Are you tight on your pockets? Or are you tired of asking for pocket money from your parents? Then you are at the right place.
When you turn 18 you face a lot of new challenges, the most difficult of which is financial independence. There are a lot of reasons for a teenager to start earning money. For example, if you’re in a toxic environment and suffering the abuse of your family, having money will help you escape from your situation.
In the West, children are on their own from the age of 18. Some people might argue that money can’t buy you happiness but to be honest, money can give you a lot of choices. When you face unbearable challenges money can make it easy to cope.
Research says that the students who start earning earlier at the age of 18 have more chances of becoming successful entrepreneurs before their 30s. This statement is acknowledged in a Sweden report where a small population was involved in business and turned to be a gamechanger for the entire community.
How much money do you need to get financially independent?
Heads on to how you can become financially independent at 18. Your mind triggers the question that what amount do I need to start my hustling? Honestly, it’s up to you. Sometimes you only need to polish your basic skills, do some research and apply for your capable earning source.
Here are some tips for you to get started:
– Know your Expertise
Understanding your expertise is the important initial step to take. Knowing your basics helps you to step on your passionate skill. For being able to pay your expenses initially you need a steady job to access your bank statement.
List down every single thing you want to do. Mark first to five things as a priority task and move further to achieve your goals.
– Polish your skills
Now the second most important thing is to be an expert in your services. Whatever you have marked five priorities in your wishlist, try to research on that. Maybe for example being a graphic designer is your goal to achieve for becoming financially independent.
Research on that specific field. Make a player of your pitch. Build up a highly effective portfolio of your skills because people always want some evidence or samples from which they would love to hire you.
Research is the basic initial step to understanding something in detail. Technically, Research your priority task as much deeper as you can. Go for something beyond what people are already doing.
– Multiple Streams of Income
Millionaires state that the average successful entrepreneur has 7 streams of income. At the age of 18 when you start up the financial cycle, always make your mindset generate multiple sources of income. Here are some blogs to get you started:
Saving money is itself a habit of education. Always remember when you are at the initial level of your career it’s not your salary that makes you rich. It is the spending, saving, and investing habits.
Investment is another great stream of saving your amount. It benefits you over time by multiplying your initial invested amount. You need a good amount of money that you want to save. You can invest in stocks, crypto, and real estate property. Investing habit allows you to double the initial value of your current financial situation.
– Learn IT Skills
The future belongs to tech. As the digital world is evolving, you’ll see a rise in the tech jobs like coding, data scientist, development, designing, marketing and many. So, if you want to remain relevant to the job market in future, you should start learning tech skills from today.
[Also See: Best Paying IT Jobs in Pakistan]
– Online Jobs
The pandemic has shifted the way we earn. Many remote jobs and online jobs are readily becoming available especially freelancing. If you want to be on your own, part-time and online jobs are the best ways to get started. Search for the specific jobs on the best job searching websites and start making your income no matter how small it’s. Also, you can earn via social media platforms such as Youtube, Facebook, Instagram, and LinkedIn.
Things to avoid at the initial level of financial independence
- Do not take any serious decision without researching that specific matter.
- Debt is always a serious red trigger that you need to avoid. Always avoid unmanageable loans that turn into a debt crisis over time. It not only affects your financial situation however it affects your mental health.
- Try to measure your expenses and then work accordingly to fulfil the financial amounts. Avoiding loans by limiting your expenses is a smart habit that takes you towards early success.