can someone please help me on my plan to success..?

Question

I am 16 years old and now trying to figure out the best approach I can take on life to become successful and rich. I need people that are experienced in the business world to help me out with my plan though.
After I finish high school and move onto collegue I am going to get a job. I will be living with my parents during this time so I will be able to save most of my check. Most of my check I will be able to save so what should I do with the extra money? put it in a cd account? around how much money would I have to save to open a small business?

Answer 1

Great question, with a easy answer, that will change.
Education, save, invest. Don't invest all your $ in one place. One thing for fact is they have made any new ground in a long time. 401K's, aren't bad, market, can make and break you quick, so be careful there. Good luck, think smart, avoid unnecessary debt, and as long as a mortgage interest is tax deductible, have one.

Answer 2

Wow - you are really on the right track (tell your parents -- seriously -- that they have done an excellent job raising you!)

The plan to success is actually simple and you've already got the first part down -- live with far less than you can afford, and save as much as you can.

You should open a Roth IRA account and within that account you can but mutual funds, bonds, I think even CDs and I know also stocks. The Roth account has great tax advantages, so max this out -- I think you can do $4000 per year (maybe increased to $5 or $6k -- I think we max it at $333.month...)

Always be on the lookout for buying real estate too -- that is a more hands-on investment but in the long run you never lose there.

I have friends that have started businesses with $4000 and within the year were making $150,000 -- another friend started with $20,000 and made that money back within the first 6 months.

It will just depend on what you do -- you can start with any amount of money and it will grow if your idea and execution of a plan are solid.

Keep it up -- you have sound financial sense but just be sure you also are ALWAYS a person of integrity and that you don't get mixed up in stupid perr-pressure things b/c you are far too valuable iwth a great future to risk it all on a dumb mistake (drugs / sex / breaking the law....) and even with your dollars all lined up make sure you are also a nice, fair, honest, ethical and moral person because in the end that is what matters most. :)

Answer 3

You are on the right track. One thing though, saving is great, but to make real money, you will need to be the boss. Find a business you can start and watch it grow. Some ideas you can find on the site listed below. I'm sure you will succeed at whatever you decide to do.

ART OF MONEY GETTING
or,
Golden Rules for Making Money
by P. T. Barnum
1880
ART OF MONEY GETTING
1. DON'T MISTAKE YOUR VOCATION
2. SELECT THE RIGHT LOCATION
3. AVOID DEBT
4. PERSEVERE
5. WHATEVER YOU DO, DO IT WITH ALL YOUR MIGHT
6. DEPEND UPON YOUR OWN PERSONAL EXERTIONS
7. USE THE BEST TOOLS
8. DON'T GET ABOVE YOUR BUSINESS
9. LEARN SOMETHING USEFUL
10. LET HOPE PREDOMINATE BUT BE NOT TOO VISIONARY
11. DO NOT SCATTER YOUR POWERS
12. BE SYSTEMATIC
13. READ THE NEWSPAPERS
14. BEWARE OF "OUTSIDE OPERATIONS"
15. DON'T INDORSE WITHOUT SECURITY
16. ADVERTISE YOUR BUSINESS
17. BE POLITE AND KIND TO YOUR CUSTOMERS
18. BE CHARITABLE
19. DON'T BLAB
20. PRESERVE YOUR INTEGRITY

Answer 4

This all depends on the type of business you want to open. There are many different types of busineses out there, as you well know. Each requires different start up costs. You're very young, so you have plenty of time to plan out a wealthy life. Putting money aside in savings is always a good idea and a good start. Next, you need to determine what type of business you want to go into and do your research. A good resource for business information is www.entrepreneur.com. Check this out for ideas.

Answer 5

S C H O O L

You are young enough to stay in school and persue your ideas from there. You will get the best results, and most opportunities.

Put your extra cash into ideas you will develop in school. Dont spend on big crap, limit your funds to a small weekly amount (15% - 20% of weekly earnings).

Study the market, use your young mind to pick out hot items and see if theres stock for it . Invest small, and dont invest at all untill you have learned for months about he market.

Dont give your money to your parents or guardian. Dont tell anyone what money you have. Dont spend more than $800 on a car.

Answer 6

You can own your own business for $50/month, working with the #1 consumer-driven healthcare company in america. That includes a supply kit, health benefits, accidental death and disability insurance, e-commerce websites, and full training and support, as well as various other benefits. You can work from home, or in the public, or both. We have many young people who have become VERY succesful, including myself. My parents have 6 years experience in the biz, and it only took them 2 years to be earning over $100,000/year. Its not a scam that we are all so used to seeing, its real. We are at the forefront of the health industry, and saving millions of people a ton of money on their health costs. Its something you can feel really great about, and dont need any experience in. Go to www.deliveringonthepromise.com/ burke (no space before burke) To find out a little more. You can join when you are 18 and be well on your way to the life you want. You can also call me with any questions at 541-258-7148 I believe everyone deserves the chance to get what they want out of life, and I admire your ambition. Best of luck! and take care!
email and IM: [e-mail]
-Rachele Burke

Answer 7

Make a list of 101 things that you want to get or achieve...each time one is done cross it off and add another at the bottom of the list. You can't think about it...you have to write the list in 15 minutes or less time, whatever comes to your mind first. If your thinking about it, stop and try later. When you are all finished getting everything on your list you will be successful. Success is not money alone, but happiness.

Answer 8

You are a very admirable 16 year old and your parents should be very proud of you!
There is a book that you NEED to read called Secrets of the Millionaire Mind by T. Harv Eker. He explains all the principles to success and how to organize your investments.
This is a book that I think should be put in schools!
I wish I had read this book 30 years ago and put his ideas into action, but it's never too late!

Answer 9

Find where ur heart lies and at what activity u feel more excited. Invest your time and energy on it and then money when you master it. If u out ur money but not ur heart then u can't enjoy it and hence loss of ideas. Then u'll be the most successful

Answer 10

this article has all you need to know on small business ventures marketing and success