How To Become A Millionaire By Age 30

[Lifeisgood]

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. You can only save to invest. The first step is to focus on increasing your income in increments and repeating that. Start following the money and it will force you to control revenue and see opportunities around you. Start the journey early. Life is too short to be wasted.

2. Don’t show off: We are too in a hurry to buy liabilities eg a car. ( I'm not against buying a car) Imagine, someone who work for less than two years, before you know it; he will borrow money from bank and buy car. Watch out for businesses and investments that can generate multiple and secure flows of income.

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. Think about it!

5. Treat money like a jealous lover: Millions of people wish and pray 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: Friend, do you know you can make 24/7? Money doesn't know about clocks, schedules or holidays, and you shouldn't either. Money is moving round the World even when you are fast asleep. That is the singular reason I love online business. Money comes to your account even when you are on holiday, vacation or when sleeping. Money loves people that have a great work ethic.

7. To be Poor makes no sense: I have been poor. I have had just enough of that in my life and I personally hate it with passion. Eliminate any and all ideas that brings you closer poverty. 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. Approach them, you will be glad you did.

9. 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 even when you have nothing to show for it at present. I have this understanding that there is no shortage of money on this planet, only a shortage of people not thinking big enough.

10. Feel free to add the tenth one.

 

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.

 

[jonjenkins]

Nice post - I really like that Bill Gates quote you used:

 

Bill Gates has said, "If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake".

 

I think as many people as possible should aim high in terms of wealth. Think big - as you say - aim for 10 million, and not "just" 1 million! Aim for the stars, and you should at least hit the moon. The more wealth you have, the more freedom it gives you. It  also gives you the possibility to help more people.

[arun71]

Good post

[ajay_dce]

simply own lots of money in legacy . else start saving and at same time start investing in equity market in good blue chip stocks