5 Things To Do In Your 20s To Be A Millionaire In Your 30s
I recently came across an article in a popular web based business magazine that claims to give its audience insider tips on how to be successful. I usually love the site, but when I clicked on the author of the article I found out it was written by a bunch of interns and writers who apparently just got out of grad school. There's nothing wrong with this other than the fact that they're writing about something they haven't experienced themselves. Zero credibility... sorry.
Not to brag, but I have had that experience. My story wasn't the overnight website or app that caught on and got 100M followers in two years. No, it was the everyday grind, getting knocked down, getting back up, winning, losing, losing, losing, winning, and then getting lucky because the world fell apart in 2008-2009 and I was ready, willing, and for whatever reason, felt unfazed by the economy.
These are the five things I did to crush it in my twenties to be a millionaire by thirty.
1. 15,000 hours of pure hustle.
I know people are saying you have to put in 10,000 hours to be good. Yes, that's putting in 100%... but the truth is you need to be at 150%. Sorry; no shortcuts. 15,000 hours... so let's say you got through your quarter life crisis at 25 you decided on a route you wanted to take. You got 5 years and let's say you take 2 weeks off a year for holiday, that means you need to work 60 hours a week on average or 12 hour days if you work Monday - Friday.
2. Search until you find your passion.
You're not going to invest 15,000 hours on something that doesn't move you, or that you're not passionate about. Sorry. If you aren't fired up about it, spend time looking for it. I wanted to get into music, so I got a job, found out everyone was broke and while it was cool, it wasn’t fulfilling for me. Then I wanted to get into the fashion biz, got a job and found out everyone treats everyone else like crap, everyone was broke and it also wasn’t fulfilling. Then I got into stock brokerage where I worked 12 hour days and made 350-400 calls a day. I loved it and excelled at it, but was making my bosses (who were my age) all the money. All the while I was in and out of commercial real estate... had I not explored all my career wants and curiosities, I wouldn't have wound up in CRE full time. Luckily, I had the chance to dip my foot in every industry that interested me by the time I was twenty-four years old. Now it was time to grind. You need passion to take those punches, setbacks, losses, delays, disappointments, and even anxieties.
3. Get the skills.
Honestly, you're not as good as you think you are... at all. Neither am I. In business you're going to have master your craft. Interpersonal skills, technical skills, problem solving, selling, marketing, being emotional intelligent, dissecting the process from start to finish, client retention, meeting people, staying motivated, on and on and on. You're going to have to improve all aspects of your strength and weaknesses. Work on your craft... all aspects of it. Where are you crushing it? Where are you failing? Dig in deep.
4. Do the math.
You want to make a mil? How many products do you need to sell to have a million dollar bottom line? How many clients do you need to sell your service to... for people in real estate.. what's my average commission and how many deals do I need to do to take home seven figures. If my average commission is $10K then I need to do 100 deals a year. If $20K then 50 deals a year. If $100K then 10 deals etc. I remember being twenty-five and realizing I had to close 50 deals a year... at the time I was closing much less.
5. Believe in the power of timing.
This is a tough one. Luck is one thing... but timing... timing is a whole different ball game. I am a firm believer that EVERYONE on Earth has a chance. There is always a moment, a day, a month, a year, or or a lucky few decades,in which things just fall into place. You know the feeling; you finally got a big break with a client, you got a promotion because your boss quit and you were the only one experienced employee to take on the job, the stock you picked shot up due to a random reason, etc. The two things all these experiences have in common? Timing, and the fact that you were on the field playing. They say over 20 years, the S&P 500 averages about 8.5%. If you miss 30 days of the 20 years you miss out on 70% of those gains. Show up!
Every dog has his day... and you will too. You just have to wait for your time!
Article written by Chris Okada, edited by Rosa Sanchez.