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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 12 references cited in this article that you can view at the bottom of the page.
This article has been viewed 49,384 times.
Unless one is lucky enough to have a huge inheritance, for most people, becoming rich at any point, especially at a young age, requires constant effort, planning, and hard work. work and persevere in saving. At first glance, it seems that young, famous entertainers, athletes, and businessmen get rich just by luck or simply by their inherent talent. However, the truth is that everything they achieve is the result of their dedication and perseverance to the end. Not everyone can achieve such great success, but with determination and effort, with certain principles, investing time and effort into this goal, we can all become rich. in just a few short years.
Steps
Make big money
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Set goals and explore your motivations. Before embarking on anything, realize that becoming rich is no easy task. You will have to find the motivation to have the strength to get through the tough times and stay strong on the way to your ten- or twenty-year goal or to getting where you want to be at the age of 40.
- Maybe you want to be rich yourself. That’s perfectly fine motivation. Besides, what can be done for others once you become rich can also motivate you. Imagine the better life you could give your children or someone you love.
- Don’t hesitate to be ambitious. For example, if you’re trying to make a net 20 billion (after taxes and deductions), you’re probably limiting yourself. Don’t be afraid to aim for 400 or even 2,000 billion VND. [1] X Research Source
- At the same time, also need to consider what being rich means to you. Do you want to earn 20 billion VND (or more) per year, 20 billion worth of assets or 20 billion VND net worth? They are not uniform and can be achieved by different methods.
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Break your goals down into short-term goals. Of course, it is always important to maintain the general motivation. However, to be truly effective, you need to structure your life around short-term, achievable goals. It will not be possible to reach 20 billion dong if even 2 billion can’t be earned. You will never get anywhere without starting to earn more and accumulating what you earn. Don’t stop accomplishing your short-term goals one step at a time and consider the next step to strengthen your beliefs. [2] X Research Source
- To make short-term goals more achievable, you can assign them specific numbers. For example, let’s say you have a sales position. “Sell more” is by no means a clear short-term goal. Instead, try “this month, increase sales by 20% from last month”. This will allow you to track your progress and be confident that you are actually accomplishing your goals.
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Learn about the lives of successful people. There is always a reason for someone to do great things. Getting to know their lives or being in contact with them can give you the inspiration you need to pursue your own goals. You can study people like Mark Zuckerberg, the founder of Facebook, or Mark Cuban, a highly successful investor, to get some idea of how such people can be successful. so. [3] X Research Sources
- In addition, you should also seek success advice among the people you know. Maybe someone in your family or an acquaintance in your community has been doing a great job. Often successful people are very open about their path and willing to share their experiences and advice with others. Ask carefully and try to follow in their footsteps. [4] X Research Sources
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Strive for a great job. If there is no future with your current job, find another job. A steady and growing source of income is probably the most important part of becoming rich. To do that, you’ll need a job, including self-employment. Obviously, each person is suitable for different jobs, depending on personal aptitude and education level. In any case, though, make sure you’re really passionate about what you do. Otherwise, success will never come. [5] X Research Sources
- Try to find a job at a big company – here you will have countless opportunities to advance in your career. It won’t be worth the effort in a position where your efforts aren’t rewarded through raises and promotions.
- For more information, check out the article on how to find your dream career.
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Take advantage of your talents. Find a primary job and any other intended source of income based on your personal talents. Extremely successful people always know how to combine, make the most of their natural abilities and what they have learned and honed. That is, you don’t want to be stuck in a position that doesn’t challenge or allow you to show off your abilities. For example, if you write really well, you should give up your sales position and focus all your time on writing.
- One of the greatest advantages of young people is their youth. Although the older people in the industry will be suspicious because of your inexperience, you can work for longer periods and bring fresh thinking or perspective to existing problems in this world. The ability to adapt and connect with the present is one of the most valuable assets of young entrepreneurs. [6] X Research Sources
- If you don’t have any sought-after skills, learn one. For example, one of the most useful and sought-after skills in today’s job market is coding. [7] X Source of Research This is a skill everyone can learn and can help you significantly increase your potential and earn a good income. Try searching for free programming classes online.
