Author:
Lewis Jackson
Date Of Creation:
8 May 2021
Update Date:
1 July 2024
Content
Unless you're lucky enough to have a huge inheritance, for most people, getting rich at any point, especially when you are young, requires endless effort and planning. work and persevere in saving. At first glance, it seems that young, famous entertainers, athletes and businessmen become rich through luck or simply by their available talent. However, in truth, all that they have achieved is the result of their dedication to their best and their endurance to the end. Not everyone can achieve such great success, but with determination and effort, with certain principles, invested time and effort into this goal, we can all become rich. only in a few short years.
Steps
Part 1 of 3: Make a lot of money
Set goals and explore your motives. Before embarking on anything, realize that becoming rich is no easy task. You will have to find your motivation to have the strength to overcome difficult and steady times on your way to your ten or twenty year goal or your desired foothold at the age of 40.- Maybe you want to be rich for yourself. That's perfectly fine motivation. Besides, what you can do for others once you become rich can also motivate you. Imagine a better life that you could give to your children or someone you love.
- Do not hesitate to ambitious. For example, if you're trying to make 20 billion net worth (after-tax value and deductions), you may be limiting yourself. Don't be afraid to aim for 400 or even 2,000 billion VND.
- Also, consider what being rich is for you. Do you want to earn 20 billion VND (or more) per year, assets worth 20 billion or 20 billion of net worth? They are heterogeneous and can be achieved by different means.
Divide your goals into short-term goals. Of course, it is important to always maintain general motivation. To be truly effective, though, you need to structure your life around short-term and viable goals. Will not be able to achieve 20 billion if even 2 billion can not make it. You will never get anywhere if you don't start earning more and accumulate what you earn. Keep doing your short term goals step by step and consider the next step to strengthen your beliefs.- To make your short-term goals more realistic, you can assign them specific numbers. For example, let's say you have a sales position. "Sell more" is not an obvious short-term goal. Instead, try "this month, 20% increase in sales from last month". This will allow you to keep track of your progress and be confident that you are truly achieving your goals.
Learn about the lives of successful people. There is always a reason for someone to do great things. Getting to know your life or interacting with them can give you the inspiration you need to pursue your goals. You can learn about people like Mark Zuckerberg, the founder of Facebook, or Mark Cuban, a hugely successful investor, to get some idea of how these people can succeed. so.- In addition, you should also seek success advice among people you know. Maybe someone in your family or an acquaintance in your community has been doing very well. Often, successful people are very open about their paths and willing to share experiences and advice with others. Ask carefully and try to follow in their footsteps.
Strive for a great job. If you don't have a future with your current job, look for another job. A steady and steady stream of income is almost the most important part of becoming rich. To do that, you will need a job, including self-employment. Obviously each person is suitable for different jobs, depending on individual talent and educational level. In any case, though, make sure you are truly passionate about what you do. Otherwise, success will never come.
- Try to find a job at a large company - here you will have countless opportunities to advance in your career. It won't be worth the effort in a position where your efforts aren't being paid off well through raises and promotions.
- For more information, refer to the article on how to find your dream career.
Make use of your talents. Find a main job and any other planned income sources based on your personal talent. Extremely successful people always know how to combine, make the most of their natural abilities and what they can learn and learn. That is, you won't want to be buried in a position that doesn't challenge or allows you to show your abilities. For example, if writing is really good, you should abandon the sales position and focus all of your time on writing.
- One of the greatest advantages of young people is youth. Although the older people in the industry will be skeptical of inexperience, you can work for longer periods and bring fresh thinking or perspective to the problems that exist in this world. The ability to adapt and connect with the present is one of the most valuable assets of young entrepreneurs.
- If there aren't any sought-after skills, learn one. One of the most sought-after and useful skills in the job market today, for example, is coding. This is a skill everyone can learn and can help you significantly increase your potential and earn a good income. Try looking for free programming classes online.
Connect with everyone. Big ideas and successful businesses don't usually come from just one person. Instead, they are the result of meetings and discussions about the future of fellow humans. Take advantage of every opportunity to meet and network with like-minded young people and more mature, successful people. When a great job opportunity or startup project emerges, you'll have the right support network to act on right away.
- Remember that you should use both social media and face-to-face interactions to support and nurture your professional relationship. Make sure you also keep in touch with your high school to college classmates who are successful or on their way to success.
Increase your income stream. In addition to increasing your primary income (by advancing in your current job or finding a new position), you should also increase your income by looking for other sources of income. It could be an investment, a part-time job or any form of sales or informal consulting that you have time to do. In general, consider where and how you can increase your income and then, constantly repeat the process. For example, if you own an online store and are successful with it, open one more store and then, another.
- The network is a gold mine for potential income. You can find or create loads of jobs online so that you can earn extra income. Everything from writing to and selling blogging e-books can help you earn extra each month. For more information, refer to how to make money online.
Work really hard. With all the work, connections, and add-on projects you will be overwhelmed at one time or another. However, to reach your goal, you will have to work harder and longer hours than those around you. You will have to chase to the end any potential opportunities to go up, even if in the end they do not bring anything. Success comes from constantly striving towards the set goals and persisting through difficult times. advertisement
Part 2 of 3: Choosing a high-paying job
As an entrepreneur. This is a dream, a "holy grail" for all millions, young and ambitious billionaires. Without a doubt, owning and then developing, successfully transferring a business is the shortest way to earn a huge fortune at a young age. It is the way of making money for nearly all of the richest young people in the world (except inherited inheritance). However, becoming a true entrepreneur requires a balance between the potential to make a large amount of money and a wealth of risks, difficulties, hardships as well as the possibility of failure without being completely wrong at anything .
