Becoming rich has never been easier than it is right now. Still, that doesn’t mean that it’s easy, especially if your goal is becoming a millionaire before you are 30 years old. Of course, in your 20s, the world is your oyster – you’re old enough to know what you want but young enough to change your mind and adopt new skills. Of course, you’ll need plenty of ambition and motivation in order to reach your goals. Yet, those are not the only things you’ll need, so here is a handful of more practical advice.
1. Be focused
The first thing to do is to really focus your time and resources on earning money. Try to maximize your earning potential as much as you can. Make conscious decisions that will bring you money. Ask for a raise if it’s time to do so, or start looking for another job if your current one doesn’t pay as much as you’d like. If there’s a chance your prospects would be higher if you gained a degree, make time for it. Make sure you’re always working hard, and earn a good reputation in your field of work. Sure, it sounds easier than it really is, but you do have multiple options. Find a side job if you have to. You’ll have less free time, but you’ll be able to accumulate a nice sum which you can then use as capital in your business endeavors.
2. Be determined
Don’t give up at the first obstacle, and be prepared to do what you have to. In some cases, you’ll be required to move in order to take a beneficial business opportunity. You can hesitate and let it slip through your fingers, or you can act, pack your bags, find good immigration solicitors and moving company, and be on your way to a better future. Similarly, try to be decisive. Don’t waste time pondering over unimportant things, and reserve your attention for the things that really require it.
3. Surround yourself with high achievers
Your environment affects y
ou no matter how independent you are. Surrounding yourself with high achievers can do wonders when it comes to motivation and changing your mindset. On the other hand, if you’re always in the presence of people without motivation and ambition, or the people who have predominately negative views of life, those traits tend to rub off. Sooner than you’ll know, you’ll start abandoning your ambitions and dreams, and one day you’ll realize that you’ve been stagnating for years. Therefore, make sure your environment reflects your own values, instead of the other way around.
4. Don’t rely on a single source of income
Even though it’s not impossible, it’s highly unlikely to get wealthy on a single source of income. Ideally, you’ll have a passive source of income, which means that you won’t have to put in any work (or very little work), and still, have a steady source of profit. Think about renting a property if you have one, for instance. In less ideal cases, you’ll need to pick up an extra job or two. There are many side jobs you can do that can bring you a pretty penny, if you have the time and energy to do them.
5. Invest in yourself
You are your biggest asset. Therefore, you have to invest in yourself. Know what your strengths and weaknesses are, and how do develop them in a way that can bring you profit. Think about new things you can learn and skills you can gain that can improve your position and open new possibilities. Make sure your education is satisfactory, and work hard in order to refine your skills.
Investing is the best way to increase your wealth – but it doesn’t mean that a single investment will make you rich overnight. Still, over a period of 10 years, if you invest wisely, you should be able to see a significant increase in your fortune. W. A. Ward said “before you invest, investigate”, and he was right – you should definitely do your homework before you put your money into anybody’s hands, so make sure you don’t invest just for the sake of investing. Do it in an organized fashion: determine what amount of money you can afford to invest every month, and stick with it. When you gain some experience, you’ll be able to make calculated risks, but make sure to start small.
7. Don’t show off
Don’t buy that newest Mercedes before you can afford it. Until your income is pretty steady and high enough to cover for your expenses, expenses of your business, and you have enough in the piggy bank to account, at least partially, for unforeseen circumstances, do not indulge in luxury. Focus on stabilizing your situation, and spend the money on luxuries only when you’re absolutely positive that you can afford them.
8. Start a business
It’s almost impossible to become wealthy if you’re an employee. Therefore, you should consider having your own enterprise. It will provide you with unlimited opportunities to earn. However, it will also put you at a higher risk than if you were just an employee in somebody else’s company. Still, if you want to get rich by 30, the fasted way is to start your own business. In the end, you know the proverb – no risk, no profit.
9. Think big
When you’re young, it’s much easier to think big – so make use of that and let your mind go crazy with possibilities. Don’t be afraid to think big, and don’t let yourself be hindered by fears and doubts. Be aware that you’ll fail from time to time, but don’t let the failure stop you from moving forward. Accept your mistakes as well as your victories. Push yourself to keep the dream, and try hard to turn those dreams into reality. If you do so, the profit will not be far away.
While getting rich before 30 isn’t easy, it’s not impossible either. Give it your best, and you’ll soon reach success.