Becoming rich in your 30s is made possible when you plan and make good financial decisions in your 20s. Your 20s are important years when it comes to personal and professional goals.
This is the time you have no serious responsibilities like paying school fees for your kids. So you have a little extra cash to put into your financial growth.
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1. Focus on earning
To become rich, you need a constant supply of sufficient income. An increase in your income means you will have more money to invest and the more you invest the more profit you make.
Therefore try to find alternative ways to increase your income like businesses, part time jobs etc.
2. Build Sweat Equity
No one starts from the top unless you come from a privileged background. It is therefore unrealistic to think that you can start out as a big business man or a CEO.
All these people started from somewhere and you are no exception. You have to be willing to pay your dues and work towards success.
The problem with most people nowadays is they want to get rich fast and so they end up making huge mistakes that could have been avoided.
You must be willing to work in order to succeed.
3. Take Risks
Taking risks is a huge part of succeeding. You will not go anywhere if you stay in your comfort zone. People who take risks that pay off get better rewards.
Growth and comfort do not co-exist. Therefore, if you want to grow you have to become uncomfortable. The most successful people do not allow themselves to get comfortable.
So do not resign yourself to a middle class life, because once you accept this as enough you will never have the drive and motivation to be or do better.
4. Start a Business
Most people know that starting a business is the easiest and surest way of earning an extra shilling. The likes of Dr. Chris Kirubi, got rich through doing business.
So together with investing in real estate start a business no matter how small, it might just become the next Facebook.
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5. Save to invest, don’t save to save
It will take you years to save even 1 million shillings especially if you do not earn 6 figures. So instead save to invest. Take for example you save 100K per year in two to three years you can buy a piece of land that you could then end up selling for double or triple that price.
Although saving is good, you don’t have to keep all your money in the bank. To become rich you need to invest your money and let them earn for you.
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6. Invest in yourself
This includes taking refresher courses where applicable, attend seminars on investments and businesses, learn a few new languages and read.
In order to succeed you need to know what is happening not only in your field but in general. To be a good investor you must understand the markets. To do well in business you need to know the markets.
Ensure you are always well informed. That could be the difference between success and failure.
7. Think big. Shoot for 10 million not 1 million.
The higher your goals the more you achieve. This is very straight forward. Shoot for the starts and you will be able to pass the ceiling.
If your goal is 10 million you will be working towards that and you will end up hitting the one million and more.
Therefore think big that is the only way you will be able to achieve big things.
Remember it is never too late to start making good financial decisions that will help you in future.
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Do you have any tips to share with us? Leave a comment below
The writer is a Communication Officer/Digital Marketer at Career Point Kenya. Email: email@example.com