6 hot and proven ways that will make you financially independent in your 20s
How much exciting it seems to be financially independent in your 20s? I mean most people can’t imagine in their wildest dreams.
But let me tell you a fact that those who have become a millionaire at an early age were trained, fed with the right information since their childhood.
Yeah, there may be some exceptional and rare cases.
But getting financially independent in your 20s is next to impossible and unrealistic unless you want it badly or you have a favorable environment.
The second thing I would like to make clear is that being famous and attaining financial independence are two different things.
A person can become famous overnight just by doing some random (garbage) stuff. But to be financially free takes hard work, a lot of sacrifices (sleep, friend, family time), and discipline.
You have to devote your time and energy to do the stuff that could make you financially free in your 20s.
So, What’s the first thing you have to do:
1. Read a lot of finance books
The right information is more valuable than money because using that information you can exploit the right opportunity.
The first step is to read a lot about finance, taxes, investments, etc. You have to feed information about finance in your mind.
But let me tell you that reading financial books is not an easy task, you might suffer mentally because these books don’t have funny pictures to entertain you.
If you’re seeking some entertainment go for the fiction or children’s storybooks because finance books are for serious people.
A major question here arises that why should you read finance books when you can earn a lot of money just by working.
Yes, you can earn a lot of money by doing the highest paying job but, that won’t help you become financially free.
Okay, let’s do a simple task:
Use the internet and search for the people who are financially free in their life also look for the work they do.
You’ll be surprised to know that almost all of them own a business.
And to grow any business to the highest success you have learned about funding, taxes, and investment.
Yeah, there are other factors such as products, marketing but these are secondary, the first thing you need is money to start that business.
And proper knowledge of fundraising and its management can be obtained from the books.
Even these books can help you in your personal life, especially, if you’re seeking the best investment options for retirement. (LOL)
Warning: Seek any advice from experts before making any investment.
So, what are the best books for beginners:
I’ve read both books. I personally like The richest man of Babylon because this book is presented in a story format which makes it more interesting.
2. Become an expert
The billionaires, however, have multiple skills yet they are experts in one of their favorite subjects.
It may be finance, programming, designing, etc.
So, the next thing is to become an expert in one of your favorite subjects, just keep in mind that your subject has a demand in the market.
How do people become masters of one skill?
Honestly, it will take time to become an expert in any field. It may take years, but you, however, can do it in less time, you just need to show some dedication.
3. Start the work and go beyond your limits
The essential step is to start the work to earn that million.
Working consistently with a schedule will not help you achieve your target, I repeat; a schedule will not help you achieve your target.
You have to push yourself beyond your limits; you can’t become a millionaire with minimum efforts.
A strong desire is probably needed to help you push harder and, that desire can be built from the past bad experiences where people might have ditched you, they might have broken your trust.
In a simple sense, you need some strong reasons to pursue your dream of being financially free.
4. A great team can make your journey easy
You can’t sustain for longer working alone round the clock. An average millionaire has 5 to 7 sources of income.
And most of these sources are different businesses that they run with the help of a talented team.
Indeed, a great team can make your journey easy.
Advice: Hire people slowly in your team.
Give priority to their qualities and attitude towards the work more than their skills and knowledge.
A team with the least knowledge but high morale can achieve things that a knowledgeable team with less motivation can’t.
5. Search for the problems
What did you say, “Search for the problem?” it should be “Search for the ways to make money”
That’s what I’m exactly saying, “Search for the big problems” that people are facing every day.
And search for its solution, because that solution can make you a millionaire.
Make sure the solution you find is cost-effective and can easily with implemented with minimum effort.
People will happily pay you their money for the solution. Along with that solution, you can influence their life positively and for that, they will be grateful to you for their whole life.
Being a millionaire is not just about making a lot of money but also receiving many blessings.
6. Investment or Trading
(Take advice from experts before making any investment in the stock market)
This is the last but not the least method. You can either invest your money or start trading with the right tools.
Both these methods have their pros and cons.
Let’s first talk about investment.
Investment is the thing that I prefer. Long-term investment in the right stock can reap big rewards.
It has been seen that the stock market performs well in the long run. So, there are fewer chances that you can lose all your money, yet, there’s no guarantee of it.
You can’t earn profit from short-term investment because it takes years for your money to get compounded.
So, you can say that it a slow process, however, safe.
Let’s talk about trading.
Trading is the opposite of investment and it has more risk associated.
Although you can earn profit from the short-term investment, there are more chances of losing your money.
The second thing about trading is that you have to be highly intelligent, you must have a deep understanding of stock, and it takes too much time to analyze an individual stock.
Never go for intraday unless you’re an expert.
Coming to the core topic: So, you can become a millionaire with investment but it will take years.
You can start investing as soon as you start earning money.
In the end, I would say Good luck with your journey to becoming financially independent.
Well, it’s not easy to become financially independent in your 20s, and those who have become a millionaire at an early age go and read their stories when they have started.
Either they belong to a rich family or have started very early with someone’s proper guidance (maybe from their parents).
Never expect to become a millionaire overnight because it takes a lot of patience and hard work to reach there.
Yet, don’t lose your hope you can achieve this goal may be in your late 20s.
So, best of luck.
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