The dream: to be rich and successful while one is still able-bodied and youthful. There must be a formula for success, especially since there are so many stories of teenagers cashing in as millionaires. How then, is it possible for others to achieve the same dream?
The first tip is usually not to earn more, but to spend less. Allocating an allowance for oneself and saving every other penny. This does not just mean ‘no lavish lifestyles’, but to live a frugal life. There are many things which constitute as a waste of money such as watching a movie at the cinemas, eating out, gambling away in a casino, down to spending change in an arcade.
Once being thrifty becomes second nature, it serves to recognize: salary alone is not enough. In 2014, Forbes released the statistics of how people make their richest list. A mere 8.6% of their income comes from wages, and the highest percentage goes to capital gains, sitting at 45.8%. However, merely starting a business is hardly enough to assure a healthy cash flow. One must be good at what they do.
However, it is now 2017, and technology has caused an upheaval in regards to how we interact with the world and therefore, generating countless possibilities when it comes to money making. Limited only by imagination and skill. Hence, it is beneficial to invest in oneself. Do not spend on anything that does not serve a higher purpose. Rather, choose instead to indulge in picking up a skill in which ones’ interest lies and then learn to be of service.
It is crucial in this digital era to know how to market oneself as a brand. Many young entrepreneurs use their skill and knowledge in wielding the latest technology to their advantage. Instead of long term investments or dabbling in real estate, they plunge into app or website building, utilizing the needs of a new market.
For those who are less inclined in technology, might find their niche in photography or blogging. There are numerous bloggers that focus on their area of expertise, such as fitness, makeup, travel or tutorials ranging from dieting to image editing. There is a whole slew topics one might specialise in. Believe it or not, there is even a youtube channel dedicated to unboxing toys with 4 million subscribers to date. Their daily revenue can be anywhere from a little more over $1,000USD to more than ten thousand.
One thing that these established entrepreneurs share is genuine interest and passion in what they do. Instead of mimicking successful businesses and hope their imitation will be as well received. It is as futile as a marketing a knockoff with expectations that exceeds the one set for the original.
Another tip is quite cliché, but as the saying goes: winners are people who do not give up. It pays to be resilient, and finishing what one has started. Regardless whether it is a new idea which has taken form, or a dying business, pushing against the current to accomplish what one set out to do is not only satisfying but might result in a good payoff.
Of course, one must also be intelligent and well informed regarding their determination. Many businesses have failed due to its extreme innovation. Back when the internet was new, there were a few pioneers whose companies never made any returns purely due being far to advanced for the market at that time. However, one might conclude that if only they had persevered, they would reap what they sowed. Much like the websites which survived during what is known as Web 1.0. Back in 1998, before the internet was truly utilized, one man had the foresight to start up a website regarding daily deals and coupons. Today, it is worth an estimated $1 billion USD. Unfortunately, due to financial constraints, holding on to something which did not seem promising at that time does not support its credibility as a logical decision.
To create a startup today requires more than luck and innovation, one needs to study trends and allow creativity to take the helm. We are in an age of convergence, where celebrities are no longer elusive and a complaint could be publicized to the CEO of a company rather than the regional manager who has less power. It is not enough to be contactable, one has to be present at all times. That is one of the many tactics Huffington Post employed to gain such traction. By generating hundreds of pieces of content daily, several of them were bound to go viral.
It serves to be two steps ahead of the crowd but anything beyond that is too advanced to be welcomed. Whether riches is waiting around the corner, what makes a person successful is drive, passion and the contentment to match.