Young adults today aren’t all that interested in working the same job for the next 40 years of their lives…and who can blame them? I’ve seen baby boomers exit the workforce worn out, miserable, and full of regrets. Why didn’t they take a chance earlier in life? Why did they work that job that they hated for so many years? What if there was a better way? What if young adults today could get rich at a young age and then do whatever they wanted for the next 40 years instead of living in misery?
How to Get Rich at a Young Age
It’s entirely possible for young adults to get rich at a young age. Not everyone will be able to do it, but there are actually many different paths one can take to earn riches early on. Take a look, choose a path, and hopefully you’ll get rich at a young age too!
1) Professional Athlete
The odds are against you on this one, but if you’re far above and beyond the talent level of your peers, then it might be time to start thinking about what it would take to become a professional.
Take a look at the average salaries for these sports:
- NBA basketball player: $5.15 million per year
- MLB baseball player: $3.2 million per year
- NHL hockey player: $2.4 million per year
- NFL football player: $1.9 million per year
Pretty crazy income huh (by the way, the average professional soccer player earns $160k per year… still good, but definitely not millions)? If you’re already drooling, dreaming of making it to the pros, be sure to keep these odds in mind. For those that play sports in college, less than 2% of them will ever play professionally. You can get rich here, but it’s definitely not easy.
2) Work on Wall Street
Here’s something I wish I would have known when I was in college – Wall Street employees make bank! Of course, they work crazy hours and don’t have much of a life for a few years, but at the below salaries of investment banking workers, I don’t know if I would have cared…
Look at these figures. I mean, really?? Summer interns are making $80,000 a year? Can you imagine making this kind of money right out of college? And then just three years later you’d earn $150k a year. Become a vice president and you’re over $250k a year. Work in this role for just a few years and you could become a millionaire pretty quickly!
So how do you get on this track? Go to a Top 20 university and start making connections with others at Wall Street. Get ready to work your butt off, because you’ll be doing it for a while. Is it worth the money? That’s up to you. But it’s a pretty proven way to get rich at a young age.
There is certainly no guarantee to get rich at a young age through entrepreneurship, but it certainly is possible. Do you have the uncanny ability to see a need that’s not being fulfilled? Are you able to pull people together and inspire them toward a common goal? Entrepreneurship might just be for you.
According to Thomas Stanley in the “Millionaire Next Door”, the majority of the first generation rich millionaires are self-employed entrepreneurs. If you want to get rich at a young age, but you can’t dribble a basketball to save your life or perform complex mathematical equations in your head, then you might want to look into starting your own business.
Of course, businesses don’t always make money and make their owners successful, but when they do, it earns the entrepreneurs far more than if they would have been working a desk job at the local office.
4) Live on Practically Nothing
Whether you earn big bucks or not, the fastest way to becoming rich is by saving as much of your earnings as possible each year.
So many people become doctors, lawyers, and hard-working professionals, but then they buy big houses, boats, and go on expensive vacations. At the end of each year they see how much they earned and they wonder, “Where did it all go?” Do NOT live your life like these professionals.
As you advance in your career, continue to remind yourself to live on less – ESPECIALLY if you want to be rich at a young age. Wealth is not created by purchasing expensive watches, clothing, and brand new cars. Instead, save your money and buy assets that make you more money.
5) Become a Landlord
It’s been around for years. People getting wealthy with real estate. If you want to get rich at a young age, then start learning about rental properties. Find a run-down house in a nice area that has good bones for a bargain. Fix it up. Rent it out for a profit. It’s as easy as that.
Do this as many times as possible when you’re young and you’ll find yourself becoming wealthy quite early in life.
6) Inherit Your Wealth
This is definitely one way to get rich at a young age, but you can’t really choose this method. Thomas Stanley writes that 80% of the millionaires in this world are first generation rich. That means that 20% of the rich inherit their wealth. Do you have wealthy parents? Will they leave their riches to you when they pass away? If yes, then you might be able to ignore options 1-5 above.
If not, then perhaps not all is lost. There are plenty of elderly individuals that have a ton of money, but no one to leave it to. I’m definitely not saying that you should chum up to every old person in hope that they leave you an overflowing mattress of cash, but if you care about people and they love what you’re about, then perhaps some of their money will funnel your way.
So what do you think? Will you get rich at a young age? What’s your plan?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.