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. [1] X Research source 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.
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. [1] X Research source 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.
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.
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] X Research source
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. For more information about finding your dream job, see How to Find Your Dream Career.
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] X Research source 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. [7] X Research source 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.
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. [8] X Research source
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. [10] X Research source For more information, see how to make money online.
Some of the pros of becoming an entrepreneur at a young age include unlimited earning potential, being your own boss, and, quite literally, the ability to change the world (think about how Zuckerberg’s founding Facebook has changed your world). Also, as a young person, you bring new ways of thinking and tremendous energy that can give you an edge over older professionals. [12] X Research source On the flip side, when becoming an entrepreneur you have to realize that 9 out of 10 businesses fail within five years. You’re also likely too young to have any knowledge of the “little things” involved in running a business, like bookkeeping and taxation, leaving you to learn them quickly or sink trying. And, more than any other path, starting your own company will be incredibly hard work, combining a lack of direction with long hours and doubtful paychecks. [13] X Research source For more, see how to become an entrepreneur.
One of the biggest pros of becoming an investment banker, in addition to the huge salary, is the massive amount of opportunities for advancement. Investment bankers can double or triple their salaries quickly by advancing within the company or outside to private equity and venture capital firms. Investment banking also comes with high competition among coworkers and very long hours. Don’t jump into this career if you’re not ready to work all night and weekends and fight for advancement every day. [15] X Research source For more, see how to become an investment banker.
Being a software developer will require a knack for coding and math, and may also require long hours and high expectations. You’ll also have to stay up to date on the newest computer systems and coding languages. However, if you’re good enough, earning potential just goes up and up at higher-end companies like Google and Facebook. [17] X Research source For more, see how to become a software engineer and how to get a software development job.
While engineering can be a great and well-paying career, it is very difficult to pass the rigorous training received in undergraduate and graduate school. This career is only for those with strong math and science abilities. [19] X Research source For more, see how to become an engineer
The younger generations of today have been born into a very commercialized world that constantly pushes the newest gadgets and clothes on us. In order to save and build wealth, you’ll have to ignore the urge to indulge in these trinkets, even when you start making good money. Keep this in mind: poor people buy things from rich people and rich people buy investments to make themselves richer. Which side do you want to be on?[20] X Research source For more ways to cut expenses, see how to save money.
A good place to start is with “small-cap” stocks (shares of small companies) and shares of companies in foreign markets. These markets come with a large amount of risk and therefore also carry the potential for large returns. Always remember that large potential returns also come with the chance of massive losses. Mutual Funds can help reduce the risk involved. For more information on investing in stocks, see how to invest in the stock market.
Decide where you want to focus your energy. Rental property investing, for example, is a slow process but with safe returns on your money. Your principal is paid by the renters over a number of years and eventually becomes entirely profit. Learn from other people’s mistakes and consider the risks extensively before you make any investments.
