“The greatest reward in becoming a millionaire is not the amount of money that you earn. It is the kind of person that you have to become to become a millionaire.” – Jim Rohn
Becoming a millionaire by 30 in today’s marketplace, is completely different than it was 10, 15, or 20 years ago. All you need to do is follow these 9 easy steps.
It’s actually easier.
It’s your choice. Choose to take control of your financial life. Know that your financial future is up to you and no one else. Get smart with your money. Get prepared. Take action. And go make things happen.
Become a millionaire by 30 in 9 easy steps:
1) Don’t Settle and Focus on earning
The first step to becoming a millionaire is having the capital to fund your investments that will compound your money. To get this money, legally, find a career where you will get commissions and bonus along with salary.
You should work to always make yourself marketable as a way of not only maintaining your current job, but moving up the ladder to a better position or company.
If you are in the technology sector, consider to stay on top of tech news and improvements. Even if you are outside of the tech industry, learning a few technical skills can improve your income.
Always focus on increasing your income, even if you are currently comfortable.
2) Develop multiple streams of income (Start a Side Hustle)
“65% of self-made millionaires have a 3 streams of income”
Working at a 9 to 5 job can help you generate income to invest but if you’re on the path to become a millionaire by 30, you may need to add other income streams to the mix.
Entrepreneurs create most of the country’s wealth. Most millionaires (8 out of 10) earned or increased their assets on their own, a survey by Fidelity Investments found.
Some of these methods require more of an initial investment of time and money than others, but they can all lead to regular income to supplement your paycheck
Just because you are employed does not mean that you cannot have something else that you do in your spare time. We are living in the Information Age where it’s easier to start a business today than it has ever been before. And if that business involves something that you love to do, it’s pure win-win, isn’t it?
The trick is to come up with a successful ‘side hustle’ or micro business that provides an alternative source of income.
Is there something you can do to bolster your financial security?
Yes, two things: Create multiple sources of income and invest.
There are numerous jobs that you can do on the side. Some of these that I have come across are:
- Online tutor
- Language coach
- Blogger, Columnist, Writer
- Social media consultant
- Personal chef, caterer, baker
- App designer, web designer
- Graphic designer
- Editor or proofreader
- Singer, band musician
- Personal shopper, stylist
- Travel planner
- Fitness trainer
- Diet and nutrition consultant
- Pet grommer
- Artist, craftsman
Creating additional income streams will accelerate your savings and investment plan.
Often, such ‘side’ activities can be the stepping stone to an entrepreneurial career.
Next Step: Read
3) Save To Invest, Don’t Save To Save:
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case – Robert G. Allen”
We spend a good part of our lives trying to earn a living so that we can ensure material comfort and mental gratification for ourselves and our families. Ironically, we are so intent on making and saving money that we forget how to invest it optimally.
You can save up all your money and become a millionaire but you are more likely to become a millionaire before 30 by investing a substantial portion of income.
You can invest in stocks, you can invest in real estate or you can invest your money back in business. Investing would make you richer a lot quicker and you would become millionaire before 30.
Next step: Read How To Invest In Stock Market (And Earn Money)
4) Don’t Show Off, Show Up
“Be known for your work ethic, not the trinkets you buy.”
To understand this point , I’m sharing the life story of Gary Vaynerchuk with you.
“When I was just starting to grow my family business, my friends who graduated college at the same time that I did also went to work.
They started making money and spending it on trips to Vegas and hot girls and nice watches. Me? I was making money, too. In the first five or six years, I grew that business to $45 million from $4 million, and few years later, it was a $60 million wine empire.
When a normal 26 years old dude builds a $60 million business, he leverages it for 20 year old dude things. Yet I lived in a 1 bedroom apartment in Springfield, New Jersey. I drove a Jeep Grand Cherokee, I had no watches, no suits and no flash.
I kept my head down, putting almost every dime I earned back into the business and focusing all my energy on building a personal brand around unparalleled customer service, both in the store and online.”
You have no reason to start acting like something special until you actually have something special to show for it. Unless your brand is glamorous, live simply, and even then be practical and calculated.
