Before you know it, I found myself living alone and now an adult. I went on to established several businesses before getting married. Lost everything in a hotly contested divorce, and then filled for bankruptcy. With four kids to take care of, I now realize, there were many crucial habits my parents did not teach me.

They probably did not know about them, but if I had learned these habits as a teenager, my adult mistakes would be fewer in-between.

If you’re a teenager reading this, consider yourself lucky, because the steps I would propose you take starting from today, would certainly make you very rich in due time.

Success in life requires you cultivate certain habits that are good for you. If you think you can go around just day dreaming about success, then you’ll probably not achieve much success in whatever you choose to do.

I am now 51, and I have participated in more ventures than I care to remember. I have tried my hands at washing cars, shinning shoes, cleaning houses, baby-sitting, tutoring other kids, selling used clothes, etc.

Despite all I have learned, the three habits I would give you would have made a tremendous difference in my financial life.

The three Habits Every Kid Need to Become a Millionaire 

Habit No 1 – You Need Proper Time Management

You have 24 hours in a day, and you probably now spend about 8 hours sleeping, which leaves 16 hours. Out of the remaining hours, most kids would spend about 7 to 8 hours in school during the week, which leaves you with only 8 hours remaining.

When you include transportation, eating, home-work, the twenty four hours seem to disappear like magic. From now on, here is what I want you to do, get a dairy with a calendar, and plan out your daily activities.

You must realize, that time is not to be wasted and can become money, if utilized the right way. Plan everyday just the way you want it to go. The plan must be written down, and not just in your head.

Unless you learn proper time management, you’ll never become rich. Write down what time you should be in bed, what time you should be doing your home-work, what time you should be playing, and what time you should be hanging out.

Here Are Some Advantages to Planning your Daily Activities

1- As you get better at sticking to your daily plan, you’ll notice you’re controlling the activities around you, and not the other way around.

2- Your productivity would increase tremendously, because you now know the time constraint you face if you slack off.

3 – When you develop time discipline, must adults you come across would help you in anyway they can.

4 – Since you’re no longer available for whatever goes, your leadership qualities would have time to develop. People love to follow those that know what they want to do with their time.

5 – Your school progress will now be the stuff of legends. Since you now know the value of time, your studying habits should get better, and to the surprise of your parents and teachers.

6 – You’ll start to grow and mature quickly, plus much more emotionally stable. Proper control of emotions is what’s needed, for you to see the world as it relates to us.

7 – Since you have limited time to watch television shows, you’ll not be easily brainwashed by the latest Shows, created to sow distraction among teenagers.

8 – You’ll develop a human power to resist what doesn’t fit into your daily plans. While other kids just do whatever comes up, your purpose in life becomes clearer by each passing day.

Some Distractions To Resist:

1 – Some so called stronger kids might try to get you to come along with their plans, and your power to say no should be developed, as you stick to your plans.

2 – Since, your grades would be much improved by now, the bullies and kids with poor grades might try to rattle your strict discipline schedule. You have to stand up for yourself, and let them know you’re in charge of your time, and your life.

3 – You’ll start to attract other classmates with different agendas. Some would try to emulate you, while others would try to change you. Resist the changers, and encourage the emulators.

Time is a finite resource, and the more you regulate it to your schedule, the richer you’ll become. Trust me, this is the key habit that a true solid success can be built on.

If you do not master this key habit, the other habits might just be like an exercise in futility. Get that daily calendar going, because you’re in charge of your future potential.

Master this habit and the foundation of your success would be as solid as rock, I kid you not!

Habit No 2 – Create a Master Plan For Your Life

I have one good, or not so good news for you, depending on how you take it. The world does not owe you anything! You get that! What you get out of life, is what you’re expecting from life.

Sadly, most kids just accept what life gives them, and falsely say it must be God’s plan. Whether you’re religious or not, success always will favor those that plan for it, and work towards it.

Since you’re a teenager, you probably have some ideas about what you want to do with your life. Start immediately, by putting some of them on paper.

Buy you a notebook, and start creating a master plan for your life. Lets break it down a little bit, this is what your plan should look like:

A – This would be your Life Goal

You want to create a clear idea in your head, what you want to become. In this regard, I would urge you to dream big. Nothing is beyond your grasp, as long as you stick to what you like to do. Most activities in life are lucrative, as long as you enjoy doing it.

B – Now Break it Down into Manageable Parts

If I told you, I would feed you a whole cow, you probably would resist, and call me crazy. But if I give you a piece of steak every now and then, within a few months you would have consumed a whole cow.

Big ideas when broken down into tiny parts, becomes more manageable. Lets say you want to be a lawyer, write down the schedule you need to adhere to, until you become a lawyer. Lets us use that as an example:

You’ll need to finish high school with very good grades, so that you can get into a very good college. Write down the cost of your college education in totality.

Visit the college website, or better yet call the admissions office and ask about tuition cost. This would be an estimate, but you need to do it anyway, to get universal forces to align to your goals.

