Wouldn’t it be nice to be a billionaire by the time you graduate? Yes, have billions of dollars floating in the bank to do with what you please. Well, Hercampus-Howard University decided to turn this fantasy into a reality and tell you exactly how to do it. We sat down with Howard University’s dubbed “baby billionaire,” Ionnie McNeill, and asked her how exactly an ordinary collegiette could do this. One has to start, she says, to maximize life by maximizing resources.
While in elementary school, McNeill started learning how to analyze stocks and in high school she got a part-time job so that she could invest for her retirement and first home purchase. “A little bit of action goes a long way,” McNeill states, “and many people have become millionaires without a finance degree or understanding the entire worldwide economy.” By acting on what they did know, they maximized their time and reaped the benefits of compounded interest in the process.
Five tips to become a young billionaire:
a. Invest in Yourself…before you pay anyone else
· Purchase at least one share of stock in your favorite company before graduating
· Book, “The Richest Man in Babylon” by George S. Clason
b. Have Specific Financial Goals
· Know exactly how much money you want, by a certain date and what you specifically intend to give in exchange for the money (i.e. Action Plan)
· Book, “Think and Grow Rich” by Napoleon Hill
c. Read one financial book a year
· The first one being, “The Automatic Millionaire” by David Bach
d. Only Spend Money that You Have…and really, spend less than that
· Book, “The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life” by Natalie P. McNeal
e. Appreciate Money as a Tool, while Remembering Your Quality of Life is much more important
f. The most important factor in becoming a Baby Billionaire is mindset. You must first believe that you can have a good relationship with money and that you deserve to be wealthy. Once this belief system is established, it will be very easy to learn how money works.
g. The next step would be to join/start an investment club and become a member of Better Investing. Access to this organization will comfortably introduce you to the world of investing and teach you the time-proven, successful fundamentals you need to make money investing.
h. Lastly, applaud yourself with each step of improvement that you make. It is a great motivator for continued success.
Advice for young women in regards to money:
a. Make Your Money Work for You!
· Your time is too valuable to be wasted on a job you hate just to make money.
b. Your Money is Your Power
· Understand how much power your spending habits give to other people, especially institutions. Your money is your voice and your vote, not just a ballot. So empower yourself by shopping at companies and establishments that support you and your well-being.
c. Diversify your Income Streams
· “Don’t put all your eggs in one basket” is an old adage about diversifying your risks. This spans from having multiple streams of income, to having multiple investment vehicles (stocks, mutual funds, 401K/403B, savings/checking account)
d. Protect yourself by Building your own Financial Future
· Make a way for yourself is the most assuring way to live. So that no matter what happens, you will be independently wealthy and financially secure.