There are so many things you can do in your 20s to grow wealth by the time you're 30. Like putting 25% of your paycheck into an untouchable savings account, saving specifically to invest, focusing on earning money and securing a financially stable future ... the list goes on.
At 25, knowing that I still have about 5 years left to "get it together," my biggest obstacle is finding a well-paying job that will provide me with the biggest opportunity to invest in my future (read: I need a real paycheck and a real salary).
Being in your 20s and in debt because of college is challenging, especially when you're living paycheck to paycheck and essentially chipping away at your student loan interest. It's discouraging. You can't get a job in your field of study because you don't have enough experience, and you can't get any experience unless you're willing to intern for free, and interning for free doesn't pay the bills.
It's a double-edged sword - you work to survive and you survive to work. And that's not the life that I envisioned for myself 10 years ago.
So I'm trying to change it, and I'm starting to think differently, with a little help.
Tucker Hughes is an entrepreneur and a real human being who generated a million dollars in commissions - in the real-estate industry - by the time he was 22. Of course, he's something of an overachiever: He received his master's at the age of 20 after fast-tracking four years of school, he's traveled to more than 50 countries, he's completed 13 triathlons; this list, too, continues.
When Hughes finished school, however, he was broke, but, luckily, not broken. In fact, Hughes attributes his success in the business world to a shift in his mental thinking.
Check out the seven shifts Hughes made in his thinking + the core values in the video below.
SEVEN MENTAL SHIFTS TO HELP YOU BUILD WEALTH
- Age is just a number.
- Reinvest in yourself.
- Avoid decision fatigue.
- Build a resilient mind.
- Think big. Be big.
- Be methodical.
- Believe in yourself.
Your life is your investment, and it is critical, and so, so necessary, to invest in your personal growth in ways that you probably didn't think about before. Because if you don't invest in yourself, no one will.
Not sure how to get started?
Consume knowledge voraciously and know that you will always have an appetite for more.
- Pick up a book about an unknown subject and read it for an hour a day
- Listen to podcasts while you're driving and engage yourself mentally.
Avoid distractions, and avoid wasting your energy on things that you don't have any control of - focus on what you do have control of.
- Focus on yourself.
- Set your goals, write them down, and fall asleep asking yourself what you can do to achieve them, then wake up, read them, and pursue them.
Here's to making your first million!