Most millennials spend their twenties and thirties trying to figure out life. There isn’t time to earn the budget of a small country because every second is dedicated to staying afloat. That was then; this is now.
Today, thanks to creative thinking and tech advancements, young people are challenging the status quo. For every Warren Buffett or Bill Gates, there’s a Zuckerberg or a Spiegel. And, your goal is to become like them so that you no longer have to scrimp and save from an early age.
The dream is doable, so here’s how to become a millennial millionaire in the making.
Rework Your Side Hustle
Nobody ever made a fortune by working for another person or entity. Millionaires and billionaires are the bosses and lead the businesses they create, which is why a side hustle is essential. However, having one isn’t enough – it has to be viable. An example is a new take on social media that looks into changing the millennial and Gen X cultures. Then, you need to take a risk. Working a steady job is fine but you need to focus the majority of your time on your side hustle. Only when you have an incredible foundation will it attract investment and sponsorship.
Value Your Time
Why? It’s because time is money, even if it’s hard to quantify it in the beginning. There’s a myth that successful people work harder than anybody else and that’s why they’re rich. No, they’re wealthy because they work more efficiently. These people don’t throw away the day by procrastinating or threatening to make decisions. They collect the info, find the patterns, and pull the trigger. Being this decisive is difficult as it takes a lot of self-confidence. So, as well as valuing your time, it’s essential to invest in yourself too.
Follow An Example
There is no specific framework to your life, and that makes things tricky. When things take a turn, it’s up to you to find your way again. Still, that doesn’t mean there aren’t guidelines which can help. Rich and successful people do things differently money-wise, and it’s important to keep that in mind. Applying for and investing in credit cards for the rich and famous is an excellent way to make money and reap the benefits. From concierge travel to high cashback rates, it will impact everything from your reputation to your bank balance. Don’t be afraid to read quotes and articles about young millionaires who have been there so that you can apply it to your life.
Take Advantage Of Your Birthday
Your date of birth is what classes you as a millennial. Don’t dismiss this because it may define your approach to getting rich. What the new generations have to do is use their almost innate ability to take advantage of the coming changes. One which is already evident is a flexible working space. Riding on a train or hailing a cab doesn’t mean you have to stop working.
As a millennial, you understand you can be productive from absolutely anywhere.
After reading about FI, I have learned we all get the same 24 hours, but what we do with our time ultimately determines our future income. We have to maximize our time. Leverage what we know. Invest those dollars and make them work 365/24/7 for us. I try to study the self-made for tips on wealth and life. Here’s hoping you all become millionaires sooner rather than later.
Thanks,
Miriam
Thanks for your post. My option: Income diversity, invest in stocks/bonds or a startup, at least 20% of your income should go towards savings