Getting rich and becoming a millionaire by the age of 30 seems like an impossible task for most people. But here are the steps that could help you become a millionaire if not by your 30’th birthday, then maybe by the next one.
1. Follow The Money – focus on increasing your income in increments, don’t sit and do nothing with yourself and your money.
2. Don’t Show Off – people care about your work ethic, not your luxury cars or a huge house. Also, do you really need those things? Spend money wisely.
3. Save To Invest, Not To Save – the only reason to save money is to invest it. Don’t be afraid to put the cash to use – there are many ways to invest in things you know and understand today – start with crowdfunding! This will help you to achieve step 1.
4. Avoid Too Much Debt – make it a rule that you never use debt that won’t make your money. Never borrow if you are not sure you will be able to repay. “Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.”
5. Money Doesn’t Sleep – clocks, schedules or holidays are not in the vocabulary. You can be the smartest or the luckiest person, or you can just make sure you outwork everyone.
6. Take Risks – investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. It is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
7. Think Big – the biggest financial mistake you can make is not thinking big enough. There is no shortage of money on this planet, only a shortage of people thinking big enough.
Bill Gates said to a group of college grads, “It’s not your fault if you were born poor; it is your fault if you stay poor.” Avoid get-rich-quick schemes, be ethical, never give up and once you make it, be willing to help others get there, too.