Financial YouTuber Charlie Chang: 7 Things To Do in Your 20s To Become Rich
Written by
Nicholas Morine
Edited by
Katie Wudel
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Are you in your 20s and dreaming of becoming really rich? Financial YouTuber Charlie Chang recently shared seven essential steps to build wealth early in life.
As a self-made millionaire by 28, Chang knows what it takes to achieve financial success. Here’s a breakdown of the advice he shared during an episode of his show.
1. Talk About Money
Don’t shy away from discussing finances. Understanding how money works in the economy, learning about investments, and keeping up with economic events are crucial. The more you talk and learn about money, the better you’ll understand how to grow your wealth.
2. Master Leverage
Leverage means using resources beyond your own to achieve more. This could be through building a team to help run your business or using technology like the internet and AI to reach more people and work faster. Leveraging these resources can significantly boost your income potential.
3. Network Intentionally
Surround yourself with people who share your financial goals. Being around those who are also striving to be rich can be incredibly motivating and educational. Attend events, join groups, and engage in conversations where you can learn and grow together.
4. Learn Skills
Your early 20s are a prime time for skill-building. Spend time reading, listening to podcasts, and trying new things. The more skills you acquire, the better equipped you’ll be to identify and seize opportunities that can increase your income and net worth.
5. Start and Fail at Businesses
Don’t be afraid to fail. Chang suggests starting and possibly failing at least five businesses in your 20s. Each failure teaches valuable lessons and brings you closer to success. The key is to learn from each experience and keep moving forward.
6. Spend 80% Of Your Time on Risks
As you grow older, shift your focus from trading time for money to taking calculated risks with no guaranteed income. This shift is where you can hit the jackpot, creating businesses or investments that can significantly increase your wealth.
7. Get Strong
Physical fitness might seem unrelated to financial success, but it’s about discipline and strength. A strong body fosters a strong mind, which is essential when pushing your limits, taking risks, and recovering from setbacks. Plus, being in good shape boosts confidence and resilience.
Bottom Line
Chang emphasized that these steps contributed significantly to his financial success. Whether you’re in your 20s or not, these principles can guide you towards a more prosperous life. Remember, the most important step is to start taking action today.
The question is: Are you ready to embark on your journey to wealth?
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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