MOD1 [mod]
A MOD is short for modification. In other words, it is an alteration made by individuals to have the edge in a video game or in this sense, their Wealth!
A MOD is short for modification. In other words, it is an alteration made by individuals to have the edge in a video game or in this sense, their Wealth!
What do I mean by that? I mean you can’t be successful in this day and age using the same principles that the Silent Generation (1925 – 1945) and Baby Boomers (1946 – 1964) taught you.
Let me guess. They said to go to school, get good grades, work hard and you will find success. Does this sound familiar? Of course, it does. It has been repeated over and over again to the Millennial Generation (1977 – 1995) and Generation Z (1996 – 2015).
So, what did these past generations have in the “Good Old Days” that we the Millennials and the Gen Z don’t have? I will sum it up in these three cards below.
Rising tuition for both private and public colleges has been no secret over the past couple of years. According to GoBankingRates, the average annual tuition of the oldest Boomer’s (1964) entering a four-year public college was $243 and $1,088 for private school. Just to put things in perspective, given inflation according to the Consumer Price Index, $243 would cost $1,990.27 in 2018, and $1,088 would be $8,911.18.
The youngest Boomer would have been entering college in 1982. The average tuition for a four-year college in 1982 was $1,031 and $4,639 for a private school. That would be $2,707.29 and $12,181.47, respectively in 2018.
Flash forward to the 2018-2019 school year. The average tuition of a four-year public (In-State) school is $9,716. That is an average academic inflation of %7.07 a year from 1964 to 2018 for a four-year public school. The average tuition for a private four-year school is $35,676. That is an average academic inflation rate of %6.67 a year.
According to the Urban Institute, in 1989, when boomers where in their 20’s and 30’s, the average student loan borrower owed less than $2,000. Flash forward to the 2018-2019 school year, the average graduate has a student loan debt of $29,800 in both federal and private debt. The average monthly student loan payment, according to the U.S. Federal Reserve, is $393.
What implications does this have? Tons! For starters, they have less money to save for their financial goals (Retirement, Travel, etc.). They also are more hesitant to buy a home and start building equity in it.
What is this “College Degree Arms Race”? To understand this term, we first must understand the statistics. A 2017 report by the advocacy group Young Invincibles found that a baby boomer with no college degree and no debt in 1989 was making the same amount of money as a millennial with student debt and a college degree. Let that sink in.
Furthermore, the report also found that boomers were earning $10,000 more than millennials when they were young adults. Boomers were making $50,910 at ages 25 to 34 in 1989, adjusted to 2013 dollars. Millennials, on the other hand, were earning just $40,581 according to the same report.
That being said, millennials started furthering their education past a bachelor’s degree not only to compete with the current job market competition but to make the same amount as a boomer would have made with a bachelor’s degree. Hence the term “College Degree Arms Race.”
Welcome to "The Good New Days"! Instead of using the same principles and guidelines that past generations used to become successful, we are going to show you 10 new "MODs" that you should implement.
Back in the day, the dream was to save enough to have enough to live during your retirement age! What about now? You don’t have to be in your 60’s and 70’s to start enjoying life.
Technology has come a long way, and if you can harness it’s potential, you will be able to grow your wealth at a faster rate.
Being wealthy is not all about drinking champagne in a private jet or eating caviar from your oceanfront mansion. It’s about finding true balance and happiness in your life.
Real wealth is not always about the extra zeros in your bank account. It’s about spare time you have in doing the things you enjoy, building meaningful relationships, and establishing a deeper connection with yourself in the process.
As cliché as this may sound and as annoying it may seem, there is a reason why the most successful people in the world that started from the bottom all have the same characteristic:
They believe in the impossible, but they take action while not listening to the naysayers.
A great word to describe a great athlete is “abandon.” They don’t worry about the mistakes they made in the past but instead focused on the here and now.
Most of an individual’s misery takes place when one resides in the past. The only time and place when an individual can accomplish anything or enjoy themselves is by residing in the present.
Here at Wealth MODs, we understand that there is no clear path to build wealth. However, that should excite anyone with a pulse!
Contrary to popular belief, there hasn’t been a time where there are plenty of wealth building opportunities to be made – Real Estate, Shopify, Amazon FBA, Blogs, Crowdfunding, Cryptocurrency, Online Business, etc.
What’s not okay, is NOT learning from those failures. Failures are the key to success because each mistake will teach you something. Then you have the opportunity to start a new venture more intelligently.
If used properly. Individuals are always fearful when they hear the word financial leverage or debt. You have to change your perspective on leverage.
Leverage and productivity should go hand in hand. If you are currently in a comfortable situation, then you will grow complacent, and complacency will hinder growth and productivity. Think of leverage as borrowing someone else’s skills to complement your own.
One of the most significant returns on investment you can have is by investing in yourself. Before you can give to others, you must give to yourself.
Whether it’s learning a new skill, reading, developing yourself professionally or personally, hiring a coach or listening to a podcast, you need to grow or challenge yourself in order to succeed continually.
Whether it’s family, friend, or colleague, always do your due diligence before placing all your bets into something they suggest. They may be genuinely looking out for your best interest but remember, what can be useful for them, may be detrimental to you. There is no “One Size Fits All” type of investment.
Before you hire a financial advisor, do a full background check before hiring one. This is a free tool to research the background and experience of financial brokers, advisors, and firms.
It's a journey, enjoy the detours Building wealth doesn’t happen overnight. It’s a journey, and it might feel like a roller-coaster ride with detours along the way.
If any of the MODs mentioned above resonates with you, then please join us!
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