How to Achieve Lifelong Wealth and Security 20 Years from Now
When you lookforward into the future, you may realize you need a plan to achieve wealth within the next two decades. Longer than that and there’s too much uncertainty about what will happen. There isn’t just one way to achieve lifelong wealth; everyone has their own route. Pick one that is right for your life and priorities.
Here are some ideas on how to set yourself up for lifelong wealth and security 20 years from now.
Start a Business
Owning your own business is something that is growing in popularity. Being in charge puts the responsibility for making a living squarely on your shoulders. You may also have employees and then you’re responsible for their livelihood too. It’s a lot to take on.
Being a business owner, you have to focus on sales and profitability rates, but also growth. While a small business might not make much in the first few years, if you get a business loan to help fund its expansion (see https://www.become.co/ for options here) you can develop the business into a major one in its niche or industry.
Selling the business later to live off the proceeds is one route to achieve wealth and freedom. But it has to be large enough to be worth something to someone else, which is where the focus on expansion comes into play.
Start a Side Hustle
If you’re content in staying in your job and career, but the earning potential is disappointing, what should you do? Consider taking up one or more side hustles. These are separate things you act upon to generate extra money on the side. Some turn into a nice little stream of income while others can develop into a real business given enough time. Sometimes running several side hustles helps smooth out the bumps in the road too.
Save the extra money earned with the side hustles, invest it and built a large enough nest egg over a couple of decades. The money won’t look like much, but multiple it by 240 months (20 years) and add some return from investments during that time, and the picture looks much brighter!
Start Selling Online
Owning a website with no physical store or employees keeps cost down. Some people have a Shopify store with an order placed with Alibaba once a sale is made and payment is received, reducing cashflow difficulties when scaling up. Other people design t-shirts and sell them online where they’re printed on demand so that there is no inventory to worry about.
Producing an affiliate website to offer reviews to customers on products that are in demand is another low-cost, zero physical store required option. It doesn’t cost more than a few dollars a month to start with a domain name and web hosting. It won’t grow to the size of a major business, but it can supplement a savings plan.
There are many ways to achieve financial independence. Find a path that’s right for you and stick with it. Understand that it doesn’t happen overnight, but it’s worth it.
