By Stefanie O’Connell
With record student loan balances and rampant underemployment among their ranks, millennials have become widely known as the recession generation. Despite this, a 2014 report from The Shullman Research Center shows a surprising 23 percent of today’s millionaires are millennials, proving the opportunity to succeed is still very much available to members of Generation Y.
Here are five tried and true strategies for making the transition from stereotypically broke millennial to millionaire.
The real estate market downturn was painful for many American homeowners, but for Brenton Hayden it was the start of a multimillion-dollar opportunity. In an article for Entrepreneur, Hayden wrote about how he helped people rent and manage their properties and founded the residential property management company Renters Warehouse, which profited $966,803 in its first year. By age 27, Hayden was able to retire a multimillionaire.
Rather than running from real estate during the housing crisis, Hayden looked at how the industry was changing and how he could capitalize on the shift. Uncovering new opportunities and developing better approaches can be monetized into millions if you have a taste for industry-altering innovation.
DELIVER TOP VALUE
Named a top consultant by Forbes, millennial Ali Maadelat became a millionaire by tangibly proving his value to his clients and improving their bottom line. In an interview with The College Investor, Maadelat said, “If you are the best at something, the money will follow … I’ve met hair stylists that pull six, almost seven, figures a year. I’ve met lawyers who struggle to make the monthly payments on their Hyundai.”
You should work to become the best at what you do by harnessing and leveraging your unique value and delivering that value to clients in a way that reflects in the bottom line, meriting top-dollar remuneration.