Do you wish to become a Millionaire or get rich before age 30?
Becoming a millionaire is a reserved topic and never speak about as much. It seems like a fantasy to become a millionaire by 30.
How?
One can follow ten tips to become a millionaire by 30, as many did.
1. Follow The Money
It is tough to earn a millionaire status in the economic environment nowadays. The first step is to understand and focus on increasing your income in small portions and repeating it.
Let us imagine your income today is $2,000 a month. Think about how you can get it to $20,000 or more within the next ten years. You should follow the money man, age your income, and grab any opportunity that comes your way.
2. Never Brag, Just Work
Only brag about buying luxury items once you reach your goal of becoming a millionaire.
Once you have a high income and investments in place, you can buy any luxury item you want. Till then, you work hard day and night and be the stingiest you can be. Leave a trail of your work ethic and get acknowledged for that, not for the things you own or buy.
3. Save to Save < Save to Invest.
A rule everyone should follow is to save money to invest and not just for the sake of saving money. Create an untouchable account or a safe to put your money in, which you will not touch even for emergencies. It will only be to invest your money.
When you do this, you will be forced to follow the first tip of following the money. Moreover, when you save money for investments, you will not be affected if the investments go into loss.
Therefore, do not save to save, but commit to invest.
4. Keep Away From Debts Not Paying You
The rich use debt to support investments and grow their income, while the poor use debt to buy things. Never use debt to buy things that will not help you grow your income.
If you can use debt to buy a couch or a TV, then forget it. However, if you think purchasing something using debt, like a car, will increase your income and help you save more, then go ahead.
Debts are investments, not as a means to buy items.
5. Money = Jealous Lover
Many people would love to have economic freedom.
However, the people who make it a priority will be the ones who will have millions. The fact is, you have to become a jealous lover for money. By that, we mean you have to make it a priority.
If you ignore an investment or ignore money altogether, you will lose it and give that chance to someone who acted like a jealous lover and made money their priority.
6. Money Knows No Time
Money does not work according to time, schedules, holidays, vacations, or clocks.
When you want to become rich, you have to work around the clock, and when you do, you will earn the money you deserve. The fact is, no one is smart or lucky when it comes to money; only the one who works hard is the one who will get money and live rich.
7. Being Poor and Staying Poor
There is a vast difference between being poor and staying poor.
You might be born into a low-income family, but if you continue to live that way and stay poor, then it will be your fault. Eliminate the idea that being able to pass by the month with the income you have is okay.
Learn that staying poor is in your hands and will be your fault if you die poor.
8. Seek for a Millionaire Mentor
Most of us grew up with the mindset that the poor, middle, and rich classes can not become one group or link with one another. You might not be able to reach within the reach of a millionaire, but you can study, follow, and seek knowledge from them through other means.
Nowadays, we have the internet and social media, connecting us to everyone, no matter how rich or poor someone is. Study millionaires, make them your mentors, and see how they work and what resources or tips they give to others.
9. Invest, Invest, and Invest
Investing is the pot of gold needed to become a millionaire.
When you invest the right way, in the right things, you will earn more through your investments than you would through working. However, investing only means investing when you have extra money.
If you do not have extra money, then do not take the risk of investing.
10. Think Big: 10 Million, not 1 Million.
The biggest issue with people these days is how they do not think big.
Money is not short on this planet, but the thought process of thinking big is, “Why aim to earn a million when you can earn bigger than that?”
As they say, “The sky is the Limit.”
Follow these ten tips to become a millionaire and then help others the same way so they can become millionaires.
Do not think or go for schemes telling you- you will get rich overnight. It’s not happening.
Working hard and never giving up is the main rule.
Become a Millionaire by 30
Becoming a millionaire by age 30 is an extremely ambitious goal that demands diligence, focus, and often some calculated gambles. Essentially, if you hope to amass $1 million or more while still in your 20s, be prepared to make some sacrifices.
Your best bets lie in high-risk, high-reward spaces – think venture capital and angel investing in promising startups. This requires tremendous research, intuition and luck, however, as the vast majority of startups flounder. And you’ll need extensive capital upfront without guaranteed returns.
Real estate can be another smart play, albeit in select markets where property values are rapidly appreciating. You must properly time your investments and flips to turn quick profits. Or invest heavily in burgeoning sectors like cryptocurrency and NFTs while volatility remains sky-high. Just don’t mortgage your future solely on speculative bets.
Alternatively, bootstrapping and aggressively growing your own company may reap a 7-figure buyout before hitting 30. But business-building isn’t for the faint of heart; it’s a 24/7 grind to outcompete others while avoiding disastrous missteps.
In short, becoming a millionaire in your 20s is high-stakes gambling with little room for failure. Proceed shrewdly and frugally if attempting it.