If you’re in your 20s or 30s and want to become wealthy in your 40s, this is the best advice to put yourself ahead of 99% of people

3 min readJan 24, 2024
Photo by Prateek Katyal on Unsplash

If you’re in your 20s or 30s and want to become wealthy in your 40s, this is the best advice to put yourself ahead of 99% of people:

1. First and foremost, start saving and investing as early as possible.

I can’t stress this enough.

Time is your biggest asset when it comes to building wealth.

Start putting aside a portion of your income, even if it’s a small amount at first.

Open a retirement account like an IRA or 401k and contribute regularly.

Take full advantage of any employer match if available.

Invest that money into low-cost index funds or ETFs.

Compound interest is an incredibly powerful tool, so let time do the heavy lifting.

2. Second, make a budget and stick to it.

Track your expenses and identify areas where you can cut back, like eating out, subscriptions you don’t use, etc.

Aim to save at least 10–15% of your income.

Build an emergency fund with 3–6 months of living expenses.

This gives you a cushion and prevents you from accruing debt.

Debt is one of the biggest obstacles to wealth building.

Avoid it as much as possible.

3. Third, increase your income.

Look for opportunities to boost your earnings through raises, promotions, side hustles, freelancing gigs, etc.

The more you can invest and save now, the more it will grow.

Negotiate your salary and don’t be afraid to job-hop every few years.

Compounding works even better when you have more money to start with.

4. Fourth, invest in yourself.

Your knowledge and skills are your most valuable assets.

Use your 20s and 30s to invest in education, skills training, and your personal development.

This will pay off exponentially in the future.

Read books on investing, finance, and wealth generation.

Listen to podcasts and take courses.

Surround yourself with motivated, success-minded people.

Develop a growth mindset and never stop learning.

The more you grow, the more valuable you become.

5. Fifth, buy property strategically.

Real estate can be a powerful wealth-building tool.

Buy a reasonably priced property in your 20s or 30s that you can rent out or flip.

Let it appreciate for 10–20 years and use the equity to invest in more properties.

Location and timing are key when buying real estate.

6. Sixth, live below your means.

Avoid falling into lifestyle inflation as your income grows.

Stay disciplined and be frugal in your spending habits.

Don’t feel pressured to overspend on status symbols.

Focus on value and financial freedom.

With some diligence in your 20s and 30s, your 40s can be incredibly prosperous.

7. Seveth, network and build relationships.

Connect with successful people in your field or industry, and learn from their experiences.

Building a strong network can lead to new opportunities.

8. Eighth, be disciplined and patient.

Building wealth takes time and discipline.

Avoid getting caught up in get-rich-quick schemes and stay focused on your long-term goals.

Keep a patient and persistent mindset, and you’ll be more likely to achieve financial success.

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