8 Steps to Become a Millionaire by 30
Young people want to get rich quick and enable themselves to go for semi-retirement or an early retirement. Therefore, it is not unusual for college grads to start working or plunge into a business while they are studying. Nothing is impossible provided you set a goal and work towards it.
Here are 8 steps to be a millionaire by 30
1. Focus on Money
You cannot become a millionaire by luck or from windfall gains. Your focus should be on earning money whether it is a job or business. The more you earn, the quicker you will achieve your target.
2. Use Savings to Invest
You need to save money if you want to be rich but if they remain as idle cash or low-yielding bank deposits, you won’t be earning much. Invest in profitable investments-shares, real estate or mutual fund investments, etc.
3. Don’t Turn Flashy
When income starts rising, it is natural to turn flashy by buying an expensive watch, a high-end mobile phone or a classy automobile with additional loans. They don’t gain in value and you lose an opportunity to profitably invest. Wealth can’t be generated if you want to display it sooner.
4. Seek Help
At a young age, you may not know the best options to invest. You can seek the advice of a financial expert who could guide you to invest based on your financial position and risk profile. If you are planning to start a small business or planning to invest in stocks, private limited firms or in real estate, it is better to seek expert opinion.
5. Earn More Passive Income
Use your savings to invest in schemes or assets that earn you passive income. It could be a networking business, a small apartment with good rental potential or long term tax-saver earnings schemes. There is a limit to working hard or investing in a venture. Therefore, look for options to increase your passive income.
6. Avoid Piling Up Debt
When income increases, it is natural to seek consumer loans or use the credit card more to buy up things; it can lead to huge interest burden on a monthly basis and a lion’s share of your income will go to financing such debts. It is also unwise to leverage too much as it will be a burden to hang onto during bad times.
The biggest investment you should continue to make while you are young is in yourself. What is a hot job today may not be there five years down the line. What is a most sought after skill may not be in demand a few years from now. It is absolutely essential to reskill yourself or you could lose out.
8. Communication & Leadership skills
It is absolutely essential to develop communication skills if you are to succeed in a job or business. Your career progressing to managerial levels also demands leadership skills. Moving into entrepreneurship also requires your ability to lead a team and conceptualize new ideas.
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