Who doesn’t want to become a millionaire? Of course, in today’s fast paced life, where competition is boosting exponentially, everyone talks of becoming a millionaire someday. Most people agree with the stereotyped notion that a person can become a millionaire only after reaching 40s or 50s, while there might be select few extra-fortunate people who realise this dream during their 30s. For most people, floating in the pool of dollars in their 30s is just equivalent to any fantasy.
You should be aware that as per recent studies, the number of young millionaires is on the rise and they have proved that you don’t have to flaunt grey hair to become one. There are these young millionaires who got out of their universities, were confused with their career choices, faced failures consequently but still managed to become a millionaire by 30. Of course, they did not loot a bank to get to this position. In fact, they ingrained some great qualities that enabled them in achieving their goal.
When everything in their life after studies went similar to most of the people, then what actually made them a millionaire at such young age? Rather than thinking or envying from their riches, try to incorporate these 10 practical ways to become a millionaire by the age of 30 and gauge the possible areas where you need improvement:
1. Focus On Increasing Income
With the current scenario of economic growth and stability in the country, you definitely cannot aim to become a millionaire by following the path of saving. This will only guarantee a comfortable life in your old age. Instead of concentrating on saving a major portion of your income and compromising on the current needs, why not focus on increasing your income. This is one of the most cherished mantras of successful millionaires who say scratching your head for saving more will not yeild productive results as all you need to become a millionaire by the age of 30 is flow of income from multiple sources. Start looking out for more income generating opportunities while keeping an effective control over money utilisation.
2. Prioritise Financial Freedom
One of the most important steps to become a millionaire before hitting 30 is setting your priorities. If you really wish to attain that milestone in life, then make financial freedom your priority. Don’t limit it to become one of your wishes. If you ignore money, it will ignore you. Start chasing money and find all sources to boost your income. Make extensive research about all the possible ways to invest money smartly.
3. Start Saving For Investing
It is the children’s job to save money and keep it safely for sometime and then spend it all at one go. But if you want to grow up to be a millionaire, then saving money for purpose of saving will give you no extra penny. Start saving with the aim of investing. Save a designated amount each month and without thinking of using that amount for any other purpose, deposit it securely in your bank account either as fixed or term deposits so that they start getting interest amounts. You can even seek some safe investment opportunities to augment their value after a period of time. This compulsory saving will drive you to follow step 1.
4. Don’t Wait To Become Lucky
If you are one among the persons who believe that if you are lucky enough to become a millionaire, then you will surely become one day. Such theoretical talks hardly have practicality in them. Since money works hard to get multiplied and it works even when you sleep, then why not you become ambitious for your own great future. When you know that struggling hard now will ensure a millionaire’s fortune in the years to come, then start putting extra hours in activities that generate more income. Outdo others in your job and stay ahead in the competition of moving ahead in your career path. Moreover, many of the millionaires are either from poor background or were drop outs. If they made to it this position by being effective money managers, then you too can reciprocate the same.
5. Don’t Borrow Money For Things That Won’t Increase Your Income
Most people borrow huge money to buy a home, car, gadgets, etc to show off their riches. But by borrowing money for such materials, they are making rich people richer. In fact, people who want to become a millionaire by the age of 30 wisely plan their debts. They know for what things they must borrow money. The only notion they have in their mind is to borrow money for anything that increases their income. They make huge investments by borrowing money either in their business or in stock markets. They are masters in channelising the sourced money for augmenting their business and financial stability.
6. Stop Showing Off
You must have high work ethics in a way that you never misuse the funds generated from your business while it is still infant. Many millionaires have quoted that they didn’t indulge in buying their dream cars and gadgets till the time they were assured of seamless and humongous flow of money from various sources. Don’t waste your hard earned money in showing off things that won’t earn respect for you. You must always be known for your high ethics and become an inspiration to people who work for you.
7. Don’t Think You Are Destined To Remain Poor
If you have faced poverty or been a middle class always then that doesn’t mean you don’t have opportunities to change your destiny. Bill Gates has said that if you are born poor, it is not your mistake. But if you die poor, it is your mistake. Opportunities are open to everyone. One must have the zeal to grab them and make most out of them. Stop associating yourself and your thoughts to poverty. Don’t be contented. Strive for more in life. Be money-minded too.
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8. Research About Millionaires
Since most people lead a poor or middle class lifestyle, they have the fear of risking their existing finances, career and future for the sake of following a goal where the result is unpredictable. But limiting yourself and not pursuing your passion will isolate you from your dream of becoming a millionaire. While you required a mentor to show you the right path when you were in studying, you will also need a mentor to guide you to attain your goal of becoming a millionaire. Start studying about young millionaires and how they planned to reach this level. Plan your actions accordingly and keep following them to know their secrets.
9. Put Money To Work Hard For You
Millionaires nurture the fact that allowing money to do the hard work for you is the only way to smartly work your way to become a millionaire. More than the work you do, it should be your money in form of investments that should generate more revenue. Utilise all your surplus money in making investments. Investments are just like seeds. In growth stage, they won’t be giving fruits and when it attains maturity, then you won’t have to water it any more but it will then be loaded with fruits forever.
10. Aim High To Reach At Least Half The Way
The biggest mistake you can ever commit while planning your growth and future action is by not thinking big enough. Generally, when you set your goal to attain $1 million, then you will give your best to reach that position but may end up making half a million. Encourage yourself to go for more and set your goal for $10 million. Your efforts will be on full swing and you will go beyond a