How to Become a Millionaire by Age 30
Getting rich and becoming a
millionaire is a taboo topic. Saying it can be done by the age of 30 seems like
a fantasy.
It shouldn’t be taboo and
it is possible. At the age of 21, I got out of college, broke and in debt,
and by the time I was 30, I was a millionaire.
Here are the 10 steps that will
guarantee you will become a millionaire by 30.
1. Follow the money. In today’s economic environment you cannot save your way to
millionaire status. The first step is to focus on increasing your income in
increments and repeating that. My income was $3,000 a month and nine years
later it was $20,000 a month. Start following the money and it will force you
to control revenue and see opportunities.
2. Don’t show off -- show up! I didn’t buy my first luxury watch or car until my
businesses and investments were producing multiple secure flows of income. 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.
3. Save to invest, don’t save
to save. The only reason to save money is to
invest it. Put your saved money into secured, sacred (untouchable)
accounts. Never use these accounts for anything, not even an emergency. This
will force you to continue to follow step one (increase income). To this day,
at least twice a year, I am broke because I always invest my surpluses into
ventures I cannot access.
4. Avoid debt that doesn’t
pay you. Make
it a rule that you never use debt that won’t make you money. I borrowed money
for a car only because I knew it could increase my income. Rich people use debt
to leverage investments and grow cash flows. Poor people use debt to buy things
that make rich people richer.
5. Treat money like a jealous
lover. Millions wish for financial
freedom, but only those that make it a priority have millions. To get rich and
stay rich you will have to make it a priority. Money is like a jealous lover.
Ignore it and it will ignore you, or worse, it will leave you for someone who
makes it a priority.
6. Money doesn’t sleep. Money doesn’t know about clocks, schedules or holidays, and
you shouldn’t either. Money loves people that have a great work ethic. When I
was 26 years old, I was in retail and the store I worked at closed at 7
p.m. Most times you could find me there at 11 p.m. making an extra sale.
Never try to be the smartest or luckiest person -- just make sure you outwork
everyone.
7. Poor make no sense. I have been poor, and it sucks. I have had just enough
and that sucks almost as bad. Eliminate an any and all idea that being poor is
somehow OK. Bill Gates has said,
"If you’re born poor, it’s not your mistake. But
if you die poor, it is your mistake."
8. Get a millionaire mentor. Most of us were brought up middle class or poor and then
hold ourselves to the limits and ideas of that group. I have been studying
millionaires to duplicate what they did. Get your own personal millionaire
mentor and study them. Most rich people are extremely generous with their
knowledge and their resources.
9. Get your money to do the
heavy lifting.
Investing is the Holy Grail in becoming a millionaire and you should make more
money off your investments than your work. If you don’t have surplus money you
won’t make investments. The second company I started required a $50,000
investment. That company has paid me back that $50,000 every month for the last
10 years. My third investment was in real estate, where I started with
$350,000, a large part of my net worth at the time. I still own that property
today and it continues to provide me with income. Investing is the only reason
to do the other steps, and your money must work for you and do your heavy
lifting.
10. Shoot for $10 million, not $1 million. The single biggest financial mistake I’ve made was not
thinking big enough. I encourage you to go for more than a million. There
is no shortage of money on this planet, only a shortage of people thinking big
enough.
Apply these 10 steps and they will
make you rich. Steer clear of people that suggest your financial dreams are
born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and
once you make it, be willing to help others get there too.
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