Some people think there’s a secret formula to becoming a millionaire but if that were true, we would all use the formula. There are some young millionaires who believe there are 10 rules to become a millionaire by the age of 30. They say it’s much easier to work towards being a millionaire when you’re in your twenties and don’t have a lot to lose. In addition, when you are younger you’re less likely to have a spouse and children that take up their time and money.
In this video we will tell you about the 10 rules to become a millionaire by the age of 30. Before we get started, please take the time to subscribe to our Channel which will signal YouTube to increase our viewers. We appreciate your support.
Here Are The 10 Rules
- Work A Job And Have A Side Hustle
Some people work a job and others have a side Hustle. If you want to get ahead of the game you should do both. Your side hustle could pay off and eventually generate more money than your job. People have had side hustles from the beginning of time but the internet it has changed the game. There are so many ways to make money with the internet and your cell phone. Be sure to research and start your side hustle as early as possible, even in high school. There are some go-getters out there that started their own businesses way before high school.
- Stay Focused In School And Business
Just because some millionaires didn’t finish high school or go to college doesn’t mean you shouldn’t. Staying focused on you education could help you land a job that you would not be able to obtain otherwise. Don’t be fooled when people tell you that employers don’t care about your GPA. Ask yourself why do they ask for your transcript? Most people spend thousands of dollars of their own money or in student loans for an education and do not graduate with a decent GPA. You should strive to be the top 1% of your class each and every year. Being a loafer will not help you get to millionaire status. If you are running a business, or have a side Hustle during or after school, you must stay focused. Unsuccessful people will binge watch Netflix series and movies.
- Be A Hard Worker
Whether you are an employee or are in business for yourself, you must work hard. This is something that does not take any skill but it does take discipline. Your boss will notice if you’re the first one in and the first one to leave and this single quality may help you get ahead in the company. It is better to work harder when you are younger so that you can relax and enjoy your life when you’re older. People may say you never have any time for them, you are married to your job and that you are workaholic. If you want to be a millionaire before the age of 30 you have to do things differently than the people in your circle. Your social life will not be the same as your friends and buddies if you plan to be wealthy and successful. Remember that you are young and full of vigor so you have plenty of time to have a wonderful social life and a pocket full of money.
- Increase Your Knowledge
One of the most valuable things you can do is to increase your knowledge. You need to have a millionaire mindset. There is no greater asset than what’s between your two ears, your brain. After completing high school and college your education shouldn’t stop there. Some people move on to graduate school, others just continually read to gain more knowledge. It doesn’t matter what your choice is as long as you continue to learn. The internet has made this easy for people that don’t like to read books. You can watch YouTube videos, listen to audiobooks, webinars and Zoom meetings.
- Save Painfully
What do I mean by “save painfully?” You need to save your money until it is painful. This is a practice you must incorporate every single pay day. You are not saving enough money if you are not in pain, I mean that figuratively not literally. Most people live at or above their means but if you find ways to reduce cost, especially when your income increases, this will help you amass a fortune. When most people get a raise they spend money to celebrate, buy something expensive or get another bill. If you do the opposite and keep your spending habits the same or less when your income increase, you will be ahead of 95% of the people. Don’t go out and buy a new car or new clothes to impress other people, those people are probably broke. There’s no need to create reasons to spend money why you’re trying to save.
- Don’t Waste Money
If you want to become millionaire before the age of 30 you should not waste money. A lot of young people waste money on things to show off to their friends. You should be so low key as you become richer that no one notices the difference. You should be frugal and appear to be young and poor without being ashamed. Be modest about how you dress, the type of home you live in and drive a cheap car. Eat most of your meals at home and not at the restaurant. You will continue to increase your wealth if you keep some of these practices even after you become a millionaire. There are several millionaires dive used cars as if they could not afford one that was brand-spanking-new. This is how they hold onto their money. Remember don’t waste your money!
There are many young people that do not understand the importance of networking. We are not talking about computers, but networking with people. To get ahead in this life you need to build as many relationships as possible. Learn how to show interest in individuals and get them to like you. If you learn this early on it will help you get promoted on your job. It will help you make sales in your business. It can also offer you significant discounts and sometimes free benefits. Networking is one of the oldest forms of building a business. Before we had communication like cell phones and even television, people often increased their business revenue by word of mouth. One person told another person, and another, and another and this continued.
- Make Property Investments
You can choose to obtain multiple properties or just your primary residence. Either way it is important to invest in real estate. As soon as possible you should make the decision about where you want to live for 5 to 10 years and then purchase your residence. If you only put down 20% on a home and then it goes up 3% per year you would receive a 15% return on your cash. Inflation is real and making an investment in property is always a great decision. Once your mortgage is paid off you could make the property a rental and have a steady stream of income.
- Invest conservatively and aggressively
When it comes to investing you don’t want to go crazy and invest everything because you could lose all your money. It is important to make some conservative Investments with very little risk involved. It is also important to make more high-risk Investments because you can make a lot of money with very little investment. There’s no guarantees, but aggressive strategies can yield high returns especially if you do your research before you take the risk. Remember to be both conservative and aggressive.
- Track Your Money
There are several people young and old who try to impress you with the amount of money that they earn. The fact is that it is more important save money as opposed to the amount you earn. Usually, the more someone earns the more they spend. Do not fall into this trap the more you earn the more you should spend. It is important to track what happens to your money. There have been many wealthy people that made a fortune and lost it because they had no idea where the money went. Take advantage of all the free online financial and wealth management tools available. These tools can help you track your cash flow, calculate your retirement, keep up with your Investment Portfolio and track your net worth. These tools are valuable to optimize your finances before and after millionaire status.
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