How to become a millionaire before 30?
To become unimaginably rich is a taboo subject. Saying that it can be done by the age of 30 seems like a fantasy. But it is really possible to achieve such a financial success. Read this article to learn some important tips about earning a lot of money!
Long term vision
Believing that you can’t become a millionaire is a big mistake that many people make! Most people live from month to month with a sort of ‘carpe diem’ philosophy. And although of course there is nothing wrong with this, you do not necessarily become richer with it. If you truly want to become a millionaire, you have to teach yourself a mindset and work fulltime with the ultimate goal: those six zeros after the 1. Easier said than done. The sooner you start with this, the better. This mindset can be in very everyday things. Imagine: you work 20 days a month and buy a cup of coffee every day on the Starbucks and spend some money on lunch outside the door. With that, you spend on things that are not necessarily needed. There is a coffee machine at work and lunch can also be taken away from home. Do you smoke? Stop. Now. This saves you a lot and you live longer. And this can be just a few extra years that you, as an elderly person, eventually become a millionaire. And it is also good for your health because health is not for sale.
How you can become a millionaire?
It is strange that if you tell a millionaire that you also want to become a millionaire, you will never get a negative reaction and be condemned. They will even applaud you and say that it is possible. Tell that to someone who is not, expect a negative reaction! The people who have achieved the wealth and financial independence will always confirm that it starts with faith in yourself. Remember that 80% of all millionaires are self-made millionaires from the first generation. That means that they have accumulated their wealth from their own strength and not from inheritance or winning the lottery.
Follow the money
In today’s economic environment, you can’t only save to get millionaire status. The first step is to focus on increasing your earnings in increments and repeating that. Start following the money and that will force you to control profits and see opportunities. Being a millionaire is often associated with having luxury cars and the best credit cards, but hardly anyone wonders how much real work you have to do to achieve it.
Don’t buy luxury things that you can’t afford
Don’t buy a luxury car or watch until your business and investments produce multiple safe income streams. Make yourself known for your work ethic, not for the things you buy.
Save to invest
One of the main reasons to save money is to invest it. Put your money saved in safe and untouchable accounts. Never use these accounts at all – even for an emergency. This will force you to continue following step one (increase profits). Always invest your profits in businesses.
Avoid a debt that does not make you money
Implement the rule that you will never use a debt that does not earn you money. Rich people use debt to boost investments and increase cash flows. Poor people use debt to buy things that make them feel richer.
Treat money as a jealous lover
Many people want financial freedom, but only those who make it a priority get millions. To become rich and stay rich you must make it a priority. Money is like a jealous lover. Ignore him and he will ignore you, or worse, he will leave you for someone who makes him his priority.
Money never sleeps
Money doesn’t know about clocks, schedules or holidays, and you should not either. Money sticks to people who have an excellent work ethic. Never try to be the smartest or luckiest person; just make sure you work more than everyone else.
Poverty isn’t good for anyone
Eliminate any and all ideas that being poor is somehow good. Bill Gates told a group of recent college graduates, “It’s not your fault if you were born poor; It’s your fault if you stay poor”.
Work hard to make money
Investing should be the Holy Grail of becoming a millionaire and you should make more money your job. If you don’t have a surplus of money you can’t invest. Investing is the reason for following the other steps, and your money has to work for you and take over the heavy lifting.
The only big financial mistake I made was not thinking big enough. I challenge you to try to achieve more than a million … There is no shortage of money on this planet, only a shortage of people who think big.