Becoming a rich person (especially at a young age) requires hard work, careful planning, and diligent in saving, unless you are one of the children who inherited the abundant wealth belonging to their parents. Young and popular artists, athletes, and entrepreneurs may appear to be rich by chance or because they are gifted with talent, but actually everything they achieve is the result of perseverance and dedication. Anyone who wants to become a rich man in just a few years and remains committed to his principles, is willing to put in the time, and is determined to work hard, will surely be able to achieve success.
Step
Part 1 of 3: Earn Lots of Money
Step 1. Set goals and find your motivation
You need to realize that the road to riches is not easy. You have to look for the motivation that pushes you through the tough times and you have to be consistent when you get distracted. Before doing anything else, imagine your goal or position in the next 10 or 20 years, or when you are 40 years old.
- It's okay to be rich for yourself, but you can also be motivated by the things you can do for other people if you're rich. Imagine that you can give your child or spouse a better life.
- Don't be afraid to dream big. If your current income per year is only IDR 50 million, you may be limiting your potential. Don't be afraid to target income of IDR 100 million, IDR 500 million, or IDR 1 billion.
- Think about what this wealth means to you. Do you want IDR 1 billion in income per year? Is it in the form of assets? What is net worth? Each of these forms is different. The way to achieve it is also different.
Step 2. Divide the long-term goals into short-term goals
It's important to stay motivated, but to do that you need to be able to manage short-term goals. IDR 1 billion will not be achieved until you get IDR 100 million first. This goal will not be achieved if you have not also started earning more money and saving it. Take a look at your short-term goals, then think about your next steps to maintain your "sense of accomplishment."
A great way to better follow through on short-term goals is to add numbers to them. Suppose you are a salesperson. "Sell more products" is not your short-term goal, but change it to "sell 20% more products this month than last month." This goal lets you track your progress and reassure yourself that you're heading in that direction
Step 3. Study the lives of successful people
Those who have achieved great things also learn from other successful people. Learning about their lives, or meeting them in person, can inspire you to pursue your goals. Take a look at the experiences of Mark Zuckerberg, the founder of Facebook, or the very successful investor, Mark Cuban, to get an idea of how they were successful.
You can also seek advice from successful people you know firsthand. There may be a member of your family or a member of the public whose business is already very successful. These people are usually willing to share their recipe for success with others. Ask this person a few questions and try to imitate the method
Step 4. Try to get a great job
Find a great job from now on. The most important part of being rich is having a steady and growing income stream. For that, get a job, even if it means you work for yourself. Jobs that are suitable for everyone will be different, depending on the talents and educational background of the individual. However, in any case, make sure you really have a passion for the work you are doing, otherwise you will not be successful.
- Look for a job at a large company that has a lot of promotion gaps. Do not let the company where you work does not appreciate the hard work of its employees by increasing salaries and promotions.
- Look for Wikihow articles that explain how to get into your dream career.
Step 5. Use your talents
Find a prime job and other earning potential that leverages your talents. Successful people combine talents and learning abilities to maximize their potential. Do not let you linger in a job that is not challenging or does not allow you to show off your skills. For example, if you're good at writing articles, you might as well quit your sales job and start focusing on writing full time.
- One of the advantages of living at a young age is youth itself. Even though you will be doubted because you don't have enough experience, you are able to work longer and bring a fresh mindset or perspective on all problems. Your current adaptations and relationships are one of your greatest assets as a young entrepreneur.
- If you don't already have a valuable skill, learn it now. For example, one of the most sought-after and useful skills in today's job market is being able to write computer code. This skill is suitable for anyone to increase their potential and also provide adequate income. Look for free code tutorials on the internet.
Step 6. Hang out with everyone
Great ideas and successful companies usually don't come from one person but from a group of like-minded people talking about the future. Take advantage of every opportunity to stay in touch and build relationships with young people who have similar aspirations as well as older people who are successful. Later when a big job opportunity or entrepreneurial project comes, you already have the right network support to follow up.
Remember that you must interact via social networks or in person to support and maintain professional relationships. Also make sure you keep in touch with classmates from high school or college who have been successful or are on their way to success
Step 7. Increase the revenue stream
In addition to increasing your main income stream (by moving up the career ladder at your current job or by finding a new job), multiply your income by finding additional sources of income, such as investing, working part-time, or providing informal sales or consulting services that you can afford. In essence, try to see what you can do to increase your income, then repeat this process over and over again. For example, if you open a store on the internet and have success, open another store, and so on.
The internet has the potential to be your gold mine. There are many jobs on the internet that you can find or create. Starting from writing or selling digital books to writing a blog can be an additional income for you every month
Step 8. Work really hard
You will be overwhelmed with your work, network, and side projects. However, in order to achieve your goals, you will have to work harder and longer than anyone else. You must follow up on potential opportunities that exist, even if the results don't turn out the way you want. Success comes from working persistently to achieve goals, and being patient through difficult times.
Part 2 of 3: Choosing a High Paying Job
Step 1. Be an entrepreneur
Aspiring millionaires and young billionaires aspire to become entrepreneurs. The fastest way to achieve spectacular wealth at a young age is to own and continue to grow and sell a successful business. Almost all the richest young people in the world make money by becoming entrepreneurs (besides inherited wealth). Becoming an entrepreneur requires balancing a huge potential income with various risks, persistent effort, and being able to accept failure even if you do it right.
