In the past, earning a million dollars or more has always been associated with being at least in your 30′s. However, if you open your eyes and look at the world today, something known as the new rich or new money really does exist.
More people than ever have the opportunity to become a millionaire in their 20′s and that’s because of the advantages that young people have today that didn’t exist back in the day. Social Media and the Internet has made it easier than ever to create this wave of new money and in this post we will share 5 ways that young people can become wealthy.
- Investing Instead of Saving
The younger you are, the less you should save. Tucking your money into a savings account or under your mattress is the stupidest thing you can do. Look to take extra cash that you can invest. It only takes one really good investment to bring you incredible returns, patience and strategic investing pays off.
When you are younger, you have less responsibilities to worry about. Hopefully, you don’t have kids or any big payments right now, so you have the leisure to play around with your money. This gives you the opportunity to throw some cash around and invest it however you want.
Places to invest should first be into yourself. Buy books that will benefit you and your business. Best genres would be self-help, meditation, stoicism, business and marketing. If you have a bit more to play around with attend conferences pertaining to your industry, invest in a top producer’s programs and use that money to travel and learn from anyone you can.
- Beat The System
If you’re trying to graduate college with a degree and earn a job in the real world to make millions the chances are very slim, unless you receive an executive position fresh out of college. The “system” does not favor those who go down this route. I highly advise to stay in college and get a degree in a tangible field such as Healthcare, Engineering, Computer Science, Mathematics and Communications. It is good to have a fallback if your entrepreneurial journey needs to take a halt or your first venture does not work out.
If you want to be a young millionaire, you’ve got to find a way to beat the system. To beat the system, you have to do two things. You have to find an income stream that is higher paying than what your college degree provides and you need to get on that path before you waste too much time at school or working jobs. It will be best to start a side hustle while in college. You can start a consulting business on a topic that people your age need help with. You can do your peers homework and online classes for them. If you are socially savvy give a try in become the event coordinator for a top fraternities’ party. There are so many routes you can do but do one that you love and that won’t make your grades suffer while in college. If you stick with it come graduation you will have a viable business that will supplement your income alongside your first job with your college degree.
- Network with Everyone
In business, it’s not just what you know, but who you know. The people you know can have a huge impact on you and your goals as well. If you can surround yourself with people who are not only smarter than you but on a similar path as you, it will help you reach your goals much faster than on your own.
Try to attend two to three networking events per week. These can be from formal events set up by top business or even at your local college party. Talk to people and find those who have goals and values similar to yours. Networking is a great resource available to youngsters all over the world today in many shapes and forms.
- Study Others Who Already Did It
So many people have managed to become millionaires and billionaires in their youth recently. It’s because we have a ton of resources and individuals available to study. Self-education is the single most important skill that you can have at an early age if you really want to beat the system.
If you read and listen to the success stories of others, you can research them to see what helped them get where they are today and how they did it. Not only is this a great motivator, but you can learn a lot from the daily habits and mindsets of other highly successfully individuals. And try to learn from those who line up with your values. This could be studying people like Elon Musk, Tai Lopez, Tim Ferris, Rob Dyrdek to heck even Justin Bieber (he has a net worth of $200 Million at 22 years old).
- Utilize Your Youth to Your Advantage
The younger you are, the bigger advantage you have. You have the energy and the ability to grind away day and night and make your dreams a reality. When you’re young, we have the edge since you can spend more time working and you have a completely new perspective on the world that the older generation doesn’t have.
If you need to work 18 hours to get something done and survive on 5 hours of sleep, you can do it. If you need to fly to the other side of the world to close a deal, you can do it. Relying on your youth can help you learn from experience and bring you farther than you could have ever imagined. Just make sure to stay as healthy and positive minded as possible during his time. Focus on your health every day and train your brain each day. This will increase the longevity of your willpower and capacity to function.
In this post, we shared 5 ways how young people can get wealthy. What are some strategies that may have worked for you to help make you successful at a young age?
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