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. Keep reading this post
Investing is not easy – every successful investor has a strategy and rules they follow in order to try to minimize the risks and maximize the profits. Here are some rules to follow, based on the advice from Warren Buffett and Steve Anderson (Baseline Ventures).
- Start early – developing smart investing habits now vs. later in life pays out exponentially in the future because of the “magic” of compounding returns.
- Be willing to be different – “you follow the herd, you’re gonna get hurt”.
- Don’t be afraid to risk – one of the biggest mistakes young investors make is allocating too much of their investments in cash or bonds.
- In you don’t understand it, don’t invest in it – complex deal terms, business model you don’t understand, etc. – avoid it. Keep reading this post
Scrooge McDuck swimming the backstroke across a sea of gold coins – your vision of a millionaire? The reality is that most millionaires have built their wealth through perseverance and hard work. Credit Suisse defines “millionaire” as someone with a net worth of at least $1 million. Using this definition, there are 28.6 million millionaires on the planet (World Wealth Report, Peterson). If you’d like to see how close you are to becoming a millionaire, figure your net worth by adding the value of your assets:
- Home, its furnishings
- Bank accounts and investments.
After you have a sum total, subtract your liabilities (the balance of mortgage, car loans, credit card balances and other outstanding debts). What’s left is your net worth. Here is an online calculator to simplify the math. Keep reading this post