Becoming wealthy at an early stage of life is something most youngsters dream of achieving and contrary to what some people believe, being rich in your 20s or 30s is a possible and sweet experience.
Trust me playing Sportpesa, Mcheza or Betway every weekend or any other betting games won’t make you a millionaire only the lucky chosen few.
According to us, building wealth isn’t about putting all your hopes into “someday.” You’re never too old to start building wealth, but if you start when you’re young, you have far greater potential to amass a fortune–and more time to let that fortune compound into your later years.
Life in your 20s and 30s is not without its challenges; you might have HELB loan, a tenuous career, and dozens of unknowns that keep you from doing everything you’d like to build your wealth faster. Just bear in mind that there are no easy, merry ways to accumulate wealth but following these strategic steps can help you make it young:
1. Take Risks
There’s a wise saying, “If you’re not afraid of dying, there’s nothing you cannot achieve.” Being young means you have a lot of years ahead of you. Now is the time to take risks. Invest in higher-risk, higher-payoff stock opportunities. Jump on new ventures and new opportunities.
If things go awry you’ll have plenty of time to make up for it. Most wealthy individuals will tell you one of their greatest keys to success has been taking calculated risks. The majority of the population sticks with the safe route, so if you want to break away from the pack, you have to try something new, possibly something uncomfortable.
2. Focus On Earning
“In today’s economic environment you cannot save your way to millionaire status,” writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30. “The first step is to focus on increasing your income in increments and repeating that.
“My income was 30,000 a month and nine years later it was 200,000 a month. Start following the money, and it will force you to control revenue and see opportunities.”
Earning more money is often easier said than done, but getting a side gig is one of many options you can explore to earn more.
3. Save To Invest, Don’t Save To Save
Saving money for keeps is not going to get you there on time. The only reason to save money is to invest it. Put your savings into secured, untouchable (fixed) accounts and never use these accounts for anything not even an emergency. This will surely force you to keep focusing on earning more money. Plus, get use to spending money now on things that will fetch you money in the future
To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.