Wednesday, April 14, 2021
  • Bizna Club
  • Directory
  • SME Awards
  • YEA Awards
  • Login
Bizna Kenya
  • Bizna Club
  • Bizna Academy
  • SME
  • AGRIBUSINESS
  • SAVINGS & INVESTMENT
  • AUTO
  • REAL ESTATE
  • NEWS
  • EDUCATION
  • HEALTH
  • TECH
No Result
View All Result
  • Bizna Club
  • Bizna Academy
  • 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 James Oundo
2nd April 2021
in BIZNA BASICS
Reading Time: 3 mins read
A A
6 steps on how to make your first million in your 20s
Share on FacebookShare on Twitter
Join @Biznake on Telegram

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

Top 10 Most Profitable Farming Ideas In Kenya (Updated)

Chris Kirubi: This is why poverty is a state of mind

5 Worst Money Mistakes Made by Millennials

How to Start a Business in 30 Days – Complete Guide

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.

DON’T MISS OUT!
Did You Like the Article?
Get notified when we post fresh content. Subscribe now.
Subscribe
You can unsubscribe anytime.
ShareTweetSendShare

Related Posts

most profitable farming ideas in Kenya
AGRIBUSINESS

Top 10 Most Profitable Farming Ideas In Kenya (Updated)

by Maina Andrew
3rd April 2021
Chris Kirubi's Quotes
BIZNA BASICS

Chris Kirubi: This is why poverty is a state of mind

by Contributor
29th January 2021
BIZNA BASICS

5 Worst Money Mistakes Made by Millennials

by Contributor
23rd 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

Discussion about this post

Follow Us

  • 263.6k Fans
  • 350.5k Subscribers

Recommended

Top Law Firms in Kenya

Top 10 law firms in Kenya

6 days ago
Terryanne Chebet Net Worth

Terryanne Chebet: Keep your rent below a quarter of your gross income

3 days ago
sk macharia estate

SK Macharia in Sh. 1.2 billion estate fight with grandson

3 days ago
The Managing Director of National Bank of Kenya, Paul Russo (right) and Amref Flying Doctors CEO, Stephen Gitau (left) signing an MOU between NBK and Amref Flying Doctors to provide air evacuation and ground ambulance services for its customers, in case of a medical emergency - Bizna Kenya

NBK unveils emergency evacuation for customers

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

Top 10 Best Hotels in Nairobi

Total inks Sh. 374 billion agreement to build Uganda, Tanzania pipeline

Motorists in Kenya to pay Sh. 300,000 fine for customized number plates

People think I’m a millionaire but I live a dog’s life

I sold family car, plot to raise capital; today I own Sh. 70 million business

David Ndolo: I built apartment that has remained empty for four years now

Trending

Diabetes
Sponsored

My Mother Finally Got her life back; Healed from Diabetes

by Editorial
14th April 2021

My mum was diabetic for years, She suffered from chronic sickness. We could just watch her suffer silently...

Interior Photos: Vladimir Putin’s plane is a flying palace

13th April 2021
KDF Job Vacancies

KDF to hire 200 drivers, cooks, artisans, clerks. See salaries they will earn

13th April 2021

Top 10 Best Hotels in Nairobi

13th April 2021
Lake Albert Resources Project

Total inks Sh. 374 billion agreement to build Uganda, Tanzania pipeline

13th April 2021
  • Home
  • About Us
  • Our Profile
  • Privacy Policy
  • Contact Us

2021 Bizna Digital Services | All rights reserved.

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

2021 Bizna Digital Services | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In
Join 100,000 Subscribers AND GET OUR LATEST CONTENT IN YOUR INBOX

SUBSCRIBE 
Your information will never be shared
close-link
DON’T MISS OUT!
Did You Like the Article?
Get notified when we post fresh content. Subscribe now.
Subscribe
You can unsubscribe anytime.
close-link

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.