- Some of the advantages of being an entrepreneur at a young age include unlimited earning potential, being your own boss, and being able to change the world (literally). Think about how Facebook has changed your world. In addition, you as a young person present an extraordinary way of thinking and energy which can be an advantage over older professionals.
- On the other hand, realize that 9 out of 10 entrepreneurial ventures will fail within five years. You also tend to be unfamiliar with the "trifles" of running a business, such as bookkeeping and taxation. Therefore, learn and do it immediately. Starting your own company will also be very difficult due to several factors, such as lack of guidance, long working hours, and uncertain income.
- Look for Wikihow articles on how to become an entrepreneur.
Step 2. Become an investment banker
If you are (or have already) earned a bachelor's degree in economics, finance, mathematics, business, or a related field, and you want to make as much money as possible as soon as possible, become an investment banker. In the US, the average investment banker salary is around Rp.1-1.5 billion per year, with the average income of a fresh graduate receiving Rp.1.3 billion per year. Investment bankers continue to occupy the top positions in the ranking of the highest paying youth jobs.
- Apart from a great salary, one of the biggest advantages of being an investment banker, is the high chances of promotion at work. Their salaries can quickly double or triple with promotions within the company, or outside for private equity firms and venture capital firms.
- However, competition among fellow investment bankers is fierce. They also have very long working hours. Don't enter this career if you're not prepared to stay up all night or weekends, and fight every day to get promoted.
- Look up the Wikihow article for more info on how to become an investment banker.
Step 3. Become a software developer
If your hobby is working with computers, software developers in the US receive high starting salaries. As with investment bankers, you must have a bachelor's degree to enter this career, specifically computer science, engineering, or mathematics. In the US, initially you are paid an average income of around Rp. 900 million per year, from designing business software to video games.
- Becoming a software developer requires coding and math talent. In addition to having to work for long hours and without programming flaws, you must constantly learn the latest computer codes and systems. But if your performance is good enough, you have the opportunity to be accepted to work at companies like Google and Facebook.
- For more info, read on to become a software technician.
Step 4. Be an engineer
Engineer is a term that encompasses all manner of engineering, from chemicals to aerospace. In the US, the average engineer with a related bachelor's degree earns about $800,000 per year. Petroleum engineers are likely to receive a higher average salary, around IDR 1 billion per year.
- While being an engineer is a great and well-paid career, it's very difficult to graduate from undergraduate and graduate school. This career is only suitable for those who are good at math and science.
- For more info, read how to become an engineer.
Part 3 of 3: Saving and Investing Income
Step 1. Don't spend all your money
Start saving at least 25% of your income. Record your income and expenses. Find out what you can save, sell if necessary, cut or stop what you're spending. If the money you get is IDR 50 million per year, that means you have to save IDR 12.5 million a year. If you spend a lot of money on a car, just sell it. Some high-income people are basically poor because they don't save money.
- The younger generation today is born into a very commercial world and continues to peddle us the latest gadgets and clothes. In order to save and build wealth, ignore the temptations of these pleasures, even when you start making lots of money. Remember that the poor buy things from the rich, while the rich buy investments in order to become richer. So, which one do you choose?
- For more ways to cut expenses, read How to save.
Step 2. Turn your savings into investments
Set up your savings account to automatically deposit to your investment account. One of the biggest aspects of getting rich is making money work for you. Therefore, allocate as much money as you can afford to an account that can be used to invest in the stock market. To get started, you can set up an account with a local financial manager or through one of the internet trading sites.
Step 3. Read investment techniques and strategies
There are three mandatory books that you should read before investing. "Become Your Own Banker", "Rich Dad, Poor Dad" and "LEAP" you should read thoroughly in the order of mention. If you are not motivated to read and educate yourself, you are not motivated to become rich. These books are the basis for you to become rich and control your own destiny.
Step 4. Invest your investment in the stock market
There are two ways to do this: ask a stock advisor to do it, or try to do it yourself. However, because financial markets are quite complicated, it's a good idea not to invest your money, especially in places that have risks. Unless you have the time and talent, you can try to do it yourself and avoid paying investment manager fees. You have to know a lot about the financial markets and put a lot of time into it.
- For starters, start with small-scale company shares and company shares in outside markets. Although it carries a certain amount of risk, this market also offers the potential for abundant profits. Remember that the potential for great rewards is also accompanied by a large risk of loss. Mutual funds can help reduce risk.
- Look up the Wikihow article for more information about investing in stocks.
Step 5. Invest in more valuable assets
Once you have enough money in stock market accounts, invest in larger, income-generating assets such as property and small businesses. Although risky, you can receive a steady income from this investment, which eventually replaces the initial investment and provides additional income. Over time, this income stream can replace your primary income and you can move into a less demanding profession, or retire at a young age.
Decide where you want to focus your energy. For example, property rental investment has a slow process but the results are guaranteed. The principle is that the property is paid for by the tenant over a number of years until you finally make a full profit. Learn from the mistakes of others, and think carefully about the risks before you invest
Warning
- Never try a ponzi scheme.
- The investment advice in this article is intended as a guide only and is not intended to replace professional investment advice. Take your time to think about the risks of any investment before trying it.
