How to Become Wealthy While Still Young

Unless you're lucky enough to receive a massive inheritance, for most people, becoming wealthy at any point in life—especially at a young age—requires relentless effort, a solid work plan, and consistent saving. At first glance, it might seem like young, famous entertainers, athletes, and entrepreneurs have become wealthy purely by luck or innate talent. However, the truth is that their success is the result of unwavering dedication and persistence. Not everyone can achieve such great success, but with determination, effort, and the right principles, you can become wealthy in just a few short years.

Set goals and discover your motivation. Before diving into anything, it's essential to recognize that becoming wealthy is no easy task. You must identify what drives you to power through difficult times and stay committed to your long-term goals, whether it's achieving a goal in 10, 20 years or securing a solid position by the time you’re 40.

• Your motivation may simply be to achieve wealth for yourself. That's perfectly fine. Additionally, the things you could do for others once you become wealthy could serve as a motivating factor. Imagine the better life you could offer your children or loved ones.
• Don’t shy away from ambition. For example, if you're aiming to earn 20 billion VND (after tax and deductions), you might be limiting yourself. Don’t hesitate to aim for 400 billion or even 2,000 billion VND.
• At the same time, consider what wealth means to you. Do you want to earn 20 billion VND (or more) annually, have assets worth 20 billion, or accumulate 20 billion in net worth? These are not equivalent and can be achieved by different methods.

Break your goals into smaller, achievable short-term objectives. Of course, keeping the big picture in mind is important, but to truly make progress, you must structure your life around practical, short-term goals. You won’t reach 20 billion VND if you can’t even earn 2 billion. You won’t get anywhere unless you start earning more and saving what you make. Keep working through small, manageable goals, and assess your next steps to build self-confidence.

• To make short-term goals more achievable, assign specific numbers to them. For example, if you work in sales, “selling more” isn’t a clear goal. Instead, try “increase sales by 20% compared to last month.” This will help you track your progress and give you confidence that you're truly achieving your set goals.

Learn from the lives of successful individuals. There’s always a reason why someone accomplishes something extraordinary. Learning about their lives or connecting with them can provide the inspiration you need to pursue your own goals. You can look into people like Mark Zuckerberg, the founder of Facebook, or Mark Cuban, a highly successful investor, to understand how they achieved their success.

• Additionally, seek advice from successful individuals in your own life. Perhaps someone in your family or community is doing exceptionally well. Successful people are often open about their journeys and are willing to share their experiences and advice. Ask them questions and try to follow their lead.

Strive for an amazing job. If your current job doesn’t offer a future, look for another one. A steady, growing income is crucial to becoming wealthy. To achieve this, you’ll need a job, whether it's a traditional position or running your own business. People are suited to different jobs based on their talents and educational background. However, in any case, make sure you are truly passionate about what you do. Without passion, success will remain elusive.

• Try to secure a position at a large company where you’ll have many opportunities for career advancement. It’s not worth putting in effort at a place where your hard work isn’t rewarded with salary raises or promotions.
• For more information, refer to articles about how to find your dream career.

Leverage your talents. Look for a main job and any side income opportunities that align with your personal skills. Extremely successful people always know how to maximize both their innate abilities and what they’ve honed through practice. This means you won’t want to stay in a role that doesn’t challenge you or allow you to showcase your abilities. For example, if you’re a skilled writer, consider leaving your sales position to focus all your time on writing.

• One of the greatest advantages of youth is your age. While older industry professionals may doubt your lack of experience, you can work longer hours and bring a fresh perspective to current global issues. The ability to adapt and connect with the present moment is one of the most valuable assets of young entrepreneurs.
• If you don’t have any in-demand skills, learn one. For example, one of the most useful and sought-after skills in today’s job market is programming. It’s a skill anyone can learn and it can significantly increase your potential and earning power. Try searching for free programming classes online.

Connect with everyone. Big ideas and successful businesses rarely come from just one individual. Instead, they are often the result of gatherings and discussions among like-minded people. Take advantage of every opportunity to meet and network with both young, like-minded individuals and more established, successful professionals. When great job opportunities or startup projects arise, you’ll have the right network to take action.

• Remember to use both social media and face-to-face interactions to support and nurture professional relationships. Be sure to stay in touch with classmates from high school to university, as well as those who are already successful or on their way to success.

Boost your income sources. In addition to increasing your main income (through promotions in your current job or by finding a new role), consider diversifying your earnings by seeking other income streams. This could include investing, taking a part-time job, or any informal sales or consulting activities you can manage in your spare time. In general, think about where and how you can generate more income and continuously repeat this process. For example, if you run a successful online store, try opening another store, and then another.

• The internet is a treasure trove of potential income. You can find or create countless opportunities online to earn additional income. From writing and selling eBooks to blogging, everything can help you earn more each month. For more information, check out how to make money online.

Work really hard. With all the work, connections, and side projects, you may feel overwhelmed at times. Nevertheless, to reach your goals, you will need to work harder and longer than those around you. You must chase every potential opportunity to move forward, even if they don’t eventually bring results. Success comes from relentlessly pursuing your goals and persevering through tough times.

Become an entrepreneur. This is the dream, the 'holy grail' for all young and ambitious millionaires and billionaires. Without a doubt, being your own boss, growing a business, and successfully selling it is the quickest route to accumulating a massive fortune at a young age. This is how nearly all of the wealthiest young individuals on the planet have earned their wealth (except for those who inherit it). However, becoming an entrepreneur in the truest sense requires balancing the potential for great financial gain with the numerous risks, challenges, and the possibility of failure, which is entirely understandable.

