How to Get Rich at a Young Age

Discussion in 'Finance and Business' started by Olayanju Kabir, May 8, 2017.

  1. Olayanju Kabir

    Olayanju Kabir Itz Kofem Staff Member

    Getting rich at any age, is a long life dream and particularly a young age, requires hard work, planning, and saving for most people, unless they are lucky enough to inherit their wealth. While it may seem like young and famous entertainers, athletes, and businesspeople got rich by chance or simply because of their given talents, everything they've accomplished is the result of dedication and perseverance. Most people will not be able to achieve this astronomical level of success, but anyone who sets their mind to it can be rich in a few short years by sticking to certain principles and putting in the necessary time and effort.

    1. Set your goals and discover your motivations.

    Before you do anything else, realize that the road to riches is not easy. You're going to have to find motivation that will drive you through the tough times and keep you on track when everything tries to pull you off it. Part of this may be simply imagining your goals or, in other words, where you want to be in ten or twenty years or at age 40.
    • While it's perfectly acceptable to get rich for yourself, you may also be motivated by what you could do for others. Imagine the better life you could give your future children or spouse.
    • Don't be afraid to dream big. If you're working towards earning $1 million in net worth for example, you may be limiting yourself. Don't be afraid to aim for $20 million, or $100 million.
    • Consider, too, what wealth means to you. Do you want $1 million (or more) in annual earnings, $1 million in assets, or $1 million in net worth? Each of these are different and can be reached by different means.
    2. Split your goals into short-term goals.

    It's important to always keep your overarching motivation, but in order to actually get things done, you'll need to organize your life around actionable, short-term goals. You'll never get to $1 million if you don't get to $100,000 first. You'll never get there if you don't start earning more money and saving the money that you do earn. Always be checking off short-term goals and considering your next move to maintain a sense of accomplishment.
    • A good way to make short-term goals more actionable is to attach a number to them. For example, imagine you have a job in sales. "Sell more products" is not a clear short-term goal. Instead, try "sell 20% more products this month than last month." This will allow you to track your progress and be confident that you are actually achieving your goals.

    3. Study the lives of successful people.

    People who have achieved great things have done so for a reason. Studying the lives of these people, or meeting them, can provide you with the inspiration you need to pursue your own goals. You'll want to research people like Mark Zuckerberg, founder of Facebook, or Mark Cuban, a very successful investor, to get an idea how these people achieved so much.
    • Additionally, you should seek the advice of a successful person that you know personally. Maybe you have a family member or know a community member who has done well in business. Generally, those people who've made it are open about how they got there and willing to share their experiences and advice with others. Question them extensively and try to replicate their actions.
    4. Work towards getting a great job.

    If you don't have a job with a future, get one. The most essential part of getting rich is having a steady and increasing income stream. To do this, you'll have to get a job, even if that job is working for yourself. Obviously the right job will vary from person to person and depend on your individual talents and educational background. In any case, though, be sure that you're passionate about what you do, you'll never be successful otherwise.
    • Try looking for a job with a large company that offers plenty of room for advancement. You don't want the sort of job that doesn't reward your hard work with increased pay and promotions.

    5.Use your talents.

    Tailor your search for your main job and any other income streams you plan to earn to your individual talents. People who are extraordinarily successful combine their natural and learned abilities to the highest advantage. That is, you don't want to stay in a job that doesn't challenge you or allow you to show off your abilities. For example, if what you're really good at is writing, you're better off quitting your sales job and focusing on writing full-time.
    • One of the biggest advantages of being young is youth itself. Even though older people in the business will question you because of your lack of experience, you are able to work longer hours and can bring a fresh mindset or point of view to the problems of the world. Your adaptability and connection with the present is one of your biggest assets as a young entrepreneur.[6]
    • If you don't have any marketable skills, learn one. For example, one of the most desirable and useful skills in today's job market is knowing how to write computer code. This is a skill that anyone can learn that could dramatically increase your potential and also earn you a good income. Try searching for free coding classes available online.

    6. Network with anyone and everyone.

    Big ideas and successful companies usually don't just spring up from one person. Rather, they're the result of a group of like-minded people coming together and discussing the future. Take advantage of every opportunity to meet and establish relationships with both young people with similar goals and older, successful people. When great opportunities for jobs or entrepreneurial projects come along, you'll have the right support network to take action.
    • Keep in mind that you should use both in-person and social networking interactions to support and nurture your professional relationships. Be sure to also stay in touch with classmates from high school or college that are successful or on their way to being successful.

    7. Increase your income streams.

    In addition to increasing your primary income stream (by moving up the ladder your current job or by finding a new one), you'll want to multiply your earnings by seeking additional sources of income. These can be investments, part-time jobs, or any sort of informal selling or consulting that you have time to do. Overall, see where and how you can increase your income and then repeat that process over and over again. For example, if you own an online store and have success, open another one, and then another one.
      • The internet is a goldmine of earning potential. There is a multitude of work you can find or create online to earn a stream of income on the side. Everything from writing and selling an ebook to writing a blog can earn you additional income each month.
    8. Work really hard.

    With all of your working, networking, and side-income projects, you'll be overwhelmed at times. In order to reach your goals though, you'll have to work harder and later than everyone else around you. You'll have to follow through with any potential opportunities to advance, even if they don't end up working out. Success comes from constantly working towards your goals and persevering through the hard times.
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