There's no foolproof fast pass to becoming wealthy. But instead of daydreaming about that six-figure income, below are some points you can put to good use.
Start saving in digital gold with as low as Rs 10!
Put these ten steps into action, and you'll be laying the groundwork in your 20s for an overflowing bank account in your 30s.
1. Have a Plan of Action
You NEED a plan, a budget that you can stick with for the long term. Make a budget that helps you live below your means and spend mindfully - which is crucial to accruing wealth. Sticking with your budget also ensures that you are eliminating your "bad debt." Additional funding should be set aside for your cash reserve to cover monthly expenses and an emergency fund to cover the rainy days.
2. Maximize Your Earning Potential
If you want to become wealthy, you need to focus on making decisions that will help you earn additional money. Finding ways to increase your earnings and bringing in more income is fundamental to becoming wealthy. Ask yourself if you will make more with a degree in your field. What can you do to maximize your potential? Work hard and give your best to whatever job you're doing.
3. Have Multiple Streams of Income
You'll never become wealthy on one income. Have a side hustle or a second or part-time job. What about starting a home-based business in an area you're already interested in? Create something you're passionate about and which you can monetize. Be creative with your idea and think outside of the box.
Also read: 10 Best Side Hustles You Can Start Earning With Now
4. Think Big to Achieve Big
Being young & seeing the world through your own unique & different perspective gives you an upper hand; you may see opportunities that others don't. Tap into your creativity and unleash your ingenuity. Find your path to greatness and wealth but know that you will likely have some failures along the way, accept that. Own your victories but also your mistakes. And push yourself to keep dreaming.
5. Jot Down Your Living Expenses
Most of the wealthy people don't drive expensive cars or live in big houses. Instead, they keep their living expenses as bare minimum as possible so they can use their surplus income created to continue contributing to other investment opportunities. Unfortunately, you cannot ruthlessly cut your expenses on things that don't serve you. Instead, find ways to reduce your bills, including your energy bills and credit cards. You may also consider getting rid of your vehicle and using carpool options or public transportation.
Also read: 5 Budgeting Hacks That Really Work
6. Own an Enterprise
One of the best ways to build wealth is to get into the entrepreneurial game and start your own business. Once you have a business, you have unlimited potential to earn, although there is more risk. Having your own business comes with tax benefits that you don't get when working under someone. Consider which areas you know best or are interested in learning more about, and look into business opportunities.
7. Start Taking Risks
If you're serious about multiplying your wealth, you're going to step out of your comfort and realize that the path to success is through uncertainty some days. For instance, traditional approaches, having a steady job and a fixed paycheck, are safer, but money often multiplies through taking calculated risks. So don't let fear hold you back on your dream of something more; learn to embrace different possibilities.
8. Find a Good Mentor
The path to building wealth is with risk and challenges - Having an experienced mentor by your side will be valuable. A good mentor will give you advice and help you when you're faced with dilemmas or having a setback. And most importantly, a mentor knows what it's like to be in your shoes but can help you see beyond yourself.
9. Have a Money Mindset
Your attitude & beliefs about money influence your ability to achieve more incredible things. Do you know your philosophy when it comes to money? What kind of lifestyle are you into? If you want to become wealthy in your 30s, you will need to cultivate your money mindset. You have to desire financial liberty and be willing to work toward financial success; you have to believe you can become rich and deserve it.
Also read: 10 Key Ways to Improve Your Money Mindset
10. Give Your Mind a Continual Upgrade
Wealthy and successful people are voracious readers. They constantly challenge themselves to learn and experience new things. As a result, they're constantly giving their brain a mental upgrade by absorbing further information and gaining knowledge, experience, and insight. No doubt, growing wealth takes time, effort, and consistency. But willing to continue to learn and grow will help you adapt to change and make wise long-term decisions, which ensures you'll meet your goal of being rich in your 30s.
(Check out 'Learn & Grow with Wizely' 'to read and learn all about personal finance and financial planning.)
