Back when I was 15, I had a job working minimum wage for about 3 hours after school for a few days per week. Back then, minimum wage was about $5.35 per hour, and I was only bringing in about $30 per week. Building wealth was the last thing on my mind, but for those who are beyond high school and still stuck in the minimum-wage grind, it is not impossible for someone to build a substantial amount of wealth. However, it is VERY difficult...but just know that it can be done, because it HAS been done.
A bigger paycheck will only help if the money is used in an optimal way. Think of all the lottery winners who won millions only to end up broke and friendless a few years later. Building wealth is about one simple concept: make more than you spend and save the difference. Easy, right? Very hard to do on a minimum wage salary, but this infographic from InvestmentZen gives some great tips and suggestions on how this is possible.
How did you save money when you made minimum wage? Be sure to share this article with a friend or a high school/college student who is still looking to get by with more than a little savings:
Greetings, GradMoney Readers!
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