GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Many young Americans dream ofretiring early.
But only a small percentage of Gen Zers have achieved true financial independence.
If thats your goal, studying this groups successes can help you chart your own path to early wealth.
Heres a look at some well-known examples of wealthy Gen Zers and what they did to get so rich.
In a recentinterview with Joe Rogan, MrBeast shared a story about his growth in the early days.
The hard work obviously paid off, as years later, hes become the undisputed champion of going viral.
The lesson for the average person is that sometimes theres no substitute for hard work.
Kylie Jenner built a $900 million fortune in under three years.
Jenner had a built-in advantage thanks to the family show, Keeping Up With the Kardashians.
Butnot all teenagerswho are on TV achieve the success she has.
Its a testament to her understanding of her audience.
This is something you might be able to do as well if you have a social following.
you’re free to also follow Jenners lead by launching a company that sells something your followers want.
Then he transitioned to TV, joining the Disney Channel series Bizaardvark in 2016.
Pauls fortune didnt come from a single activity.
Hes built it by following his interests wherever they take him.
Doing the same can help you create multiple sources of income.
Diversifying in this way will give you more chances at achieving your breakthrough moment.
For everyone else, followingtried-and-true financial strategiesis the most realistic way to build wealth.
Start With a Budget
Begin by creating a budget.
Figure out how much you have left over each month after mandatory expenses.
This is the maximum amount that you’re free to save monthly.
Any discretionary purchases you make will eat into the figure and delay your wealth accumulation.
Budgeting gives you a clear idea of how long itll take to reach your financial goals.
This makes it easier to plan or make adjustments if the timeline doesnt match your expectations.
Set Measurable Financial Goals
Next, set financial goals for yourself.
These should be specific and measurable, such as saving $10,000 over the next 12 months.
Without goals like these, its easy to get discouraged from ever trying to build wealth.
Setting smaller goals gives you something more realistic to work toward.
Invest
Finally, its also important to makesmart investment decisionswhen building wealth.
A high-yield savings account will pay you only around 4% or 5% annually.
The S&P 500 market indexs annual returns average around 10%.
This 5%-plus difference, compounded over years, can massively impact your wealth.
Just dont assume that youll only make profits in the stock market.
Individual years can be negative.
More From GOBankingRates
Share This Article:
