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Building true wealth takes time and dedication, but it may not be as difficult as you think. When you’re young, you have more time to achieve the financial goals you set for yourself, whether it’s buying a house or becoming a self-made millionaire.
That’s all well and good, but how do you get started? GOBankingRates consults two self-made millionaires, Russell Brunson and Chris Dukic, for wealth building tips for Gen Z. We spoke to Mr.
focus on value creation
“My first tip is to focus on value creation,” said Russell Brunson, co-founder of ClickFunnels. “Money is not a byproduct of anything other than value. If you want to have money, wealth, and everything else, you end up producing more than you consume.”
There are many ways to create value. For example, you can take an existing concept and innovate on it. Or you can develop your own content and target it to a specific audience or market. How you approach it depends on your offer, skills, and goals.
Master the art of offers
If you’re planning on going down the entrepreneurial path, you’ll want to master the “art of the offer.”
“One of the biggest problems people face when trying to master the art of making money is going out and creating a product. The problem with this product is that many people can own the same product. ” Branson said.
“If five people are selling the same thing, the person who buys the cheapest product actually wins,” he continued. “My mentor, Dan Kennedy, used to say there was no strategic advantage to being the second-lowest price leader in the city.”
For example, instead of lowering the price of what you want to sell, find ways to increase its value, such as bonuses. Adding these bonuses makes what you have more unique and reduces competition.
Embark on digital entrepreneurship
Chris Dukich, self-made billionaire and owner of Display Now, suggested getting into digital entrepreneurship sooner rather than later.
“Unlike older generations, Gen Z has special opportunities [due] In line with global trends. ” he said. “Look for newer areas and use affordable websites to start and expand your company. could develop into something big.”
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Prioritize skills over stock
Another wealth building tip for Gen Z is to prioritize investing in skills before investing in stocks or other asset classes.
“Participating in the stock market is very important, but the greatest return on investment is achieved by investing in yourself,” Dukic said. “If coding, technology, or digital marketing is an area that interests you, spend money to gain knowledge related to that area.”
Investing in yourself in this way “opens new doors and tends to accumulate more wealth in the future,” he says. You can choose the skills that interest you most, but consider the different ways you can use those skills to build wealth.
take calculated risks
Gen Z has the power of time on their side, and with it their ability to take some (calculated) risks.
“Never underestimate the potential for compound growth in money and experience,” Dukic says. “You can start investing and saving early, but you need to find and exploit the right niches. Often these opportunities lead to amazing transformations.”
For example, you can add some high-risk assets to your portfolio. However, you can also make sure you are investing in more stable options to reduce that risk. If something goes wrong, you have time to fix it and try again.
be innovative
Innovation is also the key to economic success.
“I buy old books that are out of copyright and in the so-called public domain. I am not allowed to republish the books, create my own derivative works, or teach courses based on the information in the books. You can,” Branson said.
“I recently bought a book for $1.5 million, which is a lot of money, right?” But I bought the original, pre-war edition of Napoleon Hill’s Laws of Success. I turned it into an audiobook, I turned it into a course, and I made over $2 million off that launch the week it was released,” he continued. “Now imagine if we added a course to this book. It could be a simple course for $3,500.”
