No one should be ashamed of wanting to become a millionaire. Don’t ever let anyone tell you that you shouldn’t try or that it will never happen. They are just trying to bring you down to their level.
It’s entirely possible to become a millionaire by the age of 30. Here are some things you should be doing if you want to seriously reach this goal.
Save to invest. Don’t Save to save.
Saving your money and hiding it away in a savings account won’t make you a millionaire. And it won’t make you richer. Because thanks to inflation, that money is going to be worth less and less every year.
You have to start saving to invest. Invest your savings into things that won’t simply depreciate. If you’re in your 20’s you can probably afford to take a few more investment risks. Invest in startups. Invest in your business. Invest in growth ventures.
Stop ignoring your money
Time to take your head out of the sand. You can’t just ignore money and hope it’ll magically appear. You need to have a strong understanding of where your money is. How much it is growing buy and where it is being spent.
Don’t Show Off
Buying expensive things that you can’t afford will never grow your wealth. Trying to look like you’re rich, isn’t the same as being rich. You need to first focus on growing your wealth. Work hard now and enjoy the luxuries later.
Have more than one income
The average millionaire has 7. Expanding your income is the most direct way to wealth. It sounds obvious, but people often stick with just the one source of income. Even if you have a full time job there are plenty of things you can be doing to create additional income streams. From investments, to side businesses – don’t get stuck with the one thing.
Again this sounds obvious but it’s a common point of failure. You need to work harder than your competition. Identify your competition and figure out what you can do better. Work harder than others are willing to cut away at their lead.
You are going to make mistakes. I’ve made plenty. Learn from them and move on. The most important factor in becoming a millionaire is time. Sadly it’s not going to happen overnight. You’re going to have to work at it day after day. The only way you’ll succeed is if you persevere.
Go out there and make it happen
You can keep reading article after article looking for advice, but the best way to become a millionaire is to get up, go out there and make it happen. Start your side projects, get on top of your money, invest!