How To Get Rich Young: 10 Things To Do In Your 20’s To Be Filthy Rich By 30
Rich people are a different breed. They aren’t normal. They don’t think like normal people and they certainly don’t act like normal people.
In some ways, they’re pretty weird when you compare them to regular people who do regular things.
But they have money. And lots of it.
It’s pretty simple. People that get rich young develop good money making habits. They don’t even think about what they’re doing. It’s just natural to them, because they’ve learned what it takes to build wealth, and naturally do act accordingly.
The friend you have who hardly ever “goes out” and always has the same excuse of “I’m busy” whenever you invite him/her out……. well that person is probably busting their ass to build a money making business. Or they could be avoiding you… but I think you see what I’m saying.
You see, to be rich enough to retire by the time you’re in your 30’s, you can’t think and behave like a regular person who is happy to work 9-5, go hard having fun on the weekends, and take one holiday a year.
These people don’t “see another way”. They’ve accepted the 9-5 life as “how it is”. And they will likely never ever be wealthy. Not even when they retire. Because let’s be real. Most regular jobs DO NOT supply enough income. Things are just way too expensive.
You need to start cultivating “rich mindsets” and behaviours if you want to retire by 30. Or even make enough money in your 20’s to retire if you want to!
Getting rich young basically comes down to building a business/asset that you fully control and own. This is your money making machine. Invest as much time as you can into your business and build it as fast as you can. You’ll make mistakes and have little wins and losses along the way. That’s part of the process of getting rich. Eventually, you should figure things out and start running your business like a well oiled machine. At the end of the tunnel, Cha Ching on the daily!
Below are 10 of the most important characteristics young people have who are ambitious about making money. Check them out.
10 things people do in their 20’s that make them ridiculously rich in their 30’s
1. Build an asset
At the forefront of being wealthy in your 30’s is to build an asset. You won’t be rich if you don’t. So this is the first step.
An asset is anything that has value. A business is an asset that primary has value for the money it brings you. Every smart person in their 20’s will build a financial asset that brings in money day in and day out.
My favourite asset is a blog. With a blog, you can work on it any time you want. This is really important when you have a full time job and need flexibility to work on your blogging business.
But the real reason why blogging is the king of all assets (in my humble opinion of course) is because bloggers can make a crap ton of money. $200-$300 per day is very very realistic. And with that kind of money, you don’t need to work a full time job anymore. You can blog full time and double, triple, or quadruple that amount now that you can dedicate more time to it.
To learn how to make money blogging, see my free tutorial here.
2. Invest in things that have value
I find a lot of people throw their money around at anything really. I have a friend who goes out a lot, goes to concerts almost every week, and have dinners with friends weekly. These things are really really fun, and having a social life matters. But my friend will NEVER be rich. Ever. So if your goal is to be financially wicked in your 30’s, you can’t live this type of lifestyle in your 20′.
Instead of blowing your money on fun indulgences, you need to invest your money into things that MAKE YOU MONEY today and tomorrow. I mentioned above that building an asset is key to creating wealth. This is the same thing here really. Investing your money into things that have value will make you very rich in the future.
Here are a few things you should strongly consider learning about and investing in while you’re in your 20’s:
- Invest in stocks, bonds, and mutual funds – The traditional way to “invest your money” is right here. It’s still the most popular way regular people invest their money. Most of us are scared to death about losing all our money in the stock market but truthfully, that should never happen to you because a smart person would never invest that recklessly.Instead, buy a few solid introduction to the stock market books and general investing books, and begin your journey in your 20’s. The younger you start, the more money you will make down the road, because money compounds when invested. You are at a HUGE luxury by being young right now. Take it from me, start investing money as early as you can, and you’ll reap the rewards later.
- Buy valuable items that can appreciate in value – the goal in investing is to buy low and sell high, no matter what you’re buying. Learning how to find potentially valuable items is a super useful skill and can pay off huge. If you’ve ever collected anything that now has a lot of value, you know what I’m talking about.So keep an eye out for things that could be value in the future. Buy it and hold on to it. These things could be baseball cards, to unique electronics or one of a kind pottery and artwork. It’s easy to pin point things that are already valuable, but if you can identify things that could be valuable some day in the future, you would be smart to grab it. As I mentioned earlier, buy LOW, sell HIGH. That is the golden rule of investing smartly.
3. Be extremely frugal
A lot of rich people are very frugal. You don’t get wealthy by spending your money on fancy cars and dinner dates. It doesn’t work that way. When you eventually get wealthy, then sure, you have money to do these things. And it’s totally up to you if you want to “reap the rewards” of your riches.
But in the beginning, every penny is saved and salved, and money is only spent when it’s necessary. Why? Because most people who set out to be rich are poor! They need money to invest in themselves and to start a business. That’s the most important thing to them, not buying drinks for girls at the bar.
If you want to succeed in your 20’s, then make it a habit to spend money wisely. Spend money on things that will HELP YOU in the future. Spend money on building an asset, whether it’s a course to further your development or software for your business, these things help you make more money and that’s where your money needs to be focused.
4. Be willing to sacrifice a lot of things to get the big fish
The big fish would be your goal. If it’s financial freedom you seek, then that’s your big fish.
