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6 Ways to Get Rich After College

6 Ways to Get Rich After College

It's a very big hill to climb, but take it one step at a time.

By Ken Sundheim, Chief Executive Officer, KAS Placement

October 09, 2013

When I graduated college I was interning for $12 an hour making cold-calls to financial firms. For me, the thought of being able to afford certain luxuries almost seemed out of the cards.

Everyone feels that way after getting their degree. It’s a very big hill to climb, but take it one step at a time, make intelligent decisions and try to follow the below six theories:

1. Learn resiliency - one of the most common causes of failure is the habit of quitting when one is overtaken by temporary defeat. You’re never going to hit gold in the first hole you dig.

Unless you are in the 0.1%, before you become successful, you’re going to learn all about failure. The name of the game is to be willing to fail as many times as it takes until you reach success.

2. Have a vision - wealth starts out with a vision. It has a direction which dictates the actions of the individual. Vision allows us to set goals and believe we can achieve them.

Also, imagine how much easier life will be once you create that wealth. When we create vivid mental pictures of the future, success doesn’t seem like so much of a pipe dream.

3. Know what you’re talking about - know your business inside and out. Consistently formulate creative ideas to make your clients happier, to make your product or service stand out. Also, don’t just become an expert at what you do, continue to learn business. Study and be curious.

4. Avoid stupid expenses - The best way to get rich is to spend your money wisely. Rockefeller built Standard Oil by consistently reinvesting profits, improving efficiency and cutting costs. The best companies know where to put their expenses and also know when something is a bad bet.

It’s fine to go to Las Vegas on vacation. It’s a stupid expense to play any game against a casino.

5. Pick the right industries to go into - Before you go into an industry, do your research and use common knowledge. Think future investment.

For instance, if a paper company offers you a few thousand dollars more than a proven technology firm, take the latter. Wealth is planned, never made overnight.

6. Understand the simplicity of leadership – Leadership is an overhyped term used by authors and, subsequently around many offices. There are 500+ page books devoted solely to the topic.

When we think the term “leader” we associate it with a very outgoing, charismatic, confident, outspoken individual who gives orders and people almost blindlessly listen. Many young professionals think that they cannot lead because they are missing one or more of these traits, etc.

In lower-tier firms, leadership is often correlated with basic manipulation tactics to try to ensure that the employees will do x or y. Really, the secret to leadership is hard work and learning how to effectively deal with others.

A Few Final Thoughts

Learn to enjoy the journey. Sometimes we’re too focused on a goal and, once achieved we realized 5 years of our life went by. Try to avoid making enemies; stay away from conflict if possible.

Expect to win and realize you’ll never be perfect and regardless of how rich you become, there will always be someone worth more money.