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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 12 references cited in this article that you can view at the bottom of the page.
This article has been viewed 49,384 times.
Unless one is lucky enough to have a huge inheritance, for most people, becoming rich at any point, especially at a young age, requires constant effort, planning, and hard work. work and persevere in saving. At first glance, it seems that young, famous entertainers, athletes, and businessmen get rich just by luck or simply by their inherent talent. However, the truth is that everything they achieve is the result of their dedication and perseverance to the end. Not everyone can achieve such great success, but with determination and effort, with certain principles, investing time and effort into this goal, we can all become rich. in just a few short years.
Steps
Make big money
- Maybe you want to be rich yourself. That’s perfectly fine motivation. Besides, what can be done for others once you become rich can also motivate you. Imagine the better life you could give your children or someone you love.
- Don’t hesitate to be ambitious. For example, if you’re trying to make a net 20 billion (after taxes and deductions), you’re probably limiting yourself. Don’t be afraid to aim for 400 or even 2,000 billion VND. [1] X Research Source
- At the same time, also need to consider what being rich means to you. Do you want to earn 20 billion VND (or more) per year, 20 billion worth of assets or 20 billion VND net worth? They are not uniform and can be achieved by different methods.
- To make short-term goals more achievable, you can assign them specific numbers. For example, let’s say you have a sales position. “Sell more” is by no means a clear short-term goal. Instead, try “this month, increase sales by 20% from last month”. This will allow you to track your progress and be confident that you are actually accomplishing your goals.
- In addition, you should also seek success advice among the people you know. Maybe someone in your family or an acquaintance in your community has been doing a great job. Often successful people are very open about their path and willing to share their experiences and advice with others. Ask carefully and try to follow in their footsteps. [4] X Research Sources
- Try to find a job at a big company – here you will have countless opportunities to advance in your career. It won’t be worth the effort in a position where your efforts aren’t rewarded through raises and promotions.
- For more information, check out the article on how to find your dream career.
- One of the greatest advantages of young people is their youth. Although the older people in the industry will be suspicious because of your inexperience, you can work for longer periods and bring fresh thinking or perspective to existing problems in this world. The ability to adapt and connect with the present is one of the most valuable assets of young entrepreneurs. [6] X Research Sources
- If you don’t have any sought-after skills, learn one. For example, one of the most useful and sought-after skills in today’s job market is coding. [7] X Source of Research This is a skill everyone can learn and can help you significantly increase your potential and earn a good income. Try searching for free programming classes online.
- Remember that you should use both social media interactions and face-to-face interactions to support and nurture professional relationships. Be sure to also keep in touch with your high school and college classmates who are successful or on their way to becoming successful. [8] X Research Sources
- The network is a gold mine for potential income. You can find or create countless jobs online to earn extra income. Everything from writing and selling ebooks to blogging can help you earn extra each month. [10] X Research Sources For more information, refer to how to make money online.
Choose a high paying job
- Some of the advantages of becoming an entrepreneur at a young age include limitless income potential, self-mastery and, to a certain extent, the ability to literally change the world (think of how it works). that Facebook founder Zuckerberg transformed your world). At the same time, as a young person, you also have fresh thinking and abundant energy, which give you an edge over the older professionals. [12] X Research Source
- On the other hand, as an entrepreneur, you will have to realize that 9 out of 10 businesses fail within 5 years. It’s also more likely that you’re too young to understand the “little things” involved in running a business, such as bookkeeping and taxes. And so you’ll have to learn fast or drown in the effort. At the same time, more than any other path, starting a business is extremely difficult and challenging. It’s a combination of a lack of direction and long grueling hours of work, vague, uncertain rewards. [13] X Research Source
- For more information, read more articles on entrepreneurship.
- Aside from the high salary, one of the biggest advantages of working at an investment bank is the multitude of growth opportunities. An investment banker’s salary can quickly be doubled or tripled through an internal promotion or development to a private equity or venture capital firm.
- Investment banking is also characterized by high internal competition and long working hours. Don’t rush down this path if you’re not willing to work nights and weekends and fight every day for the sake of advancement. [15] X Research Source
- To better understand, read more articles on how to become an investment banker.
- Being a programmer requires an aptitude for coding and math. At the same time, it will likely come with long working hours and high expectations. You will also have to keep up to date with the latest computer systems and programming languages. However, if you’re good enough, your earning potential can only go up and up with top companies like Google and Facebook. [17] X Research Source
- To know more, read the article on how to become a software engineer and get a programmer position.
- While this can be a great career with good pay, it can be difficult to get through the rigorous training program at the undergraduate and graduate levels. This path is only for those who are strong in math and science. [20] X Research Source
- For more, check out the article on how to become an engineer.
Save and invest what you earn
- Today’s young generation is born into a strongly commercialized world that constantly fascinates us with the latest accessories and outfits. To be able to save and accumulate, you will have to ignore the urge to indulge your desires with cheap things, even once you start making a lot of money. Don’t forget: the poor buy things from the rich and the rich buy investments to get richer. Which group do you want to be in? [21] X Research Source
- For more ways to cut costs, check out How to Save Money.
- “Small-cap” securities (stocks of small companies) and company shares in foreign markets are good places to start. These markets carry great risk and, therefore, offer high profit potential. Always remember that great profit potential also comes with a high risk of loss. Mutual funds can help reduce this risk.
- Refer to the article on how to invest in the stock market for more information.
- Decide where you want to focus all of your energy. For example, investing in rental real estate is a slow but potentially safe investment. The principle here is to use the tenant’s money to pay and once breakeven, what you get is your profit. Learn from the mistakes of others and think carefully before making any investments.
Warning
- Don’t try the “get rich quick” scheme.
- Any investment advice given in this article is for guidance only and is not intended as a substitute for professional advice. Take the time to consider the risks of any type of investment before proceeding.
This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 12 references cited in this article that you can view at the bottom of the page.
This article has been viewed 49,384 times.
Unless you’ve been lucky enough to have a huge inheritance, for most people, becoming rich at any point, especially at a young age, requires constant effort, planning, and hard work. work and persevere in saving. At first glance, it may seem that young, famous entertainers, athletes, and businessmen get rich just by luck or simply because of their inherent talent. However, the truth is that everything they achieve is the result of their dedication and perseverance to the end. Not everyone can achieve such great success, but with determination and effort, with certain principles, investing time and effort into this goal, we can all become rich. in just a few short years.
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