Ways to becoming a millionaire before age 30

Becoming a millionaire can be the ultimate dream for most of us. It can be one of our many reasons why we work very hard each day as well, especially when we want to be one before 30. While you might think that it is just a far-off dream, American entrepreneur Grant Cardone says otherwise.

At the age of 21, young Grant was broke with debts after college. Nine years later, he pulled through and became a millionaire. What he managed to achieve in those years turned him into an inspiration, proving to all of us that you can become a millionaire by 30 if you preserved. After studying his article written for Business Insider, we have summarized 10 steps that can guide you towards that million dollar dream prior to turning the big three.

1) Increase your income

In the current state of our economic environment, things are increasingly expensive yet the value of Malaysian Ringgit is decreasing. This incident escalated when the government implemented GST. The first step you need to do is find a way to increase your income, either through a pay increment or earning extra side income.

2) Keeping a low profile

Try to avoid spending money on luxury goods: watches, car or pretty trinket. If you are running your own business, make sure the money is invested properly and produces several secure ways of income. Remember your aim and always look ahead.

3) Save money to invest, not for the sake of saving

Put your savings into a much-secured account which is untouchable. You must be disciplined and avoid touching the money for anything, even when an emergency arises. Keep in mind the only reason for you to save money is to invest.

4) Avoid debt that has no ROI (Return on investment)

The difference between poor and rich is the way they use their money. The rich aims to invest and grow their cash flows while the poor spends to own things that they don’t really need. Make it a principle for yourself, never get the debt that does not help you make extra money.

5) Love money psychologically

Many people want to get rich. Sadly, the real fact is only those who make it a priority can be rich. In order to be where you wish to be, you must treat money as your priority. If you ignore money then the money will ignore you.

6) Money never sleeps

Money doesn’t care about your time, schedule or holiday. Money will come to people with a great ethic in work. You have to make sure you are more hardworking than everyone else. This is how it will automatically come to you. However, do not try to act as if you’re the luckiest or smartest person in the room as money knows.

7) Have you been poor?

When you’ve been broken, you’d know the feeling. When you want to purchase something but don’t have the money for it is rather embarrassing. Bill Gates once said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”

8) Get a successful mentor

Growing up either from a mid-class or poor background, you will naturally mix with various groups. To be a millionaire, you have to think like one. Thankfully, successful people are very generous with their knowledge and resources. When there are things you need to do, find someone successful and learn from that person.

9) Gain passive income

Active income is the fixed income we received each month; passive income is the returns of your investment over time. You can invest in properties and earn a stable source of cash to help you pay your bills. You can also try to dwell on the stock market if you have the know-how. By diversifying your money, you can gradually gain something out of it.

10) Aim big

“Shoot for the moon. Even if you miss, you’ll land among the stars.” What the statement is trying to say is, if you want to be a millionaire, aim for 10 million rather than 1 million. Grant encourages us to do exactly. Even though we may not be able to achieve that goal, we won’t lose anything by doing our best.

These are the 10 steps that can make you rich. However, there are too many get-rich-quick schemes emerging nowadays, especially in Malaysia. Try to step away from such devious methods. Nobody says the path to be a millionaire is easy. Never give up and be ethical. When you do make it, don’t forget to share your experience and help others to get there too.

Source: Business Insider