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Abu Dhabi, UAETuesday 20 November 2018

Five steps to becoming rich before you turn 30

We are living in a time when persistence and innovation pays off

Having a plan is key to financial success. AP
Having a plan is key to financial success. AP

If there’s anything I am most grateful for as a millennial, it’s that we are living in a time of abundant opportunities. The likes of Mark Zuckerberg and Evan Spiegel prove that becoming not only a millionaire, but even a billionaire isn’t completely impossible, but rather achievable through innovative ideas, persistence and dedication.

The point is, no entrepreneur is too young to become wealthy. With the right information and techniques, you could be on your way to becoming rich before your 30th birthday. I know this because I have personally put this plan to use since I was 20 and I am glad to report that I have achieved my target and am living comfortably now as a result.

1. Create a budget

I adopted this strict approach during my college years in the UK. Basically, if you want to become rich, you have to have a plan. Having a budget allows you to live mindfully, and to see where your money goes. Instead of spending unwisely like I did when I was 18 and 19, going on shopping sprees whenever I desired, I slowed down and was strict with myself. I set aside money to spend throughout the month, an amount in case of unexpected emergencies, and the rest went into my savings.

2. Have multiple sources of income

You have a salary, or the income you receive from your business? Good. But don’t just depend on that. Look for ways to earn more money. I’m blessed to have multiple talents, so I put them to use. I had a fashion line, earned money from my writing, and put my communication and creative skills to use by establishing a consultancy. I also wrote a novel and held educational courses and consultation sessions.

Finding more than one way to earn an income is crucial to becoming wealthy. This is where you need to see how you can utilise your talents and credentials to earn more income. If you are an excellent graphic designer, perhaps it’s time to go down the freelance route. If you are a talented photographer, maybe you should get in touch with events coordinators and see if you can photographer their events?

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3. Invest in a passive source of income

Being proactive and looking for multiple sources of income is great, but think of another way to generate some passive income. Maybe you can invest in a real estate property instead of your savings just sitting in your account. Or, something I found to work well, you can sell educational materials, books and access to online workshops in your area of expertise.

Other approaches which require a small amount of investment are an online store or renting your holiday home.

4. Find a money-minded mentor

We have a saying in Arabic that goes, “Tell me who your friends are, and I’ll tell you who you are”. As you grow your business and accumulate your wealth it’s important to have an experienced mentor around who will help keep you in track. Choose someone from your field who has achieved what you are striving for so that you are always inspired.

In my case, my mentor not only helped guide me to establish a business that I would enjoy and be passionate about, but he also helped me avoid many mistakes that start-up entrepreneurs make and encouraged me to focus on income-generating areas of my business that I should invest my time in. For this, I owe him a lot.

5. Invest in upgrading yourself

You are what’s going to get you to where you want to go. In order to make the best of the opportunities presented to you, you need to continually invest in yourself.

Evaluate your talents and constantly see how you can maximise your potential. Education is a never-ending process. This means reading, signing up to seminars, webinars, challenging yourself to learn new things, and attending events with like-minded individuals and potential customers who will help you reach your targets.

I make it a mission to read and learn something new every day. This has helped me realise new business opportunities and interact with amazing individuals who have helped me reach my goals.

Is this it for me now that I’ve reached the target I set for myself? No. I’m now working towards even bigger goals, and I know that continuing to have this mind-set and applying these techniques will make reaching them even easier.

Manar Al Hinai is an award-winning Emirati entrepreneur, who manages her creative consultancy in Abu Dhabi