Financial independence is one of the main goals of most people in the world today. This is especially true for younger generations. Rich was a word that was preserved for the older generation, people in their 40s and above.
However, modern society is seeing many young millionaires in their early twenties thanks to technology, creativity and self-drive; case in point Allan Hu, who made his first million at 22.
While it sounds like a stroke of luck for a 22-year-old to become a millionaire, it is no easy feat and there’s no magic potion for it. Hard work, determination, taking risks, and trying many different projects led Allan to becoming a young millionaire.
He has tried his luck at different businesses since he was a teenager. At the tender age of 12, he would fill out surveys on websites to make $20. Over the years, he’s dipped his toes in several other fields, including making YouTube videos, digital marketing and investing in the stock market.
Given his experience in his journey to financial independence, Allan advocates for young people to start early and work as hard as they can to get rich young. He provides these reasons:
You can take more risks when investing
Investments always involve come degree of risk, whether you are executing on them in your 20s or 80s. However, according to Allan, it is easier to take risks and make mistakes in your investments when you are younger as you still have time to learn from them and make better decisions, and they are less significant with more time remaining to recover financially.
You become financially free to live the life you’ve always wanted at a young age
According to Allan, living your dream life when you are young is one of the best feelings in the world. You can travel to all your dream destinations, and have the flexibility to do what you want without financial constraints. “Yes, you can still live your best life at an older age, but why not start living it when you’re young?” opines Allan.
You can retire early
Allan believes that when you plan things properly, you can retire early and have your money work for for you, instead of working for your money. He is already semi-retired and hasn’t actively worked in the last six months. He says that he now has enough time for his family and friends, which makes him feel more lucky than just having the money itself.
He believes that in your older years, you should be resting and fulfilling things in your bucket list, instead of working yourself to the bone when you’re in your 60s.