To become a millionaire by your 30s is possible, and you do not need to invent a new generation of Facebook or Snapchat, or win the lottery’s grand prize. Many ordinary people did that just with their strength of will and hard working!
To help you reach that incredible seven figure number today we are going to give you five tips, actually tried of by people who became millionaires at a young age. However, we can’t guarantee that you will indeed become rich if you follow these tips, but they certainly won’t reduce odds of that happening either.
1. Invest in yourself
“The safest ever investment I made, was to my future,” – writes T. Hughes. So, do that as well! Read at least 30 minutes a day, listen to relevant records and books while you are driving, and look for mentors who can teach you. Use every second you have to improve yourself.
You must not only be an expert in your field, but you have to be a genius in all spheres, able to speak on any topic – financial, political or sports. Use knowledge as the air while use learning as the best way to grow.
Most of the today’s successful and wealthy people are voracious readers. For example, Warren Buffett has estimated that 80% of this working day is appointed for reading!
2. Do not show yourself
“I didn’t buy myself a watch or a luxury car until my business and investments began to bring stable income,” – says G. Cardone. – When I became a millionaire, I still drove Toyota Camry.”
Be known for the work ethic, not the “toys” you buy to show off yourself. Of course, it is fun to have expensive stuff, but that shouldn’t be a primary thing you are trying to reach. And earning a bit of new money doesn’t mean that can spend everything instantly.
You need the inspiration to save more and spend less? Again, read tips and strategies used by ordinary people who managed to save enough money to leave work before the age of 40.
3. Aim not for 1 but 10 million dollars
“The biggest financial mistake I made was to think too little”, – says Cardone. – I encourage you to reach more than a million. This planet has no lack of money – it lacks broad-minded people.”
Reaching for more is always better because that way you can accomplish things you even didn’t plan on reaching because, on the road to the goal, you will meet and fight many obstacles which will teach you the best lesson in the world. Moreover, this means that you can overshoot your primary goal and won’t just focus just on one goal in your life and always reach for more (but without the “I want it all” attitude) and start to become a person with ambitions.
4. Save not to save but to invest
Cardone writes: “The only reason to save money is to use that money to invest afterwards. Put the money in the safe, holy (inviolable) accounts and never use those. Not even during an extraordinary case.
Investing is not as difficult or scary as it seems to us. Think about investing in individual pension fund; they are diverse – with different contributions limits and tax structure. Which fund you can use, depends on your income and/or age. If there is extra money, check investment funds and online investment platforms too and try your luck!
How to permanently set aside a certain amount of money? Make it automatic: select a bank transfer every month to a savings account, for example, after salary. You won’t even notice the money you put aside, and you will learn how to live without them.
Also, start embracing small money savings tricks like couponing. With these small, but pretty efficient money-saving tips you can save on everything that is online.
5. Don’t be afraid to ask for help
“At some point I did not manage to develop my business until I hired some crucial business people,” – writes Daniel Ally, who became a millionaire at the age of 24 and done this is in less than five years. “Asking for help has never been my strong point, but I was obliged to do so. After a few months I had a lawyer, editor, personal trainer, cook (only worked part of the day), and other personnel. Initially, it cost a lot of money, but in the end, it helped me to make a million.”
Most people will not ask for help because their ego hampers them. Don’t be that person and face the fact, that sometimes everyone needs some help. But asking for help not only means essential personnel hiring. Steve Siebold, in his book “How Rich People Think,” explains that the rich are not afraid to settle their welfare foundations from other pockets. “The Best of the World believe in using other people’s money” – he writes. “Wealthy people know that not letting yourself something is entirely irrelevant. The real question is: “Is it worth buying, is it worth investing in, is it worth pursuing?”