Getting rich means hard work, planning, and saving for most people unless they inherit their wealth. This is independent of age, but is particularly true for young people. It seems as if young and famous entertainers, athletes and business people got rich by accident or simply because they were born with talent. Everything they have achieved is the result of dedication and perseverance. Most cannot achieve this astronomical level of success, but anyone with the right attitude can become rich very quickly by sticking to a few principles and putting in the time and effort necessary.
- 1 Earn a lot of money
- 2 Well-paid job
- 3 Saving and investment
Earn a lot of money
Set goals and discover the motivation behind them.
The road to wealth is not always easy. Get this clear before you start. You have to find the motivation to get you through tough times and keep you going when everything is trying to pull you away. Just imagine your goals. Where do you want to be in 10 years, 20 years or 40?
- It’s perfectly fine if you just want to get rich for yourself. You might also be motivated by what you could do for others. Imagine the better life you can give your children or your spouse.
- dream big For example, if you want to have one million euros in equity, then you might limit yourself. Aim for 20 or 100 million.
What does wealth mean to you? Do you want to make a million (or more) a year, have a million investments or a million capital? These are different goals and you can achieve them in different ways.
Break down your goals into short-term goals.
You always have to stay motivated. Organize your life around achievable, short-term goals to get things done. You’ll never have a million unless you have $100,000 first. You’ll never make it if you don’t earn more money and save some of it. Always achieve short-term goals and think about your next action so you feel like you’re accomplishing something.
- You can better flesh out short-term goals by giving them a number. Imagine you work in sales. “Sell more products” is not a clear short-term goal. “Sell 20% more this month than last month.” is better. This way you can track your progress and feel confident that you are reaching your goals.
Look at the lives of successful people.
People who have done great things have not done them for anything. Looking at their lives or meeting them will give you the inspiration you need to set your own goals. Research Mark Zuckerberg, the founder of Facebook, or Mark Cuban, a successful investor to find out why these people have achieved so much.
- Get advice from a successful person you know personally. Perhaps you have a relative or know someone in your community who has a good business. These people are more open about how they did it. They share their experiences and advice with others. Question them at length and try to imitate their actions.
Find a good job.
If you don’t have a job with a future, find one. The most important thing about getting rich is that you have a steady and increasing stream of income. You need a job for that, even if you’re just doing it for the money. The right job is different for everyone and depends on your individual talents and education. Do something you are passionate about doing, otherwise, you will never be successful.
- Find a job in a large company with plenty of opportunities for advancement. You don’t want a job that doesn’t reward your hard work with a raise and promotion.
- For more information on how to find your dream job, visit Finding your dream career.
Use your talents.
Tailor your search for your main job and other sources of income to your individual talents. People who are particularly successful combine their natural skills with their learned skills to get the most out of them. Don’t keep a job that doesn’t challenge you or where you can’t show off your skills. For example, if you’re a good writer, quit your sales job and write full-time.
- One of the greatest perks of being young is youth itself. Older people may question you for your lack of experience, but you can work longer hours and bring a breath of fresh air or perspective to world problems. Your adaptability and connection with the present is one of your greatest assets as a young entrepreneur.
If you don’t have a marketable skill, learn one. For example, programming is one of the most sought-after and useful skills in today’s workplace. Anyone can learn this and your potential increases. You also make good money. Search for free programming courses online.
Network with everyone.
Great ideas and successful companies do not usually come from a single person. They are the result of a group of like-minded people coming together and discussing the future. Take every opportunity to meet and bond with young people with similar goals and older, successful people. If there are good job offers or entrepreneurial projects, then you have the right network to act.
- Support and nurture your professional relationships in person and on social media. Keep in touch with classmates from school or fellow students from the college who are or will be successful.
Earn more money.
Not only increase your primary income stream (by getting a promotion or finding a new job), but seek additional sources of income as well. This can be investments, part-time jobs, or sales or consulting that you do in your free time. Where and how can you earn? Think about it again and again. If you have an online store and are successful, then open another, and then another.
