Many Gen-Z always asks “how they will become a millionaire before 30 years of age.”
These simple steps to become a millionaire before age 30 (13+ tips) have answered the question with straightforward, honest steps.
Millionaire calculator
There is no millionaire calculator anywhere.
However, becoming a millionaire by age 30 has everything to do with exceptional life choices, financial discipline and being smart with investment opportunities.
How to become a millionaire in 1 year
A million dollars need years of intensive and intentional planning to accumulate or be made not in under a year, and it is false.
How to become a millionaire with no money
To be a millionaire at age 30 is easy with excellent financial discipline and knowing the value of time.
There are 100 ways to become a millionaire and 50 ways to become a millionaire, but nobody will become a millionaire in 3 months with no money, jackpot or inheritance.
What is the easiest way to become a millionaire?
There are no easy ways anywhere!
Nearly every night before our second year level in the university, we had some activities and networking interactions after studies with older mates, whether after lecture breaks or just a group of us in the canteen.
There were apparent stories of jobless graduates!
There was this friend that rarely joined us. He will always be busy calculating some things in a plain book.
If the class meetings were compulsory, he left just as soon as it was over.
Over the next semester year, we became good friends and got to know each other better.
The more we got to know each other, the realisation that the difference between him and many of the others in our class; he was frugal and had his future planned out.
He is one of the most successful among us and still succeeding today.
To become a millionaire
Two things I learnt from this are as follows:
1. Planning ahead
2. Being super frugal
Planning and frugality are the core tenet of some of the wealthiest people in the world.
To live a dream life of being a millionaire before 30, we should understand that knowledge reduces the risks of not being a millionaire before 30.
So, it is simple as people think it is if anyone desiring to be a millionaire starts planning.
SIMPLE STEPS TO BECOME A MILLIONAIRE BEFORE AGE 30 (13+ tips)
Here are the 11 tips to follow:
1. Start early! Retire early!
There is no easy way around hard work, and easy ways dont exist. There is a reason not everyone is a millionaire.
Refrain from sitting and continuing to wait for help. Start from anywhere with any available job.
If there are no graduate jobs for graduates or not successful in getting a good career job, get any job and start earning.
These skilled or remote jobs to earn more money could help anyone seeking a job.
It would be best if anyone wanting to be a millionaire had a predicted income to ensure they move into the next phase.
Alternatively, as a mum nursing a baby but still wanting to become a millionaire, here are the five jobs that can help with a cash flow income.
There is no better time to start than now!
2. Set goals in a priority order
Firstly, look at the people around the neighbourhood, living and hanging out.
Please take a close, hard look at the people around the current neighbourhood; this is where they are.
The goals of anyone wanting to become a millionaire at 30 should reflect working like the millionaire they want to become.
12 to 14 hours a day, 7 days a week, 365 days a year, working hard, networking, never stopping and pushing their dreams
It would be best if someone wanting to become a millionaire were committed to working more than anyone to succeed or make it further than anyone else.
Anyone wanting to become a millionaire at 30 should fix their eyes on their goals and ensure they achieve them.
3. Invest in skills to increase earning power
For anyone to earn more, they have to give more!
Apart from already predicted rolling monthly income and hours for the job, what skills or training can go with it to help in raising what they are earning?
Figure out what skills can raise earning power.
Figuring out what can raise anyone earning power takes work; however, anyone can do it to increase their earning power.
Do they like that particular skill? The truth is this; if they love what they do, they will do it well. They will hunger to do it because they will enjoy doing it.
Skills that help to solve problems effortlessly will help in career ladder climbing.
Invest in skills building, use the acquired skills to find neglected niches at the workplace and fill the productivity gaps.
4. Learn about money and how it works
Ordinarily, money is something other than what millionaire status seekers should worry about if they learn about it earlier than post-18.
Many early post 18 years olds are already in debt because of mismanagement of credit cards and other credit facilities.
How to use money and credit facilities should be known quite early into the early 20s.
Devote time to learning about budgeting, credit score, inflation and how to invest with little money.
5. Cultivate a relationship with money and expenses.
Build a great relationship with money. Learn basic banking terminologies that will help in understanding banking activities.
