How To Get Rich In Your 20s

Realistically

Author

Millionaire Syrup
February 12, 2024

Looking for visuals and charts, rather than words, to understand the daily news?

Bay Area Times is a visual-based newsletter on business and tech, with 250,000+ subscribers.

How To Get Rich In Your 20s

Realistically

Be Careful Who You Listen To

There's this saying that goes, "Don't take advice from someone you wouldn't want to be in their shoes." It basically means that you should seek guidance from people who have achieved what you want to achieve. By doing so, you'll be more likely to receive valuable advice that aligns with your goals.

Build Your Credit Score

If you don't have any credit history, try applying for a secured credit card. Just make sure to use it for a few small purchases each month and pay off the balance in full before the due date.

Consider signing up for free credit monitoring services like CreditKarma.com, CreditSesame.com, or Experian.com. They'll help you keep an eye on your credit history regularly without any cost.

After about 6 months of responsible credit card use, you can apply for another free credit card like Bank of America cash rewards, Wells Fargo Active Cash, or Chase Freedom.

Around the 12-month mark, you can think about applying for your first charge card, such as the American Express Gold Card.

If you keep up this good credit behavior for about 18 months, your credit score should be around 720-750, which will increase your chances of getting the best interest rates when applying for loans or financing.

Get As Much Job Experience As Possible
In your 20s, it's a prime opportunity to take risks, venture into new career paths, stay busy, and figure out what truly resonates with you. Each job you try will equip you with valuable skills that you can leverage in your future endeavors, helping you earn more money along the way.

Pick A Scalable Business

If you're aiming to make loads of money, consider pursuing a career or business that isn't solely based on the number of hours you put in. Sales is often underestimated but it can be a great stepping stone to a high income, teaching you valuable skills in time management and customer service, while also providing the financial means for other ventures you wish to pursue.

Invest Immediately

Research indicates that the earlier you start investing your money, the greater your potential for higher returns. This is all thanks to the magic of compound interest, which helps your wealth grow over time.

Basically, the sooner you start, the more time your money has to grow and accumulate even more earnings. When you earn interest on your initial investment, that interest gets added to your total amount. 

Over time, you start earning interest on your original investment plus the accumulated interest. This snowball effect can lead to significant growth in your wealth, especially if you start investing early.

For More Watch

Credit Monitoring

Free Credit Monitoring Services:

Stocks

Learn how to invest in stocks (Link)

Sign up for Webull and get $75 free in stocks (Link)

Shop Apparel

Shop the latest Collection (Link)