• Some of the benefits of becoming a young entrepreneur include limitless earning potential, being your own boss, and to some extent, the ability to literally change the world (think of how Facebook founder Mark Zuckerberg transformed your world). Additionally, as a young person, you bring a fresh mindset and abundant energy, which gives you an edge over older, more experienced professionals.
• On the flip side, when you become an entrepreneur, you will have to recognize that 9 out of 10 businesses fail within 5 years. You may also be too young to understand the “little details” of running a business, such as bookkeeping and taxes. Therefore, you’ll have to learn quickly or sink in the effort. Moreover, entrepreneurship is one of the most difficult and challenging paths. It combines a lack of direction with long, exhausting hours of work and uncertain, distant rewards.
• For more information, read more articles about entrepreneurship.

Work in investment banking. If you have, or will soon have, a degree in economics, finance, business, mathematics, or any other related field and want to earn a significant income immediately, aim for a position in investment banking. In the U.S., entry-level salaries for this role typically range from 1.6 to 2.4 billion VND per year, with the average salary for a recent graduate being about 2.24 billion VND. This job consistently ranks among the highest-paying careers for young people.

• In addition to the high salary, one of the major advantages of working in investment banking is the numerous opportunities for growth. The salary of an investment banker can quickly double or triple due to internal promotions or by transitioning to private equity or venture capital firms.
• Investment banking is also known for its high internal competition and long working hours. Don’t rush into this path unless you’re ready to work through the night, weekends, and fight every day for career advancement.
• For more information, read more articles on how to become an investment banker.

Become a programmer. If you have an affinity for computers, pursuing a career as a software developer could be the perfect fit, offering a high starting salary. Similar to investment bankers, you’ll need a degree, particularly in computer science, engineering, or mathematics, to break into this field. In return, as a newcomer to programming, you can earn a substantial salary annually by designing products ranging from business software to video games. In the U.S., this figure is 1.68 billion VND.

• Becoming a programmer requires a knack for coding and mathematics. Additionally, you might find yourself working long hours with high expectations. You'll need to continuously stay updated on the latest computer systems and programming languages. However, if you're talented, your earning potential will rise exponentially with top companies like Google and Facebook.
• For more information, check out articles on how to become a software engineer and land a programming position.

Become an engineer. In this context, the term 'engineer' refers to various types of engineers, ranging from chemical to aerospace. On average, an engineer with an appropriate degree can expect a very attractive salary – in the U.S., it's 1.42 billion VND/year. Specifically, petroleum engineers can earn the most, with an average salary of 1.774 billion VND/year.

• While this can be a fantastic career with a good salary, it’s incredibly challenging to pass through the rigorous undergraduate and postgraduate training programs. This path is best suited for those strong in mathematics and science.
• For more details, read articles on how to become an engineer.

Don’t spend all your money. If you haven't yet saved at least 25% of what you earn, start today. Take a close look at your income and expenses, and identify areas where you can start cutting back, sell some things, reduce or aggressively adjust your spending. If you earn at least 1 billion VND annually, aim to save 250 million. If you're overspending on things like cars, consider selling them. Many people with high incomes end up poor because they constantly live beyond their means.

• The younger generation today is born into a heavily commercialized world, constantly lured by the latest gadgets and fashion trends. To save and accumulate wealth, you’ll need to resist the urge to indulge in cheap, unnecessary items, even after you've started earning more money. Remember: the poor buy things from the rich, and the rich invest to get richer. Which group do you want to belong to?
• For more tips on cutting expenses, check out how to save money.

Use your savings income for investment. Set up automatic payments from your household account to your investment account. One of the most crucial parts of becoming wealthy is letting your money work for you. Therefore, aim to allocate as much as possible to an account that you can use to invest in the stock market. To get started, you can open an account with a local financial manager or through an online trading platform.

Study investment strategies and techniques. Before investing any money, everyone should read three essential books: "Become Your Own Banker," "Rich Dad, Poor Dad," and "LEAP" in that exact order. If you lack the motivation to read and learn on your own, it’s unlikely you’ll have the drive to become wealthy. These books form the foundation for achieving wealth and mastering your own destiny.

Invest in the stock market. You can approach this in two ways: by investing on your own or using financial advisory services. Due to the complexity of financial markets, it’s usually advisable to trust the experts, especially when dealing with risky investments. However, if you have the time and expertise, you can manage it yourself without paying investment management fees. Keep in mind that this requires a deep understanding of financial markets and the time to monitor them closely.

• Small-cap stocks (shares from smaller companies) and stocks from international markets are great starting points. These markets carry high risks but also offer the potential for high returns. Always remember, the potential for high profit comes with a high risk of loss. Mutual funds can help mitigate these risks.
• For more details, refer to the article on how to invest in the stock market.

Invest in higher-value assets. Once you’ve saved enough money in your stock investment account, consider investing in larger, higher-return assets such as real estate and small businesses. While risky, these investments can provide steady income streams, eventually allowing you to break even and generate additional earnings. Ultimately, they could replace your primary source of income, enabling you to transition to a less stressful job or even retire early.

• Decide where you want to focus your energy. For example, real estate investment for rental income is a slow but potentially safe return. The key is using tenant money to pay off the property, and once you’ve broken even, the income is entirely profit. Learn from others' mistakes and carefully evaluate any investment opportunity before moving forward.