Tim Sykes turned $12,415 of Bar Mitzvah money into $2 million when he was in college at Tulane University. After starting a hedge fund, Sykes now teaches 5,000 plus students through weekly webinars and newsletters about his trading ways. He is also running a challenge to find the next millionaire trader in New York City and previously starred in the reality series "Wall Street Warriors."
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Here are his five tips for how Millennials can become millionaires as told to FOXBusiness.com.
Using the Internet to Learn New Skills
There is no denying that the Internet has been an integral part of the way that Millennials have learned the skills they have today. This generation was able to use the Internet for research in school, take courses in college and learn about breaking news in the world around them. The Internet is also a powerful tool for young people who want to learn new skills.
One of the best ways to do this is through YouTube. This has been a growing market for experts and gurus to share their knowledge and earn their own revenue, but it also provides eager individuals looking to learn new skills with valuable information.
Pursuing Your Dreams in ANY Field
One of the best ways to start earning some serious money is to pursue your dreams and passions in an industry that you actually believe in. Experts are always in demand in any field, even if this field is not known for being especially lucrative. If you are a true expert the money will come to you, you just need to be willing to take a chance and put yourself out there.
For example, I choose to focus on teaching others penny stock trading. It’s an admittedly weird niche, but I found a corner in the market and worked hard to pursue my passions, even if it meant putting myself out there. I realized that an expert was needed to help others learn about investing in penny stocks, and I took advantage of that opportunity.
Don’t Diversify Too Much
There are so many people that think that diversifying is the key to any of their financial success with their investments. However, this does not work as much as everyone expects. People today are doing this, yet it hasn’t been working. We’re already seven years into a bull market; it won’t be working any time soon.
Millennials want to stay in cash, wait for the right time and then strike. For young people who don’t have a lot of money, it is best to choose small investments with high return potential.
Sacrifice Fun in Favor of Studying
While this can be hard to hear, one of the best ways to start making money and to really set yourself up for success is to give up some weekend and weeknight fun for the time being. While other people your age are out having fun, start studying and pursuing your craft. Even if you don't have the money to pay for school, honing your craft can mean watching YouTube videos, using the Internet for resources or practicing your skills. The key is not necessarily the formality of your education, but your willingness to put in the time.
Don’t Aim to Only Make $1 Million, Aim Bigger
Don’t just aim to make a million dollars — aim to be a multi-millionaire. While you’re at it, forget the standard 9-to-5 jobs. These are jobs with many limits, most importantly on your earning potential. If you instead focus on becoming an expert and reaching for goals of making millions of dollars doing something you are an expert in, the sky truly becomes the limit. Instead of worrying about your salary in a standard job, start worrying about how quickly you can master a subject and how quickly you can use your determination to start making serious money.