Just a general answer – there are three main ways to become a millionaire by 30. They are:
- To have your own business
- To make real estate investments
- To use your extraordinary talent in some field (that’s a way with no money).
The best variant is a combination of all the ways mentioned. But it’s more reliable to start with earning money where you can while developing talents. The younger you are, the more chances you have to become a millionaire by 30. However, there are much more other factors to take into consideration. Now, let’s start with the basics.
What Is a Millionaire?
When do you know you’ve become a millionaire, is there just someone who tags you as one, and how do others find out about it? Lots of questions that you might have never asked yourself, thinking that you know the answers. Yet, if you’re wondering how to become a millionaire, you should make sure that your answers are right. As simply as Wikipedia defines it, a millionaire is someone who has a net or material wealth that is worth one million dollars or more, or someone who has a million in a bank account.
Now, How to Become a Millionaire by 30?
There’s a more general question – how do people get rich? They invest something they already have, be it time, money, efforts, or talent, and get a revenue in the end. It’s obvious that getting such a big revenue before you turn 30 is a great advantage as well as great work. Have you ever thought what kind of work it actually is? Don’t leave this page, thinking that it’s too hard, or it’s too late, or it’s something else – whatever your regular excuse is. Today, you’ll find out how to become a millionaire in 5 years. Ready?
#1 Collect Information
The shortest answer to the question “how to become rich” is education. People who succeed always read a lot. Grab “The Millionaire Next Door” to get the slice-of-life image of this type of people. Read “The 21 Success Secrets of Self-Made Millionaires” or “E-Myth Revisited” by Michael E. Gerber and “The Dip” by Seth Godin. There is a large number of books written by real millionaires who want to share their story – their experiences, successes, and failures. Don’t reject any literature you come across – you may not know where you will find a valuable piece of information.
Also, you will surely find biographies helpful. For example, to get some idea of how the Path of Real Estate works, read an 800-page biography of John D. Rockefeller. No one remembers who was the first millionaire, but you all know that this person was the first dollar billionaire. Such books as this one help you understand what successful people are made of and what is behind their success. While reading, you can write down something you can take over, for example, their habits, principles, priorities, and lifestyle peculiarities. Pin their quotes on your wall to motivate you and put into practice what you consider worthy. It is the very case when knowledge is power.
#2 Start Earning in a Clever Way
Let’s say you are a writer. You could be working at such a company as Primetimeessay or freelancing on such platforms as Upwork for years and earn an average salary. Or you could be smarter and start creating your own team of writers so that eventually you would grow into a gull-time writing agency with a professional staff and a large, devoted community of clients. You need to change your perspective. That is, to switch your mind from the mind of an employee to the mind of a business owner.
#3 Plan Realistically
When you have a blurry image of you as a successful person, you should start planning and self-development process. Calculate the amount of time you have till 30 years. Plan a year by months, weeks, and days, trying to be as precise and clear as possible. Think about your 5-year and 10-year goals and write all of them down. Your time and productivity are limited resources, meaning you need to treat them respectively.
#4 Suit This Info to You
So, you’ve studied successful profiles and got a better idea of what a millionaire is, and now you should try it on. Analyze everything you have read and ask yourself, “what are you good at? what inspires you? what would you like to reach? what will it take you to make such money and reach such goals?” Try to imagine the end and the process.
#5 Work Smarter
Remember the rule of 10.000 hours for becoming a professional in your field. The better specialist you are, the more paid your labor is. Look at Seth Godin, Steve Wozniak, or Joanne Catherine Rowling. Pay attention to how much efforts and planning has been spent before they became what you can see now.
Let Job’s fame of being a college dropout doesn’t blind you. He was a pioneer in having access to computer technologies at home, at school, and during his studying at Massachusetts University. Now, search for his memories on spending his spare time there. Calculate the number of hours spent on programming and analyze if his success was nothing but a lucky chance or a result of hard work.
Miss Rowling started writing since 5 or 6, and her “Harry Potter” was rejected by 12 publishing houses. See how much time she had been writing before she became a well-known author?
#6 Work Ceaselessly
Money doesn’t care about weekends, 9-to-5 working hours, and “Thank God it’s Friday.” Emotionally and mentally, get ready to that. Pedjman Khadimi could not work officially and had no Green Card. He started with $12 per hour and reached $45,000 a year at the age of 15. All his spare time he spent for studying and practice. Being 18, he took the director level position and his earnings were a bit less than $75,000 per year. Today he is a millionaire, and he’s achieved that without easy investors – that was all thanks to his hard work.
#7 Find a Millionaire Mentor
The majority of us were brought up in a middle-class surrounding. If you plan to become a millionaire, you must get the first-hand experience about the power of analytical thinking, investments, and work. Books are good for a start only. There are many rich people who are generous with their resources and experience-based knowledge. Find a mentor among one of them. Getting a chance to speak face-to-face and following his or her guidelines would help you stay motivated, inspired, and focused on your goals. In case there’s no chance to meet your mentor personally, sign up for webinars as an option.
#8 Earn, Save, Invest
This is the golden rule of becoming whom you want to become. With the flow of time, you have to earn more money by means of investing than by means of working yourself. Continuing the aforementioned example, your writing agency will develop step by step:
- Hire a team of freelance writers to save money.
- Get one or a few editors.
- Once the size of your team is too big to manage all the employees on your own, hire remote managers to do that for you.
- When the revenue is big enough, invest money to rent an office and hire a full-time staff.
- Invest your time to teach your managers to be leaders so that one day you could delegate all your work to them.
This is a short scheme that shows where and how you can save when your business is young and how to invest when it grows.
#9 See Opportunities
If you’re still interested how to become a millionaire, here’s a story. Tony Tan Caktiong, an entrepreneur from the Philippines, started a business that involved selling ice cream at 22. Three years later, he started looking for other opportunities and understood that hot meals were more popular than ice cream. So, he founded a fast food chain, which today gives a revenue estimated in billions of dollars. That’s how you should always look for better opportunities.
#10 Boost Your Energy Level
Do that on a regular basis because the more energy you have, the more opportunities and ideas you get. The healthier you are, the more workload you can handle. It’s that simple. Choose a proper diet, go jogging in the morning, drink and smoke less, sleep at night – you’ve been taught that, but you never really did it. Well, that’s what millionaires do. These are the long-term investments that will allow you to make other investments in the future.