If you want to be financially successful by age 30, what you do in your 20s matter a lot.
From having multiple streams of income to investing your savings, there are many ways through which you can increase your wealth in a free-market economy.
A millionaire status is not guaranteed, but well if you try these strategies, you may rise from thin to thick, even at a younger age. Its not the age that matters, rather the kind of strategy that you employ.
A compilation of 11 pieces of advice and suggestions has been formulated, to inspire you become rich at a younger age of 30.
1. Focus on earning. The first thing to do is to focus on increasing your income in increments and repeating that. Earning more money is often easier said than done, so you must rise up, actualize plans to that end.
Think about how to bring in additional income, some high-paying jobs you can do on the side, how you can earn passive income, that is to say, things that bring in money with out too much edo, like investing in shares.
2. Develop multiple streams of income. One way to earn more is to increase your streams of income. These additional streams include real-estate rentals, stock market investments, and part-ownership in a side business.
3.Save to invest, don’t save to save. This will force you to continue to follow step one (increase income). Investing is not as complicated or daunting as we make it out to be.
For students at college level, you could buy something, whose value appreciates after a period of time, using upkeep savings. You could actually start a small poultry establishment with as small as Shs. 50,000.
4. Be disciplined and decisive. A successful entrepreneur knows that it takes self descipline to achieve the best results, coupled with standing ones ground and get things done.
5. Don’t show off — show up. Be known for your work ethic, not the trinkets that you buy. Do not labour to please others. Living an extravagant lifestyle through buying expensive and luxurious stuff, is so detrimental to the profitability of your business. Buy what is essential.
6. Change your mindset about money. Getting rich begins with the way you think, and what you believe about making money. While the masses believe becoming wealthy is out of their control, rich people know that making money is an inside job.
7.Invest in yourself. Many modern-day successful and wealthy people are voracious readers. They also focus on healthy, for example by ensuring a strict exercise routine to be mentally, psychology and physically upright.
8. Be extra-ordinarily persistent. The reason why young entrepreneurs fail is because of inconsistencies in business plan formulation and implimentation. Successful people spot opportunities, go after them repeatedly with one heart, until they attain success.
9. Set realistic goals and visualize achieving them. If you want to make more money, you have to have a clear goal and then a specific plan for how to achieve that goal. Money won’t just appear –you have to work at it.
10.Start hanging out with people you admire. The idea is to surround yourself with talented people, who share your vision because the alignment of several smart and creative minds is exponentially more powerful than just one. Plus, we become like the people we associate with, which is why the rich tend to associate with others who are rich.
11.Shoot for Shs.10 million, not 1 million. Think beyond the invisible framework that sorrounds situations. One grave mistake young businessmen do is not thinking big enough. There is no shortage of money on this planet, only a shortage of people thinking big enough.
Do you have a story in your community or an opinion to share with us: Email us at Submit an Article
