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One of the most amazing facts I have come to realize is how well people put effort into building wealth in their 30s and expects a speedy result when they should have done this in their 20s.
It is crucial you know that you are never too young to set a course for wealth and success. Whether you’re just launching into your career or working toward your next big break, now is the time to start making your vision a reality.
There’s no foolproof fast pass to becoming rich. But instead of daydreaming about that six-figure (or, even better, seven-figure) income, here’s information you can put to good use. Put these steps into action now, and you’ll be laying the groundwork in your 20s for an overflowing bank account in your 30s.
1. Have A Plan Of Action
If you want to become wealthy, you’re going to need a plan. You’re going to need a budget that you can stick with for the long haul. The key to any budget is that it’s a plan to help you live below your means and spend mindfully — which is crucial to accruing wealth.
Sticking with your budget also ensures you’re paying down and eliminating your “bad debt,” especially on high-interest credit cards. Your budget should set aside money for your cash reserve to cover monthly expenses and help you build an emergency fund to cover the unexpected.
2. Maximize Your Earning Potential
If you want to become wealthy, you’re going to need to focus on making career decisions that will help you earn more money. Finding ways to increase your earnings and bring in more income is fundamental to becoming rich. Is it time you asked for a raise? Are there better-paying career opportunities you should be looking at?
Ask yourself if you would be able to earn more with a degree or credential in your field. What can you do to maximize your earning potential? Also, make sure you’re working hard and giving your all to whatever job you’re doing.
3. Build Multiple Streams Of Income
You’ll never become wealthy on one income. Anyone who is serious about getting rich needs to build multiple income streams. I used the word build because it is not a day thing. Investments are built over time. This can include a side hustle or a second or part-time job.
You can start a home-based business, perhaps in an area you’re already interested in? Do you have an idea for a product you can create, or something you’re passionate about that you can monetize, like selling items on Jumia, Konga or another online store? Be creative and think outside of the box.
4. Bring Down Your Living Expenses
To build wealth, you’ll need to live within your income. Most wealthy people don’t drive expensive cars or live in mansions. They keep their living expenses as low as possible so they can use their surplus income to continue investing in wealth-building opportunities.
The more money you have to reinvest, the faster you can accumulate wealth. Ruthlessly cut your expenses on things that don’t serve you. Look for ways to reduce your bills, including your energy bills and your credit card rates. You may even consider getting rid of your vehicle and using carpool options or public transportation.
5. Own Your Own Enterprise
If you want to become rich by your 30s, you should be looking at wealth-building opportunities that pay off quicker than traditional long-term investments. One of the best ways to do this is to get into the entrepreneurial game and own your own business. Once you own a business, you have unlimited potential to earn, although you also assume more risk.
Owning your own business comes with tax benefits that you don’t get when you’re someone else’s employee. Consider what areas you know best or are interested in learning more about, and look into business opportunities.
6. Take Risks
If you’re serious about becoming rich, you’re going to need to step out of your comfort zone and recognize that the path to success is through uncertainty.
Traditional paths, like having a steady job and a fixed check, are safer, but wealth often comes through taking calculated risks. Don’t let fear hold you back. If you dream of something more, learn to embrace different possibilities.
7. Invest In Yourself
You are your own best resource. In order to increase your options and discover your best opportunities, you must invest in yourself. That means taking a hard look at your talents, interests and skills, and considering the best ways to maximize your potential.
This may mean spending money and time on your education and working to increase and refine your skills. You’ll need to branch out, broaden your mind and connect with others. You should be gaining experience and looking for valuable opportunities that will help you build your financial buoyancy.
Put these simple steps into action and watch things fall in place for you.
Thank you for reading.
Written by: Kayode Oluwatobiloba Emmanuel
A blogger and motivational coach at www.dailyguide.com.ng