How do I become a millionaire below age 30? This is one of the many questions that always cropped up at a tender age, up until I discovered several secrets of joining the league of the who is who in the millionaires club.
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There is nothing sweet in life like being able to buy whatever your heart desires, being in a position to command respect, being among the few who can talk and the rest can listen. All these things come with one being a millionaire. At below age 30, it’s possible to be rich, yes possible, and here is how to make it.
Start saving while in school
It’s normal most students are not able to save while in school. This is partly contributed by ignorance, peer group influence and luck of a desire to make it before age 30.While you are in college, there are several areas where you can invest your money to multiply. If you are keen enough, you will be able to discover these investments:
Fixed Deposit Account
The little you waste on girls, alcohol and expensive designer clothes should be invested into these products.
Identify a mentor
The second most important point is to identify a mentor. A mentor is someone who can guide you on various aspects of financial management and investment. In any field, there is that one person with grasp of everything that surrounds that field. This is the most ideal person to approach for guidance.
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It’s not uncommon that when you have too much time at your disposal, there is that urge of saying, “let me do something else, tomorrow I will wake up fresh and start this project”. Since you don’t know what tomorrow holds, there are obvious chances of not pursuing your interests.
Start a small business venture in campus
By the way most millionaires start their business in campus. I will list some of them.
Bill Gates is the founder of Microsoft and is the richest man in the world. Mark Zuckerberg is the founder of Facebook. Larry Page and Sergey Brin founded Google, the number one search engine. All these guys are now billionaires, they control a significant portion of the world’s total wealth
The advantage of starting business in college is that you have so much time to rectify your mistakes. You are also able to develop networks.
Following money does not necessarily mean following people with money, I mean spotting viable business opportunities and utilizing your time to put into action your thoughts.
At below age 30, you have a wonderful opportunity to feel dirty but meaningful in the eyes of your thoughts. Even if an opportunity looks tough to penetrate, just try.
Never give up
The most common mistake young business persons do is, they give up easily. I can confirm that every millionaire faced the challenge you will face, what separates the successful ones and the failed case studies is resiliency. Giving up should be the last option for an individual with a vision.
I can give you a list of millionaires who failed several times but ended up being successful:
Sir James Dyson
Whenever you realize you are about to fail, sit down, formulate your thoughts, identify gaps, devise a strategy and execute it with precision.
Many young aspiring entrepreneurs develop a habit of accumulating debts. While it’s not a bad idea to have debts, it’s advisable to avoid debts as much as possible. Every time you borrow from someone make sure you return the money even before deadline.
Financial advisors would always caution you against debts but encourage you to take bank loans for business expansion.
Avoid wasting too much time in school
It’s worthless to spend 10 years in college and you end up getting employed by a school dropout. If it forces you to be in school, please have some business you run as you attend classes. If possible, enroll for online courses.
Unless you want to be a consultant or be a scholar, don’t bother to pursue a PhD: immediately you complete your undergraduate course, start thinking of how to multiply the money in your bank account.
Plan to retire from employment
It’s extremely hard to become a millionaire in the hands of your employer unless you hold sensitive positions that attract handsome pay. For you to become a millionaire, it’s advisable to plan your retirement immediately you secure employment. How do you plan? You do this by start saving and identifying what will replace your job.