Becoming a millionaire at 30 is achievable, and you may not need to start a second Facebook or win the lottery to do so.
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The Business Insider recently compiled 8 tips from people who became millionaires at a relatively young age. Following the experiences and paths below does not guarantee that you will become rich, but it certainly doesn’t hurt your chances of accumulating wealth.
1. Focus on income
“The first step to becoming a millionaire is focusing on increasing income and repeating it,” wrote Grant Cardone, who went from failure and debt at 21 to becoming a millionaire at 30.
Cardone also shares, “My income was $3,000 a month and nine years later, it was $20,000 a month. Start tracking your money, and it will force you to control your revenue and see opportunities.” Making more money is easier said than done, but you can try some tricks to earn passive income or search for high-paying jobs.
2. Save to invest
Cardone wrote: “The only reason to save money is to invest it. Put your saved money into a secure, private bank account and never use this money for anything, even in emergencies. This will force you to follow step 1, which is to increase income.”
The key to always having a savings is to automatically save money and never think about it. By doing so, you will learn to live without the money you are saving.
3. Ask for help
“At certain points in business, I couldn’t grow anymore until I hired a few key people to handle the business,” wrote Daniel Ally, who became a millionaire in just 5 years at the age of 24.
“Asking for help is not one of my strengths, but I still do it. Within a few months, I had a lawyer, an editor, a personal coach, a part-time chef, and other staff. Hiring personnel cost me an initial amount of money, but then it took me to millions of dollars. Many people don’t ask for help because their ego is too big,” Daniel Ally said.
4. Decisiveness
“Avoid decision fatigue. Attention is a limited resource you have every day, and it can be a bottleneck when it comes to productivity. Save your mental energy by making decisions easily and quickly reverse them as rapidly as possible and positively plan action steps regularly so you can accomplish simple tasks more quickly. I know what I’m going to wear to work and what I’m going to have for breakfast next week. Do you?”, wrote Tucker Hughes, who became a millionaire at 22.
Journalist and author Napoleon Hill concluded after studying 500 millionaires that those who have achieved seven-figure fortunes have the habit of making quick decisions.
5. Don’t show off
“I did not buy a luxury watch or my first fancy car until my business and investments generated a substantial flow of income. I was still driving my Toyota Camry when I became a millionaire. You will be known for your work ethic, not what you buy,” Grant Cardone shared.
6. Be willing to take calculated risks and take action
“Before you have a seven-figure asset, you have to take on a lot of risk. Taking on risk requires a lot of belief in yourself and others. You have to take big leaps in your life, even if you don’t know where they will take you. However, those leaps will pay off, even if you have been daring to the point of having no way back one or two times along the way,” said self-made entrepreneur T. Harv Eker.
Furthermore, you cannot become wealthy with low expectations. Money comes to those who think big, act big, and win big.
7. Invest in yourself
“The safest investment I’ve ever made is in my future. I read at least 30 minutes a day, listen to podcasts while driving, and always seek additional mentors. You don’t have to be extremely knowledgeable in your field, but you have to be someone who can discuss a certain issue, whether it’s politics or sports. Digest knowledge like you breathe air and pursue education in everything else,” wrote Tucker Hughes.
8. Master soft skills and collaborate with others
Journalist Napoleon Hill wrote: “Most people lose their positions and great opportunities in life because of this mistake.” Billionaire Mark Cuban wrote bluntly on Entrepreneur’s website, “People always hate dealing with dumbasses. It’s easier to not be a dumbass. Don’t be a dumbass.”
“In the process of reaching the million-dollar mark, I’ve learned that dealing with people is the most important quality. No one can become a millionaire without knowing how to behave and deal assertively with others. You have to be prepared for times when close friends or family turn their backs on you. Sometimes, things like that happen at the most unpredictable times,” shared Daniel Ally.
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Frequently asked questions
It’s ambitious but achievable. Start by setting clear financial goals, then create multiple streams of income through entrepreneurship, investing wisely, and negotiating better salaries. Maximize your earning potential by developing in-demand skills and networking strategically.
Firstly, gain financial literacy and understand money management. Then, focus on increasing your income through career advancement or business ventures. Ensure you save and invest wisely, and consider real estate as an investment option. Finally, stay disciplined, consistent, and adaptable in your financial journey.
Diversify your income streams. This could mean starting a side hustle or freelancing in addition to your day job. Develop skills that are in high demand and negotiate salaries and raises confidently. Also, consider investing in assets that can generate passive income.
Investing in the stock market, mutual funds, or exchange-traded funds (ETFs) is a good way to grow your wealth over time. Real estate is another solid investment option, as it can provide rental income and long-term capital gains. Additionally, consider investing in yourself by obtaining further education or training to increase your earning potential.
Set short-term and long-term financial goals and create a budget to track your income and expenses. Automate your savings by setting up regular transfers to savings and investment accounts. Stay motivated by surrounding yourself with like-minded individuals and seek mentorship from those who have achieved financial success.
Avoid get-rich-quick schemes and unrealistic investment opportunities. Also, be mindful of lifestyle inflation; just because you earn more doesn’t mean you should increase your expenses proportionally. Lastly, don’t be afraid to take calculated risks, but always do your due diligence before investing.
Build a strong professional network by attending industry events, conferences, and networking mixers. Connect with mentors and peers who can provide guidance and support. Leverage your network to gain access to new opportunities, whether it’s investing, business ventures, or career advancements.
Self-made millionaires often possess a growth mindset, believing that their abilities and intelligence can be developed. They are disciplined, set clear goals, and prioritize their financial education. They also tend to be frugal, investing their money wisely rather than spending it on frivolous purchases.
