Thirty and filthy rich – everyone dreams of this. Imagine being able to support yourself financially after having been on earth for only three decades! If it is your dream to be on the Forbes list by the time you hit 30, here are some options you might want to consider.
Retirement Plan – Safe and Sweet
If the company you are working for provides a retirement plan or a 401 (k), make sure that you take advantage of it. Yes, becoming thirty and filthy rich starts with investing while you are still working. Now, you might think that you have to scrimp every penny since you are also paying for the retirement plan. This is not always the case since retirement plans allow you some tax deduction.
Playing in the Stock Market
There are some ways you can approach the stock market – you can fly solo and do things on your own, or you can have someone manage it for you. The former would require a good knowledge of how stocks work while the latter calls for some research on which service provider best suits your plan. If you are feeling adventurous and would like to go with the former, you would need to open a brokerage account. Some of the top options would include Merrill, E-Trade, and Ameritrade.
Real Estate vs. Real Property
Another option to getting to your dream of being filthy rich by 30 is to dabble in real estate. Now, before you start looking for a property for sale in places like Daybreak, Utah that you can flip, you first have to understand the difference between real estate and real property. Real estate comes in two categories – residential and commercial. It typically involves the land and any structure attached to it. Real estate owners are bound to the category they are in when it comes to how they are going to use their property. This means that residential properties may not be used to create commercial buildings and complexes. In real property, the right of the owner is extended as they can use the property as they see fit. They can enjoy its use without interference from anyone and can dispose of it the best way they know-how.
Be Your Own Man
Of all the options mentioned, this one is the riskiest as it will not only require heavy investment but might also eat up a lot of your time. However, you can draw inspirations from the likes of Mark Zuckerberg, Peter Cashmore, and Jack Dorsey, who made their millions (or billions!) before hitting 35. Of course, you need to make sure that you choose the type of business carefully. The best way to go about this is to know your strengths. Once you have got that settled down, you need to make sure that you create a solid business plan. This will guide you in determining how much capital you need, how feasible your product or service is, and how you are going to sustain your business for the next few months.