Figuring out how to get rich, make lots of money and earn a comfortable living, is no rocket science in the world we live in…
The uncertainties and indecision that come with the 20s age can really not be overemphasized. In the world of today, becoming a hardworking millionaire or being up to 10 million rich, almost seems impossible to youths who are in their 20s.
In Your 20s: At this age you are either in school, working, might be married, but mostly single -and above all, still trying to figure what path to take to better your life. Figuring out how to get rich, make lots of money and earn a comfortable living, is no rocket science in the world we live in.
Self made millionaire Steve Siebold, once said that “in a free-market economy, anyone can make as much money as they want.” While this might sound as just a cliche to many, there are ways to achieve the perfect life you’ve always dreamed of.
These very valid points for a wealthy life, were deduced from studies from business experts as well as studies a range of opinion gathered from people who became millionaires at a young age. Though not totally guaranteed, it is important to putting these things into consideration, in trying to get rich.
1. Keep Your Mind Focused on Earning
You can never save your way to wealth in today’s economy. The key here is having anxiety towards increasing your income. It is often easier said than done, but proper nurturing of your anxiety to make more, will help you keep your mind focused. According to self made millionaire Grant Cardone, the first step is to focus on increasing your income in increments and repeating that.
In trying to increase your earning or income, some things should be brought to mind. Over time, we have heard sayings like; “Money is the root of all evil,” “money won’t make you happy,” “rich people are greedy,” among other discouraging statements. According to those who have really made it; it’s usually those who claim they don’t care about money that are broke. Its about time you changed such mindset and focused on making more than you have at the moment.
If you’re a salary earner, explore other ways of getting multiple income; its a huge pool of ideas out there -get your hands on one if you want to get rich.
2. Be Comfortable With Change
Learn to adapt to new environments, new markets, new strategies. Being comfortable with change and taking it head-on is one of the greatest advantages you can have when venturing into your money making quest. If you are not satisfied with what you’re doing, the first thing you must do is quit doing it, since that is the major cause of your dissatisfying, current reality.
Change can be daring and sometimes daunting, but embracing it with all readiness, poise and grace; is a sure way to go when trying to change your financial status. Change can also mean having to reshuffle your friends and hanging with people who motivate you to grow.
It can mean leaving your job and investing your savings into a start-up. This is mostly the reality of entrepreneurship and financial independence. Every successful person has got such a story to tell so yours should not seem strange or unusual. Push yourself to become a little bit, better everyday.
3. Invest in yourself
Here we are not only referring to monetary investments. Embrace knowledge; Do not let any day pass without learning something new. Consume knowledge like air and put your pursuit of learning above everything else. Read books, motivational books and the likes. Knowledge they say is power and there’s no better way to build one’s self, than aching and making efforts to know more.
4. Start Saving
The general norm has been to save money to use when its “really needed”. This is seen in every day cases where people save huge sums of money in the bank for the sole purpose of using it for emergencies, large scale plans like; building a house, planning a wedding, etc. To differentiate between the two, Saving refers to putting money aside bit by bit, mostly for the purpose of paying for something specific. Investing however, is taking some of your money and trying to make it grow by buying things you that will increase in value hence, increasing the value of your money.
Talking about saving, financial theorist William Bernstein in an outline to Business Insider, explained how young people can save their daily or monthly income. The plan calls for young people to put 15 percent of their salary into a savings account -starting at 25 years old.
Depending on your goals and your financial situation, you can either decide to save or invest. But since you already have a goal here (making your millions) it is advised that you save your money to invest it to increase the value. This can come as investments in stocks, property, or shares in a fund. find out about these things and start investing. Having said that, make sure you understand the investment market before venturing into it.
However if you’re still a beginner, you can with a great sense of discipline, start by saving up the little you have.
5. Set goals
Want to get rich? set your goals straight; both short-term and long-term. Write them down: Many do not know, but there is a sense of challenge that comes with setting and writing out one’s goals. When you write your goals down, it gives you more clarity on what you want. It will help you become decisive on how to go about your plans.
Writing down your goals will also help you to take action; as it allows for proper articulation of ideas, as well as a variety of options and opportunities. Writing your goals down will also help you do away with procrastination associated with financial failures.
6. Aim Higher
Shoot for $10m not $1m. When you aim higher than is expected, you are likely to fall back on a pretty high level; rather than on a very low point. The single biggest financial mistake you can make is not thinking big enough. So start thinking big today.
7. Lower your excuses
Excuses in this sense, are those flimsy justifications you make for spending so much money. As the excuses go up, the bank account goes down. Making excuses all the time is a sure way to drain the little you have. A good way to work on this is to imbibe discipline. Practice discipline in what ever you do especially when it comes to financial relations.
8. Never See Yourself as a Victim
It is very essential to do away with the pathetic feeling of assuming the victim in every given circumstance. Its time to stop blaming the economy, your job, past and other pathetic reasons you might have. Take charge and assume the leader in your life, instead of the other way round. Taking responsibility for everything in your life, is a huge step to changing anything about your life.
We hope to have helped you with these valid points to consider, when trying to change a life status or get rich. You can also check out these books we have recommended for you.
- ‘Money Guide 2016’ by Jonathan Clements,
- ‘The Science of Getting Rich’ by Wallace Wattles,
- ‘The Total Money Makeover: A Proven Plan for Financial Fitness’ by Dave Ramsey,
- ‘How to Get Out of Debt, Stay Out of Debt & Live Prosperously’ by Jerrold Mundis,
- ‘The Index Card: Why Personal Finance Doesn’t Have to Be Complicated’ by Helaine Olen and Harold Pollack