10 Life Hacks From a Millennial Millionaire Some valuable secrets to building wealth as a young entrepreneur.
By Lewis Howes Edited by Dan Bova
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You are young, ambitious, confident and you want to be a millionaire? Great!
Or maybe you're ready to take things up a notch and finally start that business you have been dreaming of, but are afraid of the financial risks and not sure you want to give up the perks of a salary and benefits.
The biggest question you may be asking yourself is: What are you willing to give up to create the life and business that you really want?
Related: Path to Success: 4 Ways to Reignite Your Passion
Here are some tried and true hacks from a millennial's perspective that just may lead you to becoming a millionaire.
1. Keep it simple.
In the beginning, learn as much as you can from free resources on the Internet.
When I first started out, I spent months learning how to optimize LinkedIn. I realized it was an extremely valuable and underutilized social media site so I utilized my expertise from a year of studying the site's power to provide value to others.
Network the old-fashioned way, face-to-face, as well as online. Create real relationships. Rather than trying to be better than your competition, be different.
2. Be frugal.
If you have a mission or vision for your business, keep your overhead as low as possible. For example, you no longer need to have a downtown office to verify your legitimacy.Thousands of entrepreneurs work from home, the library, the coffee shop. You don't need a brick and mortar location, especially if you aren't selling a physical product.
I personally didn't even buy a car until I moved from New York City to L.A., and when I did I took my "Rich Dad" advice and purchased a used 1991 Cadillac outright from a mentor. Put your vision first and after you have become successful, then you can splurge.
3. Invest in yourself.
If you are going to invest in anything at the beginning stages of your business, be sure you are investing in yourself.
Hire a coach, enroll in online business classes with people you admire, get into a mastermind. Figure out ways to get the skills and knowledge you need to get where you are going.
4. Meditate.
If you haven't heard already, meditation is a powerful life hack. It can improve the clarity and function of the brain, lower your blood pressure, and so much more. As the stakes rise in your life and business, you will benefit from meditation because it will help you to handle stress better and manage your time and focus.
5. Stay healthy.
Most entrepreneurs -- even myself -- have fallen into the trap of focusing solely on their business and neglecting their physical health. While hustling to get ahead and make a successful living on your own wind power, you may lose track of how many months have gone by since you moved your body from the desk chair. Richard Branson attributes his energy and stamina to daily workouts and considers exercise to be his secret weapon.
Related: The Greatness Guide to Building Your Brand and Empire
6. Network.
Make yourself invaluable to your networks. Be a connector, set yourself apart by sharing resources with others at events and creating valuable connections for others.
Can't find a networking group that feels like a good fit? Start your own.
7. Give, give, give.
Living is giving. Especially while you are starting out, be sure to give above and beyond expectation.
8. Think outside the box.
This entire generation is outside the box when it comes to innovative business and money-making platforms. From Tim Ferriss' The Four-Hour Work Week to virtual assistants, crowdsourcing platforms, information products online and so much more, we are still just scratching the surface of what is possible.
9. Be yourself.
Be yourself because everyone else is taken. No one is you-er than you. The more different you are, the better.
Use your differences to stand out in a competitive marketplace and follow your heart in matters of life and business.
10. Don't Give Up.
Never ever give up. Starting a business and going out on your own requires all of you. Each failure should be seen as a learning process and when you welcome failure you will see that it goes easier for you. We all fail. Majorly. Over and over. And we get back up and keep going for our dreams for as long as it takes.
More opportunities are available today than ever before. When you realize that your attitude and mindset are of utmost importance, these life hacks will catapult you toward success. There are quite a few of us millennial millionaires out here who would love to see you achieve all you set out to do.
