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In addition are questions like; How do you become a millionaire? What can I do to get rich? How can you get rich quick easy? How do you become a billionaire?
How To Be A Young Millionaire @ 25/Full Marks
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You have to know that even the young and famous entertainers, athletes, and business people who seem to have gotten rich by chance have gotten to their levels by their nature given talents, yet everything they’ve accomplished is the result of dedication and perseverance
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Most people will not be able to achieve this astronomical level of success, but anyone who sets their mind to it can be rich in a few short years by sticking to certain principles and putting in the necessary time and effort.
These are what I want to discuss in this article.
Many of you at your fifties are not rich yet, and to correct past mistakes now becomes very difficult for you. This is because time once spent will not be recovered.
Therefore, many steps that you should have taken earlier in life you did not take and they are posing challenges to you now. For a young man the question is: How do you become a millionaire now?
How To Be A Young Millionaire @ 25/Full Marks
BE A RICH YOUNG MAN
This article, How to be a Rich Young-man I have highlight 17 ways, approaches and attitudes that are necessary to enable you become a millionaire soon.
HOW TO BE A YOUNG MILLIONAIRE @ 25.
It may be that you are a young person, working and earning big; and you feel that you have made it. Hold on, what do you think about job security nowadays with economic downturns in many countries. Moreover, it is a general believe that salaries, and wages don’t make one rich. At the extreme, salaries or wages can make you rich, but they will not make you wealthy. A wealthy person is said to be one that has a lot of money, land, houses, investments and other resources which are not there for immediate consumption.
If you are twenty years and above, you would be pondering on; How to be a millionaire by 25. There are several steps you must take now if you will have to realise this your dream.
These 17 steps are discussed below.
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1. Don’t Live And Spend Like A Rich Man Yet.
If you think that you have fat salary, a young person, and begin to spend like a rich man, you will find out that salaries are never enough. So you live for today in spite of tomorrow, meaning that tomorrow will meet you suddenly. Your attitude is that of spending now to worry later. But it is better to save now to get rich later. Check and adjust your mind set for tomorrow. Another issue associated with this is that spending like a rich man now will soon make you a debtor, so I advise you spend within your means.
2. Pay off your Debts Now:
If you have debts already, try to pay off the debts. Measures to pay off these debts will certainly bring in some control into you. If you service this debt in anyway, such extra spending (interest) will also be save. Just pay off such debts and start the following.
How To Be A Young Millionaire @ 25/Full Marks
3. Cultivate A Saving Habit:
Economics tells us that Capital Formation require some sacrifices. Automate your saving scheme. You can do this by getting a savings account and giving a standing order to your bank to transfer a certain per cent- age of your monthly income to such an account. This account could also be tied to a project or time so that you are not allowed to withdraw from it unduly. The emphases here is Habit. My economics theory tells me that habit is a perpetual behaviour which do not adhere to most economic theories of demand and supply. If you form the habit of saving, you will soon be a millionaire if you do the following.
i. Have an emergency fund:
This will serve as a financial safety cushion. That is, create a fund from where you run your private life and limit your spending to it. That is another habit to form.
ii. Organise your private life:
Live a healthy life ( eat well, if you are over fifty years of age, think of changing your entire diet and eating habit); avoid illegal businesses, do the right thing in the office (many people have sleepless nights because of the type of things they do in the office – this will soon make you sick),treat fellow human beings well even as your customers (many people suffer because of the way they handle other people especially the helpless), enjoy small and keep live meaningful – If possible ensure you live in your own house. This will safe you a lot of money. Go for fuel economy cars only.
iii. Fear God:
It is true that many do not believe that there is God. But for those who believe, it pays to fear God in whatever you do, because that will make you:
Watch your relationship with others
Avoid corruption,
Do only legal businesses,
Make good profits. Etc.
How To Be A Young Millionaire @ 25/Full Marks
iv. Carefully choose a life partner (wife):
You should know that dreams are not the same with every individual. Again there are those who keep dreams alive and there are those who kill it. Therefore, Carefully and if possible, prayerfully, chose your life partner. A happy family plan together. Remember that family is like another business, if not well planned and managed, it could ruin businesses.
My dear these ideas are for the serious minded. I maintain that only the hard working can become a millionaire at 25 or say before 40. Read on this article and you will see a lot for you to do and become a young rich man.
4. Think of a business idea – make investment:
Start to invest even now. Don’t let any cash lie idle. Check out for investment options that are good for you, start up immediately. Make Contacts for business options and business plans. Do that immediately, time waists for nobody.
