The 13 Principles of Wealth That Young Teenagers Need to Know For Life

January 03, 2019

A career is not a wealth creation strategy. Nor is it a risk mitigation strategy.
Spend less than you earn - especially when you are young. Savings are capital that can then be put to work - and saving only gets harder as you get older.
Be someone who adds value to others (not a rent seeker). As Zig Ziglar said: “You can get everything in life you want if you will just help enough other people get what they want”.
The only mathematics you REALLY need to understand is the maths of compound interest.
A big problem is always (and only) getting paid for your time. Owning a business is how not to just be paid for your time - and there has never been a better time in history to own and run a business.
The goal of investment and building wealth is cash flow producing assets.
Don’t bet the farm. Ever.
The price you pay determines the return you get.
Market cycles matter because they have the biggest impact on the price you pay.
A good business sells something unique (and if you are selling a commodity expect a tough slog).
Debt of any sort should only be considered over the age of 40 (and then only for appreciating assets).
Time investing covers a multitude of investing mistakes.
Don’t live in the future but enjoy today - most of the best things in life are free.

Hi. I'm Nigel Gordon and here are my musings on business, investing, startups and growth. Follow me on Twitter