Becoming a millionaire at 30 is feasible, and you might not need to start a second Facebook, Snapchat, or win the lottery to do so.
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Business Insider recently compiled 8 pieces of advice from people who have become 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 decrease your ability to accumulate wealth.
1. Focus on income
“The first step to becoming a millionaire is to focus on increasing income and repeating it,” wrote Grant Cardone, who went from failure and debt at age 21 to becoming a millionaire at age 30.
Cardone added, “My income was $3,000 a month, and nine years later, it was $20,000 a month. Start tracking money, and it will force you to control your income more tightly and see opportunities.” Earning more money is easier said than done, but you can try some tips to make passive income or find 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 separate, secure 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 automate your savings and never look at them. Doing so will teach you how to live without the money you are saving.
3. Ask for help
“At times in business, I couldn’t grow until I hired some key people to handle the business,” wrote Daniel Ally, who became a millionaire in just 5 years (at age 24).
“Asking for help is not my forte, but I still did it. Within a few months, I had a lawyer, an editor, a personal trainer, a part-time chef, and other employees. Hiring staff cost me an initial sum of money, but it ultimately led me to millions of dollars. Many people don’t ask for help because their ego is too big,” said Daniel Ally.
4. Be decisive
“Avoid decision fatigue. Attention is the limited resource you have every day, and it can be the bottleneck when it comes to productivity. Save your mental energy by making decisions that are easy to reverse as quickly as possible and positively plan your periodic action steps so that you can get things done simpler and faster. I know what I’m wearing to work and what I’m having for breakfast next week. Do you?” wrote Tucker Hughes, who became a millionaire at age 22.
Author and journalist Napoleon Hill concluded after studying 500 millionaires that those with assets reaching the million-dollar mark have the habit of making quick decisions.
5. Don’t show off
“I didn’t buy my first luxury watch or car until my business and investing had created a substantial income. I still drove a Toyota Camry when I became a millionaire. You’ll be known for your work ethic, not the things you buy,” shared Grant Cardone.
6. Embrace calculated risks and take action at the right time
“Before you reach a 7-figure net worth, you must embrace a lot of risks. Embracing risks requires a lot of faith in yourself and others. You must take big leaps in your life, even when you don’t know where they will lead you. However, the leaps will pay off in the long run, even if you have been daring enough to not give yourself a way out once or twice along the way to the destination,” said self-made millionaire T. Harv Eker.
Also, you can’t get rich with low expectations. Money only comes to those who think big, act big, and win big.
7. Invest in yourself
“The safest investment I’ve ever made is in myself. I read at least 30 minutes a day, listen to podcasts while driving, and always seek out additional mentorship. You don’t have to be extremely good at what you do, you have to be someone who can have a discussion about something, be it politics or sports. Digest knowledge like you breathe air and pursue learning over all else,” wrote Tucker Hughes.
8. Master soft skills and collaborate with others
Napoleon Hill wrote, “Most people miss out on their biggest positions and opportunities in life because of this mistake.” Billionaire Mark Cuban once wrote on Entrepreneur that, “People always hate dealing with dumbasses. Life’s easier when you’re not a dumbass. Don’t be a dumbass.”
“During the journey to a 7-figure threshold, I’ve learned that dealing with people is the most important quality. No one can become a millionaire without knowing how to behave and handle themselves with people. You have to be prepared for times when your best friends or family turn their backs on you. Sometimes, things like that happen in the hardest times,” shared Daniel Ally.
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Frequently asked questions
It’s ambitious but achievable. Here are the steps: develop a millionaire mindset, set clear financial goals, start early with investing, focus on high-income skills or businesses, live below your means, network strategically, diversify your income streams, and finally, practice financial discipline.
The millionaire mindset is about believing in your ability to create wealth and achieve financial success. It involves a positive attitude towards money, a willingness to take calculated risks, and a focus on long-term financial goals. To develop this mindset, educate yourself about finance, surround yourself with like-minded individuals, and constantly challenge your limiting beliefs about money.
The power of compound interest is your best friend on the path to becoming a millionaire. The earlier you start, the better. Ideally, begin investing in your teens or early 20s. Even if you’re starting later, don’t worry; you can still catch up by investing a larger portion of your income and taking advantage of catch-up contributions in retirement accounts.
High-income skills are abilities that are in high demand and typically command higher salaries. Examples include programming, data science, sales, marketing, and financial analysis. You can acquire these skills through specialized education, online courses, certifications, and constant learning. Stay adaptable and invest in yourself to remain relevant in the job market.
Living below your means involves spending less than you earn and saving or investing the difference. Create a budget and track your expenses to identify areas where you can cut back. Cook at home instead of dining out frequently, negotiate lower rates with service providers, and consider downsizing to a more affordable lifestyle. It’s about prioritizing your financial goals over immediate gratification.
Networking strategically can open doors to new opportunities, business partnerships, and mentorships. Attend industry events, join relevant online communities, and build genuine relationships with people who can help you grow. Remember, it’s not just about what you know but also who you know. Your network can provide valuable insights, connections, and support on your journey to financial success.
Diversifying your income streams reduces risk and increases your earning potential. Besides your main job, consider freelancing, investing in real estate or stocks, starting a side hustle, or creating passive income sources. Explore multiple avenues to generate income and don’t put all your eggs in one basket. This way, you’re not reliant on a single source of income and can weather economic fluctuations better.
Common pitfalls include a lack of financial discipline, impulse spending, falling into debt traps, not investing early, and failing to adapt to market changes. Stay focused, educate yourself about personal finance, and seek advice from reputable sources. It’s also crucial to maintain a work-life balance and not sacrifice your health and relationships in the pursuit of wealth.
