Ways for Millennials to become Millionaires
1. Start investing at a young age
Investing is fundamental to wealth building for millennials. The earlier you can start investing, the earlier you can become financially free and wealthy. When people hear the word “investing”, they sometimes think that it is an complex exercise. That is the wrong mindset for individuals to have. Investing can be as simple as enrolling in your company 401k and matching your company’s contribution. Starting your 401k contributions in your early 20s can really help quickly build your retirement nest as a result of compounding, helping you become millionaire.
Real estate is another vehicle that have helped individuals become wealthy and can be a very good source of passive income. It can be as easy as “house hacking”, meaning sharing your townhouse/condo/single family house with a roommate, reducing your monthly expenses. In addition, buying rental properties can help you work towards the goal.
I personally have experience with all of the methods above and can say that all are very powerful.
2. Start a business
Having a business can rapidly help you become financially strong and help towards your financial goal of becoming a millionaire. You obviously control your success and can reap the benefits, rather than working in a corporate environment. The road to successful business is not an easy one but dedication, hard work and focus can pay huge rewards.
3. Find an opportunity at a small start-up with equity
If you are a professional and looking to capitalize while working in a corporate environment, look into small start-up companies across the nation. Understand for which companies and roles you can bring value and serve as an asset. Network with leaders from start-up companies and learn the skills required to work at a small start-up. Many start ups offer equity to employees, as they are not always able to pay competitive salaries given the cash crunch. Negotiate a higher equity and help drive the company’s success. Once the company either goes public or gets acquired, there are material financial awards – sufficient in some cases for individuals to be financially free from all obligations.