I thought it would be interesting to put ourselves in the position of advising an 15 year-old, soon to be finishing HS, who wanted to retire at 40. (Do kids think like this? Assume this one does.)
I’ll start:
1. Work hard at understanding what really excites you in life, beyond the typical social interests. Think about the possibilities. Talk with as many adults in various walks of life as you can—REAL TALKS, interview style, that you prepare for in advance, and take notes. Ask your parents to help set this up. Learn your options.
2. Think hard about the lifestyle you want for yourself and, if applicable, your family. Develop an understanding of what it will take to get from where you are now to that place. Think about it financially for sure—but also in terms of the kind of person you will need to be to achieve it.
3. Some of the most exciting jobs require a college education, so make sure you are gearing yourself toward that, but only as an option. Consider the trades too. And consider starting a business. Develop an understanding of what would be required to succeed with each of these possibilities. Know the financial rewards available to you with each and model a likely build to required net worth.
4. Don’t waste time trying to “be yourself” because that’s just a mind game for pot smokers. Instead, spend time trying to be the person you want to become.
5. Finally, develop a good understanding of how to build a strong net worth. Plan to live longer than average and plan to save enough money to last you 60 years. If you can do that in 25 years, you will be in rarified air.
