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5 Steps You Must Take in Your Early 20s to Become a Millionaire

5 Steps You Must Take in Your Early 20s to Become a Millionaire

Most of us work to earn money and fulfill our desires. For you, that may include owning a huge villa with a dozen of foreign cars parked outside. While most of us have dreams like these, there are very few people that are actually able to fulfill these. Becoming a millionaire is not easy. You have to put in a lot of hard work while also having lady luck on your side. And it’s definitely an accomplishment that is easier said than done.

If you are thinking of living a luxurious life in your 50s, don’t think so far ahead. Things have changed now and there are loads of millionaires under 30. What’s the point of getting what you want when you cannot even enjoy all of its benefits?

If you wish to be rich, you need to start today. And to help you in this regard, provided below are five simple tips:

1. Put Social Life Aside, Study Now

We know, your early twenties is a time to rejoice and celebrate life in a careless, somewhat reckless manner. However, since being a millionaire is one of your immediate goals, you will need to muster up the courage and patience to put your social life on hold, so to speak, and focus on how you want your career to shape up.

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The drive and energy you have at this age can be put to much better use than just partying and “hanging out with your compadres”. Study with relentless focus, work on your professional skills, and hone your talents. All of these will be key driving factors when you start developing your very own product or service.

But now comes the question of self-made moguls like Bill Gates and Steve Jobs, who dropped out of college but managed to become huge names. As stated above, studying is not only about your course books, it is about knowing your talents and polishing them. These millionaires and billionaires, for example, did not drop out of college to party. They did it because they had a vision and they needed time to make it come true.

If you have an idea, you need to choose it today. If your college isn’t teaching you what you wish to learn, find other ways to do it. Put socializing aside and focus on refining your talents as it will pave the way to becoming a millionaire.

2. Boring Niches Can Be Very Profitable

When people dream of becoming successful millionaires, they tend to focus too much on widely known or accepted niches. This is a mistake.

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Fact: It can take eons to become a millionaire by going down the traditional doctor, lawyer, or banker career route. Many of these job descriptions also have earning caps, which are difficult to push through.

Here’s an idea: Ditch preconceived notions. Working or launching a business in a common niche does not guarantee you millionaire status. And you certainly don’t need to spend several years in school or work mainstream jobs to become one. Tap into a relatively untapped niche, offer something unique, and work hard towards your goals. This is how any sort of a business succeeds.

Mark Zuckerberg once said, “People don’t care about what you say, they care about what you build.” So do it and show it to the world.

3. Start Investing Today, It’s A Shortcut

While it is true that there are certain shortcuts to earning big money, the truth is, not all of them work for everyone. However, one of the easiest ways is to start investing today. Stock exchange is a big game and if you can play it right, you may be able to turn your modest account into a great fortune overnight.

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Warren Buffett, for example, started to invest at the age of 11, and today he is one of the richest men in the world. There are other examples, like Nicolas Darvas, who explained his story in his book, How I Made $2,000,000 in The Stock Market.

Today, you have more opportunities than ever before. There are several options to invest in other than stocks. You can take a forex course or invest in bitcoins, which is considered one of the safest investment options. If you’re not comfortable trading yourself, there are a lot of forex signal services that allow you to copy the trades of experienced, profitable traders.

4. A Resilient Mind Is Key

The difference between mediocrity and epic success is being able to work with unwavering focus and productivity for at least a few hours at a time. It’s during these long stretches that you get work done and discover your own drive and limits.

Fast track your abilities. Be aware of the distractions that are keeping you from performing in tip-top shape, and especially during moments when you start to lose focus. Take your daily activities apart each night and feverishly look for opportunities to improve.

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Now, we know most of this sounds like basic common sense talk, but applying it practically can really boost your productivity, and you’re going to need that in your arsenal big time if you’re looking to hit that million dollar mark early in life.

5. Failure Is Perfectly Normal – Use It As A Stepping Stone

Irrespective of what line of work you’ve chosen for yourself, you’ll be dealing with plenty of disappointments along the way. It’s perfectly normal and what separates the winners from the losers is how you perceive them.

