Tuesday, 18 July 2017

Entrepreneur Magazine/John Boitnott: 8 Ways Any Millennial Can Be a Millionaire in 5 Years

Take It From The Pros
8 Ways Any Millennial Can Be a Millionaire in 5 Years

By John Boitnott
 VIP Contributor
Journalist, Digital Media Consultant and Investor

July 18, 2017

Millennials are hitting the workforce in large numbers each year, facing challenges as they do so. Recent research from USA Today reveals that millennials earn 20 percent less than their parents did at the same age, even once they have a college diploma in hand. This, combined with heavy college loan debt, has forced many graduates to give up on their fantasies of owning multimillion-dollar homes on every coast or driving a luxury automobile to the office each day.

But an overflowing bank account isn’t out of reach for every millennial. In fact, there are plenty of millennials who will take the same route Mark Zuckerberg and Snapchat’s Evan Spiegel took. Here are eight things millennials can do to have a shot at becoming multimillionaires by 2022.
Start a business.

This option gives you the best odds of becoming a multimillionaire in the future, but success is obviously not guaranteed. A winning idea is, of course, a very important ingredient, but you should also know other things you’ll need to do to improve your odds of success. Above all, be prepared to put in years of hard work and overcome multiple obstacles before you achieve your dreams.

Related: 7 Habits of a Self-Made Millennial Millionaire
Find a mentor.

Some of the most successful people in business today will readily admit that outstanding mentors played a significant role in their career growth. Studies connect mentorships to a surprising number of success stories. Find someone who has achieved the type of success you hope to earn someday and ask for the opportunity to learn from that person. Their insight and experience may make the difference that helps separate you from other millennials looking to succeed.

Related: 10 Life Rules for Millennials Serious About Becoming a Millionaire by 30
Develop a product.

In today’s Shark Tank-Kickstarter environment, it’s possible to invent a product concept, create a prototype, and get funding to begin manufacturing and distribution. There are multiple ways to approach taking your idea from concept to reality, but you’ll give yourself a great head start if you create something that is inexpensive to produce.

Related: How to Create a Facebook Messenger Chatbot For Free Without Coding
Take over an existing business.

Why start at the beginning when there are existing businesses that need ownership? Search for a business with an owner who may be interested in retiring or who is actually ready to move on. Be prepared to work with the business for some time before eventually offering to take it over. If you have difficulty locating one, a business broker can help you identify the perfect business to suit your personal and professional interests.

Related: 10 Life Hacks From a Millennial Millionaire
Invest

Investing can be tricky, but it’s one of the best ways to get a return on the money you currently have. If you want to make significant money quickly, you’ll need to take some major risks, which means being willing to lose all the money you put in. For best results, start by investing a good amount of money. You can make more potentially if you risk more. Pick certain sectors that you find yourself most interested in and concentrate on investments in those spaces. Before any of this though, take time to learn as much as possible about the stock market.

Related: Here's How Much a Millennial Needs to Save Each Month to Retire With $5 Million
Save

With the nearly nonexistent interest rates on savings accounts today, you likely won’t see the money you put into the bank multiply. However, if you make significant sacrifices, such as living at home with your parents, working multiple jobs, or sharing a place with one or more roommates, you may be able to set aside a considerable part of your salary each month. Like my mom always said, you can't save much money if you're busy spending it just to live. If you conserve over time, you’ll have a nest egg you can put toward investing or purchasing rental property that can more rapidly multiply your monthly income.

Related: 24-Year-Old PR Mogul Richard Lorenzen's 5 Tips for Millennial Entrepreneurs
Start a side hustle.

If you need the security and benefits that come with a salaried position, a side job may be a great way to generate extra income. This could be something as simple as delivering pizzas or bartending or something as complex as starting your own business on the side. The former can bring immediate cash, but the latter can give the long-term benefit of eventually being able to turn it into a full-fledged business.

Related: 50 Ideas for a Lucrative Side Hustle
Boost your salary.

The key to successful saving and investing is to first bring in the best income possible. Don’t settle for a substandard salary. Look at the market rates for your skills in your area and make sure you’re at least within the range. If not, search for a different job with people who will appreciate your education and experience. Learn top salary negotiation strategies to get the most out of every job offer.

With hard work and sacrifice, millennials can significantly increase their income over just a few years. While there’s no guarantee of becoming a multimillionaire, it’s well worth the effort. If you don’t succeed in that timeframe, at least you’ll have a good start at becoming a multimillionaire in the years that follow.
Next Article
8 Reasons You're Losing the Best Talent to Your Competition
John Boitnott
John Boitnott is a longtime digital media consultant and journalist living in San Francisco. He's written for Venturebeat, USA Today and FastCompany.
Read more
Casting Call: Entrepreneur Elevator Pitch
<b>Casting Call: Entrepreneur Elevator Pitch</b>
Want to have your business featured on an exciting new show? Apply Now »
 
by Taboola
Sponsored Links
You May Like
The Ultimate Way to Save on Hotelstripsinsider.com
The Ultimate Way to Get Cheap Hotel RoomsSave70
Megahype: This invention storm the internet...ECOCUT pro
5 Countries That May Give Free Housing To New R…Women's Article
Famous Myths about DogsTapuz Club
10 Classic Kungfu Movies You Must WatchTheChinaInsider.com
Top Articles
12 Millionaire Habits to Start Making Serious Money Soon and Build Wealth In A Hurry
Take It From The Pros
12 Millionaire Habits to Start Making Serious Money Soon and Build Wealth In A Hurry
R.L. Adams
|
July 17, 2017
Chinese Mall Introduces Husband Storage Pods
China
Chinese Mall Introduces Husband Storage Pods
July 17, 2017
11 Ways to Maximize Every Part of Your Day
Business Moving Forward
11 Ways to Maximize Every Part of Your Day
Entrepreneur Staff
|
July 17, 2017
4 Ways Sleeping Naked Makes You Healthier and Wealthier
Sleep
4 Ways Sleeping Naked Makes You Healthier and Wealthier
Travis Bradberry
|
July 17, 2017
3 Ways to Raise Your Kids to Think -- and Solve Problems -- Like an Entrepreneur
Children
3 Ways to Raise Your Kids to Think -- and Solve Problems -- Like an Entrepreneur
Jim Marggraff
|
July 17, 2017
There Is a Best Time to Publish on Social Media and You Can Determine When It Is
Social Media
There Is a Best Time to Publish on Social Media and You Can Determine When It Is
Lesya Liu
|
July 17, 2017
Copyright © 2017 Entrepreneur Media, Inc. All rights reserved.

Terms of Use Privacy Policy
Cookie Policy Site Map

    Follow Us
    Current Edition
        United States
    Sections
    Latest
    Top 50
    How To
    Magazine
    Leadership
    Growth Strategies
    Marketing
    Technology
    Social Media
    Finance
    Entrepreneurs
    Starting a Business
    Franchises
    Magazine
    More
    Business Forms
    Video
    Events
    Newsletters
    Bookstore
    About Us
    Contact Us
    Advertise
    Reprints & Licensing
    Privacy Policy
    Terms of Use
    © 2017 Entrepreneur Media, Inc.

Entrepreneur Media
Join Our Newsletter
Get our best stories of the week direct to your inbox.
video
podcast
article
­
Post a Comment