Philip Schulte is a is a young entrepreneur and published author. Like many of us, Philip has experienced many obstacles and challenges along his road to success. Although Philip believes he is just “warming up”, he knows that he has accomplished many great things thus far in his life; however, he emphasized that he would be much further along today if he had an understanding of these eight topics when he was younger. Through his experiences and mistakes, Philip felt personally obligated to write a book that would educate young people on the eight topics he wishes he had learned about years prior. Philip explained to us that his book, The Eight H’s; A Young Person’s Guide for the “Real World”, is a tool for young individuals that will provide them with the knowledge they need in order to set themselves up for success in the long run. Philip shared with us eight topics that every young person must learn which he says are not typically found in the school curriculum.
“Many of of life’s most important decisions occur before you are even old enough to realize the long term effects of what you are choosing to do. These decisions can greatly impact your life for decades; whether it’s a positive or negative impact is a matter of being informed.” –Philip Schulte
1. Higher Education
Sure, the concept of choosing and attending a college seems simple for many young individuals; however, students are given thousands of colleges and universities to choose from, not to mention many different fields of study. Should young individuals choose a college and a major? The first step to deciding is figuring out whether a community college, technical college, or four-year university is the best fit for you. Selecting the right school involves looking at which option provides the best value that is also affordable for you, as well as examining the college’s reputation, size, location, curriculum, and the different costs associated with each option. Another factor to take into consideration is the success of its graduates in the marketplace. Most importantly, beyond crunching numbers, you must visit these schools in person to really determine which is the best fit for you personally. It is also critically important that students learn how to navigate the student financial aid maze, how to borrow wisely, and how to pick a major based on their interests as well as the post-graduation job market. Students can take advantage of many special government programs that allow them to pay back the student loans based on their salary after graduation. Under certain conditions, there are even programs that can forgive the loans entirely.
2. Hock: Being In Debt
There are many other forms of debt young people oftentimes deal with aside from the heavy financial burden of college expenses. Many young individuals will need to borrow money to pay for various expenses such as car payments, groceries, fuel, gym memberships, etc. Learning to strategically build up a positive credit history to achieve a strong credit score can make the difference of thousands of dollars in savings on interest payments. If not utilized correctly, credit cards quickly turn into debt traps which can become unmanageable as interest charges compound the amount owed. Learning how to properly play the credit game is essential for long term success.
Another huge cost item is housing. Young people usually begin by renting property having lived their whole life at home. The legal obligations that you assume as a tenant- applications, credit checks and limitations on the use of the apartment need to be evaluated and accepted. Also, the high cost associated with 1-2 months of rent plus a security deposit may make it very challenging to secure housing at first. It is essential to rent within your budget, as many young people try to stretch their money too far, leaving minimal room for emergency funds. Affordability is also a major factor in buying a home. There are many other factors to consider when it comes to the housing such as the state of the local economy, whether it is cheaper to rent or buy, neighborhoods, housing types, and different types of mortgages.
4. Health Care
Young people who are working or who are in college may have to decide whether to sign up for health care coverage. Understanding the complexities of annual deductibles, co-pays, and co-insurance, as well as out of pocket maximum payments is necessary to pick the right insurance plan. This is often a topic many younger individuals overlook, but it is extremely important.
5. Hired: The World of Employment
We are finally making our way to the revenue side of things, and that first job is a welcome change from always pinching pennies with little to no income; however, it does not matter if you’re coming from high school or college, the work world is very different than the academic environment you are used to. Employers tend to insist on things such as punctuality, ethics, image, responsibility, and efficiency. Mastering these skills can be the difference between success and failure. Also, work environments are often very unforgiving of mistakes and building a solid work reputation and resume is crucial for long term success. Young people also need to develop a sense of when it may be time to move on to their next job, as many may find they have outgrown their current role or company.
6. High Income Investing
Increasing the return on investments while managing risk is extremely important in order to make your hard-earned dollars work smarter. To do this, one must have an understanding of stocks, bonds, passive versus active investing, when to take intelligent risks to achieve higher returns in business development companies, real estate investment trusts, and much more. Winning at the investment game can eventually lead to financial freedom, opening the door to countless opportunities.
7. Hacks: Thinking Outside of the Box
In this day and age, there are a plethora of ways to make extra money. Young people frequently have sideline projects to make some sort of additional income. In the age of social media and the internet, possibilities are endless. It’s important to invest time each week into creating your own sideline project, as these can often turn into small businesses with consistent time and effort put forth. For many young individuals, e-commerce and digital marketing sidelines have blossomed into full-time jobs.
There you have it, the Eight H’s. These are some of the most important choices that young people will face from ages 16-35, especially now with such a tight job market and stagnant wages. Young people need to use every dollar effectively and avoid unnecessary mistakes that will set them back now and in the future. If you can master the Eight H’s, you can set yourself up to win at the game of life.
Achieving success financially is great, but not at the expense of having a lousy quality of life. Beyond the basic resources to survive, it’s important for young people to develop social relationships, a purpose in life, and a passion for what they do inside and outside of their work. With the development of a healthy work-life balance, young people can avoid becoming constantly pressured, unfulfilled, and unhappy. We are only given one life, and time has a funny way of passing us by. It’s important to spend as much time as we can to do what we love.
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