“If you were born poor, it is not your fault. But if you die poor it’s your fault.”– Bill Gates
Statistics show that only 1% of the world’s population are millionaires and they earn almost half of the world’s income. Wow, this is sad and surprising for a lot of people.
To imagine being one of those people certainly sounds like a fantasy to a lot of people. Well, you can achieve this as well provided you have the right strategy and the right amount of effort. On an average, a student completes graduation at the age of 21. So you have about 9 years to get yourself there.
What does it mean to be a millionaire?
Does that mean you must have a million dollars in your bank account? Does this mean that you earn a million dollars as annual income? Do you have assets of a million or business?
Well, many people mistake what it really means to be a millionaire. Some people are millionaires on paper but bring in less income than their employees while others do the opposite. Let’s explore the ways to become a millionaire before the age of 30.
So being a millionaire all depends on you. You define your own way to become a millionaire. For some, it could be a million dollars in a bank or a property or company owning that amount.
If you want to be someone with a net income of $1,000,000, you make about $83,300 a month and that’s a lot. You can get a sports car, a sumptuous meal, a penthouse or a mansion.
But reaching here is extremely difficult. 9/10 Crorepati sacrificed his social life to reach this point. Working 16 hours a day with so much stress is certainly no joke.
10 Step Guide to Becoming a Millionaire by 30.
These methods can help you on your way but it depends on what kind of millionaire you want to be. How to become a millionaire by 30 totally depends on your attitude, dedication and consistency.
The first thing you need to do is to increase your current income. You can’t save all the money to become a millionaire. So, you need a job for current income, which is most likely to be a source of active income. After you have the money you can work on passive income. You can increase your income in many ways. Author Thomas C. Corley, in his five-year study of self-made millionaires, noted that most of them had multiple sources of income. 65% had three separate streams while 45% had four streams and 25% had five or more streams.
The increased income will be used in the form of capital to fund investments that will add to your money. So you should always focus on increasing your income and then save it for investment, even if you are comfortable with the current scenario. Start following money and it will open up a world of completely new opportunities.
“It is not selfish to give as much to yourself as you give of yourself”— Suze Orman
The most important relationship you need to achieve success is a relationship with yourself. At the end of the day, you can be changed in your job but not in your life. To start working towards achieving your goals and goals, you need to start with yourself. As it is said – you sow, so you will reap.
You can invest in yourself by learning new skills as it proves to be one of the best ways to improve yourself and become a better version of yourself. You can upgrade your professional skills either by earning a position or by gaining some experience or by working on your personal skills and attitude. If you are a person who is still confused about career, you can also start career coaching or training session as they will help you to clear your confusion which will help you to set goals.
Read also: Why goal setting is important
Passive income can prove to be a great source of income. You can also earn it as an additional income without investing any capital. You can start working on it right away and if things go right, you can make some investments to expand your business and increase your income. There are so many sources of passive income, some require more attention and some require less attention. If you’re interested in investing in a source of income that pays you without overworking, consider these options below.
- drop shipping
- buying a real estate
- rent a place.
- Buying stock dividends.
Read also: active income vs passive income
Show off, don’t show off.
The world has never needed people who show their wealth or philanthropic efforts with any intention other than to gain admiration and attention. What people need and always need is to show them when they need it, when it’s not popular or trendy to do so or when you have no other intention than to help.
Buying a luxury car or a branded watch or owning a yacht may not be the only thing a millionaire wants. Of course, no one is telling you not to do this. Just make sure that there are several safe flows of income from your investments, before buying these things. You have to show people what you can do. Your work should be given more importance than your money or luxury car.
If you want to gain people’s trust, instead of showing what you’ve got, show it to them when they need it, and trust me because even the good passes.
Do you remember the saying- slow and steady wins the race? Investing well is the best example of that idiom. Instead of putting together what you have, you should start with basic and small investments. Of course, if you’re really lucky (which is quite unfair to do) you can double or triple the amount. But if you lose you lose everything. So start slow and move slowly.
Now some people may have locked this investment in a low risk vehicle like bank account, deposit etc where you are ensured that your money will not go anywhere. But it will be there. If you need to become a millionaire then you need to start reinvesting all the profit you have earned. Keeping it off can slow your progress towards becoming a millionaire or you may never get there.
If you invest that money in stocks, real estate or any other source of passive income, the money will multiply. Of course, there is a high-risk factor involved in this but along with it comes the potential to earn more.
Whether you’re using multiple credit cards to make payments or have taken out a large loan, you’re increasing your debt when you need to pay it off.
Debt is a roundabout way of your path to becoming a successful millionaire. If you don’t want any obstacles in your way, you should let go of all your debts.
To become a millionaire in your thirties, you have to incorporate a lot of things and cut down on extra expenses as much as you can. Your social life is also limited. With all this, I’m sure you don’t need to make a living on a very low income, which is harder than ever.
Debt does you no good. It also lowers your cost of living. The more debt you have, the slower you will be in achieving your goals. To become a millionaire you need to make your debt your first priority on this path.
If you can’t dream it, you can’t achieve it. – Grounds of Success
Is just aiming for one lakh enough for you? It’s definitely not enough for me. Man is definitely greedy and to entertain his need and greed, you need to shoot big. There is no dearth of money on this planet. But there is a drawback for those aiming higher. It reminds me that Ariana Grande said – “Whoever said money can’t solve your problems shouldn’t have enough money to solve them”. I agree with this. Money can solve almost every problem of yours so why aim for a small amount?
Some even say that if you want 100% of something, you need to put in twice as much effort as you need to do 150% of the work.
Aim for at least $4-5 million even if you’re the person who would be satisfied with a million and don’t want enough.
Money Robbery taught me that time is money and the more time you lose, the more money you lose. Competition is everywhere and in every field and it scares everyone.
But you don’t need to fear the upper hand. Being a competitor keeps you motivated and also has an intrinsic desire to be better than others. But almost everything else has a dark side. You must know when and how to take things. Of course you should use your competitors and haters to keep yourself motivated, but never fear them. You can be better than what I believe your confidence should be. Still, don’t get overconfident about it. If someday you lose to your competitors, you should consider what they had and you didn’t. This will help you do better next time and help you beat the rivals.
Andrew Carnegie became America’s richest man out of nothing. He credits his wealth to the mastermind.
The idea is to hang out with people who have the same goals as you. When multiple minds with similar interests work together, they can achieve something great.
You should be an inspiration or role model. Whenever you are demotivated, your role model and their achievements will inspire you and fuel your rocket of dreams and goals. Contact with people who are more successful than you has the potential to expand your thinking and ideas.
Last but not the least is the strategy on “How to become a millionaire”, on this path of becoming a millionaire, there are a lot of risks. Everyone I know must have the fear and anxiety of failing to get what you want by that time. Trust me, it’s not a pretty sight to be unemployed, broke in your thirties.
But this thing should be your inspiration. If you don’t want to face it, you have to work hard enough to get out there and show the world what you can do. You will help yourself to stay confident and motivated by thinking positive and not losing hope.
Lastly, I wish you all the best and I hope you enjoy reading this article.
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keep sharing keep supporting Keep motivating Wishing you success, everyone!!