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Home › Articles › Investing › From Broke Grad to Multimillionaire

From Broke Grad to Multimillionaire

9 Ways to Get There Faster

An Excerpt from Automatic Wealth for Grads ... and Anyone Else Just Starting Out

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Graduation is here FINALLY and mixed in with your cap-tossing elation is a healthy dose of fear. It's all up to YOU now. How will you support yourself in an uncertain, ever-more-expensive world? Your financial anxiety is understandable. We ALL share it. But while you may feel overwhelmed, Michael Masterson, author of Automatic Wealth for Grads ... and Anyone Else Just Starting Out (Wiley, 2006), reminds you that your age actually gives you an economic advantage over the rest of us.

"Most young people simply have no concept of how simple it is to build wealth," Masterson says. "I didn't say easy, because hard work and self-discipline are required, but simple. Any reasonably intelligent person with a fairly ordinary career trajectory can do it. But now is the time to get started with every year that passes, your window of opportunity closes a little more."

Here are some practical, proven steps you can take to start building wealth while you're young from Automatic Wealth for Grads ... and Anyone Else Just Starting Out:

Pick a Great Career
Frequently changing jobs when you are first starting out will only set you back in your goal to achieve wealth. "Instead of focusing on businesses or products that you like to use, focus on activities that you like to do," Masterson says. Are you a talker? A thinker? Do you like to write? When comparing one sort of job to the next, look at specific positions and find out what kinds of activities comprise most of the time spent.
Start Saving the Minute you Graduate
Your college days are over. No more spending every last penny on dining out and drinking with friends at your favorite bar. Even if you just started working and feel overwhelmed by the college loans you have to pay back, you must start your saving program today. The reason you want to start saving now, even if your income is small, is that you want to create the habit of saving. "When saving becomes habitual, it becomes easier," Masterson says. "And anything that you can do easily, you'll do better, more often and over a longer term." The result, over time, will be significant compounding wealth.
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