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Nine Things To Do In Your 20s To Become Millionaire By 30 by Botango23(m): 10:31pm On Feb 20, 2017 |
In a free - market economy , anyone
can make as much money as they
want ,” emphasizes self - made
millionaire Steve Siebold, who has also
studied over 1 ,200 of the world’s
wealthiest people.
And it’s never too early to start . To
help you reach the seven- figure mark
by 30 , we rounded up nine pieces of
advice from people who became
millionaires at a young age , as well as
those who have studied hundreds of
self- made millionaires .
We can ’ t guarantee millionaire status ,
but doing these things won ’t hurt your
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.
“ 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 .”
Earning more money is often easier
said than done , but most people have
options. Read about 50 ways to bring
in additional income, some high-
paying jobs you can do on the side ,
how you can earn passive income, and
the first step to take before starting
any business , from an entrepreneur
who earns up to $ 170 ,000 a month .
2. Develop multiple streams of income
One way to earn more is to increase
your streams of income. 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 . These
additional streams include real - estate
rentals, stock market investments , and
part- ownership in a side business .
“ Three streams of income seems to be
the magic number for the self - made
millionaires in my Rich Habits study,
but the more income streams you can
create in life , the more secure will
your financial house be , ” he writes .
3. Save to invest , don’ t save to save
Writes Cardone : “ 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. ”
Investing is not as complicated or
daunting as we make it out to be . The
simplest starting point is to contribute
to your 401 (k ) if your employer offers
one, and take full advantage of your
company’ s 401 (k ) match program —
which is essentially free money — if it
has one.
Next , consider contributing money
toward a Roth IRA or traditional IRA,
individual retirement accounts with
different contribution limits and tax
structures — which one you can use
depends on your income. If you still
have money left over, you can
research low - cost index funds, which
Warren Buffett recommends , and look
into the online - investment platforms
known as “ robo- advisers. ”
The key to consistently setting aside
money is to make it automatic . That
way , you’ ll never even see the money
you’re contributing and you’ ll learn to
live without it.
4. 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, ” writes
Cardone. “ 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 .”
Need inspiration to save more and
spend less ? Read up on tips and
strategies from regular people who
saved enough of their incomes to
retire before 40 .
5. Change your mindset about money
“ Getting rich begins with the way you
think and what you believe about
making money ,” self- made millionaire
Steve Siebold explains .
At the end of the day, “ The secret has
always been the same: thinking ,” he
emphasizes. While the masses believe
becoming wealthy is out of their
control, rich people know that making
money is really an inside job . ”
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. ”
Many modern - day successful and
wealthy people are voracious readers.
Take Warren Buffett, for example, who
estimates that 80 % of his working day
is dedicated to reading .
7. Set goals and visualize achieving them
If you want to make more money , you
have to have a clear goal and then a
specific plan for how to achieve that
goal . Money won ’t just appear — you
have to work at it.
Rich people choose to commit to
attaining wealth. It takes focus,
courage, knowledge , and a lot of
effort, self - made millionaire T . Harv
Eker emphasizes, 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. Hang out with people you admire
Andrew Carnegie, who started with
nothing before becoming the richest
man in the US , credits all of his riches
to one principle : the Master Mind .
The idea is 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.
Plus , we become like the people we
associate with , which is why the rich
tend to associate with others who are
rich.
“ 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. Shoot for $10m , not $ 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 million .
There is no shortage of money on this
planet , only a shortage of people
thinking big enough.” 1 Share
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Re: Nine Things To Do In Your 20s To Become Millionaire By 30 by donolatunji(m): 11:16pm On Feb 20, 2017 |
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