While many people are inclined to think that it requires plenty of luck to get rich, the best entrepreneurs make their own luck. And fortune favours the brave. And bold. And disciplined. So if you are a young person anxious to make your first million, follow these steps and you could soon be on your way to great wealth.
Join a big company, move up the ranks
Being employed in a big firm and rising to top management is one way of becoming a millionaire. This wealth is often seen in the form of company shares or profits. However, there are risks: You give your life to just one company and there will always be the possibility that you could lose your job. However, while you are in it, make sure you invest in yourself. Keep improving. Keep learning. That way you’ll remain sharp and marketable as you consider your employment options based on remuneration.
Save – to invest
Make it a point to set aside some of your money every month. A good rule of thumb is 20 per cent. A good way of saving is to make it automatic – make sure that money goes into your savings account as soon as you get it so you never actually see it as money you can spend so you can’t ever be tempted to do so. Saving part of your salary – no matter how large – would probably not make you very rich, though. But investing – especially in stocks – should. Start investing early, There are online investment services, but you could also speak to the staff of your bank about how you can invest your money. Start as early as you can in your career. Too many people think they can always do it later and end up never doing it at all.
Think of how you can earn more money
Get a side income. Think of how you can make additional money apart from your regular job. Take on a project you can complete over weekends. Put this money aside and repeat point No 2. Earning money, while easier said than done, can be achieved if you look for where the money is. Examples of this could be as simple as writing a blog that pays, giving tuition part-time, even being a part-time private hire car driver.
Be a star player
It may be some time before we see a Singapore footballer becoming a star in a European league and earning S$200,000 a week, but there are other fields where you can excel in that does not require you to enter the youth academy of a top football club. Some musicians in Singapore have been enormously successful, in Singapore itself or on the global stage. Filmmakers from here have also gained international recognition. The point here is to invest in yourself to develop and hone your skills, and this may require expensive training, but the rewards could be great. It would also require plenty of discipline, which is our next point.
Almost all the successful entrepreneurs that D:Code has interviewed share this trait: discipline. They worked hard towards their goals and remained focused on these despite the worst distractions and challenges. They kept on doggedly at what they believed in. They were all busy people but almost everyone of them made sure they set aside time for exercise and meditation.
Be an entrepreneur
Most rich people are self-employed or have a business. While you can be rich by being a well-paid employee, it is still usually a mediocre income – simply because it is the slowest and safest route to wealth – compared to the fortune that can be amassed from starting a business.