you build wealth at a young age
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  • Post last modified:12/09/2020
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11 simple steps that will help you build wealth at a young age

How to become a millionaire? Do you seek to reach financial freedom and enter the world of wealth? The achievement of that wealth does not depend on a specific age, there are many rich people around the world who are not more than thirty years old, but did you also know that there are teenagers who have achieved enormous wealth that reached billions of dollars? Achieving and building wealth is not impossible and does not require magic work, nor is it restricted to a group of people alone. All there is in it is that these rich people were able to use the secrets and keys to basic success that we will learn about in this article.

Here are these simple steps drawn from the real experiences of a group of wealthy people around the world, which will help you build your wealth.

How to become a millionaire in 11 steps

The first step: avoid hard work

Constant work may be tempting, as many people prefer it because it is safer with the fixed salary offered. But in fact, that hard work will kill any sense of creativity or innovation you have, because you will feel a kind of reassurance that you do not need to make more effort as long as you get a good sum of money for your effort and your current work.

The second step: build the right financial persona

This is Warren Buffett’s favorite tip, as he always recommends selecting your investing persona based on the nature of your ideas and your new investment mindset. Where he believes that the investment process begins with a self-analysis in order to match your advantages and personal characteristics with the appropriate investment method. For example, your financial personality must tend to save and use it optimally in the investment field. Starting to build your new financial personality should capture your interest from the start to ensure that you are on a clear and guaranteed path towards wealth.

The third step: Depend on more than one source of income

Relying on more than one source of income is one of the best methods that help you get a larger monthly income, and thus start achieving wealth at a young age. Studies conducted on a number of rich people indicate that the multiplicity of sources of monthly per capita income mainly contributes to achieving great wealth. There are many options available for multiple sources of income, such as investing in financial markets, establishing a business, and so on. Three sources of income are an ideal number to enter the world of wealth within a short period. Where the surplus or increase in the monthly income can turn into an investable amount and thus multiply it and use it in a larger project that will be the beginning of your entry into the world of the rich and entrepreneurs.

Fourth step: improve your monthly income

It may be difficult to save a portion of an individual’s monthly income, but as we mentioned in the previous step, relying on more than one source of income has several benefits. One of those benefits is the ability to allocate a monthly amount for savings and turn it into a large investment later on.

The fifth step: relying on investment, not just saving

The amount you save will not have much benefit if you do not invest it. When you leave an amount of money for the purpose of saving without investment, it is liable to decrease when you need it, but when you invest it, it will double and withdrawals will not affect it greatly.

Of course, deciding on the amount to be invested is not an easy matter, as a clear and binding decision must be made regarding the amount to be invested and the project to be invested in. Most people exploit the gains the moment they receive them, while the rational decision is to wait for the long-term gains because they are the ones that achieve the wealth you seek.

The sixth step: seriousness in making a decision

As we said earlier, deciding on the amount that you will deduct or invest from your individual income requires a lot of firmness and seriousness. Of course, your dream of achieving great wealth will not be fulfilled without being decisive about your financial decisions, so that they are thoughtful and have clear goals. We see that many wealthy entrepreneurs like Mark Zuckerberg, for example, wear simple clothes. The reason behind this is that they do not concern themselves with simple daily life decisions, but rather spare their mental effort in making the most important financial decisions.

The seventh step: wisdom in everyday life

We mean by wisdom is moderation and rationality in making decisions related to your daily life, for example it is unreasonable for you to consume the sums that you save extravagantly on unnecessary luxury needs. And you should realize that every amount you save today, no matter how small, will be part of your investment project that will bring you wealth tomorrow. It is this wealth that will bring you the luxury that you seek with your current consumption.

The eighth step: define the goal and draw a map to achieve it

“The first reason people do not achieve their goals is their inability to know what they want in the first place.”
Harv Ecker

If you do not set your goal, it will look as if you are walking into a mirage, as you will not have any clear direction for your work. The concept of affluence is a very broad concept and it carries a lot of meanings, so you have to avoid failure and frustration by setting a clear and measurable goal.

Step 9: Let your dream be big

Some people may blame you for your big dreams, but you should realize that big dreams are the greatest motivation for work, and they can achieve the best results later. If you follow the success stories of wealthy people around the world, you will see that they all started with very big dreams, but managed to actually achieve them.

Step Ten: Choose your friends carefully

Your friends make up the environment in which your thoughts swim, so you need to choose them carefully. If you choose smart and creative friends, for example, they will be an incentive for you to innovate and work continuously, and they are a reference that you can benefit from whenever you want. We return again to billionaire Warren Buffett, who was known for his wide friendships, which was one of the reasons for his success, according to his expression, because he chose a group of friends who agreed with him on many of his ideas and were always a source of inspiration.

Eleventh step: self-development

Two people will not disagree on the importance of investing in oneself, as it is the mainstay of any successful project. It suffices to look at the big rich and entrepreneurs around the world to see that they were permanently developing themselves, regardless of their income or wealth. Some people may ask how to invest in oneself, and let us tell you that the best way is to broaden your perceptions and horizons of your thinking through discussions and constant access to various ideas, which is usually through reading. In an interview conducted with Bill Gates and Warren Buffett, both men emphasized that reading is one of the most important reasons for their development because it provides them with many opportunities and prospects for thinking.

Finally, these steps will not make you one of the richest people tomorrow, but they open a kind of hope and ambition and make you follow in the footsteps of the wealthy around the world on your way towards achieving your own wealth. Because it is based on real scientific foundations through the stories and experiences of people who have achieved great financial successes. But the only guarantee for this is your inner desire for success and determination to achieve this goal (how to become a millionaire?) So you have to strive behind your ambition and raise the ceiling of your goals.

Then it’s never too late to get rich!

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