Money
5 Ways To Become A Millionaire By Age 30
Attaching a timeline to saving a million is difficult because financial situations differ from person to person.
“There are too many variables involved to predict a reasonable time, ranging from the inflation rate, the rapidly changing tax regime and the investor’s appetite to risk which influences their investment choice in terms of a preferred asset class over others.
However, there are people that have managed to do so.
1. 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. 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.
2. 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). Still to this day, at least twice a year I am broke because I always invest my surpluses into ventures I cannot access.
3. 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 I 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.
4. Treat Money Like a Jealous Lover.
Millions wish for financial freedom, and 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.
5. 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 in order 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.
