19 Things Future
Multimillionaires Do in Their 20s
No
matter how much you start out with, you'll be a lot richer in your 30s if you
adopt these habits in your 20s.
Did you grow up rich? If
not, the idea that you'll be wealthy and successful someday can seem almost absurd at
times.
Let's assume that your parents were good people
who worked hard.
If they never saw a lot of financial success, why
should you believe that you can do it?
The truth is, however, that even if you're starting with little,
there are things you can do early in your life and career--in your 20s,
mostly--that can make it far more likely you'll be very wealthy by the time you
hit 30. Maybe even worth many millions.
Over the last few years
I've interviewed a lot of super-wealthy people, first for my book The Intelligent Entrepreneur, and later for Inc.com and elsewhere. Boil down their
experiences and there are common things they did earlier in life.
Here are the top 19 pieces
of advice I've gathered--the habits and practices that 30-year-old self-made
millionaires embraced in their 20s.
1. They develop multiple
income sources.
Almost nobody acquires great wealth simply by working for
somebody else.
In fact, typical
millionaires have at least seven different sources of
income, and start to acquire them in their 20s.
So even if you have a
full-time job, it's crucial to develop the attitude that ultimately you are in
charge of your income--not your employer.
2. They take action (and
sometimes, they fail).
Most people talk, talk,
talk, talk--and never do anything. Don't be one of them. Try lots of things.
Act. And as a corollary, don't worry about failing. (Surprise: You will fail
many times.)
As long as you don't do
anything ridiculously immoral or illegal, nobody will even remember your
failures.
3. They make sure that
they own their time.
One thing you'll hear
constantly from older wealthy people: You can always make more money, but you
can't make more time. As a young person, spend your time doing things that
matter to you and that build value.
Don't spend it on other
people's short-term dramas, and definitely don't slave away for an employer
that doesn't value you.
4. They network, a lot.
(And they do it both ways.)
What's networking but
jargon for "meeting new people."
Your network is like a
bank, however; you have to make deposits before you can make withdrawals.
So make sure to allow
yourself to "be networked," too.
Even if you're just
starting out, chances are you're already in a position where other people would
like to meet you.
5. They think
strategically.
This is really just a fancy
way of saying that wealthy people have usually learned to decide what their
goals are, then work backward to figure out what they have to do each year,
each week--and even each day--to make it happen. Then they track their
progress.
6. They shoot higher than
seems reasonable.
All things being equal, it's better to aim at making $20 million
and achieve only 10 percent of your goal than it is to aim at making $1 million
and achieve it. Because here's a hint: No matter how high you set your goal,
once you achieve it, you'll probably think you should have aimed higher anyway.
7. They learn to sell.
Always be eager to show others how the things you have to offer
can make their lives better.
That's real sales--whether
you're selling widgets for work or trying to convince the object of your
affection to go on a date with you.
Learn to be a good
salesperson; that means also being an ethical salesperson.
8. They try to be good
friends and colleagues.
Does this one surprise you? It shouldn't.
Your reputation is one of
your most valuable assets. You want to be the kind of person who makes people
think, "Oh, she's great! I'd love to work with her (or for her)."
So be the girl who is there
when your friends need you, or the guy who people know they can count on.
Your friends will remember,
and they'll tell others.
9. They invest.
Beyond contributing to
their 401(k)s, future millionaires also learn to invest a bit more
aggressively.
When you're young, you can
afford more risk than when you're older (maybe then you'll have kids and a
mortgage, for example).
Even if you don't have much
to invest now, it's still smart to do so on a small scale, even just to develop
comfort and make it a habit.
10. They watch their
spending.
You don't have to be a
cheapskate or miss out on all the fun and adventure life has to offer (in fact,
see No. 18 below).
But you want to be smart
about it. Sure, have a blast--just watch where your money goes, track it, spend
deliberately, and always try to get the best deal possible. Speaking of
which...
11. They learn to
negotiate.
Almost everything in life
is negotiable.
The wealthiest and most
successful people know that the keys to any negotiation are threefold:
First,
understand what the other side really wants.
Next,
figure out how to get what you want in a way that gets the other side closer to
what they want.
But
in the end, be willing to walk away if it won't work.
12. They find mentors.
One great thing about the
world is that no matter what you want to do, someone out there has probably
already done it--or at least part of it.
If you can find out who
they are and how they got there, it's an incredible advantage.
It's an even bigger
advantage if you can get them to advise you--and maybe see a little of
themselves in you, too.
13. They invest in education.
Don't misread this: It
doesn't mean borrow thousands to pursue an advanced degree unless a) you're
sure it makes financial sense, and b) you're confident you really want to
pursue the career your degree prepares you for.
Instead, it means simply
becoming a lifelong learner, and not paying more than you have to for your
education.
14. They refuse to become
slaves.
Lots of people in their 20s
quickly submit to things they shouldn't.
They accept other people's
notions of what a "good" career is, or what a good relationship looks
like, or how they should spend their time.
Listen to all advice
skeptically (including this column!) and embrace the freedom to set your
own goals and achieve them.
15. They volunteer to do
more.
Volunteer, but do so with three things in mind:
First,
volunteer to do things that you feel good about.
Second,
volunteer to do things that will be learning experiences. Third, don't volunteer in a way that makes
you somebody's sucker.
Example: Don't volunteer at
work to do things that won't add to your skill set, won't increase your value,
or won't be appreciated.
16. They work their butts
off.
Nothing really good comes
easily in life, and most self-made multimillionaires will tell you eagerly that
their success required lots of hard work.
There's one secret that
makes this easier, however, which is that hard work doesn't have to mean
drudgery.
Life is a lot more fun if
you spend it working hard at things you really enjoy and value. So choose
wisely.
17. They embrace
entrepreneurship.
Most self-made
multimillionaires are entrepreneurs, so it's smart to learn a bit about
becoming an entrepreneur.
Learn about business
leadership and entrepreneurial finance, sure, but most important:
Learn to think like an entrepreneur.
I always come back to a
modified version of the Harvard Business School definition of the word: the relentless pursuit of
opportunity, regardless of how limited your current resources.
18. They have fun and
adventures.
Don't let the pursuit of wealth and success block out other
opportunities to grow and enjoy life.
Travel, write, play music,
jump out of airplanes--do the things you'll be talking about for years to come.
You'll also find that you
get some of your best ideas and solve your thorniest problems when you give
your brain a rest and do something else.
19. They believe they can
do this.
In a way, this should be
the first item on the list. Of course, there are exceptions to every rule.
But if you don't
succeed at becoming wealthy in your 30s, the largest reason will likely be
either that you didn't believe you could when you were in your 20s, or you
didn't want it badly enough.
The time to overcome that
is now.
Source: Inc.com
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