Paying your bills on time and saving for the future is already hard to do. How much more to become a millionaire before you hit the age of 30? Sounds crazy, right? But as a matter of fact, it is not. With proper guidance and the right plan, anyone can become a millionaire. And when I say anyone, it’s really anyone… including you.
This is a list of the 10 steps that will make sure you become a millionaire before you are 30.
1. Follow the money
It is a normal misconception that when you save more, you’ll get richer. But seriously, that is a total fallacy. Nobody gets rich when they just save. If you save in a bank, they might have the interest rates but who are they kidding? They are using your money to do their own investments and provided you with the interest rate that is just a very tiny portion of their income from your own money.
So why gave that income to your bank when you can have it for yourself? The first step to reach millionaire status is for you to increase your income by investing. Go where the money is and you will see many opportunities to get rich.
2. Keep it simple
The urge to buy expensive things that you have not enjoyed when you didn’t have the money is quite strong when you already have loads of cash to spend. But do not over-indulge yourself. Make sure that you have an established multiple source of income before you actually spend.
You might just find yourself in a total wreck when you soar too high and lived extravagantly and all of a sudden your investment came crashing down. After all, it is not the material things that surround you that impress people but rather your attitude and professionalism towards your work and your status of a millionaire.
3. Loan only if it can generate income
Normal people would loan something to buy things that they don’t need but rich people apply for loans to help them with their businesses such as expansions or even new investments. When you make a loan, make sure that it will earn you more money to help compensate for the loaned amount and its interest rate.
4. Money is around the clock
People sleep, but money does not. Keep this mantra in mind. You should work hard for your money and it is better to invest on things that can earn for you even if you are sleeping. You might wish to invest on stocks if you are smart enough to analyze the trend on the stock market. Or you may wish to write a book or a song. This kinds of investment will let you earn even if you are sleeping.
If you do not want to invest on such things, then you may work overtime. Take note that rich people are hard-working. They get up early and work over time if needed to make money especially if they are starting a new business.
5. Use your money to do its job
Invest. That’s the keyword. Make sure that you make more money on your investments than your work. Make sure that you have surplus funds (money that is left after all expenses have been paid), this is to ensure that you are indeed gaining from your investments. Once you have that extra money, invest… invest… invest. And let your money do its job for you.
6. Save to invest, do not save to save
If you really want to save your extra money, then go and save it. But make sure that you save your money in a secured and untouchable account which will stop you from withdrawing it. Do not use this money no matter what even in cases of emergency. This save to invest technique will force you earn more income because you cannot touch what you have already put into savings.
7. Your money is your lover
I didn’t mean to say that you should not have a love life here. But you should look at money like this: Ignore it and it will ignore you, love it and it will love you. If you make earning money your priority, then you will definitely earn the fruits of your labor afterwards. Most millionaires became millionaires when they made it a point to achieve financial freedom.
8. Get a mentor… who happens to be a millionaire too.
You will not learn if you will just stay within the circle that you are associated with right now because the ideas circulating a certain group are just the same. Expand your ideas and explore. Acquaint yourself and befriend a millionaire, then have him as your mentor. Study their ways and their minds and see how it works then follow it or better improve their techniques.
9. “I will not stay poor. I will become a millionaire”
Keep this in mind and it will be your driving force to achieve greater lengths and reach your millions. If you are born poor, then you have no choice about it because that’s your parents’ choice. However, if you want to become a millionaire, erase all of those poor ideas and climb up the ladder. It is only you who can make yourself rich and die rich as well.
10. Aim for more, don’t settle for less
Once you have one million, you may consider yourself a millionaire. But no. That one million is not enough to hold your status. What if you have a million and you lose half? Then, it’s a great fall down. But if you aim for more, you’ll definitely earn more and not just a million. You may go for 10, 20, 30 or even a hundred of millions. Dreaming is free and there is no shortage of money on this planet so definitely, you can reach that aim. Do not settle for less, make sure to aim for more.
h/t: Business Insider