Drew Houston, Dropbox CEO, said, “Don’t worry about failure, you only have to be right once”. This explains the need to never give up and continue to walk until you achieve your dreams.

As an investor, for instance, you might lose a lot of trading stocks for the first couple of months, but when you get the hang of it, you’ll know what was holding you back. Accept these failures and use them to better yourself in every way imaginable.

These are just a few steps you can take to ensure you reach that millionaire status early in life. Don’t give up, keep your eye on the prize, and learn to make some sacrifices early on to make your dreams come true.

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Ahmed Raza

CEO of Samurais.co

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Published on September 18, 2018

17 Proven Tactics for Motivating Employees and Building a Stronger Team

17 Proven Tactics for Motivating Employees and Building a Stronger Team

Have there been instances when you noted a drop in your team’s productivity or observed a behavioral change in someone who used to be an excellent performer?

Before you blame the team for not being motivated enough or worse still, choose to ignore these warning signs, look inwards and ask yourself if YOU are doing enough to keep your team motivated in the first place.

Motivating employees is extremely crucial. As the leader of the pack, it is your responsibility to ensure each and every member of your team feels valued, driven and motivated.

After all, you cannot expect a bunch of disengaged and demotivated people to deliver results and grow your business, can you?

Here are 17 surefire tactics for motivating your employees and building a productive team:

1. Show your appreciation

In the whole race to achieve external business goals, leaders often forget to value their most important assets — their employees.

The least you can do to boost performance and morale is to appreciate your employees, recognize their efforts and give them credit when it is due.

Whether it’s sending a personalized note, recognizing achievements publicly during team huddles or even rewarding top performers at the end of every month, you will be surprised to see how these small acts of appreciation can go a long way.

2. Communicate effectively

Effective communication can do wonders in motivating employees. Who is a strong communicator? Someone who knows what they are talking about and are able to convey their message accurately.

Communication is a lot more than just language and talking. Factors such as eye contact, active listening, hand gestures and postures also say a lot about a person’s communication skills.

3. Be open to dialogue

Gone are the days when leading through fear and putting on the tough, distant leader act would work.

New age leadership is all about instilling trust by being accessible and encouraging discussions. Your team needs to feel comfortable speaking to you and you need to set the tone for such a camaraderie.

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In spite of having a busy schedule, you can still show you care through simple, effective acts.

For instance, having an open door policy, showing genuine interest while interacting with your employees or even greeting your team members helps breaking barriers and projects you as an accessible leader.

4. Provide constructive criticism

Giving negative feedback is always tricky — you don’t want to hurt feelings nor do you want the feedback to be taken lightly.

So, what do you do? The idea is to offer criticism such that it inspires change and delivers results.

Firstly, take criticism behind closed doors because nothing breaks self esteem the way calling out employees in public does.

Have a one-on-one discussion with the concerned person and make your feedback very specific. Be clear about your expectations and offer guidance on how they can improve.

Most importantly, give them the chance to explain their side of the story too instead of jumping to conclusions.

5. Conduct one-on-ones

Yes, you conduct weekly meetings with the team but how well do you know them on a personal level?

While you may think this isn’t an important practice to follow, it is one of the best ways to engage with your employees and identify what drives them.

Conduct a one-one-one session every month and use it to understand how your employees are doing and if they are facing any roadblocks.

More than reviewing performances, consider this as a relationship building tool to ensure you are aligned with your team and are working towards a shared, common goal.

6. Build training programs

In this ever-changing business landscape, it is important to ensure your employees are updated with the latest, relevant skills that can help boost productivity and performance.

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From imparting technical and soft skills to offering mentoring programs – investing in training and development significantly helps in motivating employees and keeps the learning going.

While conducting training programs, remember to keep them engaging and interactive. They need to ultimately drive value and reinforce learnings.

7. Offer growth opportunities

Every employee envisions a different career path for themselves and demotivation strikes the day they feel they have reached stagnation. As a leader, you need to first be aligned with their goals and offer ample growth opportunities that constantly keeps them engaged and motivated.

