To start with, i recommend you read this post to the last word so as to get the juice out of it.
So, how does one become a millionaire by 30? You might say it’s impossible but it is without doubt very possible and we’ll soon see why. You might want to ask- is the writer himself a millionaire? NO! Just like you, i also aspire to be a millionaire by following the steps laid down by successful millionaires. This is why i tracked down tips from some highly successful millionaires- all of whom were worth seven figures before hitting 30 years of age.
If you’re born poor, it’s not your mistake. But if you die poor, it’s your mistake —–Bill Gates
1. Don’t Give Up
We all know the story of Facebook CEO Mark Zukerberg who co-founded Facebook, dropped out of college and became a millionaire by 23. He’s 32 now and is worth more than $32 billion today. When asked what the most important secret of his tremendous success was, Zukerberg replied by saying “Don’t give up”
Not giving up is the first step to being a millionaire. If you stop trying, you won’t be successful.
2. Invest In Yourself
Your greatest money making asset is you. Don’t cheat out on education. Education is worth more than any material thing you can acquire. It teaches us to market, negotiate, communicate, analyse investments and influence productivity.
This was why Benjamin Franklin who is featured in the United States 100 dollar bill opined that “An investment in knowledge pays the best interest”. With education, we will be able to organize and manage our income and become millionaires in no time.
3. Think Bigger
Grant Cardone went from being broke in College at 21 to an internationally advanced entrepreneur by age 30. He authored five books in five years, one of which became a NY Times bestseller. According to Grant, the biggest financial mistake he made was “not thinking big enough”. His advice to us is to shoot for $10 million instead of $1 million as according to him, “there is no shortage of money in the planet,only a shortage of people not thinking big enough”
4. Do It Now
Fred Schebesta co-founded finder.com.au a comparison shopping website. Though Schebesta was a millionaire before finder even took off- he started building freestyle media in University which he sold for $1.3 million at age 26. In one article, Fred revealed five business lessons he learnt from his mother. One of which was “Do It Now”
Fred argues that doing something now instead of later gives you a mental boast ( of course he’s right). Once you complete a task, you are able to shake it off your mental to-do list). This way you feel productive because of the satisfaction of “turning your idea into reality”
5. Be Obsessed
This tip was from Drew Houston, the co-founder of software business: DROPBOX. Drew believes that being obsessed about your business is the first step to long term success.
Also, Grant whom i mentioned earlier also shares a thought about obsession, He says ” you must be obsessed with success. To dominate your space, your goals, your dreams and ambitions you must first dominate your every minute of everyday, every interest and thought. Obsession is not a bad thing here, it is a requirement to get to where you want to go” ” Until you become obsessed with your mission, no one will take you seriously”
6. Start Your Own Business
In the 1996 book “The Millionaire Next Door : The Surprising Secret of America’s Wealthy” the authors states that two-third of the millionaires are self employed, with 75% of them entrepreneur and the remainders professionals such as doctors and accountants.
According to Robert Ferrington, “the big thing to remember when starting your own business is to make sure that you’re providing value and solving a problem. So, start something today! Open a website, start a business. Think!
7. Develop a Financial Plan
This is the next important step after starting up a business. Saying we want to be wealthy isn’t good enough. We need to come up with a marketable plan and put it on paper. According to Bill Gates, “a written financial plan helps you to do something, calculate what you earn and how to invest. The plan isn’t just the goal, it’s the whole thing- the dream, the options”
We can as well seek professional help from companies such as Blue Shore Financials to develop a workable financial plan.
8. Learn to Save
The end result of our financial plan should be systemic investments. We should get in the habit of saving money. Grant Cardone recommends we build an emergency fund in a money market account so that we don’t have to raid the rest of our savings and investment when there’s an unexpected major expense.
Life coach Tony Robbins says “you should spend on things you need to enjoy life”. For him, eating at home instead of out will save you $2,000 a year.
9. Live Frugally
We might think that individuals who are millionaires are the ones who drive flashy cars and own latest gadgets. This isn’t true in most cases and shouldn’t be in our case if we are looking to make our way to millionaire status. Amazon website boss Jeff Bezos notes that frugality “breeds resourcefulness, self suffering and invention”. When Bezos started his company in 1994, he made desks out of doors.
10. Be Committed
In the end, we all have to be committed to this goal. It is a long-term goal that will continue to go on well after we make our first Million. It’s important to not live with the hope of dying with $1 Million net worth, but to have a $10 Million or even $15 Million net worth.
Aiming high ($10 Million) makes still exceptional goals ($1 Million) more possible. Also, having an individual (a family member or friend- a millionaire mentor) who we can attest is doing well financially can be a great way to ensure we are on the right track.
We should all be inspired with this drop down of people who became millionaires before 30
- Catherine Cook – MeetMe
- Matt Mickiewicz – 99 Designs and Flippa
- Juliette Brindak – Miss O and Friends
- Jermaine Griggs – Hear and Play Music Group
- Sean Belnick – BizChair
- Mark Zuckerburg – Facebook
- Michael Dell – Dell Computers
- Fred Schebesta – Finders
- Grant Cardone – Motivational speaker
- Cameron Johnson – Entrepreneur
Let me know in the comments below which way to $1,000,000 by 30 is easy for you to take on today. See you there!