15 tips to become a millionaire by age 30: Expert tips
-
Abdul Wadood
Everyone wants to become a millionaire, right? Who doesn’t?
If you want to become a millionaire, you will enjoy reading this blog. In this blog, I have listed 15 tips to become a millionaire by age 30.
Now, some youths might think that they can’t make a million dollars before their 30s. If you think like so, you are wrong!
Many people became multi-millionaires, and some even have become billionaires by their 30s. How were they able to achieve it?!
You need motivation and dedication to achieve your goal. Today I’ll try my level best to motivate you guys through my blog.
Ok, now, without much further ado, let’s get into the blog!
1. Fix a goal
Fixing the goal is the first step to become a millionaire. A life without a goal is like a ship in the sea without a helmsman. No matter what you want to be, a goal to achieve in life is a must.
Before taking your first step to becoming a millionaire, you should write down your goals and fix a deadline to achieve it. Stick your goals in a place that you see every day. This act will help you to be motivated each time you see your goals.
Apart from this, you should also adjust yourself to make sacrifices in life that most of the people won’t be willing to make, because becoming a millionaire involves lots of hardships and sacrifices.
2. Work hard and smart
The most important step in becoming a millionaire by age 30 is to work hard and smart. You can’t become a millionaire in a single night. It requires hard work, dedication, patience, and persistence to achieve.
For those who are confused between hard work and smart work, hard work means doing the fieldwork, and smart work means executing the fieldwork, which you did, in a way that can yield you more profit.
Ok!
Some might say hard work alone will make one wealthy. But that isn’t the case!
Hard work and smart work will make you wealthy! If either of them is missing in your track, you need to correct yourself!
3. Spend sensibly
If you want to become rich, you must spend your money sensibly. You might think that millionaires are the ones who drive luxury cars, wear luxury watches, and have the latest gadgets. But in reality, that isn’t the case. Sure, some Millionaires overspend, but most of them don’t.
Apart from the money that you need for your necessities and other requirements, you should invest the remaining money into assets and other businesses. By following this strategy, you will be able to multiply your wealth quickly.
Always keep in mind that your goal is to be rich and not to look rich!
4. Be committed
Being committed is a must to become a Millionaire. If you lack the commitment, you won’t put your best to achieve your goal, and as a result, you’ll gradually fail.
Lack of dedication is one of the main reasons that lead to the closure of many startups.
Always keep learning new things, as this will help you to be innovative in your business niche.
5. Think positively
Positive thinking is a must to become rich. One needs to avoid negativity at any cost. Negativity is the reason why many fail in their business.
If you want to start a business, don’t hesitate; just go ahead and start it! How can you decide that your business will fail even before you start it?!
Most of the successful people were in a situation similar to you when they started their business. They worked hard to achieve success. Ok, some might be born in a wealthy family, but that’s not the case for everyone!
6. Take risks
We humans don’t like taking risks. But to become a millionaire, you must take risks!
Successful people know what risks to take and what risks to avoid. Similarly, you should learn to analyze whether a particular risk will benefit or harm you.
If you feel the risk that you are going to take will harm you or your business, then you shouldn’t take it. Similarly, if you think the risk that you are going to take has a great opportunity, then no matter how big of a risk it is, you should go ahead and take it!
7. Create multiple streams of income
Ok. Diversifying your business might not be possible initially because you will not have the money to do so. But once you start making money, then diversifying is a must!
If, unfortunately, there occurs a market crush in the niche your business operates, you should have revenue coming from other sources to overcome the loss. This is the reason doing diversified business is a must.
According to me, one should have at least three streams of income.
8. Save to invest – Don’t save just to save
Keep investing your money into business or assets. This will increase your wealth rapidly.
The people lacking financial knowledge will make their money rest in their bank account, which is wrong!
Talking about investment, the rich consider real estate the best place to invest money. Sure, real estate involves huge investment, but it can give you huge returns.
If you’re scared to invest in real estate, invest in rental properties. Rental properties are also a part of the real estate business, but it operates in the safer side.
