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Nine Things To Do In Your 20s To Become Millionaire By 30 - Investment - Nairaland

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Nine Things To Do In Your 20s To Become Millionaire By 30 by Botango23(m): 10:31pm On Feb 20, 2017
In a free - market economy , anyone can make as much money as they want ,” emphasizes self - made millionaire Steve Siebold, who has also studied over 1 ,200 of the world’s wealthiest people. And it’s never too early to start . To help you reach the seven- figure mark by 30 , we rounded up nine pieces of advice from people who became millionaires at a young age , as well as those who have studied hundreds of self- made millionaires . We can ’ t guarantee millionaire status , but doing these things won ’t hurt your odds. 1. Focus on earning “ In today ’s economic environment you cannot save your way to millionaire status ,” writes Grant Cardone , who went from broke and in debt at 21 to self- made millionaire by 30 . “ The first step is to focus on increasing your income in increments and repeating that. “ My income was $ 3 ,000 a month and nine years later it was $ 20 ,000 a month . Start following the money , and it will force you to control revenue and see opportunities .” Earning more money is often easier said than done , but most people have options. Read about 50 ways to bring in additional income, some high- paying jobs you can do on the side , how you can earn passive income, and the first step to take before starting any business , from an entrepreneur who earns up to $ 170 ,000 a month . 2. Develop multiple streams of income One way to earn more is to increase your streams of income. In author Thomas C. Corley’s five - year study of self- made millionaires , he found that many of them develop multiple streams of income: 65 % had three streams , 45 % had four streams , and 29 % had five or more streams . These additional streams include real - estate rentals, stock market investments , and part- ownership in a side business . “ Three streams of income seems to be the magic number for the self - made millionaires in my Rich Habits study, but the more income streams you can create in life , the more secure will your financial house be , ” he writes . 3. Save to invest , don’ t save to save Writes Cardone : “ The only reason to save money is to invest it. Put your saved money into secured , sacred (untouchable ) accounts . Never use these accounts for anything , not even an emergency . This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access. ” Investing is not as complicated or daunting as we make it out to be . The simplest starting point is to contribute to your 401 (k ) if your employer offers one, and take full advantage of your company’ s 401 (k ) match program — which is essentially free money — if it has one. Next , consider contributing money toward a Roth IRA or traditional IRA, individual retirement accounts with different contribution limits and tax structures — which one you can use depends on your income. If you still have money left over, you can research low - cost index funds, which Warren Buffett recommends , and look into the online - investment platforms known as “ robo- advisers. ” The key to consistently setting aside money is to make it automatic . That way , you’ ll never even see the money you’re contributing and you’ ll learn to live without it. 4. Don’t show off — show up “ I didn ’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income, ” writes Cardone. “ I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic , not the trinkets that you buy .” Need inspiration to save more and spend less ? Read up on tips and strategies from regular people who saved enough of their incomes to retire before 40 . 5. Change your mindset about money “ Getting rich begins with the way you think and what you believe about making money ,” self- made millionaire Steve Siebold explains . At the end of the day, “ The secret has always been the same: thinking ,” he emphasizes. While the masses believe becoming wealthy is out of their control, rich people know that making money is really an inside job . ” 6. Invest in yourself “ The safest investment I ’ve ever made is in my future, ” writes Tucker Hughes, who became a millionaire at 22 . “ Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously . You don ’ t just need to be a master in your field , you need to be a well - rounded genius capable of talking about any subject whether it is financial, political or sports related . Consume knowledge like air and put your pursuit of learning above all else. ” Many modern - day successful and wealthy people are voracious readers. Take Warren Buffett, for example, who estimates that 80 % of his working day is dedicated to reading . 7. Set goals and visualize achieving them If you want to make more money , you have to have a clear goal and then a specific plan for how to achieve that goal . Money won ’t just appear — you have to work at it. Rich people choose to commit to attaining wealth. It takes focus, courage, knowledge , and a lot of effort, self - made millionaire T . Harv Eker emphasizes, and it’ s possible if you have precise goals and a clear vision: “ The number one reason most people don ’ t get what they want is that they don ’t know what they want . Rich people are totally clear that they want wealth. ” 8. Hang out with people you admire Andrew Carnegie, who started with nothing before becoming the richest man in the US , credits all of his riches to one principle : the Master Mind . The idea is to surround yourself with talented people who share your vision, because the alignment of several smart and creative minds is exponentially more powerful than just one. Plus , we become like the people we associate with , which is why the rich tend to associate with others who are rich. “ In most cases, your net worth mirrors the level of your closest friends ,” explains Siebold. “ Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is , millionaires think differently from the middle class about money , and there’ s much to be gained by being in their presence. ” 9. Shoot for $10m , not $ 1m “ The single biggest financial mistake I’ ve made was not thinking big enough,” writes Cardone . “ I encourage you to go for more than a million . There is no shortage of money on this planet , only a shortage of people thinking big enough.”

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Re: Nine Things To Do In Your 20s To Become Millionaire By 30 by donolatunji(m): 11:16pm On Feb 20, 2017
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