7 Steps to Making $900,000 (or More) Before You're 30 Live someplace too dull to distract you from making money.
By Timothy Sykes Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Most people in their 20's are still in debt from their student days. My trading challenge aims to help people turn small amounts of money into six and seven figures in a short amount of time. I recently sat down with one of my students who's achieved an incredible amount of success by following my course.
In this guide, my latest student inspired me to share seven of the different ways young people can become millionaires in their 20's. This student turned $27k into $900,000, and is continuing to increase that amount today. I will show you some of the ways in which you can replicate this success.
1. Learn to trade stocks.
Stock trading is one of the best ways to make money fast. It does come with risks, but you don't need to have decades of experience to trade successfully. Basic trading principles are more than enough to help you become profitable. The sooner you learn, the better. My student read my penny stock guide when he got started.
Related: 4 Investing Apps I Use and 1 I Don't
2. Make success your obsession.
Today this student is rich, but he worked long hours to get there. And that's the same with all my top students. They study and work all day and all night to achieve success. If you're not willing to put in the hard work, you won't make money.
3. Find a mentor.
A mentor doesn't have to be an expert in your field. They can simply be a disciplined person who keeps you focused on the task at hand. I've acted as a mentor to my students, but I always recommend that they have multiple mentors so they can combine a range of lessons.
Related: 3 Secrets You Must Know to Find and Work With the Right Mentor
4. Live in a boring place.
Fun fact: Many of my top students live in the center of the United States. That's why I recommend this to all my new students. No offense, but these places are boring, at least when compared to the coasts. Many of my students credit their lackluster surroundings with helping them to stay focused.
5. Love what you do.
One lesson I've learned is that you must love what you do if you're going to succeed at something. If it's boring, it's going to feel like a chore and you're not going to keep it up for long. Find the sector that you love and focus on that.
6. Aim small and miss small.
Don't focus on making a million dollars all at once. Keep your short and medium-term goals low, and you'll be amazed at how quickly your account grows. "Aim small miss small' is a useful motto to have. In the beginning learning should be the goal not earning lots of money.
Related: 5 Truths That Made Me a Millionaire at 22
7. Embrace your mistakes.
Everyone makes mistakes. My top millionaire students have made huge individual losses, but in the long-term they've still come out on top. When they experience a big loss, they examine the reasons why and figure out how to avoid making the same mistakes repeatedly.
Final Thoughts – You Can Do It
I can give you all the tools you need to become a millionaire student. But you need to have the personality and the traits to use the tools properly.
