Yahoo Finance I’m a Self-Made Millionaire: Here Are 7 Ways To Get Rich Right After College
Millions of Americans graduate from college with crushing debt, salaries too meager to pay back what they borrowed and a desire to live freely and for the moment. But some crafty and ambitious 20-somethings sidestep the pitfalls of entry-level pay and a rudderless lifestyle to build wealth while they’re still young enough to enjoy it.
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Adopt a Winner’s Mentality and Lifestyle
Robert Bennett co-founded The Inns, a luxury Airbnb collection in Charleston, South Carolina. A former pro golfer, he “went from not being able to afford a $12 haircut” to gaining financial independence and becoming a self-made millionaire before age 35.
Although modern society allows young graduates a few transitional years to ease into adulthood, he’d rather see them hit the ground running and act like grown-ups chasing grown-up money.
“Tell your parents how much you love them but know that they can’t get you where you want to go,” Bennett said. “There is nothing like the love from your parents, but in order to grow, you have to get around new people with fresh ideas. Oh, and make sure you get out of their basement — that is never healthy.”
He suggests keeping your eyes on the prize by writing down specific goals twice per day, every day.
“These goals will sink into your subconscious and give you a clear roadmap,” Bennett said. “Day-to-day decisions will become easier with this roadmap.”
He also advises young grads to trade TV for self-improvement books and resist the urge to chill out and take it easy.
“Activity breeds momentum,” Bennett said. “Learn to keep the pedal down no matter how horribly or fantastic things are going.”
Finally, abandon your comfort zone every now and then to force personal growth.
“Do something once a year that scares you tremendously,” Bennett said. “For Instance, this year, I completed my first Olympic triathlon. I could have trained more, but oh well. The swim was absolutely terrifying, but I got through it. I finished the race with a new appreciation for how far I can take my body and mind when pushed.”
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Instead of Holding Out for Your Dream Job, Be the Dream Employee at the Job You Have
Most recent grads probably want to use their degrees to land the careers they dreamed of during all those late nights studying. But the smart move is to start earning money with the best job they can get and make themselves unfireable assets from day one.
“Pick a job and become indispensable at it,” Bennett said. “Don’t overthink it. In your 20s, it’s more important to make a decision than to grind on what’s 100% perfect. The career will come if you make yourself indispensable.”
Launch Multiple Ventures and Build Multiple Income Streams
Marshal Davis is a successful entrepreneur with multiple seven-figure business sales who currently heads Ascendly Marketing — but MLB fans might remember him from his stint as a professional baseball player with the New York Mets.
He believes the surest path to early riches is to pave multiple paths.
“Starting a business, even while working a full-time job, is not only feasible but also advantageous,” Davis said. “This dual approach provides a safety net of steady income while exploring entrepreneurial ventures. It also fosters discipline, as young professionals must balance their time effectively between their job and their startup.”
Build a Network To Build Wealth
Michael Wu is an eight-figure Amazon seller, the founder of business consulting firm Page One Formula, a former VP of a $10 million venture capital firm in Vancouver and the author of “How to Make Money Online in 2023.”
He stands by the old adage that it’s not who you are, it’s who you know.
“Leverage the power of networking,” Wu said. “Connect with industry veterans, join online forums and attend virtual seminars. A single conversation can be a game-changer.”
Bennett believes a strong network is so valuable that it’s worth buying — even if you have to use money you’d rather not spend.
“For instance, I joined a country club long before I could comfortably afford it,” he said. “This membership has paid for itself tenfold with business relationships I’ve cultivated. Get around other hungry and successful people.”
Acquire Property
Buying a home before your peers is one way to start building wealth early, but investing in property can take you even further.
“Real estate remains a solid investment,” Davis said. “For those just beginning, I recommend focusing on single-family rentals. They typically require a lower upfront investment compared to multi-family units, are easier to manage and often have a consistent demand. This provides a stable source of passive income and capital appreciation over time.”
Investing in real estate might seem out of reach for young 20-somethings, but creative and ambitious savers have ways to make it work. Consider other options like tiny homes or buying a house and getting roommates for it to help pay your mortgage and then go from there.
Compounding Favors the Young — Start Investing Now
Youth offers an advantage that every investor envies — the time to let compounding turn a little into a lot through the snowball effect of building gains on your gains. Even if you can only put a little away at 20, it’s much better to do that than wait to put more money away in your 30s.
Treat Your Post-College Years as the Start of Your Real Education
At its best, college instills academic fundamentals and teaches you how to be a good learner — but success depends on ongoing education that starts right after you graduate and lasts for the remainder of your life.
“Wealth is not just about money,” Davis said. “It’s also about knowledge. Attending seminars, reading industry-specific books and networking with established professionals can provide invaluable insights. By continually educating themselves, young professionals can identify market gaps and innovative solutions, positioning them ahead of the competition.”
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