HOW TO Get Rich: A Young Person’s Guide

In this week’s Youth themed topic, we take you on a beginners guide towards on building your wealth.

1. Make a plan: For some people, it’s an early retirement, for others it’s building an emergency fund. Take small steps & achieve it. For example, put at least 10% of your monthly income into a savings account if you want to create an emergency fund, just in case something comes up.

2. Self-control: Use a balance sheet. It’s quite simple: you balance the money which goes into your bank account vs your monthly expenses. Make a budget for transport, food and drink, rent & utilities, mobiles & internet. If you have extra funds, allocate a small portion of your earnings to a ‘spending fund’ which lets you go out and enjoy life… in moderation.

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Start saving as soon as possible

3. Invest wisely: Overall, the country is doing well. The Colombo Stock Exchange (CSE) has been improving gradually, so you should consider investing a small amount into stocks which are ‘strong’, and over time reinvest, or take the safer route and look at preference shares or other investment options. However a word of caution: wealth takes time to build. If you lose money beyond a certain amount, walk away.

4. Improve your financial awareness: If you are not financially sound, now’s the time to start learning. The more you know about finances, the fewer mistakes you will make. Start by tracking where every Rupee goes, and then move on to the next stage. The knowledge learned and your personal experiences will allow you to generate more wealth and help you reach your financial goals faster. Some good books to start with include ‘The Investment Answer,’ ‘Rich Dad Poor Dad’, ‘I Will Teach You to be Rich’, ‘The Money Book for the Young, Fabulous & Broke’ and ‘Think & Grow Rich’

think and grow richrich dad poor dad

(Two great books to improve your financial awareness. Photo credits: Amazon)

5. Pay bills on time & skip the credit card: This is a favorite of mine, and sounds pretty obvious. However, a lot of people don’t pay their bills on time-sometimes they forget, or just don’t have a lot of funds. Bottom line is that companies will dislike and possibly slap you with a fine if you don’t pay bills on consistently, on time. On top of that, say no to credit cards. It’s a bad way to get yourself into debt by purchasing things which you don’t need with the money you don’t have.

Pay bills on time
Seriously, dont forget to pay your phone bill

6. Invest in what you need, not what you want: Speaking of needs, invest in the things which are important. As a young person, this may be a bank loan for your education, a car, stocks & bonds, investment plans, life insurance or a house. It makes less sense to overindulge in food and entertainment as they are things which you ‘want’, but are not necessary essential items which you ‘need’.

7. Stay Healthy: Sounds obvious but it makes a lot of sense to stay healthy. If you were to fall ill or get into an accident then it would cost you a fair bit on hospitalization cover and possibly lost wages. Take time to exercise and stay fit, because not only is it a good habit, but guarding your health is one of the smartest things you can ever do.

What do you think of these ideas? Give us your thoughts in the comments!

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

How TO: Get a Job as a Young Graduate

In keeping up with our theme of ‘Youth’ for this month (see the tab marked ‘Youth’ in the menubar for more articles),  we decided to focus on a topic which is of particular importance for young Sri Lankan job seekers: Youth Employment, This article gives you the 8 secrets to getting a  job you want.

1. Identify your passion: Ask yourself, ‘what do I want to do?’ It’s highly recommended that you pursue something you are genuinely passionate about: be it photography, working in tourism/hospitality, graphic designing etc as it gives you more incentive to keep going when the going gets tough.

2. SMART Goals: Make sure your goals are Specific, Measurable, Attainable, Result and Time Orientated. For example, if you are looking for potential jobs online, make it a smart goal:

Check jobs online in the field of nature photography on online job sites such as for 1 hour, 3 times a week.

3. Create and build your resume. There are plenty of online sites which let you create resumes easily. If you don’t have much work experience, add your school/university projects under ‘experience’, as well as you’re O/L & A/L results. Also look into creating a Linkedin profile as well.

4. Look at job websites and websites of places you wish to work at as most companies advertise jobs online.

job hunting, jobs sri lanka, youth sri lanka, young people jobs sri lanka
Is This You? If so, time to make a change. You can do it!

5. Speak to your parents, friends and colleagues and actively ask if there are any openings in their workplaces or if they are aware or similar opportunities: you’d be amazed to know how often this leads to a job!

6. Gain experience: If you badly want to stay ahead of the competition, look into internships or freelance work. If you are into writing, designing, video editing, photography etc you can start small and build up over time: at the end of the day, some work experience is better than zero work experience!

7. Work & study part-time: It improves your time management skills and provides you with a little income to manage your daily expenses, or pay off your course. Furthermore, it grants you invaluable work experience, which makes you stand out as you have both work experience and the right qualifications

8. Study free courses from around the world: If the courses you are looking for are too expensive, study free online courses from reputed academies such as MIT, Harvard, TED, Coursera, Yale & Khan Academy, most of which cover  topics such as Computer Sciences & Engineering, Law, Business, Finance, Medicine, History, Math & Communications. Please refer the following links for more information.

Good luck in your job search! Share your job hunting experiences with us in the comments & subscribe to our blog!

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.