Top 10 Strategies on “How to Become a Millionaire”
“If you are born poor, it is not your mistake. But if you die poor, it is your mistake “– Bill Gates
Statistics show that just 1% of the whole world’s population is a millionaire and they earn about half of the income of the whole world. Wow, that is tragic and amazing for a lot of people.
To imagine being one of those people surely looks like a fantasy to a lot of people. Well, you can achieve it too provided you have the right strategy and you put in the right amount of effort. On average, a student completes his graduation at the age of 21. So you have almost 9 years to get yourself up there.
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What does it mean to be a Millionaire?
Does it mean you need to have a million dollars in your bank account? Does it mean you earn a million-dollar as an annual income? Do you have an asset worth a million or a business?
Well, a lot of people do mistake what being a millionaire actually means. Some people are a millionaire on paper but bring less income than their employees while some have the reverse case. Let’s Explore the ways to become a Millionaire before you turn 30.
So being a millionaire all depends on you. You define your own way to be a millionaire. For some, it could be having a million dollars in the bank or owning an asset or a company worth that amount of money.
If you want to be the person who has $1,000,000 net income, you earn approximately $83,300 a month and that is a lot. You can get a sports car, a lavish meal, a penthouse or a mansion.
But reaching this place is very difficult. 9/10 millionaires sacrificed their social life to reach this point. Working 16 hours a day with having so much stress is surely not a joke.
10 Step Guide to Become a Millionaire by 30.
These ways can help you towards your path but it depends on what kind of a millionaire you want to be. How to Become a Millionaire by 30 is totally depends upon your attitude, dedication & consistency.
Work Hard and Save.
The first thing you need to do is to increase your current income. You cannot save all the money to be a millionaire. So, you need to have a job for the current income, most likely to be a source of active income. You can work on the passive income after you have the funds. You can increase your income by multiple streams. Author Thomas c. Corley mentions in his five-year study of self- made millionaires that most of them had multiple sources of income. 65% had three different streams while 45% had four streams and 25% had five or more streams.
Increased income will be used as capital to fund investments that will compound your money. So you should always focus on increasing your income and then save it to invest even if you are comfortable with the current scenario. Start following the money and it will open up a world of whole new opportunities.
Invest Time on Yourself.
“It’s not selfish to give to yourself as much as you give off of yourself “– Suze Orman
The most important relationship which you need to achieve success is the relationship with yourself. At the end of the day, you are replaceable in your job but not in your life. To start working to achieve your targets and goals, you need to start from yourself. As said- you sow, so shall you reap.
You can invest in yourself by learning new skills as it proves to be one of the best ways to improve yourselves and be the better version of yourself. You can either upgrade your professional skills by earning a designation or gaining some experience or work on your personal skills and attitude. If you are a person who is still confused about the career, you can even start career coaching or training sessions as they will help you clarify your confusion thereby helping you set goals.
Also Read: Why Goal Setting is Important
Passive income can prove to be a great source of income. You can earn this even as a side income without having to invest any capital on it. You can start working on it right away and if things go right, you can put in some investment to expand your business and increase your income. There are a lot of sources of passive income, some require more attention and some require less attention. If you are interested in investing a source of income that pays without you having to do much work, then consider these options below.
- Buying a real estate
- Renting a place.
- Buying stock dividends.
Also Read: Active Income v/s Passive Income
Show Up, Don’t Show Off.
The world has never needed those who show off their riches or philanthropic endeavors with no other intention than to receive praise and attention. What people need and will always need is for them to show up when needed, when it is not popular or trendy to do so or when you have no other intention except helping them.
Buying a luxury car or a branded watch or owning a yacht cannot be the only thing a millionaire wants. Of course, no one is asking you not to do it. Just make sure that before you purchase these things, your investments are producing multiple secure flows of income. You need to show the people what you can do. Your work should be valued more than your money or luxury car.
If you want to gain the trust of people, show up for them when required rather than showing off what you got, and trust my word for the good gets out too.
Do you remember the saying- slow and steady wins the race? Well investing is the biggest example of that idiom. You need to start with basic and small investments rather than putting everything you have all at once. Of course, if you are really lucky (which is quite unadvisable to do) you can double or triple the amount. But if you lose, you lose everything. So start slow and progress gradually.
Now some people may have locked up this investment in a low- risk vehicle such as bank account, deposits, etc where you are given the surety that your money would not go anywhere. But it will be staying there only. If you need to be a millionaire you need to start reinvesting all the profit you make. Keeping it locked up might slow down the progress to be a millionaire or you may not reach there, ever.
If you invest that money in stocks, real estate, or any other source of passive income, the money is bound to get multiplied. Of course, it involves a high-risk factor but along with it comes greater earning potential.
Clear all Debts.
Whether you are using multiple credit cards to pay or have taken a big loan, you are increasing your debts when you need to clear it.
Debt is a roundabout route on your path to be a successful millionaire. If you want no obstacles in your path, you need to let go of all your debts.
To be a millionaire in your thirties, you need to comprise a lot of things and cut off the extra expenses as much as possible. Your social life is limited as well. Along with all this, I am sure you do not need living on greatly reduced income more difficult than it already is.
Debt brings you no good. It even lowers the cost of your living. The more debt you have, the slower you get on achieving your targets. You need to make clear your debts your first priority on this path to be a millionaire.
Aim for Big.
If You Can’t Dream it, You Can’t Achieve it. – Ground Of Success
Aiming for just a million is enough for you? It is definitely not enough for me. Human beings are sure greedy and to entertain your need and greed, you need to shoot big. There is no shortage of money on this planet. But there is a shortage for those who aim for more. This reminds me Arianna Grande said – “whoever said money can’t solve your problems must not have enough money to solve them”. I agree with this. Money can solve almost every problem of yours so why aim for a small amount?
Some people even say if you need 100% of something, you need to give in double the effort as you need to work for 150%.
If you are the person who will be satisfied in a million and not want enough still aim for at least 4-5 million dollars.
Money heist taught me time is money and the more time you lose, the more money you lose. Competition is everywhere and in every field and it makes everyone scared.
But you need not fear the upper hand. Having a competitor keeps you motivated and also the inner wish to be better than others. But almost every other thing has a dark side. You should know when to take things and in what way. Sure you should use your competitors and haters to keep yourself motivated, but never fear from them. You can be better than them is what I believe should be your confidence. Yet again, do not get overconfident about it. If someday you lose to your competitor, you should consider what was it that they had and you didn’t. This will help you do better next time and help you beat the rivals.
Andrew Carnegie went from being nothing to the richest man in the US. he credits his riches to the mastermind.
The idea is to hang out with people who have the same goal as you. When several minds with the same interests work together, they can achieve something big.
You should get inspiration or a role model. Whenever you are demotivated, your role model and their accomplishments will motivate you and give fuel to the rocket of your dreams and goals. Exposure of people who are more successful than you have the potential to expand your thinking and ideas.
Never lose Hope.
Last but not least Strategy on “How to Become a Millionaire” is, On this path to be a millionaire, there are a lot of risks. Every person I know must have had the fear and anxiety of failing to achieve what you want by the time you reach there. Trust me it is not a pretty sight to be jobless, broke in your thirties.
But this thing needs to be your motivation. If you do not want to face it, you need to work hard enough to reach there and show the world what you can do. You will help yourself stay confident and motivated by thinking positively and by not losing hope.
In the end, I just wish you all the luck and I hope you enjoyed reading this article.