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Connect with everyone. Big ideas and successful businesses often don’t come from just one person. Instead, they are the result of like-minded people meeting and discussing the future. Take advantage of every opportunity to meet and network with both like-minded young people and more mature, successful people. When a great job opportunity or startup comes up, you’ll have the right support network to act on.
- Remember that you should use both social media interactions and face-to-face interactions to support and nurture professional relationships. Be sure to also keep in touch with your high school and college classmates who are successful or on their way to becoming successful. [8] X Research Sources
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Increase your source of income. Besides increasing your main source of income (by advancing in your current job or finding a new position), you should also increase your income by finding other sources of income. It could be an investment, a part-time job, or any other form of informal selling or consulting that you have time to do. Overall, consider where and how you can increase your income and then, keep repeating the process. [9] X Research Source For example, if you own an online store and are successful with it, open one more store and then, another.
- The network is a gold mine for potential income. You can find or create countless jobs online to earn extra income. Everything from writing and selling ebooks to blogging can help you earn extra each month. [10] X Research Sources For more information, refer to how to make money online.
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Work really hard. With all the work, connections and extra projects, you will be overwhelmed at one time or another. However, to reach the goal, you will have to work harder, more hours than the people around you. You’ll have to chase every potential opportunity to the top, even if it doesn’t work out in the end. Success comes from constantly working towards your goals and persevering through difficult times.
Choose a high paying job
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As an entrepreneur. This is the dream, the “holy grail” for all millions, young and ambitious billionaires. Undoubtedly, owning and then developing, successfully transferring a business is the shortest way to be able to make a huge fortune at a young age. That’s how nearly all of the wealthiest young people in the world make money (except for inherited fortunes). [11] X Source of Research However, being an entrepreneur in the true sense of the word requires a balance between the potential to make a lot of money and the myriad risks, difficulties, hardships, and the possibility of complete failure. nothing wrong.
- Some of the advantages of becoming an entrepreneur at a young age include limitless income potential, self-mastery and, to a certain extent, the ability to literally change the world (think of how it works). that Facebook founder Zuckerberg transformed your world). At the same time, as a young person, you also have fresh thinking and abundant energy, which give you an edge over the older professionals. [12] X Research Source
- On the other hand, as an entrepreneur, you will have to realize that 9 out of 10 businesses fail within 5 years. It’s also more likely that you’re too young to understand the “little things” involved in running a business, such as bookkeeping and taxes. And so you’ll have to learn fast or drown in the effort. At the same time, more than any other path, starting a business is extremely difficult and challenging. It’s a combination of a lack of direction and long grueling hours of work, vague, uncertain rewards. [13] X Research Source
- For more information, read more articles on entrepreneurship.
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Work at an investment bank. If you have or will soon have a university degree in economics, finance, business, mathematics or any other related field and want to earn a lot of money right now, strive for a position at a bank. investment goods. In the US, this position usually has a starting income between 1.6 and 2.4 billion a year and the average income of recent graduates is about 2.24 billion. [14] X Source of Research This is the job that consistently tops the charts for the highest paying jobs for young people.
- Aside from the high salary, one of the biggest advantages of working at an investment bank is the multitude of growth opportunities. An investment banker’s salary can quickly be doubled or tripled through an internal promotion or development to a private equity or venture capital firm.
- Investment banking is also characterized by high internal competition and long working hours. Don’t rush down this path if you’re not willing to work nights and weekends and fight every day for the sake of advancement. [15] X Research Source
- To better understand, read more articles on how to become an investment banker.
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Become a programmer. If you are more suited to computers, you can choose a software development engineer, a position that also offers a very high starting salary. Like an investment banker, you’ll need a college degree, especially in computer science, engineering or math, to get into the field. In return, on average, as a novice programmer, you can make a decent amount of money each year designing anything from enterprise software to video games. In the US, this figure is 1.68 billion. [16] X Research Source
- Being a programmer requires an aptitude for coding and math. At the same time, it will likely come with long working hours and high expectations. You will also have to keep up to date with the latest computer systems and programming languages. However, if you’re good enough, your earning potential can only go up and up with top companies like Google and Facebook. [17] X Research Source
- To know more, read the article on how to become a software engineer and get a programmer position.
