Money is the basic need of life. Everyone on earth wants to earn enough money. But is it possible to become rich early on, like in your 20’s? Imagine being able to build tremendous wealth in your 20s!
The conventional way to become extremely rich is by identifying your talent & discovering your passion. The underlying concept is to FOCUS ON ONE THING and become a master of it. If you become the best of the best in your field in the country, you will get paid in a million dollars.
The field could be music, art, literature, sports, etc., highly competitive, but once you reach the top, your earnings shall be galactic. If you are looking at how to build wealth and get rich in your 20s, read on!
So let’s try to calculate how long it will take to develop that level of mastery.
Author Malcolm Gladwell in his book Outliers, says that it takes roughly 10 000 hours of practice to become a master in any field. It is called as 10, 000 Hours Rule.
So, it would be best if you had a “deliberate practice” of in & around 10 000 hours to become a master in your chosen field.
The problem with the above approach is that sometimes it is challenging to identify your talent. And even hard-work of 10 hours each day would take more than 3 years from the time you start. It is hard at a very young age to become a master in just 3 years because it takes time to build a foundational base and only after which you can accelerate.
How to become extremely rich in the early ’20s?
If you are looking to get rich at a young age, here are some tips. Anyone who wishes to become rich in the early 20s must:
1) To Be Rich In Your 20s, Take Risks
Firstly, take as many risks as you can. The worst thing that can happen to you would be broke in your early life! It’s nothing more than learning! You can easily reconcile as you are young.
2) To Be Rich In Your 20s Fail Often
Secondly, push harder to succeed and get rich at a young age. If you are not failing often, then it might be possible that you are not putting your best efforts. This is one of the secret mantras of getting rich at a young age.
3) To Be Rich In Your 20s, Believe In Yourself
Suppose you want to earn $10,000 next month. Your inner-voices will say, “Hey! you are young! It’s not possible for you”. Don’t listen to those demeaning voices. Give your best to try if you want to get rich at a young age. Believe in your abilities. It’s all possible.
4) To Be Rich In Your 20s Never Stop Learning New Things
Another answer to how to build wealth in your 20s is never to stop learning. Most people stop learning after they believe that they have “achieved something.” You must keep your hunger to know and understand new things alive. There is a direct correlation between your learning and the money you make.
5) To Be Rich In Your 20s Explore New Industries
Due to excessive competition, old industries make minimal profits. New and emerging industries have the potential to make huge profits/company due to the presence of a few players in the industry. So, keep track of new trends and make prudent & smart choices.
The Neo-approach To Get Rich
If you are looking for the answer to how to build wealth in your 20s, check this out. Here’s the Neo-approach. The ingredients for this approach to work are:
- Extreme Hard-work
- Strong, convincing, and persuasion skills
- Network
- Some capital (~ $1 000)
Basically, 1, 2 & 3 are People’s skills, so if you are not good at them, polish your skills. They are extremely vital for any aspiring entrepreneur.
Model- 1
Organizing a Mega-event.
From your network, identify speakers (3 in no.) from the different niche from the same city. Prepare a Business_Proposal with a strong emphasis on “what they will get” & “what you will get.” Send these to them over their e-mails.
If you are a credible & go-getter type of person, then your proposal would be accepted. Additionally, you can negotiate for the price per session.
Next, contact reputed colleges/schools in that city. They would allow you to use their resources like Auditorium, which otherwise would be a huge burden on your pocket.
College/School authorities will also get you in touch with the coordinators who shall be managing everything in the event. They are usually part of E-cell.
So, nearly all arrangements would be made by college authorities/students. You have to take care of the speakers of the event.
Moreover, you can mention in the proposal that it would be free for the concerned college students, but for outsiders, it would be charged on per person basis. In most colleges, Auditorium halls are huge & remain empty even after its students’ full attendance. So, it’s practically feasible. Moreover, it will lay the groundwork for your plan to get rich in your 20s.
Another little thing you have to take care of is advertising on social media to sell enough tickets for the events. The amount generated through tickets will be used to pay the speakers & earn the profit.
You need to have a capital of $1000 so that you can make the requisite payments to the speakers in case you run into losses.
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Model 2
Creating a PR agency with few bloggers & online journalists for covering events in the city, Brand management, Event Management, etc.
Additionally, many such models are economically feasible and have the potential to generate huge revenues.
How such models make you rich in your 20’s?
The scalability of such models is also high & within 6 months to 1 year, you can build a good reputation in the market. Hence, a good reputation means more business. This model will help you get rich in your 20s!
The scope of expansion is huge. In fact, all businesses based on Networks always have an edge of expansion over other businesses. It is the Network that keeps on bringing new business opportunities to you.
Failure: Remember, even if you end up failing, you would have built a strong network. It will act as an asset to you!
P.S. 1: Give a try to the above models. And do come back to leave your success stories in the comment section.
P.S 2: If you are already rich owing to the above models, we would love to hear your experience! Drop it in the comments section.
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