Mary Rae Floresca| Negosentro.com | If you think you will only be rich when young marry someone rich or win the lottery, well, not anymore. In fact, you can start with a business with only 5000 pesos or with no capital at all and hit the bigtime!
Below are compiled tips to be a millionaire in your 20s.
1. Avoid common industries
These common industries are professions that will require years of studying in a university such as Medicine or Law school. That will cost more money especially on your tuition, and maybe dorm rentals. Even after graduation, if you are not well-off, you may be still paying debts until your 30s! Look for a career that is popular now, new industries like Digital or Internet Marketing. Old folks would think that computer is quite evil but once you spend on a good PC, there’s so many things you can do with it, gaming or not, you can earn money in today’s technology.
2. Never stop learning
If you want to get into a new industry where you know it pays more-a lot, keep yourself updated. Read a lot, strengthen your knowledge and learn what skills you don’t know much about. Stop sticking with 9-5 office hours to work, target to learn more than eight hours shift.
3. Invest your money
Don’t just save your money by opening a bank account. Do your research on investments, whether it’s high risk or not, rely on a good investment company that will educate you on how to invest. An article from Business insider said by Writes Cardone, “The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”
This means that you need to make sacrifices to aim for the money you want. You have to spend less time hanging out in restaurants or outdoor activities that attempts you to spend too much. Set your priorities. Your career needs to come first if you want to catch up in today’s demanding economy. The best way to self-control is to live within your means. Budget on what you can save and spend on.
5. Hang out with successful people
It doesn’t mean that they are the richest, but at least surround yourself with people who have goals in life. Hang out with people you admire the most, so you can more or less visualize yourself to become like them. Most importantly, spend time with people that will uplift you in achieving your goals.