Young And Hungry? Here’s Why You Have The Best Chance Of Getting Rich

If you are young, inexperienced, and have no idea where to start your wealth creation journey, then great. You have the best chance of getting rich.

You have the best chance of getting rich if you have nothing to lose.

The late millionaire Felix Dennis, writes in his book, How To Get Rich, that the young, penniless, and inexperienced by far have the best chance of getting rich. Here’s why:

“You have an advantage that neither education nor upbringing, nor even money, can buy—you have almost nothing. And therefore you have almost nothing to lose.”

Dennis argues that having nothing to lose is your most important asset. Your risk is almost nonexistent. If you fail, you have nothing, which is the same position you’re in right now. You have no mortgage to pay, no family to support, and nothing to lose. This makes you dangerous and powerful.

Your upside is many times greater than your downside – it’s the kind of asymmetric opportunity we all dream of.

But that’s not your only advantage. Read on for more.

Your Ignorance is an Advantage.

When you don’t know that something can’t be done, you’ll be foolish enough to pursue it. And if you’re lucky, you’ll succeed – getting rich in the process.

While others are held back by “conventional wisdom,” (and their comfortable, bi-monthly paychecks) you soldier on, changing the game for all that come after you.

Here’s Dennis writing about this:

“It is the instinct to seize an opportunity when it presents itself that perhaps sets apart the self-made filthy rich from the comfortably poor, the willingness to ignore conventional wisdom and risk everything on what others consider to be folly.”

Most people you meet in life and in business will tell you why your idea won’t work. Don’t listen to them. Find out for yourself because nobody really knows anything.

So, build an MVP, test it, and iterate on it with feedback from the free market.

You have the stamina to work long hours for a long time.

Getting rich is no easy task. It takes years of long, hard work. But your youth gives you an advantage in your pursuit of wealth – you have the energy to work the long hours necessary to keep pushing. Your body and mind are young and resilient. Use this advantage liberally.

Here’s Dennis talking about this:

“Persistence is important… and requires a concerted effort of will and stamina to maintain… A persistent person is convinced that he or she has been right all along, and that the proof lies just around the corner. That with just a little further effort, the veil of failure will be torn away to reveal success… ‘Persistence’ is a vital attribute for those who wish to become rich, or who wish to achieve anything worthwhile for that matter.”

This doesn’t mean you keep going when wisdom and common sense tell you to stop. It only means that if you discover an opportunity you believe in, test it to the limit to see if it will work.

You have an instinctive understanding of modern technology.

You grew up with an iPhone in your hand. You understand, on an instinctive level, how technology works. You know what good products look and feel like.

This is an advantage in a constantly changing, high-tech world. If you can stay with the curve, or with any luck, get ahead of it by jumping into a high-growth, largely unknown sector, and become the go to ‘expert’ in that field, you’ll be on your way to getting rich.

That’s what Dennis did in the publishing business:

“I still own half of the personal computing magazines in Britain—PC Pro, Computer Shopper, Computer Buyer, MacUser, Custom PC —in part because of an early addiction to pinball and electronic arcade games. While I knew nothing of computing (and still do not), the instincts honed by countless hours of shoving money into slots forewarned me of their potential. The first few million pounds I ever trousered were a direct result of trusting instincts entirely at odds with conventional wisdom of any sort.”

You are more willing to learn about the world than your older counterparts.

Dennis highlights this point as perhaps the most important. As a youngster who knows nothing, you have everything to learn. You’re not afraid to make mistakes, can admit to them when you do, and will keep pushing forward despite setbacks.

As Dennis writes:

“Perhaps most important of all, as a young and penniless and inexperienced person, you are not an ‘expert.’ Thus you are more willing to learn than those in their thirties, forties or fifties. You are not afraid of making mistakes, admitting them when you do and getting right back on track… Anyone not busy learning is busy dying. For as long as you foster a willingness to learn, you will ward off sclerosis of the brain and hardening of the mental arteries. Curiosity has led many a man and women into the valley of serious wealth.”

Your hunger to learn about how the world works is your secret weapon. When others are sleeping, you are reading, learning, writing, and creating. Keep going.

Your youth is your power.

Your youthful energy is a superpower. Anyone in their 50s, 60s, and 70s would swap their life for yours in a second, including Dennis:

“Ambition, fearlessness, self-belief, stamina, a degree of callousness, a willingness to learn. These are your advantages over the middle-aged and the old. ‘Gather ye rosebuds while ye may!’ Could you turn the clock back for me by forty years, I would willingly swap you every penny and every possession I own in return. And I would have the better of the bargain, too!”

So, the next time you’re wallowing in self-pity, without a dime in your pocket and your whole life ahead of you, heed these words.

You have the greatest odds of all of becoming rich.

Go get it.

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ARTICLE SOURCES

Dennis, Felix. How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets. Penguin Publishing Group. Kindle Edition.