How do you build a solid foundation for creating wealth in your 20s? Well it took me a while to discover successful habits that actually work. So in my new video I explicate 5 things that all young adults should know, inspired by highly productive individuals like Bill Gates and Warren Buffett. 🙂 Here’s what I wish I knew in my 20s.
How do you know what skills, paths, or habits are worth pursuing? The answer is to look at what leaders in their fields have focused on. Many entrepreneurs make the mistake of going after a large market and casting the net too wide. However, if you listen to successful business people, they suggest it’s actually better to start in a smaller niche market, and grow into a wider audience once your brand becomes more popular. They came to this conclusion through personally experience. You won’t find advice like this in text books. But if you follow in the footsteps of proven leaders, using proven strategies, you can save a lot of time and sidestep costly mistakes on your way to the top as well.
2. Read a lot.
“A reader lives a thousand lives before he dies… The man who never reads lives only one.” – George R.R. Martin. Reading opens up your mind to new ideas and possibilities. You can find my reading list here if you need ideas. I believe anyone who reads a lot, especially when they’re young, will at some point find tremendous success. If you want to succeed, reading is one of the best habits to pick up.
3. Focus on generating value.
As a social species we have to learn to thrive together. The best way to find financial success, is to help other people. If you create value for the world, people will line up to pay you in return.
4. Follow the 80/20 rule.
80% of the results you produce come from 20% of the effort you put in. Finding out what this 20% is can save you a lot of time and greatly improve your productivity. This rule stretches to all aspects of life, not just in work.
5. Choose an abundance mindset, instead of a scarcity mindset.
How you perceive reality depends on the narrative you create in your mind. If you look for problems, you’ll find them everywhere. But if you look for opportunities and solutions, you’ll also find them often in the same place as problems. The way you think about yourself and the world around you can change the way you learn, how you handle life’s situations, and even your health. You are what you believe.