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Become an engineer. In this case, engineer is a general term used to refer to all types of engineers, from chemical to aerospace. However, on average, an engineer with the right university degree can expect a very decent salary – in the US, it’s 1.42 billion/year. [18] X Research Source In particular, petrochemical engineers can expect to earn the most, with an average salary of VND 1,774 billion/year. [19] X Research Source
- While this can be a great career with good pay, it can be difficult to get through the rigorous training program at the undergraduate and graduate levels. This path is only for those who are strong in math and science. [20] X Research Source
- For more, check out the article on how to become an engineer.
Save and invest what you earn
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Don’t spend all your money. If you haven’t saved at least 25% of your earnings yet, start today. Look at your income and expenses, and determine where you can start cutting back, selling off a few things, reducing or drastically adjusting your spending. If each year earns at least 1 billion, you should save 250 million. If you spend too much on a car, sell it. Some people with high incomes eventually become very poor by constantly maintaining a lifestyle beyond what they have.
- Today’s young generation is born into a strongly commercialized world that constantly fascinates us with the latest accessories and outfits. To be able to save and accumulate, you will have to ignore the urge to indulge your desires with cheap things, even once you start making a lot of money. Don’t forget: the poor buy things from the rich and the rich buy investments to get richer. Which group do you want to be in? [21] X Research Source
- For more ways to cut costs, check out How to Save Money.
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Use distributed savings income for investment. Draw drafts (payments) automatically from your household account to your investment account. One of the most important parts of being rich is letting the money do the work for you. Therefore, try to allocate as much as you can into an account that you can use to invest in the stock market. To get started, you can create an account with a local financial manager or through an online trading website.
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Research investment strategies and techniques. Before investing any money, anyone should read three books “Become Your Own Banker”, “Rich Dad, Poor Dad” (Rich Dad, Poor Dad). and “LEAP”, in the same order as above. If you’re not motivated to read and learn for yourself, you’re probably not motivated enough to become rich either. They are important foundations for becoming rich and mastering your own destiny.
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Investing in the stock market. You can do it in one of two ways: invest on your own or use a financial advisory service. Because of the complexity of the financial markets, it is often advisable to leave investing, especially risky investments, to experts. However, if you have the time and ability, you can do it yourself and do not need to pay investment management fees. It should also be noted that this requires a deep understanding of the financial markets and time to follow the markets. [22] X Research Source
- “Small-cap” securities (stocks of small companies) and company shares in foreign markets are good places to start. These markets carry great risk and, therefore, offer high profit potential. Always remember that great profit potential also comes with a high risk of loss. Mutual funds can help reduce this risk.
- Refer to the article on how to invest in the stock market for more information.
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Invest in more valuable assets. Once you’ve saved enough money in a stock investment account, you can invest in larger yielding assets, such as real estate and small businesses. As risky as they are, these investments can allow you to consistently earn and then break even and provide an additional source of income. In the end, they can replace your main source of income and allow you to move into a less strenuous job or retire early. [23] X Research Sources
- Decide where you want to focus all of your energy. For example, investing in rental real estate is a slow but potentially safe investment. The principle here is to use the tenant’s money to pay and once breakeven, what you get is your profit. Learn from the mistakes of others and think carefully before making any investments.
Warning
- Don’t try the “get rich quick” scheme.
- Any investment advice given in this article is for guidance only and is not intended as a substitute for professional advice. Take the time to consider the risks of any type of investment before proceeding.
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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 12 references cited in this article that you can view at the bottom of the page.
This article has been viewed 49,384 times.
Unless you’ve been lucky enough to have a huge inheritance, for most people, becoming rich at any point, especially at a young age, requires constant effort, planning, and hard work. work and persevere in saving. At first glance, it may seem that young, famous entertainers, athletes, and businessmen get rich just by luck or simply because of their inherent talent. However, the truth is that everything they achieve is the result of their dedication and perseverance to the end. Not everyone can achieve such great success, but with determination and effort, with certain principles, investing time and effort into this goal, we can all become rich. in just a few short years.
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