Rental properties, if bought in the right location, can increase in value, which will increase your wealth. Moreover, you can also yield passive income from rental properties.
Never invest your money into depreciating assets like cars, watches, etc., because there is a high chance for you to lose money rather than gaining it.
Some might argue that some cars and watches increase in their value. Yea, it’s true! But that’s not the case all time! So, it is better to be on the safer side.
9. Figure out a way to make money passively
Passive income is the key to live a life of freedom. Many people fail to understand the concept of passive income, and they end up working for their lifetime.
By working in a 9-5 job, you can never earn a passive income, no matter if you’re a CEO also. As a CEO, you may earn lots of money, but that money isn’t passive. If you lose your job, your main stream of income is closed.
Moreover, CEOs don’t have the time and location freedom to enjoy their money. So, what’s the use of money then?!
10. Don’t waste your time
To become rich, you must know to use your time.
Everyone might have heard the proverb, “Time is Precious”, but only some act accordingly. Wasting time is one of the main reasons behind people remaining broke. If you want to become a millionaire, you must utilize your time to the best of your ability.
There might come situations in which you have to decide between time and money. Tough situation, right?!
If such a situation arises, your decision should depend on the level of your business. For example, if you just initiated your business, then you should spend time to get things done. But, if you are making lots of money, then you should spend money to get not so important tasks done. You can ask your employees to complete those tasks. Your time, as the owner of the company, should be spent on things that directly increase your profit.
11. Plan in advance
Planning your day in advance will help you to spend your time productively. Make a checklist of the tasks that need to be done on a particular day and act accordingly. Keep in mind, too many tasks in the checklist will make you ineffective.
Before going to bed, you should make sure that you have completed all the tasks listed in your checklist. Many people don’t follow this, and as a result, they up wasting their precious time!
Successful people follow this very same technique to utilize their time properly.
12. Invest in learning
Ordinary people don’t invest in improving themselves. They consider the money spent to improve themselves as an expense. No, it isn’t an expense!
The money that a person spends to improve himself is an investment. Unsuccessful people fail to understand this concept.
We are humans, and we are not born knowing everything. To become a successful person, we should be eager to learn the things we don’t know. This will increase our wealth, and also make us a better person in society.
13. Aim big
Aiming big is a technique that most of the ultra-rich follow to increase their wealth.
Aim 10x higher. Instead of aiming for $1 Million, aim for $10 Million so that you can achieve at least a million dollars. If you follow this silly-sounding technique, believe it or not, your wealth will increase substantially.
If you successfully achieve $10 Million, don’t become lazy to make more money. Now, shoot for $100 Million. Keep in mind, everything is possible. Also, making your first million dollars is the most difficult. Increasing $1 Million to $10 Million and $10 Million to $100 Million can be achieved comparatively quicker.
So guys, always aim big, and don’t become lazy to make more money!
14. Trust yourself
On your road to becoming a millionaire, you will experience lots of tough situations. There will be times at which you have to make an immediate decision. These are the places where you need to trust the decisions you make.
Next, you should firmly believe that you will achieve your goal. Negative thoughts will lead you to fail because our body functions based on our thinking. This is a psychologically proven fact!
15. Take care of your health
Health plays one of the most, if not the most, significant role in becoming rich. Without good health, you can’t work, and as a result, you can’t become a Millionaire. The proverb “Health is Wealth” teaches us this.
You need to take care of your health. You should avoid junk foods at any cost and eat foods that are rich in vitamins, proteins, minerals, carbohydrates, etc.
You should also spend some time doing physical activities like jogging, running, fast walking, etc. If you find it difficult to perform them daily, perform them at least thrice a week. The amount of time you spend on physical activities depends on you and your body condition, but you should spend at least 20 minutes and not less than that.
Conclusion
I hope this blog was an excellent motivation to all those wanting to become a millionaire. Sure, becoming a millionaire is one of the hardest things to achieve in this world, but it is surely possible.
If you work hard, be dedicated, make sacrifices, and be patient, you will surely achieve your goal.
I wish All the Best to my budding millionaires!
