Everyone wants to succeed in life, but are you doing the right things to become successful? You can work hard to accomplish your goals, get through high school, get a job, and maybe even go to college. But with all of these things, you still aren’t likely to become extraordinarily successful. However, there are some things you can do to improve your chances.

What are successful people doing that you are not? 

According to the IRS, most millionaires have these seven income streams:

1. Dividend income from stocks owned.
2. Earned income from paychecks.
3. Rents from rental real estate.
4. Royalties from selling rights to use something they’ve written or invented.
5. Capital gains from selling appreciated assets.
6. Profits from businesses they own.
7. Interest from savings, CDs, bonds, or other lending activities.

A few of these you don’t really need to worry about because you may already have them-most people do. Everyone has money coming in from their paycheck. Most people collect some amount of interest and have dividend income. The problem with your paycheck is, it is a  fixed amount and there is a limit on what you can earn from it. As for interest and dividends, they do not have a high yield.

If you are in school and can’t work full time then interest from saving money and dividends from stocks can be a good way to gain equity even though they don’t have a high yield. They can be helpful sources of income however they cannot be the only thing you rely on for success.

To achieve the other streams of income you may want to start with rental income. If you have some extra money coming in and you budget it correctly it is very possible to buy a small condo. Also, if you are a first-time buyer you might be able to do as little as 3% or 5% down. The whole condo or even just one room can be rented out.

From there you can slowly attain more properties and get more rent checks coming in. If you have rental income then you can spend less time working. With your added free time you could focus on achieving more of the other streams of income. You could spend time writing or inventing to get royalties. Additionally, you could even start your own business.

When is it too late to become successful?

No matter who you are, do not lose hope. It is never too late to become successful. Henry Ford was 45 when he created the first Model T in 1908. There are a lot of household names like Samuel L. Jackson, and Harland Sanders(Colonel Sanders of K.F.C.) who didn’t become successful until they were in their forties. 

Even though it’s never too late to become successful, your chances diminish as you get older. Time is a very influential component when it comes to success. A 20-year-old has an insurmountable lead compared to a 50-year-old because they have 30 extra years to work toward success. Anything you want to achieve is possible with enough time.

If you are dedicated and spend your free time working towards something eventually it may become something big. Steve Jobs and his business partner started working on Apple in the garage of Steve’s childhood home. They spent years working on computers before they started selling computers. Determination is crucial to being successful in any way. 

The question of  “When is it too late?” is a very difficult question to answer. There are many different factors that are involved in being successful and a lot of it has to do with luck.

The earlier you start the more time you’ll have however it is never too late to work toward success. Success can be achieved at any age and at any time. To give yourself the best odds you should work towards success at a young age and be very committed to your goal.