Write down what colleges you’ll need to attend. Do not worry about cost, for when you have clear and precise goals, the world will always provide a way and means to get it done, as long as you know the price to pay.

After college, you’ll be attending law school, select the ones you think would help you become a good lawyer. Write down what the law school would cost, even thou the numbers might be higher when you’re ready.

Consider what type of lawyer you would like to be. A good lawyer can select from several specialties. To get a better idea of what branch of law would interest you, call several law firms, and ask for a meeting with some of the top partners.

Some might say no, but you’ll get some positive feedback in due time. Most good adults would help a teenager that knows exactly what they want out of life

If you want some help making up your mind about what branch of law to master, visit your local court house and watch some of the proceedings. I promise you, the court process would be an education in itself.

If you choose another profession, just follow the same tactics, to arrive at the road map to get to your ultimate goal.

By now you should have an idea what you want to become, and an estimated cost of college and any professional degrees you might need, to make it a reality.

Also write down how much a good lawyer makes in a year, you can find out during your meeting with some of the friendly law firms.

You’re doing great, your life goal should be taking shape, and the natural forces in the universe are closely watching every move you make.

Potential Pitfalls That Might Derail Your Plan

1 – Please do not discuss your plan with friends, or even siblings. People talk, and two cannot keep a secret, from my experience. You’ll have enough time to let your parents know about your plans, but for now, just let it be your secret. People cannot oppose or sabotage what they don’t know about.

2 – Do not try to become or pursue a profession just because you saw it on TV, and you know someone in that profession. You have to know what you like to do, and start from there. Most adults are miserable at their job, because they hate what they do, if not for the mounting monthly bills.

Habit No 3 – Learn to Mange Your Money Well

This is the holy grail of all the habits combined. If you do not master this one, you’ll most like never be rich in due time. Unless you have a formula for handling money, your finances would fluctuate up and down, like a yo-yo ball.

There are several steps to mastering managing your money, and if you follow the following plans, you’ll have true wealth much sooner than your peers.

Money is a finite resource, and would always go to those that take good care of it. This is one of the key reasons why the rich get richer, and the poor get poorer.

In this article, I did not discuss how you can start making substantial amount of money as a teenager, but just subscribe to our newsletter, and future articles would be delivered to your inbox.

The following formula has been tested, and proven to be the key method to creating wealth.

Create Three Savings Accounts at Your Local Bank

The three accounts would serve several purposes, and I would further explain below. Most banks would let you open an account with just ten dollars, and if under 18 years old, you’ll be needing your parents signature.

Savings Account No 1 – Your Future Real estate Investment Money

Deposit at least 10% of every money that comes into your hands into this account. You might pick a different percentage, but I like rounded even numbers, makes figuring out numbers far much easier.

This money you do not touch, until you have enough to get your own real estate building. Please do not put money into this account, and then withdraw it for other purposes.

That is why this account is called the real estate investment money account. Remember, any dime you make, or you acquire from your allowance, put 10% into this account. Trust me, in due time you’ll be glad you did.

Savings Account No 2 – Money to Buy Personal Depreciating Stuff

In this account you’ll be depositing 5% of every dollar you make. The main focus of this account is to have the means to buy personal stuff that does not last, but makes life livable.

The money in this account should fund your clothes, car, shoes, educational training materials purchase.

I can tell you from experience, never buy depreciating products with bank credit cards, you’ll be enslaving yourself economically well into the future.

As the money in this account grows, you can then buy what you need!

Savings Account No 3 – Regular Spending Money

You can deposit your remaining funds into this account, and use it to enjoy life a little bit. The percentages to be deposited into the two above accounts can be adjusted higher if you wish, but do not lower them.

You have to start training yourself to live on 85% of what you make.

Some Good reasons Why You need Those Savings Accounts

If I look back in my lifetime, millions of dollars have passed through my hands, and can you imagine how much I would have by now, if I followed the savings plan listed above.

Saving money is an habit, and the perfect time to start is when you’re a teenager. If you fail to implement this savings plan, money would not stay long in your hands, and most likely you’ll remain financially poor as you grow up.

Not spending all you make, is the key to creating wealth, I promise you. It’s not how much you make, but how much you’re able to save.

Do not just put all your earnings into one account, and manage it like that. Your mind can play tricks on you, unless you train it to obey your wishes.

If you stick to the above steps, the funds in them would grow and grow, until you can afford whatever you need.

If you read this plan completely, that means you value good advise. If you skipped to the last chapter, go back and start implementing the sound life principles listed above.

Some adults would tell you the truth about mistakes they’ve made while growing up, but most are clueless about why they never became wealthy, in the first place.

Contrary to what some might think, success can be had by anyone, provided one knows exactly what they want, and what price you’re willing to pay to get it.

If you follow the above steps learned from my many activities in life, you’ll be in charge of your life, rather than your life been in charge of you.

For all the wise parent out there, please let us know any other habits that should have been included. You can leave your thoughts in the comments section.