It’s good to be young, and it’s good to be rich. But youth is fleeting and wealth takes time to build, so the few who do get wealth usually don’t know how until they’re older.
But in every generation, while your peers are out finding themselves or trying to get to the bottom of the ladder, there’s a special few who crack the code and get rich in their 20s. . And Gen Z is no exception.
Here are two of their stories.
Tech pros turn huge incomes into small fortunes
Born in 1998, Kevin Shanazari has amassed a fortune in just 25 years. While he can’t quite claim membership in the Two Comma Club just yet, he’s close enough to billionaire status to savor.
“My portfolio is still under $1 million, but I’m getting close to exceeding that number,” he said.
Income-Based Career Choices Pave the Way to Investing Wealth
Shahnazari continues his full-time job as Head of Data Science Technology at Coursera, but has paved the way for wealth by building multiple streams of income. A successful real estate agent and entrepreneur, Shanazari made real money as a short-term rental property investor before co-founding. Finlywealth.com.
But none of that would have been possible if he hadn’t chosen his career at the intersection of what he loves and what he wants to achieve: get rich.
“After getting a bachelor’s degree in civil engineering, I realized that working in that field as an office worker would take years to become a millionaire,” he said. “I had to find another route.”
Uninterested in joining the crowd of twenty-somethings pursuing their passions while earning a living from ramen noodles, he delves deep into areas that he can be passionate about and that pay well. conducted market research.
“In my case, the field was technology, and the strong financial base that came from my high income allowed me to take more risks and invest more aggressively,” Shanazali said. . “I think the phrase ‘follow your passion’ is overrated. I think it should be ‘follow your passion as long as it pays well’.”
Shanazari learned a valuable lesson you too should follow
After earning a master’s degree in data science from the University of British Columbia, Shahnazari worked as a data scientist, software engineer, and software product manager. These high-paying jobs helped him accumulate seed money that would lead him to his future dreams. He becomes a young millionaire.
But his career choices gave him more than capital – it gave him the freedom to take calculated risks.
“Be bold and try to learn things that are far out of your comfort zone, especially things that aren’t related to your day-to-day work,” Shanazari said. “Exploring new territories allows you to make new connections and discover opportunities you never knew existed. I started learning about short-term rental property investing and my income rate doubled.Also, by researching and getting out of my comfort zone, I was able to identify gaps in the personal finance field and that is Finlywealth.com It inspired me to start my own company.”
Let’s live a little bit on the way — that’s why you’re doing this, right?
Shanazari has always been cash conscious, but disagrees with FIRE’s idea of financial freedom through extreme frugality.
“Many popular opinions say that once you start earning more, you should avoid spending more and invest everything, but unfortunately I have to agree with this,” he said. said. “The road to wealth is complicated and long, so it’s perfectly fine to reward yourself with something expensive from time to time to keep yourself motivated and remind yourself why you’re working so hard.”
Venture capitalists leverage global connections for early success
May Li is the founder and managing director of J20 Venturesis a cross-border early-stage Gen Z and millennial-focused venture capital firm in New York City with a portfolio worth approximately $1 billion.
Being a Gen Z herself, she knows her audience well. And thanks to them she became a millionaire.
“I started J20 while in college, but I knew some of the limited partners (LPs) personally, so I felt the pressure to be successful,” Lee said. rice field. “I was lucky enough to have people who believed in me from the beginning, and that trust has only grown stronger as I have seen my investments succeed. I was able to get things back on track.”
In college, book learning was second only to entrepreneurship
While studying at Georgetown, Lee interned at a VC fund. Exposed to the high-stakes world of private enterprise funding, Lee honed her skills and founded an intercollegiate entrepreneurship association that served as a model for J20.
The idea was to create a “junior version” of the G20 summit, hence the name of her company.
“I created the J20 Association, which brings together the 20 most prominent family businesses in the top 20 economies around the world,” Lee said.
The association held large receptions attended by hundreds of students in New York, Washington DC, and Connecticut. Members came from Mexico, China, New York and more.
Association of Universities incorporated
Years later, Lee has acquired the two most important things for a venture capitalist: credibility and connections with real-world entrepreneurs and investors.
The next step was to become that person myself.
“I founded J20 Ventures during my junior year of college to not only connect members but also support their entrepreneurial spirit. So I had to tap into my existing connections, and my LP came from well-known Chinese entrepreneurs and fund managers who knew and trusted me.”
Ride an international network and aim for millionaire status
Lee’s greatest asset was his cross-border knowledge of China and the United States. Her specialty was her ability to introduce LPs from one country to another.
“One of the added value of my fund is the ability to provide access and opportunities in China to all portfolio companies interested in the Chinese market,” Li said. “Not everyone has the ability or knowledge to do it.”
So what’s Lee’s advice to up-and-coming young people who want to get rich early and build something big?
“You can achieve whatever you’re passionate about, regardless of age, race, or gender,” she said. “Don’t be afraid to ask for help from those who know and trust you best. I have.”
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