Imagine a millionaire. How great would it be to have the lifestyle you always wanted? Now imagine could do this in your 20s.
Here are some easy steps to follow in order to start your journey towards becoming a millionaire. Note that these rules can be followed at any age. When followed properly, they can help you become a millionaire sooner than you ever imagined.
1) Age is just a number
Your age is an asset, which can be an extremely powerful differentiator.
If you believe you can really make it, then you will make it! Besides, there is nothing people want to see more than a hard-working, dynamic, intelligent and dedicated young professional who succeeds. Create a snowball of strength that makes people want to be a part of your life.
2) Background, highest level of education, or IQ is irrelevant
Professions like doctor or banker require many extra years of schooling, which costs a lot of money. You will likely be repaying your student loan debt well into your forties, or even later. Also, individuals with these jobs often have a real earning ceiling that is difficult to break through. You can learn everything you need online without the big tuition costs. Counterbalance between cost of education and earning potential.
3) Take advantage of hot sectors
In today’s social media-centric world, jobs such as Internet marketing do not have an earning ceiling and don’t require a lot of training or even a degree. Also, many young aspiring millionaires think that they need to focus on next generation technology in order to make their millions. However, this isn’t the reality. Even merging something old and boring with a fresh take is what led to the foundation of eBay.
4) Sacrifice and educate yourself
The more you focus on working on your skills instead of being out socializing, the better your time will be spent on making superior products and services in order to you thrive in today’s critical economy.
Everyone seeks the perfect work/life balance, but you have to accept that it won’t ever be that perfect match if you want to be in the top tax bracket at the end of the year.
5) Your business doesn’t need to be profitable
Many businesses are acquired only for their characteristics rather than profit margins. They just need growth, users and some edge.
Focus not only on the right industry for you but on fixing a problem within that industry, so you know it has value to your consumer base. As a consequence, your user growth will go up and the money will come as a result from that. No one pays for a good idea that’s lacking in users.
No matter where you are looking to take your career, you are going to face a number of challenges and setbacks. Mistakes are normal. How you handle them is what sets you apart.
The key to making millions is passion, patience, honesty and respect for others.
Don’t allow a lack of technical skills to hold you back. You can always find technical skills. What you can’t easily find is your true passion.
Criminal or unethical money never lasts and it will never give you the type of professional reputation that you can use to create millions.
“The only way to do great work is to love what you do.” — Steve Jobs