5. Have business plans:
Once you have gotten the business idea and have decided to make an investment, contact professional business advisers . He/she will take it up from there. Even if all the capital are not there, with the Business Plan he/she will prepare for you, you will get the required fund from loan providers, investors, partners or friends. A good Business Plan works like magic.
A business plan is a business road map i.e. it could be said to be a life road map, for one who runs a planned life. A well thought out business plan controls your activities, and make you achieve your goals.
How To Be A Young Millionaire @ 25/Full Marks
6. Get good training – Work towards getting a great job.
This is also an investment. A professional training is preferred. Choose one that is very marketable. Add value to your first degree certificates. I started like that my dear. Professional training and relevant cognate experience is very necessary for your becoming a millionaire. I met a young woman who had changed 4 jobs in the last 7 years and I asked why, and she honestly told me that she was building her CV (curriculum Vitae). Did you get something from there. If you can’t change your job change your office desk. Ensure you move from one department to the other in your organization, that will enable you acquire a lot of practical experiences.
Now check out this; Making more money while you work.
7. Don’t be easily influenced
Associate only with good people. Like minds must move together. If you are enduring your friendship because of differences in your lifestyle, it is time to quick. There are those called friendly enemies too. These ones are there with you pretending to be your friends, but has no good idea or plans for you. Every of your good ideas they water down. Leave please, leave.
8. Start now.
If you start late you will be late to be rich. So instead of complaining about the situations around you, and be procrastinating while you continue to age, just get committed to something now. Remember, this topic “Making more money while you work
9. Diversify – Increase your income streams.
Don’t be tied down with only one investment. There is what is called “ Multiple entity approach”. Make contacts for business ideas, and feasibility studies. This is a multi-task approach which is an element of strategic management. By the time you get here the whole thing begins to look complicating; don’t worry, that is why you need a business adviser.
How To Be A Young
10. Start Farming:
Why am I singling this particular business out. It is because this is the only business approved for civil servants in Nigeria; so start farming at once. Cultivate cash crops like Cucumber, water melon, ginger, garlic. Many are millionaires already by these farm produces. Own a poultry, cattle farm, fish farming etc.
11. Be Urgent.
This is a motivational call. Be inspired my dear. Do it now. Have a sense of urgency. Procrastination is a canker-worm. Check it out, the money you had when you thought of starting somethings but postponed them, is not there again. Procrastination has eaten up many business ideas and many business start-up capital, and has made many poor. Be A Young Rich Man, and stop asking: how to become a millionaire in 5 years?
How To Be A Young Millionaire @ 25/Full Marks
12. Discover Your Motivations:
You have to discover why you want to do what you want to do. Is it of service motive, or profit motive? Is it a humanitarian thing, and of public interest?
Motivation is said to be the ability to do what needs to be done, without influence from other people or situations. People with self motivation can find a reason and strength to complete a task, even when challenging, without giving up or needing another to encourage them.
A good motivation will take you far.
How To Be Young
13. Set Your Goals
Set your goals and Split them into short and long term goals. Short term goals for existing entities are always one or two years, but for a starting business, your short term goals could be more than that. Your start-up business plan that forecasts the business operations for three years or five could be seen as a short term goal. Yet, the feasibility study of your business plan could still give details of shorter periods to watch.
14. Study The Lives Of Successful People.
Note down about 5 successful people or business that you know. Try to study their lifestyle or operational patterns. There are a lot to learn from those who had made it. Be careful here in selecting such people or organisations. Stick to those who made it by hard work, and not those who made it by fiat means.
15. Use Your Talents:
Your talent is God’s given ability to do special things. Talent hits a target non one else can hit. Talent gives courage, sacrifice, determination and commitment that you need to drive harder.
So look at yourself and find out what special thing you can do and pursue it.
16. Network With Anyone And Everyone:
Extend your links. Make connections. Associate meaningfully. Belong to your professional bodies and be a participating member. Network and network at all times.
How To Be A Young Millionaire @ 25/Full Marks
17. Work Really Hard:
Hard work pays. It will make you achieve your goals. Matshona Dhliwayo said; “Today’s tears water tomorrow’s gardens.” You really need to work hard.
If you are inspired by this article and you go ahead to implement these opinions, you could even become a millionaire overnight. My dear this is possible; just a contact and you are there.
I encourage you to be a rich young-man. Take necessary steps now to actualise this while you still have strength. Time will certainly come when you will be only dreaming without strength to actualise the dreams. Or when you will sit down and be issuing instructions as to how your estate will be managed. These two positions depend on what you do now.
The first thing to do is to make contacts for your business ideas. Do that now How To Be A Young Millionaire @ 25/Full Marks
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