- Some of the advantages of being an entrepreneur at a young age include infinite income potential, self-ownership and, to some extent, the ability to literally change the world (think about how that Facebook founder Zuckerberg transformed your world). At the same time, as a young person, you also have a fresh stream of thinking and abundant energy, which gives your advantage over older professionals.
- On the other hand, as an entrepreneur, you will have to realize that 9 out of 10 businesses fail within 5 years. Chances are you are too young to understand the "little things" involved in running a business, such as bookkeeping and taxes. And so you will either have to learn quickly or drown in the effort. At the same time, more than any other path, starting a business is extremely difficult and challenging. It is a combination of a lack of direction and long, tiring hours of labor, and vague rewards, uncertain.
- For more information, read more articles about starting a business.
Working at an investment bank. If you have or will soon have an undergraduate degree in economics, finance, business, math or any other related field and want to make a lot of money right now, strive for a position in the bank. investment goods. In the US, this position typically has a starting income of between 1.6 and 2.4 billion a year and an average graduate income of about 2.24 billion. This is the job that consistently tops the rankings of the highest-paying young jobs.
- Besides the high salary, one of the biggest advantages of working in investment banking is the myriad growth opportunities. The salary of an investment banker can quickly be doubled or tripled through internal promotion or development to a private equity firm or venture capital firm.
- Investment banking is also characterized by high internal competitiveness and long working hours. Do not rush into this path if you are not willing to work all night and weekend and fight every day for advancement goals.
- To understand better, read more about how to become an investment banker.
Become a programmer. If it is more suitable for computers, you can choose a software development engineer, the position also offers a very high starting salary. Like an investment banker, you will need a university degree, especially computer science, engineering or math, to enter this field. In return, on average, as a novice programmer, you can make a fair amount of money each year designing anything from business software to video games. In the US, this figure is 1.68 billion VND.
- Being a programmer requires an aptitude for coding and math. At the same time, it is likely to come with long hours and high expectations. You will also have to constantly update your computer system and the most advanced programming languages. However, if you're good enough, your earning potential can only go up and down with top companies like Google and Facebook.
- To learn more, read our article on how to become a software engineer and get a programmer position.
Become an engineer. In this case, engineer is the general term used to refer to every type of engineer, from chemistry to space. On average, however, an engineer with the right university degree can expect a well-deserved salary - in the US, that's 1.42 billion a year. In particular, petrochemical engineers can expect to earn the most, with an average salary of 1,774 billion VND / year.
- While it can be a great profession with a good salary, it is difficult to pass rigorous undergraduate and graduate programs. This path is only for those who are strong in math and science.
- To learn more, check out our article on how to become an engineer.
Part 3 of 3: Save and invest what you make
Don't spend all your money. If you haven't saved at least 25% of your earnings yet, start today. Look at your income and expenses, determine where you can start cutting back, selling something, reducing or adjusting your spending drastically. If you make at least 1 billion per year, you should save 250 million. If you spend too much on your car, sell it. Some people with high incomes end up becoming very poor in the end because they continually maintain a lifestyle beyond what they have.
- Today's young generation is born into a world of powerful commercialization that constantly captivates us with the latest accessories and apparel. In order to save and accumulate, you will have to ignore the urge to indulge in those cheap things, even after you have started making a lot of money. Don't forget: the poor buy from the rich and the rich buy investments to get richer. Which group do you want to be?
- For more ways to cut costs, see How to save money.
Use the savings that is distributed over to investments. Make automatic drafts (payments) from your household account to your investment account. One of the most important parts of becoming rich is letting money do the work for you. Therefore, try to allocate as much as possible to an account that you can use to invest in the stock market. To get started, you can create an account with a local financial manager or through an online trading website.
Research investment strategy and techniques. Before investing any money, anyone should read three books "Become Your Own Banker", "Rich Dad, Poor Dad" and "LEAP", in the correct order. Without the motivation to read and learn for yourself, you may not be motivated enough to become rich. They are important foundations for becoming rich and controlling your own destiny.
Stock market investment. You can do this in one of two ways: invest yourself or use a financial advisory service. Because of the complexity of the financial market, it is often advisable to give investment, especially risky investment, to professionals.However, if you have the time and the ability, you can do it yourself and don't need to pay investment management fees. It should also be noted that this requires a deep understanding of the financial markets and time to stay close to the market.
- “Small-cap” securities (shares of small companies) and shares of the company in foreign markets are a good place to start. These markets carry great risks and therefore have high potential for profit. Keep in mind that the great potential for profit also comes with a high risk of loss. Mutual funds can help reduce this risk.
- Refer to our stock market investment article for more information.
Investing in more valuable assets. Once you have saved enough money in a stock investment account, you can invest in assets that are more profitable, such as real estate and small businesses. Although risky, these investments can allow you to have a steady and then income, break even and provide additional income. In the end, they could replace your main source of income and allow you to switch to a less strenuous job or retire early.
- Decide where you want to focus all your energy. For example, investing in rental properties is a slow but potentially profitable investment. The rule here is to pay renters money and once you break even, your profits are entirely yours. Learn from the mistakes of others and consider them carefully before making any investments.
Warning
- Don't try the "get rich quick" scheme.
- Any investment advice given in this article is for guidance only and is not intended to replace professional advice. Take the time to weigh the risks of any investment before proceeding.