Growth opportunities go beyond just financial growth. While money is a huge driving factor, what makes most people tick is making progress in the company and going up the career ladder.

Being faced with new challenges and responsibilities lets them push the envelope and broaden their knowledge and skills.

8. Reward them

Go beyond verbal recognition and reward employees for their notable work. You can start an incentive program and reward top performers. This ensures increased productivity and brings out the best in them.

If you don’t have enough budgets for that, you can also reward top performers with movie tickets, a paid vacation or something as simple as giving them the option to work from home.

Rewarding employees promotes healthy competition and motivates them while meeting business goals.

9. Encourage team outings

Employee motivation also stems from how connected the team is. Invest time in team building because a team that works collaboratively is likely to deliver better results.

From bowling nights to hosting team dinners – team outings are a great way to get to know each other and bond. Assign someone from your team to be in charge of organizing these monthly outings and make sure you join them too!

10. Involve them

Involve your employees in decision making because when they are involved, they feel more valued and part of a larger cause.

Seek your team’s opinion and encourage healthy debates within the team. This boosts employee morale and challenges them to work harder as they know they are in a position to make an impact and will be taken seriously.

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11. Set meaningful goals

In the beginning of the financial year, make sure you sit down with each employee to set meaningful and realistic goals. The goal-setting conversation is an extremely crucial one and needs to be a two-way street.

Whether your employee feels burdened or doesn’t feel inspired enough by the assigned goals – this is the time to come to a consensus and assign goals derived from business objectives that foster individual development while keeping in mind their strengths and weaknesses.

12. Empower them

You cannot expect employees to be motivated for long if you micro manage the team and do all the talking.

Trust your employees and empower them to take decisions. Mistakes will happen but that is the only way they will learn.

Be open to discussions, delegate effectively, set your expectations and give your team the freedom to do it their way.

13. Deal with conflict

A conducive work environment is one wherein there is open communication and trust, but every once in a while, you do encounter people in the team who indulge in office politics and spread negativity.

How much ever fulfilled an employee feels with their work, gossiping co-workers are bound to ruin it for them. Workplace gossip if not tackled hampers productivity and soils working relations.

As a responsible leader, you need to maintain a conducive work environment and act as a mediator in such cases. Don’t be the leader who is locked up in his/her cabin and is unaware of what is brewing within the team.

14. Implement a flexible work culture

Flexible work cultures are a growing trend and are here to stay.

Whether it is offering flexible working hours or allowing employees to work from home once in a month – a flexible work culture promotes work-life balance and aids in employee satisfaction.

It shows that the management is sensitive to employees’ schedules and is thereby highly appreciated.

15. Host engaging activities

All work and no play makes Jack a dull boy and we cannot agree more! So, why not devote one day of the week to employee engagement activities?

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From hosting baking competitions to introducing wellness programs in the office – let your team have some fun beyond work. This keeps the environment engaging, light-hearted and interesting, giving them all the more reason to look forward to coming to work.

16. Maintain a positive work space

Your employees spend more than half their day at work and in order to keep them energized and motivated, it is important to maintain a positive and inspiring work space.

Have a recreation center where employees can unwind after a hard day’s work, offer free snacks and beverages and invest in an open office design that promotes socializing and conversations.

These are simple yet effective ways to create a space your employees will love coming to.

17. Avoid discrimination

Any kind of discrimination, be it due to age, gender, religion or race hugely impacts employee motivation and performance.

In order to avoid such cases, you must lay down rules against discrimination and take strict action against accused employees. Lead by example and make sure no one in the team is a victim of bias and discrimination.

The bottom line

Don’t underestimate the power of motivating employees. Understand that the more engaged and motivated they are, the better their performance will be.

It is also a good idea to send out a survey and get feedback from your employees on the company culture, work environment and their motivation levels.

This will help you be more aligned with their expectations and further improve your efforts in building a stronger, engaged team.

Featured photo credit: Unsplash via unsplash.com

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