How To Become a Millionaire In Your 20s With These 5 Strategies
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Pop quiz: what do I have in common with Mark Zuckerberg, the founder of Facebook, and Michael Dell, the chairman of Dell Technologies? The answer is that we all managed to become millionaires before reaching the age of 25!
Now, you might think that such a feat is incredibly rare, but it’s not. Granted, the path is difficult. Earning that much money at that age is not easy, even for financial geniuses. However, as a self-made millionaire, I know for a fact that it is possible. The best thing I learned is that it doesn’t take a miracle product or a fancy marketing template to do. What I needed was to learn the key strategies and principles of becoming a successful person. With the right approach, you can succeed in any endeavor you choose. Whether you plan to write fiction or sell cookies, these five strategies can help you understand how to become a millionaire in your 20s.
Strategy #1: Find your strengths.
What does this mean?
If you want to become a millionaire, you need to invest in yourself. The most successful people in the world play to their strengths and make the most of it. Finding your strength means knowing what you do best. You have to consider what kinds of skills or traits make you a marketable prospect in the world.
For example, I started out in the real estate business. I played to my skills in being able to negotiate and manage my own transactions, as well as advising those around me. It’s what helped me build the life I have today, what got me through my financial losses, and what motivated me to keep working everyday.
How does it benefit me?
Knowing what you do best is always a good start to carving your own path in the world. It’s not easy to make a living when you don’t even know what you want to do. That’s why you’ll find many college students who question or reconsider their options after taking a degree. It’s not that they’re indecisive, only that they are trying to find out what life and career fits them best.
Aside from knowing what you can do, finding your strength helps you assess your weaknesses. What I can do well fills one side of my business, but I can’t handle every aspect of it. For example, I’m not skilled when it comes to digital or graphic design. What I am good at is negotiation and financial advice. Once I find someone who I can work with, someone who needs my skills just as much as I need theirs, then we can come together to earn money and grow.
In what ways can I apply this strategy?
Research! It may sound tiring and boring, but studying up on what you can do is always a safe bet. You need to be willing to explore and consider all the options available to you. What’s funny is that some people take a long time to consider their chosen path because it sounded silly or unrealistic at first. However, if they took time to explore it and see what it offers, they might’ve found it sooner.
In addition, you have to be willing to try anything. See what options are available and give them a try. If they don’t pad out, there’s no shame in walking away. At the very least, you can say that you tried but it wasn’t for you. Trust me, trial and error is a big part of business. Once you get comfortable with exploring different things, you’ll understand how to become a millionaire in your 20s.
Strategy #2: Build a win-win situation for yourself and others.
What does this mean?
Oftentimes, the world of business and work is seen as a competition. There are plenty of workers and entrepreneurs who want to dominate the game. These people would rather be the household name that everyone wants or needs to buy from. In short, the working environment might feel like a big fight where only the strongest survive.
Here’s the problem, though: there’s no real win-win scenario in a dog-eat-dog world. Sooner or later, you tire yourself out and find no allies when things get tough. That’s why I believe that a true win-win scenario happens if you decide to work with others.
Whether you team with someone from the same field or from another area of expertise, you can help each other grow and flourish. It doesn’t have to be a fight between two bulls. Rather, think of it like a mutually beneficial partnership. If I earn well, I want you to earn well, too. That way, we can both become successful and help each other when needed. It’s a good way to build new relationships and keep your finances strong. Why try to outdo everyone when you can help become millionaires too?
How does it benefit me?
To illustrate how it can benefit you, look at how janitor fish interact with other creatures in the sea. You would think that sharks and other carnivorous species would want nothing more than to snack on these little guys. However, the janitor fish spend their entire lives eating away at the algae and dead flesh on all the animals that come by. Whether it’s a great white shark or not, they don’t judge or worry. They only care about eating what’s on the creature.
What’s in it for the shark, then? Well, the shark gets cleaned up and has all potentially deadly or unwanted parasites removed from its body. The fish has practically gone to a spa and gotten refreshed. Since the shark would need these janitor fishes to stay alive, it leaves them alone, and would likely come back to help the fishes out to another meal.
In this scenario, both sides are doing their own thing but they get to benefit from one another. The janitor fish get to eat, and the shark gets to stay clean and healthy. In the same way, you should consider trying to help out other people in the same business as you. I know for a fact that if I didn’t make friends or build a network of people in real estate, I wouldn’t be able to earn a good living, let alone become a millionaire at the age of 24.
In what ways can I apply this strategy?
Like in the last strategy, networking and connecting to those with skills you don’t have is always a positive. No matter who you are, there’s a skill and mindset you carry that others might need in their lives. Perhaps you’re methodical and can add structure to a brilliant vision. Or maybe you’re creative, and you can add some excitement and interest to a proven system. Either way, it’s important that you use your expertise to build on the ideas of others.
At the same time, you should consider speaking to and making new friends. Beyond looking for those who need your help and vice-versa, it’s always a good move to acquaint yourself with others. Speak to masters in your field. Take time to pick the brains of people who’ve succeeded and thrived in your career path. Learn from them, even if it’s just a single piece of advice. All that you can learn will come in time, as long as you take the first step and introduce yourself.
Strategy #3: Seek out lessons in both research and experience.
