Monday, January 25, 2021
  • Bizna Club
  • Directory
  • SME Awards
  • YEA Awards
  • Login
Bizna Kenya
  • SME
  • AGRIBUSINESS
  • SAVINGS & INVESTMENT
  • AUTO
  • REAL ESTATE
  • NEWS
  • EDUCATION
  • HEALTH
  • TECH
No Result
View All Result
  • SME
  • AGRIBUSINESS
  • SAVINGS & INVESTMENT
  • AUTO
  • REAL ESTATE
  • NEWS
  • EDUCATION
  • HEALTH
  • TECH
No Result
View All Result
Bizna Kenya
No Result
View All Result

Home » SME » BIZNA BASICS » 6 steps you need to take to make your first million in your 20s

6 steps you need to take to make your first million in your 20s

by Contributor
12th November 2020
in BIZNA BASICS
Reading Time: 3min read
A A
6 steps on how to make your first million in your 20s
Share on FacebookShare on Twitter

Make your first million in your 20s: ‘I will be a millionaire in my before 30’, that’s the common phrase from every university graduates or perhaps their dream of living large. I hate to burst their bubble but truth be told, It doesn’t come that easy. While there are numerous ways to make a million nowadays including investing in stocks, real estate, an online business venture or good old-fashioned savings, it takes certain steps to really ensure success. No matter the path you choose to take, these steps are key to making sure that you stay on track with your goal in making that first million. Make your first million in your 20s:

  1. Have the right mindset

Before anything else, you must have the right mindset. You have to remember that making money requires hard work, and it is only through luck and chance that some people achieve millions without really breaking a sweat. In most cases, be it in employment or business, earning a million will require some hard work on your part. This means getting good grades in school as much as possible, getting additional training, studying up on your specific niche, and offering up more hours at work.

Fred Akuno: How I made my first million after starting kitchen business

Some may argue that becoming a millionaire has nothing to do with grades or hard work, but you must remember that fortune favors those who are prepared. You can’t depend on luck at all times, most of the time you will have to make your own luck through hard work. Aside from working hard, having the right mindset also means not making excuses for laziness or lousy financial decisions and staying focused on your goal.

2. Set your goals

ReadAlso

5 Worst Money Mistakes Made by Millennials

Top 10 Most Profitable Farming Ideas In Kenya (Updated)

How to Start a Business in 30 Days – Complete Guide

Business Startup Checklist

In order to achieve millionaire status in your twenties, you need to set firm goals for yourself. Otherwise, you might end up in your forties or fifties still unable to reach your first million. Make your goals specific, ambitious yet achievable.

For instance, you could aim to gain 5% to 10% of your first million within your first year and gradually increase this percentage as your assets grow. You also need to specify the means by which you intend to achieve this goal, whether it be through investments, business, savings or a combination of resources.

3. Save as much as you can

You may be earning more money than you ever have in your life, but it will never amount to a million if you’re always out there spending it. So another thing you have to keep in mind at this stage is that you will have to make sacrifices in order to save as much as you can. You have to keep living below your means and save aggressively.

Try to consistently save at least 20% of your net income each year, and place it somewhere secure where it can accumulate interest over time.

4. Make your first million in your 20s.: Spend wisely

Don’t borrow money in order to spend it, save for it.  Eliminate what is unnecessary. By focusing on what you need instead of what you want chances are, you will end up spending less than what you originally planned and the extra savings can go a long way to bringing you closer to your one million goal.

5. Diversify

Don’t put all your eggs in one basket and try to be diverse. Make calculated risks, but do the research to make sure you can afford those risks. This applies not only in stocks but with different types of assets. Venture into real estate or start a pure income portfolio.

You could also diversify in terms of income generation. Take a sideline job or establish an online business. There’s always more than one way to make money and make it grow.

6. Make your first million in your 20s.: Be persistent and patient

Becoming a millionaire doesn’t happen overnight. It takes dedication and time for most, so you need to be persistent and patient at the same time. Don’t worry if some investments fall short or businesses fail; there are always more opportunities coming. Your experiences whether good or bad will also teach you how to do things better next time, and enable you to better achieve your goals.

