money

This step says that you need to find a way to put that money "away" from you. This is really really important and there is a reason for that.

If you don't put that money away from you, then you would feel like taking some of that for something else like buying a new PS5 or going to the party with friends.

You need to find a way so that you don't touch that money as you know that money is saved for investing not for spending.

No matter how tempted you become about something else you have to not touch that money. This also include training your mind to not touch that money and not get distracted.

3. Bank cards

Get a credit card as soon as you can and spend a little from it every month. They have many benefits like:

-Credit card companies will offer you rewards points when you make purchases with your card. This can be a great way for teenagers to earn money back on purchases they make with their own money!

-You can use your credit card anywhere there is an ATM machine or an Internet connection, so it's easy for them to use their card anywhere around town. This makes it easier for them to get cash when needed, as well as making purchasing items online much easier.

So, get a credit card and use it, because it is an investment.

4. Investment system

You did pay yourself by putting money out of your income in order to invest and then you didn't spend it on other things.

Now the next step is to build a infrastructure in order to invest. Go and create a brokerage account and then use applications like "Robinhood" or "Smallcase" that makes investing an easy task.

You can invest in stocks, crypto or NFTs by using these applications and they make it easy by providing portfolios of stocks and crypto in which you can start investing.

Set up your account on these types of platforms and then learn how to get your money from your bank account to your brokerage account.

Decide in which type you are going to invest your money. For example, if you decide to invest in stocks and NFTs, then go and learn how stock prices work and what determines the price of a NFT. Just learn about the basics, you don't have to become an expert.

5. Get more income

Now, in order to increase your investments, you need to increase your income. How can you do that?

You can start your business or become a freelancer or sell some products, start digital marketing or affiliate marketing. What you need to do is to build multiple streams of income so that you don't run out of money to invest. Remember, it is a long term game. You are building wealth.

Even if you are working on a job, start a side hustle. You get the idea. Build multiple streams of income. This will start compounding your income with time.

6. Live below your means

Start living like a poor. Live only on 10-15% of your income. If you start to spend money in order to look rich, then you are only one step away from going broke.

Live below your means. Stop spending your money on useless brands and start spending less. You will not have to do this your whole life but only a certain amount of time.

You need to start seeing the big picture. Have the vision in your mind and know that you want to build wealth and this is an important step to wealth. 

When you will mind your spending, you will be left with more money which can be used for investing, and improving your knowledge. Start small. This will make you wealthy, not that brands.

7. Increase the amount of investment

When you start to make more and more income every year, you should try to increase the amount (in percent) of money that you will invest.

So, grow your income and with that, start growing the amount of investment. This will increase the chances of great returns in the long run.

8. Give your liver from your portfolio

What you need to do in this final step is that - you need to start living off what your investment portfolio yields you.

Here is a secret of the riches. The true freedom is when your investment yields will pay for your life. What does this mean?

Suppose your investment portfolio is of $100000 (this is just an example), and it gives returns of 10% a year passively which is $10000 yearly, you have to live of this income. In simple language, pay for your life not by your income but by the returns coming from your investments.

Thank you so much for reading my article. I hope you learned something valuable today.

For enhancing your journey of self-improvement, check out my Blog and join the Only 1% Club.

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