In the past, being a millionaire was usually associated with middle-aged men and women. These days, younger generations seem to be making the news with miraculous success stories and this can be attributed to the way information and knowledge is spread around in modern times. The internet is in our pockets all the time and millennials have accepted the fact that they are going to spend their entire lives learning new things, and they are happy to do so. The fact that they are learning more and on their own makes their chances of success much greater.
That is the root of their advantage compared to the previous generations but how exactly do they do it? Well, there are a lot of factors and a lot of different approaches. We are here to discuss some of these approaches and good life practices that can help you achieve this financial life goal.
1. Networking helps
Don’t take this piece of advice the wrong way. I’m not saying that you should attempt to only socialize with rich people, but you should network with people who are after the same goals as yourself. A network of people attempting to reach a common goal are far more likely to do it than a single individual.
There are more than a few ways that you can do this, one of the more obvious ones is using the social networks but you need to do this in the real world as well. Don’t burn any bridges and keep in touch with your classmates, previous and current co-workers, business partners and attempt to keep a well nurtured professional relationship with most of them. Even though a contact may seem irrelevant at the time who knows what might happen down the road.
2. Fight your consumer instincts
Our parents kind of grew into consumerism and gradually accepted it. Our generation is a bit different. We have been born into full blown consumer society and a big part of our generation didn’t really learn how to deal with it. They are drawn in by colourful advertisement and can get quite upset by not being in line with the “latest trends”. Rich people buy things that they need to make money while poor people buy things to make rich people richer. This should be enough to help you deal with your consumerist instincts. Leisure is overrated anyway.
3. Save to invest
The time when we stacked up money, dollar after dollar and kept it on our savings accounts so it can grow has long passed. Today this takes too much time and may hinder your career’s growth. Getting a job for young people can seem as a daunting task but there are a lot of jobs that you can do from home and earn a hefty sum to get you started. Saving in order to invest is the only things that actually makes sense. You need to get your money to make you money by investing in new things.
Don’t rush into things and invest smartly. Get rich quick schemes usually don’t pay off and you should probably stay away from them, especially if someone else is trying to pitch you the idea and you did not come up with it yourself. You need to examine the risks and probability for success that your investment plan has and ensure that the risks are reasonably small before you proceed and put your chips on the table. After all, every investment is a bit of a gamble.
4. Pick your career wisely
Let’s be frank here, this one is easier said than done. When searching for an optimal career choice we usually use a blend of internal desires, research and advice from people we trust to make our decision. This makes things quite a bit more complicated but the current generation is aware that you can get both money and passion if you research correctly and avoid relying on hearsay.
Today you can use many free resources to help you get a clearer picture of the current economic situation and job prospects so you have a much easier time when you look for a good job. Make sure you are making decisions based on things you know are true and don’t let your emotions completely take over if you don’t have solid plan.
5. Research the people who did it
As we already mentioned, there are a lot of people who managed to become billionaires in their youth, and even more who are millionaires. Mark Zuckerberg’s story is probably the most widely known since his social network, Facebook, has had such a tremendous impact on the lives of people across the planet. Today he is one of the richest men in the world with estimated 20 billion net worth and his story has even been immortalized in the movie “The Social Network”.
Zuckerberg’s story is one of many success stories of young people making it big. Research them and see what train of thought they used to get where they are today, what inspired them to get the ideas they got and how they approached this colossal task. Creativity and inspiration are two of the best allies you can have in the business environment and it will help you keep motivated when you run into tough times.
6. Goals will spur you onward
It is easy to get distracted along the way and lose sight of your goals. Furthermore, going “Oh, how I wish I was a millionaire”, every day isn’t something that you can really call having goals. It is more like wishful thinking. You need to determine what you want in life and then and only then can you really make a plan on how to reach those goals. Still, it is not enough to rely on this major goal in life for motivation. Once you make a plan draw motivation from short-term goals to keep you going but always keep your final destination in mind.
7. The Web is golden
I’m sure that most young people today are aware of how big the Web is and it is far from finished with its growth sprout. Whatever your niche may be, whatever your business goals are, the Web can surely help you in some way. If we look at thins across the board the universal usefulness of the Web, provided that you can find your way around it and most young people can, is unsurpassed.
Networking, marketing, business opportunities, funding, market research, competition research, you name it and you can probably find a way to do it online. A lot of people made it by doing work strictly in the online environment without ever needing to boost their effort with “real world” efforts. Still, don’t shy away from direct contact, opportunities come in all shapes and sizes.
8. Get to it!
Thinking about your future is one thing, doing things to reach the goals you set for yourself is a whole other ballgame. If you take a look at the schedules of young millionaires, you will see that most of them work 10-12 hours a day and they gladly do it. Dragging your feet will not help you reach your goals, you need to be prepared to put in the necessary work. You are young so use that youth of yours to prove yourself and get the results you need to progress.
9. Make your youth your edge
Sure, young people run into a lot of disapproval and cynicism from older businessmen and women but you should not let this discourage you. They do have more experience than you but you understand the new world order much better than they do plus you can handle a 15 hour work day, sleep for 5-6 hours and then come back and do another 15 hour run.
There are a lot of things that youngsters can do better than older people, one of the things is having a greater knack to adapt and learn new things. Rely on your youth to learn from their experience and get new business ideas and better understanding of your vocation and don’t let yourself become intimidated by them or anything else for that matter.
10. Fear is the enemy
There are few things that can destroy your chances of getting rich as being afraid to even try. The most common excuse is “I’m too young” and this one is the worst of them all. Just because you are young doesn’t mean that you can’t have a great business idea and many people have proven this. If you don’t take yourself seriously nobody else will. Use your fear as a sign to be cautious but don’t shy away from opportunities motivated by irrational fear.
Youth is full of potential and it is the best catalyst for change. Young people are the root of revolutionary ideas and changes in the world and you should never let yourself believe that you don’t have the potential to achieve something. Good luck and may your motivation never falter!