Earning your first million is no walk in the park, but it is definitely possible. With the right mindset and the right steps in place, you can achieve your goal of becoming a millionaire before you reach the age of 30.

ShareTweetSendShare

Related Posts

BIZNA BASICS

5 Worst Money Mistakes Made by Millennials

by Contributor
23rd December 2020
most profitable farming ideas in Kenya
AGRIBUSINESS

Top 10 Most Profitable Farming Ideas In Kenya (Updated)

by Contributor
2nd December 2020
How to Start a Business in 30 Days - Complete Guide - Bizna Kenya
BIZNA BASICS

How to Start a Business in 30 Days – Complete Guide

by Bizna Team
13th September 2020
Business Startup Checklist - Bizna Kenya
BIZNA BASICS

Business Startup Checklist

by Bizna Team
13th September 2020
5 Steps for Entrepreneurs with an Idea, but No Funding - Bizna Kenya
BIZNA BASICS

5 Steps for Entrepreneurs with an Idea, but No Funding

by Bizna Team
12th September 2020
One Shilling
BIZNA BASICS

How the coins you leave at the counter make retailers millions

by Contributor
26th August 2020
BIZNA BASICS

Ten Commandments of Customer Service

by Tonnie Mello
21st August 2020

Discussion about this post

Follow Us

  • 247.8k Fans
  • 350.5k Subscribers

Recommended

Creating Wealth and Succeeding in Business

Eric Nyenze: Steps I follow to create my wealth and succeed in business

7 days ago
stranger

I Had A One Night Stand With A Stranger Since Then I Started Experiencing Chronic Problems, Diseases

1 day ago
The Farm Gang

Anne Mugo: I invested in a farmer’s rice farm in Mwea and lost big

6 days ago
BRT Schedule

BRT buses schedule for Nairobi estates released

5 days ago

Sectors

  • AGRIBUSINESS
    • Crops
    • Dairy
    • Livestock
      • Poultry
    • Rabbit
  • AUTO
  • Bizna Club
  • BIZNA SME AWARDS
  • CUSTOMERS VOICE
  • EDUCATION
  • FEATURED
    • TOURISM
  • HEALTH
  • KENYAN MEALS
  • Life Hacks
  • NEWS
    • Corporate
    • World
  • REAL ESTATE
  • SAVINGS & INVESTMENT
    • Insurance
    • Loans
  • SME
    • BIZNA BASICS
    • Digital marketing
      • Online Bizness
    • E-Commerce
    • Management
      • Career
    • Mentorship
    • PROFILES
  • Sponsored
  • TECH
No Result
View All Result

Highlights

Strongest Currencies In The World (Updated List)

After I Found Out My Son And My Second Wife Were In a Relationship, I Could Do Nothing Much

Loon Technology Pilot to be discontinued 

All land, plot owners in Kenya to apply for new title deeds

Simple ways to add value to potatoes for more money

9 most profitable businesses to start with Ksh. 20,000 (Updated)

Trending

attracted
Sponsored

I Love You, But Not Intimately Attracted To You

by Editorial
25th January 2021

Naomi was a happy woman two years ago after her fiancé Hebert proposed to her in a very...

Irungu Kang'ata

EACC starts probe on Irungu Kang’ata law business

24th January 2021
stranger

I Had A One Night Stand With A Stranger Since Then I Started Experiencing Chronic Problems, Diseases

24th January 2021
Strongest currencies in the world

Strongest Currencies In The World (Updated List)

23rd January 2021
son

After I Found Out My Son And My Second Wife Were In a Relationship, I Could Do Nothing Much

23rd January 2021
  • Home
  • About Us
  • Our Profile
  • Privacy Policy
  • Contact Us

2020 Bizna Digital Services | All rights reserved.

No Result
View All Result
  • SME
  • AGRIBUSINESS
  • SAVINGS & INVESTMENT
  • AUTO
  • REAL ESTATE
  • NEWS
  • EDUCATION
  • HEALTH
  • TECH

2020 Bizna Digital Services | All rights reserved.

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password?

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In