10 Ways to Become a Millionaire By Age 30
Being a millionaire is a common but distant dream for many. Here are 10 common traits from those that have made it which can be easily replicated – ensure you are on the right path to become a millionaire by age 30 and truely achieving financial freedom
1. START EARLY
It goes without saying that you must start early. If you are 29 and reading this then it’s going to be difficult to achieve millionaire status by the time you are 30. Wealth creates wealth so the earler you start the better. Starting to think about how you will achieve millionaire status and more importantly doing something about it is what will separate you from those that reach a steady paycheck when they are 30 compared to those that have 7 figures in the bank. Start today! It doesn’t matter how old you are, its never too late
2. FOLLOW THE MONEY
Change is the only constant in business so whether its switching jobs every couple of years or switching industry into something with more opportunity – If you are serious, do not be afraid to move to where the money is! Its unlikely to come to you, so you must go it it!
3. MULTIPLE INCOME STREAMS
This is perhaps one of the most important but also most difficult to achieve. In a Tomas C. Corley’s five-year study of self-made millionaires he found that 65% had at least three income streams and 29% had five or more. These can be anything from real-estate, stock market investments or part-ownerships in other businesses. Relying on your wage alone is not going to cut it. Start small but try to diversify your income streams as early as possible. For some ideas to get started check out these 7 tried-and-tested ways to make an income online
4. SAVE TO INVEST, NOT TO SAVE
Having money in the bank is a great feeling, it adds security and comfort knowing if anything were to happen you have a cushion to fall back on. However, If you are starting to haud money then you are giving up the opportunity cost of that money working for you. Today’s banking rates are dire so take some of those savings and invest them! You should almost feel broke as you invest spare cash into investments or assets that aim to generate you more income. No one saved their way to millionaire status, more commonly they have invested their way there.
5. LIVE LIKE A POOR PERSON, THINK LIKE A MILLIONAIRE
The pennies matter and you should get into the habit of not parting with your money easily. “Think like a millionaire, Hustle like you are broke” – A millionaire would be more likely to negotiate hard to save a few bucks than someone who does not have as much money.. It sounds strange but its true! and thus there is the reason why one of these people is a millionaire and the other is not. When it comes to spending, just remember how hard you worked for the cash you are about to spend. Once you have it, don’t give it up easily!
6. BE COMMITTED
You have to be committed to this goal and know that it is a long term goal which will continue well after you make your first million. There will be times when you have to sacrifice luxuries and time with friends or family. However, if you follow the steps you’ll get all this back 10 fold later in life. There are no half measures here, its a way of life, commit to it and you’ll be thankful you did.
7. AVOID DEBT THAT DOESN’T PAY
Debt is not necessarily a bad thing. In fact its a useful mechanism to leverage investments (such as a mortgage) that could easily expedite your millionaire status. However, there are good types of debt and bad types of debt! Make it a rule that you never use debt that wont make you money. Rich people use debt to leverage investments and grow cash flow. Poor people use debt to buy thinks that make rich people richer. Think about it and be smart!
8. DREAM BIG!
Again this is one of the most important points on the list. Aim for the stars and you may just hit the moon.. with the moon being your millionaire status. Aim for $10-15 million so if you fall a little short you still reach your goal of being a millionaire by 30. It cannot be emphasized enough that you need to think big to earn big in this world. There is no shortage of money and there are plenty of people who do not work as hard as you or are not as smart as you with lots of it. There is no reason you cant reach your goals so go and make it happen! Nothing is impossible!
9. PAY YOURSELF FIRST
You are the most important person in this process so when earning money make sure you pay yourself before others. Follow the 50/20/30 rule if it helps; 50% of your income goes on essentials like groceries, rent, utility bills. 20% goes into savings and the remaining 30% is what is considered lifestyle choices. This includes eating out, clothing entertainment etc. Robert T. Kiyosaki covers this point perfectly in the No.1 book of our 8 Books Every Entrepreneur Should Read guide – Rich Dad Poor Dad.
10. DITCH THE STEADY PAYCHECK
Rich people are generally self-employed and determine the size of their own paycheck. Too many people are busy earning a living to make their millions and retire – As Steve Sidebold writes “Its not that there are not world class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest. The great ones know self-employment is the fastest road to wealth”.
And there you have it. Apply these steps in your everyday life and you’ll be giving yourself the best chance of making a million by age 30. No one is claiming it will be easy, the above simply intends to help you think like a millionaire which is the first step. Steer clear of negative people, avoid get-rich-quick schemes and never give up!
We’d love to hear your thoughts in the comments. Tell us about anything we’ve missed or how you have made changes to increase your chances of becoming a millionaire