Yahoo Finance I’m a Gen Z Entrepreneur — Here’s How I’m on Track To Make Millions
Taylar B., a makeup artist at Gleaux Artistry, says she’s on track to make millions as an entrepreneur — and she’s only 21 years old. She’s juggling her lucrative side hustle while being an undergrad at Louisiana State University, majoring in political science.
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It’s more than impressive that someone so young is already on the path to becoming a self-made millionaire. What are Taylar’s secrets? What moves is she making to ensure a future of financial freedom?
Wealthy people know the best money secrets. Learn how to copy them.
Using Credit Cards the Smart Way
Credit cards tend to have a bad rap in the financial world, and for good reason. They usually have high interest rates and can easily get you trapped in a vicious cycle of debt. But credit cards are important, at least when you’re starting out as an adult, because it’s how you establish your credit, which you’ll need in many scenarios.
Taylar is using credit cards wisely to get ahead and build a high credit score at a young age.
“I am making sure to build my credit,” Taylar told GOBankingRates. “Right now, my bills are pretty standard — car insurance, gas, cellphone, etc. It won’t be like this in my 30s! So I’m using my credit card to pay for small things like gas, and I pay the money right back. This has been a great help because my credit score is almost at 700 and I’m only 21 years old.”
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Pursuing Entrepreneurship
Taylar didn’t launch a side hustle while in college purely for the money or even the passion. She did it because she doesn’t want to be bound to a 9-to-5 job where she could fall victim to termination.
“Even if you have a 9-to-5 job that you enjoy, you don’t have control over layoffs or potentially getting fired,” Taylar said. “I would advise anyone, but especially Gen Z adults, to start a side hustle they can grow into a lucrative business.”
Having a Big-Picture Goal and Vision for a Wealthy Future
Taylar started doing makeup on campus because she needed the flexibility to work without neglecting her studies, and makeup is something she values. But she’s got a bigger-picture goal in mind.
“My goal is to finish my degree in political science so that I can work in some form of legislation, and open a beauty bar where women can get their makeup done and enjoy cocktails and massages,” Taylar said.
Applying For Business Credit
“I recently learned that many solopreneurs are millionaires due to building business credit,” Taylar said. “Once your business is legally formed, get a business checking account and apply for business credit. This is a goal I’m working toward by the end of the year.”
Budgeting and Tracking Expenses
Even millionaires need to budget and track their spending, so this is extra important to do if you’re aiming to become one.
“Whether it’s a spiral notebook, a Google spreadsheet or an actual budget planner, it’s important to notate what your money is being spent on,” Taylar said. “You will be amazed at how much money is being thrown away on fast food and other nonessential items.”
Paying Off Debts
Taylar continues to deal with her debt on a frequent basis, rather than letting the bills pile up.
“Tackle them one at a time until they’re dealt with,” Taylar said. “I know a lot of people who have ignored their student loans and old debts on rented furniture. This only comes back to ruin your credit score.”
Ensuring Your Parents Have a Life Insurance Policy
This one is a bit morbid, but it’s a relevant factor in Taylar’s journey to become a millionaire: ensuring your elder relatives have a life insurance policy that will financially benefit you after they pass.
“If your parents or grandparents are still alive, get an insurance policy on them,” Taylar said. “This is predictable income that can provide you with financial security in the years to come.”
Saving, Saving, Saving
Saving can be tough for anyone, but it could be even more difficult for Gen Z, who generally make less money than older generations because they’re just starting out in their professional lives. Still, saving as aggressively as possible is critical if you want to make millions on your own.
“This is hard if you’re not a disciplined person, but if you focus on harvesting small amounts out of every paycheck, it’s possible,” Taylar said. “For example, at the beginning of the year, a lot of people do the 52-week challenge to stack some money up by the end of the year.”
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This article originally appeared on GOBankingRates.com: I’m a Gen Z Entrepreneur — Here’s How I’m on Track To Make Millions