What does this mean?
Learning is a key strategy in general, whether you’re discovering how to become a millionaire in your 20s or finding out what career to take. The more you learn, the more you can build and develop the right approach to any scenario.
However, when I say learn, I’m not just talking about reading and studying. If you want real lessons, you need to experience success and failure. No self-made millionaire, myself included, has been able to succeed in every single thing. There are always going to be failed negotiations, unsuccessful partnerships, and even financial losses and setbacks. What you need to remember is that these things can help you learn what to do and avoid. Don’t be disheartened by the tough times; use them to make yourself tougher, instead.
How does it benefit me?
When it comes to research, it’s always about knowing what is ahead. What does your enterprise need? What can help it grow? Once you find options, research helps you see which ones fit your scheme. By knowing the pros and cons of each approach, whether you’re learning marketing or podcasting, you’ll see what fits your vision and your plan.
Experience, on the other hand, is always about knowing what is happening. Research can predict the future, but it’s firsthand knowledge that will teach you better. Anyone can study and write up a plan for a digital marketing campaign, but it’s the execution that counts. When you and your team do a campaign, you’ll soon discover what is working and what isn’t. A plan can only get you so far. It’s what you do in the moment and reacting after that can make the differences you need.
In what ways can I apply this strategy?
If you want to become a millionaire in your 20s, you have to be willing to experiment. Try anything you learn and be open to exploring new things. For example, none of us had any idea of what COVID would be like, even if we knew that it existed. Nobody could’ve predicted the mandatory quarantines or the social distancing.
However, businesses had to act on the fly. Some had to close down or shift to online spaces to make sales and deliveries. Others had to turn to providing their services at a limited capacity, either with just one person or with a skeleton crew.
At the same time, businesses learned to embrace online platforms like Zoom, Shopify, and TikTok for advertising and workplace meetings. Some people even shifted from their office jobs to new ventures, such as selling baked goods or homegrown vegetables. When a situation challenges you, the test you face is how to react accordingly. Only when you experience it can you understand how tough it is and where to look to turn things around.
Strategy #4: Keep a close eye on how you manage your money.
What does this mean?
Say that you earn a million dollars a year. Ideally, you should be a millionaire by then, right? Well, what happens if you earn that much money, but spend 90-95% of it? Believe it or not, the reason why self-made millionaires are so successful is due to their money-conscious attitude. Sure, you have celebrities like John Cena and Brad Pitt who own million-dollar mansions and tons of cars. However, the richest man in the world,
Warren Buffett, stays in a comfy house and drives a sedan. It’s not about how much you make, but about how much you manage and control.
How does it benefit me?
Being conscious of your money and your spending habits is always better than earning a bigger paycheck. I grew up with a mother who had to work day and night in several jobs, including the weekends. Though it was tiring and exhausting work, she never complained and kept at it. In the end, she was able to buy a nice house for our family.
Of course, while she was working hard, she didn’t just get the house from all her profits. She also knew to save as much money as she could. She spent money to make sure my brother and I ate, but she didn’t buy anything fancy or fun. In fact, she chose not to because she had a goal in mind.
While you might not have the same difficult circumstances she had, you can still approach your life with that mindset. Are you planning to buy a house or get a new insurance plan? Whatever goal you have, watch your money and how you spend it. The more you save, the faster you can reach your goals.
In what ways can I apply this strategy?
I personally believe that accountability is the best way to become more financially responsible. Oftentimes, I meet people who blame their impulse purchases on others. The real problem is that they don’t know how to track their money and spend it accordingly. They might have a shopping list or a to-do list for a visit to the mall, only to buy tons of new clothes or fancy jewelry.
One way of becoming a millionaire in your 20s is to have a financial planner and examine your costs and expenses. Too many people think they spend less than they actually do. If you want to be accountable for your money, you need to be conscious of exactly how much you spend and what you spent it on.
The more you realize what you are wasting it on, whether it’s a pricey snack or an unused yoga mat, the more you’ll realize what you should hold back on.
Most importantly, remember that money can’t buy you happiness. It can buy you the things you need and want to live a good life, but it has to be done carefully. Spending lots of money can leave you downtrodden, especially if you have a goal you want to afford. That new house or new yard you want isn’t going to get cheaper. What you can do is learn to watch your wallet and stay mindful of your spending. Soon enough, you’ll see your savings grow and become more impactful in your choices than you might ever imagine.
Did you find this article informative? You can help others by sharing this post with your family and friends. Also, please download my FREE book here, where I will share with you the most effective ways to become a millennial millionaire!
- Ali, M. (2022, February 11). Become A Millionaire in Your 20s with 3 Strategies. YouTube.
- Farrington, R. (2022, November 7). How To Become a Millionaire by 25. The College Investor.
- Han, Y. (2016, October 17). 9 things to do in your 20s to become a millionaire by 30. Business Insider.
- Singh, S. (2022, January 3). How to Become a Millionaire in Your 20s (2022RavenCoin (RVN)). Moneymint.
- Sykes, T. (2016, February 4). 10 Ways to Become a Millionaire in Your 20s. Entrepreneur.
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Being successful as a person can both be learned and taught, but you must have the willingness to overcome obstacles and create habits that will make you more successful . I will give you the systems that will do both.
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