Forbes magazine’s list of billionaires may have many college students wondering how they can one day add their name to that prestigious list.
The answer: get rich; is simple. But the process seems to elude almost every one of us.
There is no single path that leads to wealth, but there are tried and true methods that can help, and one of them is to attend and graduate from college.
Today’s college students attempting to become their own boss can hope to join the ranks of such famous people as Mark Zuckerberg.
Other college students who created their own companies include Michael Dell — the founder of Dell computers — and Frederick W. Smith, who famously wrote a term paper describing a company that would eventually become FedEx.
How to become a billionaire:
Graduate from college.
Experts agree that workers with college degrees can earn up to 84% more in their lifetime than those who possess high school diplomas; but exactly how much more depends on the major.
A 2011 Georgetown study discovered that certain majors like petroleum engineering which pays $120,000, make more than other majors such as counseling and psychology, which pay $29,000.
High school students who come from a wealthy background are more likely to attain liberal arts degrees. Students from a disadvantaged background are more likely to study business, according to a 2010 study by Jennie Brand, assistant professor at the University of California Los Angeles.
Use your money wisely.
There is some disagreement among financial experts about how exactly to achieve financial independence but some tips include:
1) Live like a starving college student even after graduation.
After getting that first big job after graduation many people spend money on their living environment, their car and their clothes, but if you want to be rich try saving this money for a few years and watch as it adds up. Then invest it.
2) Make your money work for you.
There are only 24 hours in a day and some of that time must be spent sleeping. Meanwhile if you invest your money, it will work for you all day long, this is called leverage.
Start your own business
While self-employment undoubtedly comes with its own risks it is also the quickest way to wealth.
“If you’re looking for a job, try entrepreneurship,” said Barb Pruit, a spokeswoman for the Kauffman foundation.
For those students who think they can invent a better mousetrap or solve global warming there are now plenty of organizations that are willing to help.
Colleges like the University of Miami have recently opened entrepreneurial centers on their campuses. Organizations like the Kaufman Foundation have made it their priority to educate and promote entrepreneurship in universities nationwide.
The Entrepreneurs Organization (EO), with chapters in 40 countries worldwide, brings business owners together to learn from each other.
“Find a mentor, someone you trust,” said Dan Heuertz, who heads the Global Student Entrepreneur Awards (GSEA). “Anyone who has been there before is willing to help you.”
The GSEA, hosted by the EO, is a prestigious yearly contest of young entrepreneurs.
Last year’s winner, Ludwick Marishane, has turned down job offers from Google and Goldman Sach’s in order to continue work at his company, Headboy Industries.
“If you see an opportunity, seize the opportunity,” said Heuertz. “Whatever you put in, you’ll get out 10 times.”
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