10 Essentials to Becoming a Millionaire in Your 20’s

10 Essentials to Becoming a Millionaire in Your 20’s

1. College and graduate school are irrelevant.

If your number one goal is to become a millionaire, not to hold a specific type of job, then college and graduate school are pretty much irrelevant. They cost money, they can put you in debt and if you want to be a millionaire, you can learn everything you need to know online about most things without the big tuition costs.

2. Focus on profiting from boring niches.

So many people today think that if they want to become a millionaire, then they need to do so by following boring, widely accepted niches. It will take ages for you to become a millionaire through traditional occupations like becoming a lawyer, doctor or banker (in fact, these occupations usually have earnings limits that are very difficult to break through). Push past these pre-conceived notions of what it takes in order to become a millionaire. You don’t need to spend years in school to be a millionaire.

Read: How to Network Like a Millionaire

3. Sacrifice your social life to study.

It can be really hard to want to sacrifice your social life, especially when you are in your early twenties. However, if you want to truly become a millionaire, you need to be willing to sacrifice your social life in order to focus on your career. Spend this time studying, perfecting your talent or working on your skills, product or developing your company. The more you can focus on working on your talents instead of being out socializing, the better your time will be spent on becoming a millionaire.

4. Accept defeats and mistakes along the way.

No matter where you are looking to go with your career, chances are you are going to face a number of defeats and setbacks. These mistakes are completely normal. What is important is how you handle them. My first millionaire student Tim Grittani actually lost a lot trading stocks for the first few months until he got the hang of it. Mistakes are normal. How you handle them is what sets you apart.

5. Aim higher than one million.

Money shouldn’t be your endgame. Rather, you should focus on making the best product or service possible, and the money will come as a result from that. Your goals should always be growing and you should never feel like you are done working towards your goals. If you want to make $1 million, the second you reach that goal, you should be looking to your next one.

Read: 10 Characteristics of Successful People

6. Don’t scam people.

The key to making millions is patience and honesty. You need to be forthright when it comes to working with others, or you will never make as much money as you want to. Criminal or unethical money never lasts and it will never give you the type of professional reputation that you can use to create millions.

7. Take advantage of hot sectors.

When certain sectors are really hot, you need to get in early to make your money. Take advantage of these hot sectors to start making your millions. Right now one of these hot sectors is social media, specifically Instagram, Snapchat and Periscope. These hot sectors can lead you to the millions you want to make.

8. You don’t need to focus on next generation technology.

Many aspiring millionaires — especially young aspiring millionaires — think that they need to focus on next-generation technology in order to make their fortunes — this isn’t the case. Even merging something old and boring with a fresh take is what led to the creation of eBay.

9. It doesn’t matter where you live.

One of the great things about the Internet is that it allows for sales, commerce and profits to come from anywhere. You can run your business anywhere that you have an Internet connection; you don’t need to physically live in a big market to make money. This is a great opportunity to live somewhere you actually want to live while still making a great deal of money.

10. Your business doesn’t need to profit for you to succeed.

So many people are only focused on creating a business that has profits. Businesses don’t need to have profits — they just need growth, users and some edge. Many businesses are acquired just for their attributes other than profit margins (just look at how many Internet startups get sold). Focus on user growth rather than raw profits. No one pays for a good idea that’s lacking in users.

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Article Credits Go Respectably to Entrepreneur Media, Inc.

67 thoughts on “10 Essentials to Becoming a Millionaire in Your 20’s”

  1. This was such a great post! I’m really blown away. I really like the example about trading stocks. Failure is a given it is so true, it just depends how you deal with it that separates the winners!

    1. If you’re only in high school you are destined for great things! Keep learning and growing you are way ahead of most people your age.

  2. But, focusing only on money only causes a person to be more unnecessarily stressed out. And don’t discount college and grad school so much! 🙂 Higher education is a great place to make connections and really learn new, diverse, complicated ideas. Education is essential to critical thinking, which certainly helps one earn more money.

  3. Damn this was good, It’s awesome that I can actualy make it happen and become a millionaire in my 20’s, because I’m only 18. Feels good 😉

  4. Interesting post! I’m striving to become someone that will make history while having autism and this article gave me something to work with! Hopefully I WILL become that person because I have a lot of talent within me that needs to be awakened, including with the creations I’m working on. If you want to find out what my creations are, come check out my blog! See as many posts as possible from me so you can see who I am and what I’m trying to do in life!

  5. Inspired me, and felt proud to some degrees about what I am doing,

    The post is best, especially to focus on bored topics,

    From my experience people hate boring topics and people, they try to stay away, but the the success begins here,

    Thanks for sharing,

  6. #10 without profit your business will not be able to carry on to the future and will be forced to close, business that do not need profit from activity is some form of comercial activity in itself is not a business and we understand it

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