–Hey Taylor – Weird question: Can I become rich? I’m not looking for the boring, optimistic answer of “anything is possible if you put your mind to it.” I’ve got a ton of debt, no college degree, and no inheritance to speak of. I feel like I’m destined to be poor. Am I wrong?

–Hey Shannon – I appreciate your honest question and I’m going to try my best to give an honest answer. In short, no, you’re not destined to be poor. I came from humble means and entered adulthood with lots of bad debt, and I was able to overcome those odds and make myself wealthy. It’s not going to be easy, and you definitely have to work harder than someone with generational wealth, but the opportunities are out there if you know how to seize the moment.

  1. Value your time. When rich people say, “Time is money,” they mean it. For others, it’s just a phrase they’ve heard in the movies. I made huge strides when I started putting more value on every hour of my day. When I wasn’t on the clock trying to earn money, I was listening to audiobooks to educate myself on how money worked. I made my time more valuable, and I believe that’s something that anyone can do. If you have a lot of debt and you’re living paycheck to paycheck, learning about interest rates might not seem like the thing that’s going to save you, but that knowledge will become power—which brings me to my next point.
  2. Learn the answers. Instead of shrugging when you encounter some financial quandary that doesn’t make sense, figure it out. If you’ve got a phone or a computer, the answers are at your fingertips. You can learn about investing, debt consolidation, real estate, and everything else that might help you improve your situation. People born into wealth learn money terminology at a younger age, while the rest of us have to study to catch up. It might not be easy, but it’s far from impossible. I’m not some sort of financial savant—I’m just a guy who got really interested in becoming wealthy and learned how to do it.
  3. Get disciplined. This is the hardest part to hear, especially because I don’t doubt you’re working hard to use your money wisely. The biggest difference between the haves and the have-nots is usually willpower. People with money will haggle and negotiate and barter and do whatever it takes to make sure they keep their money. In your situation, that means finding ways to cut back on spending until the debt is gone. It’s incredibly difficult at first but slowly becomes easier until eventually, you make the right decisions naturally. I guarantee it can be done.

You might be rolling your eyes right now, and I get it. This is a whole lot of easier-said-than-done talk. Still, it’s an honest answer. Some people have to work a lot harder than others to make money. If you’re willing to do the work, you can make it happen. Good luck, Shannon!

 

TAYLOR J KOVAR

 

CHIEF EXECUTIVE OFFICER

CERTIFIED FINANCIAL PLANNER™