12 Unknown Ways to Become Rich in Your 20s – Wealth Building
You’re young, a millennial and probably thought about a dozen ways you can escape the corporate hustle and BECOME RICH!
Some burning questions might be “How do I make a million dollars?” or “How do I build wealth in my 20s?”.
Self-made millionaire T. Harv Eker helps us understand that it’s less about the vehicles used but more about the mindset and daily habits that separate the rich from the poor. He wrote this phenomenal book to break down the secrets of the millionaire mind.
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We’ll discuss some of those tips but also talk about how wealth building is an accumulation of multiple things that you can start doing TODAY!
So imagine when you start applying these tips what the feeling of financial freedom feels like…
How it feels to be able to handle a random expense.
How to feels to pay off your student loan debt.
How it feels to be living your best life!
You don’t have to live a mundane and boring life to save up for your future either!
Managing your Money and Creating a Budget
This is a tip directly from the Secrets of the Millionaire Mind. While budgeting is not the most sexiest term, it does impact the way you spend and is VERY important to discuss. How can you be rich but spend every dollar that comes your way?!
Remember, its not ONLY one tip that’s going to help you reach financial freedom, but an accumulation of multiple tips.
Creating a Budget
Start by identifying your fixed expenses, versus your variable expenses. Your fixed expenses are those that don’t change by much and can’t be avoided. Some examples are:
Fixed Expenses
- Mortgage/Rent
- Transportation/Car Note
- Insurance
- Utility Bills
Variable Expenses
- Shopping
- Travel
- Groceries
- Dining Out
Once I started keeping a budget, I saw tremendous changes in how I managed my money.
Once you figured out your budget for each category, here’s a few tips to help you stick to it:
Track your spending’s with an app: It’s a lot of FREE apps that will make the job of sticking to your budget much easier for you. Mint and Personal Capital are GREAT and both are FREE! They allow you to link your banking accounts to create charts that give you AWESOME visuals to track your goals and progress.
Focus on Having Multiple Income Streams
My earlier point talks about budgeting and tracking your expenses. This is important but also remember there is a limit on how much you can save. However, your earning potential is unlimited!
For this point online, to become rich, not only do you need to focus on your earnings but focus on having multiple income streams. Why? It helps hedge your income. If one source of income fails, you have more to compensate any losses.
Here are a few ways that others in their 20’s are increasing their earnings:
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Invest and Make Your Money Work for You
Donna Summer’s classic, “She Works Hard For The Money” may have been the 80’s anthem but it’s not the philosophy today! I don’t want to work hard for my money! Neither do you! We want our money to work hard for us!
The rich have their money sweating, we’re talking shirt soaked kind of sweating! In Eker’s book Secrets to the Millionaire Mind, explains how the rich are putting their money into multiple money-making vehicles such as stocks, business and real estate. They’re money is making money.
On the opposite end of that spectrum, poor people get into debt, work long hours just to pay off the debt they already spent!
Living Below Yours Means
In our 20’s and 30’s we can be inspired by so many things that we see on social media. Influencers are there to sell us on a lifestyle but DON’T BUY INTO IT!
Sometimes other people lifestyles will have you broke! Then you abandon anything you know about debt and savings and LIVE MY BEST LIFE!
STOP THAT! NOW!
If you’re spending all your money, how will you amass your wealth in order to make it grow?
Try being content in this season and happy with what you have right now! Remember, if you have to charge it or borrow the money for it, then you simply cannot afford it!
Take Advantage of Free Money
As we noted, living below your means can be the key to reaching your money goals.
One way you can save more money and live below your means is by taking advantage of free money opportunities.
No this free money is not a get rich quick method! But finding ways to spend less and save more can really help you have a surplus of money. You can then utilize that money to invest.
Combining some of these FREE MONEY opportunities can help you save over $10,000!
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You can download a Swagbucks browser extension that will notify you anytime you are visiting a partner site. Simply activate the deal and you will receive cashback for any purchases that were made. That simple!
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Reduce Debt
If you want to get rich, its wise to payoff your debt. Debt that came from student loans, car notes, credit cards, pay day loan and garnishments. It’s important to reduce these debts as much as possible.
Creating new spending and saving habits can help you gradually reduce debts.
If you need more tips about getting out of debt, Dave Ramsey is your go-to guy. He’s HELP MILLIONS (including myself)! His book Total Money Makeover is a “classic” and should be framed in gold. I have two copies in my house just in case I need to loan one out! Do yourself a favor and purchase it here if you need some feasible tips on getting out of debt.
Hang out with Successful People
In the Secrets of a Millionaire Mind, we learn that rich people surround themselves around successful people.
Conversations would be less about the latest reality TV drama (less time doesn’t mean no time!) and more time talking about subjects that will help you get to the next level and build wealth. Topics ranging from business, investments, entrepreneurship and more.
Put Your Monthly Savings on Autopilot
There’s nothing better than the sit it and forget it rule! Putting your savings up in places where its not readily available for you. In addition, what about saving without consciously knowing you’re saving! Last year, my friend introduced me to Qapital and I absolutely LOVE this app. It helps you save with little effort.
Save Money with Trim App
Trim is ABSOLUTELY AMAZING! It’s financial management app that helps automate your savings. It will analyze your spendings and determine where what areas you can cut. In addition it will negotiate accounts such as your Comcast bill and will cancel subscriptions (with your approval). Best of all, Trim gives you expert advice on how to get out of debt.
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Always Learn and Grow
If you stick to what you know, how would you ever keep growing? This is a concept that Eker teaches in his book Secrets of a Millionaire Mind and it pays off! He’s a self-made millionaire and values knowledge.
Learning via reading, having mentors, documentaries, etc. can allow you to become an expert in your field of choice.
Enjoyed these tips? Be sure to comment below which ones you enjoyed the most!
