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How to Get Rich in Your 20's

By Kunika Agrawal • 08 April 2021
Personal Finance
  • Personal Finance
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How to get rich faster - haven't we all asked this question to ourselves atleast once in our lives? Money is a magnet that draws everyone towards it. No matter what, it attracts everyone.

 

With the growing age of Social Media, it's become easy to entice us into buying anything and everything. But for that to happen, we need money.

 

So, let's look at 10 Golden rules that can help you to be rich in 20s

 

How to Get rich in your 20s

 

Rule #1:

 

Start thinking of ways to earn money rather than spend it on what you already have

 

How to Get rich in your 20s by earning money

 

There is no secret tree in any corner of the world that produces money. After making this clear in your mind, you need to start thinking of ways to earn money by doing a job you love. Start earning at the earliest, even if it takes doing odd jobs. There is a huge potential to grow if you start early. Understand that there is no magic wand to shower money on you. It's simple - Sweat it and earn it. Either you can get a job and get rich or die trying hard ways to get rich - your choice!

 

Rule #2:

 

Save, Save & Save!

 

How to get rich in your 20s by saving money

 

Every penny saved is every penny earned.

 

Stop those craving trips to McDonald's or your favourite fast food joint and start saving until it hurts. Make more money, spend less, save whatever is left and invest it wisely. You will regret spending later if you don't understand now. Saving is one of the golden rules of money for a reason. If you understand now, and adapt the "money in and not out" mantra instantly, you won't have a chance to regret it later. It means that you stop and think before spending, think if you would rather save or spend it. In the end, you really don't want to spend more than you earn!

 

Rule #3:

 

Learn how to budget

 

How to get rich in your 20s by budgeting money

 

When you know where your money is going, you will see how much of it has gone to waste and will immediately think of the pains you took to earn it. Again, budgeting sounds like a heavy word. So let's break it down. Imagine you are at a shop, buying snacks for a lazy day in. You have a few bucks in hand, and you only need a few things at the moment. But then your eyes wander to the pack of chips which you want to save for later. You do not hesitate a moment and buy that extra pack of chips, obviously forgetting about the "Money in and not out" mantra! Now imagine, had you "Restricted" yourself, you would have some extra cash in hand later in contingency. So, this is what budgeting is, 'Restricting yourself to spend that extra money and teaching you to stay under limits a.k.a your budget'. Challenge yourself to stay inside a budget, it will only lead to fruition.

 

Rule #4:

 

Stop Procrastinating. Get up now, that's the only option!

 

How to get rich in your 20s by stopping Procrastinating

 

Get up and stop procrastinating. The moment you convince yourself  'not now, some other time', you intentionally go into the procrastination hole. It sounds exciting to spend your youth today, doing nothing, but then don't curse and cry later reminiscing those old days when you could have done things the other way. Get up, that's the only option. Start developing a skill set earlier in life, start exploring different fields and try your hand at different ways you can make money. This trial and error if done earlier in life will help you find what you genuinely love faster than anyone.

 

Rule #5:

 

Make more money by investing in yourself:

 

How to get rich in your 20s by investing in yourself

 

Diversify your skill set. Do not stick to one path, explore all the roads not taken and then carve your path. Train yourself to go against the crowd. Do not blindly follow the road which is in front of you. Finding happiness is equally as important as earning money. If you invest in yourself at the right time, you will start to branch out efficiently and closer to your goals. You will eventually find money by following one single path, but to achieve both happiness and wealth, you will have to explore more fields to find the one that makes you happy.

 

Rule #6:

 

Invest your hard-earned money

 

How to get rich in your 20s by investing

 

Invest it now, or regret it later. This rule comes handy with Rule #2. You must be tired of people asking you to save and invest your money. But if many people repeatedly say one thing, there is bound to be some truth in it. But then you'll ask how to do so considering you have no insights for investment. Worry not, check out these easy tips on how to invest at a young age. It's not that difficult, it's just a scary big word but in reality, it's simply letting your money grow and earn more by itself. Every penny matters, so do not just reserve it but start investing it.

 

Rule #7:

 

Surround yourself with people worth your time

 

Surround yourself with right people

 

You do not have to take the responsibilities of your friends. Stop hanging out with moochers. They add no value to your mission. Surround yourself with people who are better than you and end up learning a greater deal from their experience. There is no doubt in believing that you will require the support of your friends. But there is wiseness in choosing the ones who genuinely want to see you grow than the ones who can pull you down with insecurities. Listen to all and trust only yourself.

 

Rule #8:

 

Avoid Debt

 

How to get rich in your 20s and Avoid Debt

 

Do not always fall for the puppy eyes of your friends asking you to lend them some money. Avoid debt like a pandemic. You will wait for life and still won't get the money back. Don't lend, Don't borrow.

 

Rule #9:

 

Don't be scared of risks

 

How to get rich in your 20s and take calculated risks

 

Take risks, you are young, you have time to take risks and learn from all the obstacles that come with it. Run towards new opportunities and not away from them. Learn how to strategize risk, learn how to take a calculated risk. And to do all of this, learning is the only way.

 

Rule #10:

 

Last but not least, Be different

 

Be different from the crowd

 

Just be different. Your life is different, do not get swayed by fancy Instagram lives. Those 30 seconds of desire will only distract you. Be different than others, be different than what you are meant to be.

 

Never be scared to be different. 

That is the golden rule of life, that is the answer to your 'how to get rich' question.


Image Credit: pexels.com

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