Millionaire by 30? Yes, It’s Possible
by Mashum Mollah Startups 08 September 2016
It’s not daydreaming if you want to be a millionaire by 30. It’s possible and I’m not talking about Jackpot win or the likes to become a member of the ‘millionaire’ club. What you need is to start planning when you are in your early 20s. We have given some valuable pieces of advice to show you the way how to earn a seven-figure mark by 30. There is no magic in it; hard work, pragmatic planning, and precise execution are the stepping stones for one’s success story.
Grant Cardone was trapped into debts at 21 but went to become a millionaire from a broke. It was a ‘from rugs to riches’ story. If he could do it, you can also. The first step is to increase your earning. If you are currently earning $3,000, try to double the figure after a decade. More money means more financial freedom only if you know how to make a good use of the opportunities and don’t misuse your extra income.
Earning more is easier said than done. However, you have several options to add to your income. You can switch to a high-paying job or go for a part-time job from home.
Save for Investment:
In economics, saving is equal to investment mathematically. However, there are some people who prefer idle saving. What they save never goes towards investment. You must remember that the purpose of saving should be an investment. Create an account with your bank and save money into it. Treat the account as sacred and never reach for it even during emergencies.
Where will you invest? Well, that’s a big question. At this point, you may consult with a financial expert. Identify the chore areas of your interest, how much you can invest and the economic scenario on both national and international level.
Also take into consideration money contribution towards a traditional IRA or a Roth IRA, tax structures and individual retirement accounts with various limits of contribution. Which one of these should be used you depends on your current income. If you are left with money, you can go with low-cost index funds. There are also reliable investment platforms online such as “robo-advisers”.
Bringing automation is the key factor in setting aside hard cash. The advantage of doing so is you cannot see your money contribution and will manage without it.
Ask for advice & help:
All of us need some help at different points of time when it comes to deciding our financial future. At a certain point in my career, I felt that I had come to a standstill in terms of progress. I got rid of stagnancy only after hiring some experts to take care of my business. I followed the wise words of Daniel Ally. Do you know when he became a millionaire? Only at the age of 24 and in just five years! Reach the experts for better understanding and management of money.
Take the decision:
Ticker Hughes made it to the millionaire clubs at the age of 22. He advised everyone to avoid ‘decision fatigue’. It is an interesting phrase of substantial importance. Attention has a finite limit and could be a stumbling block for productivity. If you have a great and positive frame of mind, there will always be a point where it will take a nosedive and your maximum efforts for rest of the hours will be much below the optimal level.
Conserve your mental energy by taking quick reversible decisions. Be aggressive in planning recurring actions that can be easily executed in quick time. I plan every detail of what I will do next week, what about you?
Almost all of those, who are self-made millionaires or billionaires, have a habit of making a prompt decision.
Know the right time of taking the risk:
To reach the seven-figure threshold, you need to take risks in several times. When you take a risk, it shows your confidence in decision making and ability. Sometimes you jump into the dark without being aware of where it will take you or how it will earn your return. It is not that you will always succeed but without risk, you are unlikely to gain.
You must have huge expectations if you are serious about becoming a rich person. However, making a balance between comfort and uncertainty is very much important. Some people with big dreams take bigger risks because it makes a lot of differences between living a simple life and making a fortune.
Make an investment in yourself:
Investing in yourself is the safest kind of investment. Squeeze time to read at least half an hour, ask suggestions from your mentors and listen to relevant updates while driving or having some rest. I won’t suggest that you become a jack of all trades but you should consume knowledge to be a well-informed person in as many subjects as possible. Consider knowledge assimilation as important as breathing and prioritize the process of learning above everything.
What is your take on these tips about how to be a millionaire at a young age? Do you want to add something more to this list? We’re always eager to hear from you.
Tina Roth is passionate blogs and loves to write about helping people on money management. She runs the personal finance blog, where she covers various topics on personal finance to educate people to money matters.