Money Matters: 6 Steps To Getting More Money

Strike It Rich With These Six Steps From A 23 Year Old Who’s Already Done It!

Striking it rich doesn’t have to be a fantasy. You don’t need a wealthy relative or a winning lottery ticket to get on the road to financial freedom. All it takes is a little discipline, some know-how, and a buck a day.

Ever feel like your bank account is suffering from SBA (Sad Bank Account) syndrome? You’re not alone. Getting your hands on money can be hard enough, but keeping it? That’s the real challenge.

What if we told you that saving just a dollar a day could change everything? In ten years, that dollar could add up to at least $3,650 in savings alone. You could easily double or triple that number by investing just $35 a month and sticking with it for six years. Think it’s impossible?

Enter 23-year-old Lesley Scorgie, author of Rich by Thirty: A Young Adult’s Guide to Financial Success. Thirteen years after her first investment at the age of ten, she was two years away from becoming a millionaire. (And yes, you read that right.)

Ready to get started? Here are Lesley’s top tips:

1. Save a Dollar a Day—or $35 a Month if You Can

“Teens have a hugely disposable income since their parents take care of the household bills,” says Scorgie, “so coming up with $35 is pretty doable—it just means cutting out something small, like two pizzas a month.” Her advice: take that money and open an account now. Don’t wait. “The longer you put it off, the less wealthy you’ll become.”

2. Recruit Your Parents

Want to double your investment? Ask your parents if they’ll match whatever you invest for the first year. If that won’t work, even asking them to contribute an extra $20 a month will make a huge difference in the long run.

3. Forget About Debt

“You’re always going to have debt in some form, so rather than putting off investing until you’ve finished paying off that credit card, pay what you can now, but make sure you’re also putting money aside into your savings account. Planning for your future should always be your biggest priority.”

4. Do Like the Rich

Ever wonder why the rich get richer? First, they spend their money wisely. They invest in good quality clothing, buy things on sale, and shop for bargains. Second, they invest in their future. They pay themselves before they pay off debt, pay for dinner, or spring for a new pair of jeans.

5. Invest, Invest, Invest

Sure, putting your money in savings is better than nothing, but if you really want to maximize your cash, you should look into investing. While online platforms make it easier than ever to get started, it’s essential to do your research first. Let’s look at the numbers and see why.

Say you contribute $35 a month from ages 16 to 22, for a total of $2,940 in contributions.

If you put that money into a savings account with a 1% interest rate, your total would grow to approximately $3,060 after six years—a gain of about $120.
But if you invested that same amount and earned a more typical 8.5% return, your total would suddenly jump to over $4,128 in the same amount of time—an increase of more than $1,188. That’s a huge difference!

6. See a Professional

Clueless about how to start? Book a meeting with an expert at your local bank. They can provide free advice on how to begin, help you assess how much risk you’re willing to take, and explain different investment options like savings accounts, mutual funds, stocks, and bonds.