How to Become Rich in Your Twenties
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How to Become Rich in Your Twenties
  • Ewha Voice
  • 승인 2006.05.03 00:00
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▲ [Photo by Kim Ji-sun (right) Photo provided by Naver.com (right)] Kim spreads the mindset of the rich to people in their twenties.
   There is a common prejudice over rich people that they are cold-hearted and care only about money. However, there is a person who has set a new definition of the rich. Kim Kook-hyun (27), currently taking a master's degree course at Seoul National University, wrote a book called Twenties, Be the Richest. He is also operating a cyworld club (www.richest.cyworld.com) with members reaching almost 80 thousand. While he is in the same twenties as most of the collegians, he seems to be one step ahead, spreading various and helpful information on methods of how to become a rich person.
   As the title of the book implies, Kim suggests that the proper mindset needed to become rich develops in one's twenties. Kim says that both the mind and body grow up in the teen years, and planning for the future starts in the twenties. He does not insist that people actually achieve great wealth in their twenties, but he stresses the twenties as an important period to lay the foundation to become affluent. So, says Kim, people have to make long-term plans and, cultivate lofty ambitions, and think deeply through what they wish to do at this period.
   "It is a human instinct to want to gather wealth," says Kim. He notes that times have changed and the social atmosphere is much friendlier to the rich folks than the past. While there used to be a social stigma and implication that their wealth was undeserved, now those people are being admired by young people, who want to follow their footsteps. Since 70 percent of the members of Kim's cyworld club are in their twenties, it is clear that becoming rich is now a hot trend with this age bracket.
   Then what are some actual steps Kim advises us to follow to become rich. One step is to work with a group to invest in stocks. The merit of a group effort is to achieve synergy by putting several heads together. The most important effect is that, with a group effort, small amount of money can become a large amount of money. For instance, if ten members contribute one million won each, you will have ten million won to invest. This leads each members to concentrate on the total profit and loss of ten million won, not on the one million one invested singly.
   Another effective step is to make your own brand. According to Kim, if you think of Lee Myung-bak, images such as "Mayor of Seoul," "Chunggyechun," and "Administrator with charisma" will flash across your mind. In this sense, a personal brand is an objective assessment made by others. Kim adds, to be recognized by others and by society, one has to manage one's name as a brand. This does not mean you have to be famous; instead Kim encourages us to develop our strong points, as in a marketing strategy.
   Surprisingly, Kim says that women, rather than facing social barriers to becoming rich, are actually in "better position than men." He notes that women participants in his club seminars make up more than 70 percent of the whole. Kim adds that, while men are more interested in stock investment, women are more involved in financial technology, such as making a regular savings plan. He is even planning to open an Internet site on "women's" financial technology. His site will focus on basic knowledge and introduce financial products, with the aim to help women study financial technology more easily.
Kim's methods might seem a bit vague. However, Kim notes, affluent people really do practice these methods in their daily lives. Kim stresses that rich people's mere knowledge of how to make money is not the most important thing to focus on; their passion and way of thinking is what we have to learn.

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