What is the quickest way to become wealthy under 30

What is the quickest way to become wealthy under 30?

Asked on July 12, 2019 in Finance.
Add Comment
1 Answer(s)

Deal drugs…

No, seriously. That’s the quickest way I know of to become wealthy under 30.

I have a friend (who will remain nameless) who spent 7 years in prison after his $1.97 million/year PROFIT heroin business (he was 22 at the time) was shut down by the DEA.

However, this method will put you in prison (if you’re lucky) or in a trash compactor (if you piss off the wrong people) and is, quite frankly, too dangerous, not to mention illegal, for me to recommend.

Now…

Let’s ask a better question.

What is the BEST way for YOU to become wealthy before you turn 30?

Because here’s the thing…

You can become wealthy before turning 30 using any of the following strategies.

  • Real estate
  • Self publishing
  • Blogging
  • eCommerce
  • Flipping luxury items (watches, phones, cars, etc.)
  • Network marketing
  • Service business (e.g. an email marketing agency)
  • Stock trading
  • Crypto

And the list goes on.

The question you should be asking yourself is NOT “What is the fastest way to get wealthy?” it’s, “What is the BEST way for me to get wealthy?”

Because I can tell you from personal experience, that wealth alone won’t cut it.

I have a friend who averages anywhere from $100 – $200K/month in revenue, but he hates what he does and doesn’t enjoy his life.

This is NOT the fate you’re looking for.

So let’s take a look at some better questions you can ask yourself to figure out the wealth building strategy that is right for you.

1. Who Am I?

Before you even begin to think about wealth building strategies, you must first cultivate a high level of self awareness.

Because here’s the thing…

You can have a bulletproof wealth building strategy. But if you are not the right type of person for that specific strategy… It will never work.

A great example of this is one of my former podcast guests Mike Dillard.

He got his start in network marketing, building a business with a proven model.

But there was a problem… He is a MASSIVE introvert.

He’s not a huge fan of face to face interaction and at that time, he had terrible social anxiety.

As you can imagine, the extrovert centric world of NWM did not sit well with him.

So he decided to take a different approach to the traditional NWM approach and instead he self published a book called Magnetic Sponsoring which taught people how to use the internet to find new members for their NWM downline.

The result? He built a $25,000,000 company in a matter of years.

How? Because he knew himself.

He knew that traditional NWM wasn’t the right fit for his personality, so he modified his approach to suit his strengths and weaknesses.

If you want to build real wealth, you need to do the same thing.

Take some time to figure out WHO you are.

  • Are you introverted or extroverted?
  • Do you like words or numbers or both?
  • Are you skilled at negotiation and social interaction?
  • Do you enjoy solving equations, designing beautiful things, helping people (e.g. coaching), or creating products?
  • Which part of the business process seems most interesting to you? Product developement? Sales? Marketing? Branding?
  • Do you enjoy leading the charge and taking full responsibility or do I want to operate in a supporting role (e.g. Entrepreneur vs. Entre-employee)

The more you know about yourself, the better equipped you will be to succeed when you finally select a business model that fits your personality.

To help you on this journey of self discovery, I recommend checking out the following resources.

Free personality test, type descriptions, relationship and career advice

The HEXACO Personality Inventory

2. What Pisses Me Off and What Makes Me Happy?

Another question that you should ask yourself is this:

What pisses me off? What makes me happy?

When I started my business, Knowledge for Men, I did it, largely, because I was pissed.

I was sick and tired of all the phony and b.s. self help advice that didn’t help me get real solutions. I was pissed that I couldn’t find a community of authentic men who wanted to go through the journey together and grow.

And I decided to start my business to provide the solution to my own problem.

You can make money in any business. But you will make the MOST money and the greatest impact in a business that you care about.

So take some time to think seriously about the things that piss you off and make you happy.

These will be your guiding forces and will help you find a career path or business most suited to your values and mission.

3. What Solutions Do I See that Other People Don’t? Where Do I Mentally Optimize Things Even When I’m Unpaid to Do So?

Do you find yourself sitting at restaurants and mentally optimizing the menu, design, setting, etc.?

Do you watch ads on TV and think, “Wow, they could have made this so much better if they did xyz”?

Do you ever look at someone in public and think, “Gosh, if he/she would change xyz about their style/appearance/mannerisms they would be so much more successful.”

When you’re at the gym, do you think to yourself, “Wow, that guy needs help. He’s not getting results and I know how I could help him”?

The biggest secret to finding an appropriate wealth building model for your unique personality is to follow your internal optimizer.

Most people do this.

We all come up with ideas and solutions to problems that we are’t getting paid to solve.

There are certain things that are naturally interesting to us and we’re able to think of innovative solutions where other people would rather follow the status quo.

Look for these areas in your life.

Notice the areas where you mentally innovate without compensation.

This will give you a huge clue as to the type of business model or career you should pursue.

4. What Does Wealthy Mean to Me?

This is a BIG one that people often miss.

Everyone’s idea of wealth is different and there are many different aspects to it beyond the purely financial.

For me, wealth is earning multiple 6-figures a year while only working ~35 hours a week and having the freedom to spend time on the things I love and travel when and where I want.

For some people, wealth is a 7-figure net income, fast cars, a house in the hills, and a jet set lifestlye.

For others, it’s low 6-figures in a career that they enjoy and enough time to spend with their girlfriend and dog.

There are no right or wrong answers here.

You just need to figure out exactly what wealth means to you.

Ask yourself:

  • How much money do I want to make?
  • How long am I willing to work at a given endeavor to make it happen?
  • How many hours a week do I want to work after I get this off the ground (because you’re GOING to work yourself half to death to get things started).
  • What sort of lifestyle do I want to have?

For example, if you answered the above questions and said, “I want to make $1,000,000+year, I’m willing to work 5 years to make it happen, and I only want to spend about 40 hours a week working once I get this thing off the ground while enjoying a lifestyle of travel and freedom”

Then starting a high ticket coaching/consulting company or creating and selling info products online would be the ideal business for you.

However, if you say, “I want to make $5,000,000+/year, I’m fine working 5–10 years to get the results I want, and I don’t care how long I have to work as long as I can stash away millions each year”

Then you should do something with real estate or finance.

Again, there are no wrong answers.

Just make sure that you are building wealth on YOUR terms instead of the terms set by society and other people.

5. What Do I Want my Legacy to Be?

It’s funny…

When you’re broke and just starting out, all you can think about is money.

I know, I’ve been there. I remember when the ONLY thing I could think about was making my first 6 figures.

But today, after building a 7 and soon to be multiple 7-figure company, I spend less and less time thinking about money and more time thinking about the value I want to offer and the legacy I want to leave.

And even though you’re probably caught up in the wealth building mindset right now, it’s important that you at least consider your legacy before you commit to a career or business.

How do you want to be remembered? What sort of life do you want to live? How do you want to spend this one existence that you have?

Think deeply about this question. Then go deeper.

The more succinctly you can explain WHY you want to do what you want to do and HOW you want to live your life, the better equipped you will be to find the right wealth building strategy for you.

I hope this helps.

Answered on July 12, 2019.
Add Comment

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.