Once you’ve reached your brand and business goals, then you can start living it up (without putting yourself into debt, because that’s insane).
5) Learn How To Sell Something
This is one of the big ones here. It doesn’t even have to be your own products (you don’t have to create your own products) but the vast majority of the people who become millionaires are people that sell something :
- By starting their own business
By Selling –
- someone else’s products
- Real estate
- Something by commissions
- selling to people like in multi-level marketing networks or you know anything like that.
You certainly have to learn how to sell something if you want to become a millionaire by the age 30 or within the next decade.
Don’t worry if you don’t know how to sell something. I’m working on it. I will post an article on selling very soon.
6) Invest In Yourself
You don’t need a formal education to start your own business and make millions.
If you really want to achieve financial freedom then you have to invest in yourself. What I mean is
- Read more books.
- Invest in educational seminars, workshops and conferences.
- Listen to Audio books, Podcasts, CD’s.
- Read Financial newspapers and magazines.
There are hundreds of books about money and investing for those of you who are just getting started.
If you don’t know where to start with your own financial education, start by reading a personal finance book. This is how I started teaching myself about money. Never stop Learning.
All the books in the world can help us to solve all the problems in the world. So, for instance, if you wanted to learn about money, you better be reading personal finance books or if you want to learn how to manage your relationships, or to become a better communicator, there are a lot of books on that.
Most people in the world read about one book every single year, that book, I would suppose, would be Facebook. Lol
Remember, Leaders are Readers. If you want to succeed, you have to read.
Next Step: Read
7) Avoid debt that doesn’t pay you
This is a shift in mindset in how you think about money and whether you buy luxury toys or utilise money to make money. Make it a rule to never use debt that won’t make you money.
The wealthy use debt to leverage investments and grow their income streams. Poor people use debt to buy things that make rich people richer.
Get your money to do the heavy lifting for you. Investing is the ultimate road to becoming a millionaire and beyond.
Investing is the only reason to follow any of the other steps and make your money work for you rather than you working for your money.
Taking on debt is the easiest way of raising capital. What you choose to do with the capital has the power to make the debt good or bad.
An investment that will grow in value and/or produce long-term results.
Good debt makes you richer.
A liability that takes you farther away from your financial goals.
8) Start hanging out with people you admire
Here, apply 10X rule. Find somebody 10 times further ahead of you. If you want to learn how to grow a $1 million company, you have to find someone who has a $10 million company.
Surround yourself with these people and learn from them. Don’t be afraid to go to the top. Those people are 10 or 20 years ahead of you. They’ll make you feel a little bit uncomfortable, but that’s what you want.
Remember, you don’t want to make the mistake that most people make with mentors, by finding somebody just a little bit better than them. You don’t want to be the blind leading the blind.
In-person mentors are great. So start hanging out with people you admire.
Surround yourself with people who are constantly learning, investing, growing, and that will push you to do the same thing.
9) Shoot for $10 million, not $1 million.
There is no shortage of money on this planet, only a shortage of people thinking big enough. – Grant Cardone
Grant Cardone went from broke in college at 21, to an internationally recognized millionaire entrepreneur by 30. He’s helped build up several businesses and consulted for sales training in multiple Fortune 500 companies. What’s more, he’s also authored five books in five years, one of which went on to become an NY Times bestseller.
Grant says that the biggest financial mistake he ever made was “not thinking big enough”. He recommends that instead of shooting for $1 million, you shoot for $10 million. Aim high and put in enough work, and there’s a very real chance that you could be worth 7 figures before 30.
In his article Grant also advises that you “be known for your work ethic, not the trinkets you buy”. Frugality can be crucial — even when Grant reached that coveted millionaire status, his vehicle of choice was still a Camry. Luxury items typically shouldn’t be on the table until your income is both large and secure.
Apply these 9 steps and they will make you rich.
Are you doing these 9 things?
How aggressively are you doing them?
Do you want to become a multi-millionaire?
Are you ready to think and act bigger?