How to become a millionaire by the age of 25

How to become a millionaire by the age of 25How to become a millionaire by the age of 25The subtitle of my book, MILLENNIAL MILLIONAIRE A Guide to Become a Millionaire by 30, generated a lot of buzz on how to make quick money. While this was a totally unintended consequence of a cute tagline, there is nothing wrong with young ambition. For full disclosure, I personally am a Certified Financial Planner committed to long-term wealth accumulation, achieved by patience and adherence to a sound set of strategies. So, how do you become a millionaire not just by 30, but by 25? Heres my advice. Reader beware, this may serve as a cautionary tale.Lets first examine the facts and then see whats feasible. Most college graduates today are finishing their bachelors degree at 22 years old, give or take a year. The average starting salary for the graduating class of 2018 is $50,390.1 So, if we take the average income and subtract taxes (well just use 20% effective tax rate for simplicity) that leav es $40,312 of take-home pay. Notwithstanding all the usual expenses for a young professional (i.e. student loan repayments, car payments, cell phone bill, hitting the bar, etc.), even if the average graduate was able to bank all of this money for the next 3 years leading up to his or her 25th birthday, that would total $120,939 of savings. Still a far cry from $1 million buckaroos.Consequently, why even title this article How to Become a Millionaire by 25, or entertain the idea? We already know that the average income wont get you there. One cannot realistically invest their $120k of accumulated savings into $1 million within threeyears unless theyre literally gambling and coming up a winner almost every time.Rather than buying lottery tickets every week and crossing your fingers, you must first realize that extremely high income and/or access to assets is a prerequisite. What are the highest paying jobs in America today? Anesthesiologists top the list with a mean income of $269,600 followed by Surgeons, OBGYNs, Oral and Maxillofacial Surgeons, and Orthodontists.2 As you can see, the medical space dominates this realm. Considering any of these occupations requires an additional 4 years of Medical School beyond undergrad, followed by three to seven years of residency and fellowship training, these folks dont rake in the dough until after 30. The first job on the list that is not in the medical space is a Petroleum Engineer coming in at 12 with a mean income of $147,030.That pretty much eliminates the traditional income track. However, there are millionaires under the age of 25. Without further ado, heres how theyre doing it Start a business. Per above, the normal route wont cut it. Even a high-paying sales wont ramp up fast enough.Start said business super early, not at age 21 after 4 years of frat parties. Most millionaires under 25 started a business in college or even in high school.Discover the repeatable. Its ok if your business makes only $1 per transacti on, as long as 1 million people want to buy it.Think tech. The bulk of todays young mega rich are taking their idea on the web to an international audience and selling out to large companies (i.e. Instagram to Facebook for $1 billion in 2012.)Network. A great idea is just that, an idea. It takes a network of professionals to make it a reality.As you can see by now, there is no easy route into this elite club. Investment strategies are disconnected to such a lofty goal. Unless youre an incredibly talented athlete signing a sick pro contract, or so good looking that Hollywood caught your profile picture, the odds are not in your favor. Consider the strategies above on your quest towards a $1 million, and if blowing out 25 candles comes and goes, dont be deterred as youre certainly not alone. There is one belastung way to reach this objective though, go make your money the old fashion way, inherit itBryan M. Kuderna is a Certified Financial Planner, Life Underwriter Training Council Fe llow, and Investment Adviser Representative withKuderna Financial Team. He is also theauthor of the best-selling book, MILLENNIAL MILLIONAIRE A Guide to Become a Millionaire by 30.Footnotes Average Starting Salary for Class of 2018 Tops $50k. USA Today. Maurie Backman. 06/15/2018U.S. News and World Reports- 2018 Best Jobs.