It’s a very appealing notion to become a millionaire. Doing it before the age of 35 is much more appealing and may appear to be more challenging. This kind of achievement, though, is more likely than you may expect. You may become a millionaire in your thirties if you have the appropriate mindset.
Here are ten simple tips to help you become a millionaire before 30.
Save to invest, not for the sake of saving
It’s important to invest wisely, of course, and to use your money in smart ways. Don’t waste your money on poor business projects or on “miracle” tradings that promise to make you super rich overnight. Learning how to manage your money and portfolio are important skills for a would-be millionaire.
Create multiple income streams
Setting up multiple income streams is harder than focusing on one, but the rewards are also greater. They can lead to a bigger income and support you through difficult times as well. They can help you stay afloat if one of these streams gives out. This also creates more of an opportunity for investing and saving money that comes from certain channels.
Surround yourself with goal orientated people
If you want to become a millionaire, surround yourself with like-minded people. Those around you play a role in the goals you set, the work you do, and more. Finding goal-oriented people who will understand and support you, provide valuable advice, and offer clear and positive examples is quite important.
Becoming a millionaire is a long-term project, and you really need to commit to it. Don’t let it feel like a passing fancy – treat it seriously and put the time, energy, money, and other resources you have towards this goal. Set smaller objectives and work to meet them, but don’t procrastinate it or else time will pass you by.
Invest in your education
Your brain is your greatest asset. A strong education is the most valuable thing you have, so keep expanding your knowledge — even after college. Thanks to the Internet, you can now learn almost anything for free.
Keep track of your progress
The amount of money you save is more important than the amount you earn. I know tons of people who made millions and then ended up broke a few years later because they had no idea where their money went.
Take advantage of free financial tools online. Track your cash flow, analyze your investment portfolio, calculate your financial needs in retirement — just stay on top of your finances.
Save until it hurts
Try to save at least 20% of your after tax income every year, no matter what. Remember, if you’re not in pain from the amount of money you’re saving each month, you’re not saving enough.
You may feel that individuals who are millionaires are the ones who drive flashy cars and own the latest gadgets. That isn’t true in most cases, and shouldn’t be in your case if you are looking to work your way to millionaire status. To maintain your income’s growth, this is the time when you have to seek out the clearance rack or sales. Never accept retail price, it simply isn’t worth it. This is the case in grocery stores, shopping malls, the internet, or even club/gym memberships.
Save for the Right Reasons
Just as we mentioned before, to save for investments, it is also important to ensure that you saving in multiple departments with a goal in mind. While you savings and investment accounts are multiplying with the goal of becoming a millionaire by 35, you day-to-day savings should have a reason as well.
In the end, you have to be committed to this goal. It is a long-term goal that will continue to go on well after you make your first 1 Million. It’s important to not live with the hope of dying with 1 Million net worth, but to have a 10 Million or even 15 Million net worth.
Aiming high 10 Million makes still exceptional goals 1 Million more possible. Having an individual (a family member or friend) who you can attest is doing well financially can be a great way to ensure you are on the right track.