How do you become a millionaire by 25? This is certainly an achievement and a tall order. Having an average life and job won’t cut it here. So, how do you become a millionaire at such a young age? Let’s take a look.
Some Averages
Before we look at the math or the methods to achieve millionaire status in your mid-twenties here are a few averages to look at.
The average millionaire hit the seven-figure mark somewhere between 58 and 65. It depends on which survey you look at, but the so-called 401K millionaire got there in their late 50s.
Obviously, you are going to have to do way better than average if you want to be a millionaire in your twenties.
Some Math
Here is the math involved to become a millionaire by 25.
If you started at 16, then you would have to have net earnings of $305 per day to get to seven figures by age 25.
Starting at 18? The net earnings jump up to $391 per day.
If you wait until you graduate college at the age of 22, then you will have to rake in $685 per day.
These numbers may seem daunting, and they are way above average, but they are achievable.
Success Stories
Here are a few people who achieved millionaire status by age 25:
- Mark Zuckerberg
- Michael Dell
- Catherine Cook
- Matt Mickiewicz
What do all these people have in common? The answer is that they are all successful entrepreneurs. Short of receiving an inheritance, winning the lottery, or signing a multi-million-dollar sports contract, then the fastest and most realistic way to become a millionaire early in life is to start a business. Starting a business has its own challenges, and the odds are against you to be successful, but that will be your best bet at being a millionaire.
Wrapping Up
Becoming a millionaire by 25 is a daunting task, but it is achievable, and it has been done before. Having an average career won’t do it. You will have to start young, work hard, and be successful early on. It will take an extreme level of dedication, hard work, and a little bit of luck. But given the right set of circumstances you can pull it off.
Read Also:
How to Become a Millionaire by 35
The Problems That Come With Being a 30K Millionaire
How Much Do You Need To Save To Become A Millionaire By Age 65?
Financial Decisions To Make If You Win The Lottery
Incidentally, if you are reading the article and you’re in the UK, consider getting into an investment trust – it should help with your returns and reduce the amount of time you spend managing your investments.
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