- The internet is a gold mine. You can find or create many jobs to make money. You can write, sell an eBook, write a blog, etc. and make money from it every month.
Work really hard.
Be an Entrepreneur.
- Some of the perks of becoming an entrepreneur young are unlimited earning potential, being your own boss, and changing the world (just think how Zuckerberg’s Facebook changed the world). When you’re young, you have new ways of thinking and lots of energy, which gives you an edge over older professionals.
- On the other hand, you should know that nine out of ten companies fail within the first five years. Or maybe you’re too young and don’t know the “little things” that running a business involves, like accounting and taxes. You’ll have to learn this fast or you’ll perish with flying colors. It also means incredibly hard work. You don’t know the exact path, work a lot, and have an uncertain income.
Become an investment banker.
If you have or will soon have a college degree in economics, finance, business, math, or a similar field and want to make as much money as possible now, become an investment banker. You earn between €70,000 and €105,000 per year. The average starting salary is currently around €10,000. Investment banking jobs are consistently among the highest-paying jobs for young people.
- This is supported by the fact that you not only earn well, but also have many opportunities for advancement. Investment bankers can quickly double or triple their pay by moving up inside or outside the firm at private equity and venture capital firms.
- Investment banking also has the most competition among peers and you work the most overtime. Do not choose this career if you are reluctant to work nights and weekends and want to work daily for advancement.
Become a software developer.
If you like working with computers, then the job as a software developer has the highest starting salary. As with investment banking, you need a university degree, for example in computer science, engineering or math. The average starting salary is €74,000 per year, be it business software or video games.
- As a software developer, you need to be able to program and be good at math. You also have to work a lot and the expectations are high. You must also be familiar with the latest computer systems and programming languages. If you’re good enough, you can make a lot of money at high-end companies like Google and Facebook.
Become an engineer.
This is a broad term that encompasses all forms of engineering, from chemicals to aeronautics. An engineer with a relevant university degree earns around €63,000. Petroleum engineers in particular earn the most, namely an average of €78,000.
- Engineers have a great and well-paying career, but graduating can be difficult. This is only for people who are good at math and science.
Saving and investment
Don’t spend all your money.
If you’re not already saving at least 25% of your income, start now. Look at your income and expenses and think about where you can save, sell, buy less or break down your expenses. If you earn at least €44,000 a year, save €11,000. If you spend a lot of money on your car, then sell it. High earners often become poor because they live beyond their means.
- Today’s younger generation was born into a very commercial world where new gadgets and clothes are constantly appearing. If you want to build and maintain wealth, don’t always buy the newest, even if you can afford it. Remember, poor people buy things from the rich, and the rich buy investments that make them even richer. Which side do you want to be on?
Take your savings and invest.
Learn about investment strategies and techniques.
Invest in stocks.
There are two ways you can do this: either you have an advisor to do it, or you do it yourself. Since the financial market is complicated, you should leave investing, especially risky ones, to experts. If you have the time and talent, you can skip investment manager fees and do it yourself. You need to know a lot about financial markets and when to follow them.
- A good place to start is with “small-cap” stocks (stocks of small companies) and stocks of companies in the foreign market. These markets are risky, which is why the potential gains are high. Large possible gains also mean the possibility of massive losses. Mutual funds reduce risk.
- If you want to learn more about stock trading, read how to invest in the stock market.
Invest in valuable assets.
Once you’ve accumulated enough money in your account for the stock market, invest in larger, profitable investments, like real estate and small businesses. While risky, these investments result in a steady stream of income that may recoup your initial investment and make you some extra cash. These streams of income may replace your primary source of income and you may find an easier job or retire early.
- What do you want to focus your energy on? For example, rental property is a slow but sure return. Your capital is paid for by the tenants over the years and over time this becomes your only source of income. Learn from the mistakes of others and consider the risks before investing.