Advice for the younger crowds.

[Ghettoman]

Hey, i'm a college student and i've been reading books such as rich dad, and blogs on this site. I love the ideas i have read about, but I feel i can't do some of the thing i read because of my age. Plus, i'm you normal broke college student, and my credit is the greatest out there.
So what advice do you give a college students or others in situations like mine?

[Angela]

Welcome, Ghettoman! What would you like to do that your age or bank account stops you from doing?

[silicon toad2000]

get some ideas and find something you love

[Dan.Linehan]

Don't get in debt. At all. Ever.

[silicon toad2000]

I have to disagree Dan.
Debt costs money, but if the return you are going to get from the funds you have borrowed is good enough, sometimes debt is very worthwhile, just be sure to do your sums thoroughly and conservatively.

[Ghettoman]

Well i was thinking of open a franchise in this part of town i'm in. But i hope to open my own breed or resturant one day. I'm also interested in both the stock market and real estate. All these things require a good amount of money, i would think, beside the stock market (which i don't know much about).

[Power]

"Rich dad and poor day" is a good starting point and then read "The richest man in babylon" By George S. Clason.

Apparently, in my personal honest opinion, Rich dad Poor Dad is a propaganda to push MLM business which Mr.Kiyosaki gets some of his cut (which is none of my concern how much he gets but by deceiving is a different story). Nevertheless, the underlying fundamental teachings are true. Just Remember that "Quadrant B" in my personal honest opinion should remain as 'big business' and not 'MLM business'. I personally think you can do better starting a website on your own than MLM business' stupid regulations and restrictions. The monthly payment would be better spent on your College debt, credit card debt, Superannuation or a course in Investing (Forex, Options, Shares, CFDs, Real Estate).

I agree with the rest here and don't get into Debt,... credit card debt. Silicon is talking about good debt in terms of investing in properties or maybe shares.

Here is a solid plan:
1.Finish your Degree and then get a stable job.
2.Once you got a stable job, work on your goals part time.
3.Slowly build your goals so that one day it is making you money even while you are asleep. At that point you can walk away from your day job and pursue the other things in life you want to pursue.

Caution: A big mistake is to start your dreams and have no foundation to support yourself. Trust me on this one, I learned the hard way. You see, you cannot pursue your dreams and goals if your basic lifestyle are not being taken care of. You need to eat and pay bills. You cannot grow your dreams, whether property investing, forex trading, website owner, small business, etc... without any money. 90% of the time, it takes money to create money.

You will make it faster if you find a high paying job first and then slowly work part time on your dreams to make it big. Have the discipline to follow this strictly and work on it daily and you will be a millionaire in 8-12 years (I'm assuming you get an average paying job in this instance). On the other hand, if you get a really high paying job and be disciplined, you will be a millionaire in 5-7 years.

This my friend,... this is a "non-sugar-coated" advice of becoming financially free.

[Ghettoman]

Well, i figured that i should start to build me financial independence now, while my cost of living is low (taken care of by scholorships). So i could have a little bit of passive income coming in after i get done with school, to make things a little easier for me. How do you get paid for making a website? Just becuase people visit it daily?

[CStrunk]

Try to take advantage of everything that DOESN'T cost money before you go out and blow it all.

[Ghettoman]

Originally Posted by CStrunk

Try to take advantage of everything that DOESN'T cost money before you go out and blow it all.

what would be some good examples of these free ventures?

[Buddy]

Well you could try to promote someone else's service or product via article marketing. That's what I still do. It's free and doesn't have the risk of pay per click.

[Jason S]

Ghettoman, learn to SELL. Forget RDPD. If you learn to sell, you'll have learned the key lessons to all the positive psychology / personal development books out there, plus you'll have made some coin along the way.

[nowpower]

Ghettoman,

As a college student, I started my first "business" attempt with my student loans and scholarships so if you have them, think about investing them or doing something that gives you greater return than letting it just sit in the bank. (i.e. if you have some left after the books and the tuition!)

Good luck!

[Power]

Originally Posted by Ghettoman

...How do you get paid for making a website? Just becuase people visit it daily?

* You sell advertisement on your site (Advertisement is one of the top 5 money makers of all time)
* You build a business
* Affiliate marketing/selling... which has better rules and regulations compared to MLM.
* Building customer list... unlike MLM where you go out and get downlines, having your own websites people come to you insearch for what you are offering and you can benefits re-occuringly just like MLM. Just like last night when I was asleep, 1 person on the other side of the planet visited my site and I made .20c... lol making money while your asleep is one of the best things in the world.
* You sell whatever you like service or product and profits are all yours.

There are heaps of ways to moneytise a website, do your research... some are kept secrets so you have to find out for yourself just don't create a site for your ego

[schola]

The first thing you should do is do SOMETHING. Take some kind of action toward your goals.

Start doing something. Any idea, just take the steps towards building a business around it. Even it it fails, you'll gain a ton of experience and you won't regret it.

I started building a blog without any real knowledge in that area, or what I was going to write about and I don't regret it at all. After I started my site, I gained the confidence to do more at college too, and I recently started a student org that I'm excited about.

It's very easy to get stuck in a state of indecision, where you're not getting anything done.

You're posting your question here, so I think that's a good start!

[jdub]

you need to build up some experience. like tony was saying, you need to do something. I would recommend buying and selling on ebay. Obviously you want to buy low sell high, but it is worth a few small losses to learn. Ebay is great because you can learn so much about marketing from that site. Start by adding several similar items to your 'watch list'. After they all sell, compare the ones that got a high price with the ones that got a low price and see what the difference was. Once you figure out how to market and sell stuff, start selling off all the crap sitting around your house to make a little extra money. Once you get really good you can either buy wholesale or find great deals online and resell on ebay to make good money.

[oberlee]

Try affiliate marketing. I have a very passive income from only one product I sell, but still, it's gotten me 500-600 dollars in the past year from doing virtually NOTHING. It's a gaming guide. I picked something that I actually use and love, so that I could feel honest about selling it.

Stocks, maybe? I want to get into that myself. You can start really, really small.

[WRX AJT]

I'm a college student too! The first thing I realized from listening to Rich Dad Poor Dad, was to PAY YOURSELF FIRST! Every single check I get I always put in $100 to my savings and $50 to my debit. Ever since I was 15 I've done that and it's help out alot. Since I currently do not have a job, I've become broke for the first time in 5ish years and have had to ask my parents for gas money. By asking my parents for gas money I've started to kind of feel miserable. Not in a bad way, but it is motivation for me to find a job...which I recently did! Going to be working for a Toyota dealership! w00t! Me + Cars = AMAZING! Hahaha

Just keep the idea of paying yourself first...