Look, as an entrepreneur or someone who wants to retire in their 30’s, you’re going to have to give up a lot of things in your 20’s. Most of your friends will go camping on weekends and out drinking friday nights, have massive hangovers on saturdays and be incompetent most of the weekend.
That can’t be you. As fun as it is to be a typical 20 year old, that’s not the way to being rich in your 30’s.
Spend most of your time at home working on your blog if blogging is your business idea. If you opened a store that sells board games, spend most of your time at the board game store learning about your customers and finding out what they need. This is how you will win at life.
It is necessary to sacrifice fun things in order to get the financial freedom you want. It’s worth it. Spend 1 night a week with your friends and stay focused on making money the rest of your week.
5. Be constantly learning new things and be imaginative
The one thing smart people do is invest in themselves. People don’t get rich guessing their way through life. They teach themselves things every day and are always craving to learn something new. Because they know that applying these new things to their business could mean more money in the long term.
Always be teaching yourself new things and studying successful people. You want to emulate them and be inspired from them. Then you want to take what you have learned and apply it to yourself and your business.
Also, you want to have a mind that is very imaginative. You should constantly be thinking “what if this” or “what if I did that”. It’s these daily thoughts that lead to big business breakthroughs that will supercharge your business success.
Whether you’re taking a self development course on Udemy or watching tutorials on Youtube, you’ll be keeping your brain sharp and prepared for future challenges and obstacles.
6. Always be thinking ahead
You want to write down what your business goals are for the week, month, and years ahead. You want to be constantly thinking about what you need to do to succeed today and in the future. Forward thinking is the key to success. It’s how you will get ahead of everyone else in the game with you.
If you’re blogging, you want to think about where your blog is headed. What types of content will be popular in a year. How you can make your blog more popular in the long run. If you can get ahead of the curve and be one of the first peoples to do something new, you’ll have a head start and will get the lions share of the market. This “first mover” effect is very very powerful. You will only reap the rewards of it if you are thinking ahead always. So make sure you do that.
7. Make logical decisions and cut out your emotions
One of the most important skills any business needs is smart logical decisions. You need to make decisions based on numbers and facts. Your emotions will come in and try and detail you. But your emotions are wrong. If you see your blog is slowing down in income, you need to look at the factors affecting it and figure out why, and then make a decision to fix it if that’s what’s needed. Letting your emotions take over could cause you to make dumb moves that can hurt your business even more.
8. Be passionate about what you do and embrace all challenges in life
If you love what you do it’s not really work, is it. Plus, when you are passionate about your business, it shines through and you will attract customers until the cows come home. Passion is super attractive and I will give business any day to someone who is very passionate about what they do.
Along with being passionate about making money, you’ll also face a lot of challenges. Don’t look at them as hinderances. Look at them as ways to make your business better. Because once you smash through the challenges, it’s almost like you are levelling up your business. It’s stronger now and can withstand more.
Plus, challenges are fun. Make it a habit to embrace them.
9. Take calculated risks
No business has no risk. There will be times you need to make decisions that can affect your business good or bad. You don’t really know until you make a decision. When deciding what to do, let the logic in you rule. Be calculated and make a business decision, not an emotional one. If the pro’s of doing something outweighs the cons, then you’re probably right to go ahead and do it.
Taking risks is always necessary. You will be forced to take them when you don’t want to. It’s a part of running a business and getting wealthy. Embrace them logically. You won’t always make the right choice but you can always learn from them.
10. Use assets and resources around you to get what you want
Smart people will always use resources around them to get what they need. Your business may need more money, so you’ll borrow money. Your business might need user feedback, so you’ll ask your friends. Your business may need promotional help, so you ask your friends and other business for support.
You can’t really get rich on your own. It is possible, but you’ll find situations where you’ll need help from friends and family, and other businesses. These are resources at your disposal which can help improve your business. Don’t ignore them. Use them and be ready to reciprocate. Nobody in life makes it on their own anymore. Smart people will use all the recourses at their disposal in order to get where they need to be. So make sure you do that too.
How rich people think
Rich people are obsessed with building wealth for the future. They have no problem giving up things today in order for a better tomorrow. Got an invite to a movie? nah… skip it. Rich people would rather work on their business tonight.
Poor people are more impulsive and give in to satisfying their needs today and worry about tomorrow….. tomorrow. They also don’t have a plan for anything most of the time it seems. It’s vaguely written in their minds and have no solid direction. Rich people set out real goals and mark down the exact steps they need to take to achieve their goals.
It’s pretty crazy when you think about the stark contrast between a rich mindset and a poor mindset.
I recommend reading general success books and personal development books. Especially those based around entrepreneurship and business. The people who write these books are business minded people and have a lot of strong traits like the ones I mentioned here.
These books will put you in a wealthy mindset and get you thinking on the same wavelengths as other money savvy people.
How to get started being wealthy
Start today. You won’t know exactly where you will be going but start heading in the right direction is the right thing to do right now. Your plans can change over time and that’s totally reasonable. But you want to start today. Right now.
I really like blogging as a business platform. It’s my most important asset. I blog in order to make $100,000 per year. I’m headed there right now and I hope to get there within a year’s time.
If you want to learn how to blog to make money, read my get started blogging guide here.