9 Things To Do In Your 20s To Become A Millionaire By 30
Self-made millionaire Steve Siebold once said, "In a free-market economy, anyone can make as much money as they want". And he's an apt authority in this department, having studied over 1,200 of the world's wealthiest people.
For most of us at 18, making millions is probably the last thing on our minds. But as we graduate and enter the workforce, we inevitably inject ourselves in the rat race to the top. Gatherings evolve from who has a boyfriend to comparing salaries and job positions. It's a sobering scene, but let's admit it - we've all been there.
To help you reach the seven-figure mark by 30, we gather nine pieces of advice from those who've struck the million mark at a young age, as well as experts in this field. While this may not guarantee you'll make it there, perhaps they can help even out the odds.
1. Focus on earning
"In today's economic environment you cannot save your way to millionaire status," writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30.
The first step is to focus on increasing your income in increments and repeating that. This means sniffing out high-paying jobs with opportunities to climb up the ladder. Just start following the money and money will come to you.
2. Develop streams of income
Contrary to what we want to believe, we actually have options when it comes to earning money though it's easier said than done. Even while you hold your full-time job, perhaps you can look into other streams of income such as delivery riders or freelance work.
While this may not seem glamorous, you'll earn much more than money alone - experience, knowledge of the world, social connections.
In author Thomas C. Corley's five-year study of self-made millionaires he found that many of them develop multiple streams of income: 65% had three streams, 45% had four streams, and 29% had five or more streams.
3. Save to invest, not save
Cardone also says that "the only reason to save money is to invest it", not save it in a bank. In your 20s, it is tempting to spend the extra year-end bonus on that limited edition sneakers or bag, but try putting that into an trusted investment account and see the money grow. Trust me, that will be more fulfilling than the shopping.
The key is to consistently set aside money. That way, you'll never feel the pinch. So call up those insurance agent friends you've been shunning - they may be able to help you after all.
4. Don't show off - show up
It's nice to be the one in the group with the most expensive watch, phone and clothing. But this flashy display comes at the expense of money you could have set aside to grow into more money.
Instead of trying to connect with others through how you look, be present at social gatherings, make more connections and inject yourself in more circles.
Once again, Cardone shares, "I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy."
5. Rethink money
"Getting rich begins with the way you think and what you believe about making money," self-made millionaire Steve Siebold explains.
The difference between wealthy and ordinary people lies in their mindset about money - while the masses think getting rich is out of their control, something like a windfall, the rich truly believes making money is an "inside job", something you can actively pursue.
6. Invest in yourself
"The safest investment I've ever made is in my future," writes Tucker Hughes, who became a millionaire at 22. "Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously. You don't just need to be a master in your field, you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports related. Consume knowledge like air and put your pursuit of learning above all else."
So enrich yourself with learning and self-help. At 32, I know this is true because most of my successful friends are those who are constantly seeking to improve themselves.
7. Set goals and visualise them
Your goal can be simple - making money; or becoming a millionaire by 29. Then actively take steps to plan out your strategy and achieve milestones.
It takes focus, courage, knowledge, and a lot of effort, self-made millionaire T. Harv Eker emphasises, and it's possible if you have precise goals and a clear vision: "The number one reason most people don't get what they want is that they don't know what they want. Rich people are totally clear that they want wealth."
8. Start hanging out with people you admire
There is a theory touted as the Master Mind, which is an idea to surround yourself with talented people who share your vision, because the alignment of several smart and creative minds is exponentially more powerful than just one; and millionaires like Andrew Carnegie swears by it.
"In most cases, your net worth mirrors the level of your closest friends," explains Siebold. "Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is, millionaires think differently from the middle class about money, and there's much to be gained by being in their presence."
9. Aim higher, not just $1m
"The single biggest financial mistake I've made was not thinking big enough," writes Cardone. "I encourage you to go for more than a millin. There is no shortage of money on this planet, only a shortage of people thinking big enough."
The world is your oyster, so shoot higher, so if you miss you still land on your first million.