It will enable noting all the expenses, and understanding the numbers will be easy. Follow it up with reviews.
Understand ROI, where the earned income is working well, and where the most return comes from, and focus energy on it.
Tracking expenses will lower living costs, save and divert it to an investment pot. Spend money where and when necessary.
It must be “Need over Wants” at this stage.
Learn how to do the taxes. This post will help anyone living in the UK understand their salaries and how government take their portions.
6. Avoid debts
Eliminate all the debt holes and close doors to high purchases.
Understand that cash is king!
No car payments.
No credit cards.
Live below-earned income.
Do not borrow money for consumption.
Every penny that goes out of the pocket to any higher purchase monthly costs cannot grow wealth. It is gone forever!
7. Set up emergency funds
Before jumping into any investment as a priority, build emergency funds for 6 to 12 months.
Nevertheless, the ideal emergency funds for anyone trying to be a millionaire at 30 should be around 6 to 24 months of their monthly expenses.
After setting up the emergency funds, start thinking about investment and financial goals.
8. Start investing
Save money, and avoid saving it in banks. Learn how to invest and hedge against inflation by buying high-yield stocks.
Note:
How much do I need to invest in becoming a Millionaire?
No particular amount is needed to invest for anyone to become a millionaire.
Inflation is a sponge that cleans off held money.
If any millionaire status seeker needs to understand investment basics, speak to a financial advisor.
Have a guide where there needs to be a clearer understanding of investment instruments that might be of interest.
Open a stock account with a bank of choice and invest 20% of the monthly earnings of net income.
Investing in low-commission S&P500 ETF by Vanguard is a good idea.
Have a long-term strategy for stock investments, do not invest in “DayTrade.”
9. Healthy choices that guarantee good health
Shop food ingredients from grocery stores, not restaurants.
One night out can cost almost as much as a week’s worth of groceries for one person.
Learn to pay attention to bad habits that might pressure health wellness.
Quit smoking and drinking alcohol excessively.
Do not do drugs.
Exercise and keep fit.
Ditch fake and low-value friends.
Make food and treats budget and stick to it.
Live below your means to avoid going into debts.
Get good health insurance coverage to shield bank accounts when health emergencies happen.
10. Diversify Investment
Do not put all the eggs in one basket.
Diversify and learn about all the investment portfolios of interest.
Make compound interest a great friend!
Learn how investors analyse opportunities.
Learn and understand how investing in the following works:
Notes:
1. Understand before investing.
2. There are seven types of earned incomes, and millionaire-status seekers work hard to get income from a minimum of five.
11. Start a side business
Immediately emergency funds and over $200k equivalent were saved on vanguard ETFs like VOO and VIG, creating over $20k equivalent as compound interest.
It is now time to focus on using all the skills and experience to focus on creating wealth from the side business.
Notes:
- Keep your current job
- Focus on getting 2 to 5 customers for the new business and build a customer base.
- Once the business starts making close to $15K monthly.
- Evaluate whether to leave the current job or still stay back at the current job.
However, once it starts bringing a steadily increasing profit, jump into the self-employed world and focus on getting into the millionaire stage.
12. Write a will and safeguard the pension pot
Understand the metrics the wealthy use to secure their pension pot and distribute power over their wealth.
Get family and loved ones to move on quickly without fighting over the wealth left behind or about what you might prefered to happen during your burial.
The pension pot should reflect how the twilight days will look and work towards achieving it.
13. Create good memory as a legacy
Above all, give back to charity.
Pick a charity of interest and support.
Life is not about money.
Many people may not believe it, and life is about enjoying time with loved ones and putting smiles on someone’s face with wealth.
Money can make complicated things more accessible, but that is all it can do.
So, the freedom wealth gives should be channelled into enjoying with family and putting smiles on the faces of vulnerable people.
CONCLUSION
If anybody wants to become a millionaire before 30, they will start spending less than they make and always keep their eyes on the ball.
Anyone that realises that they have an opportunity to change their lives will never take their eyes off the ball.
They must start with networking, saving money and skills that will give them other means of income.
THANK YOU FOR VISITING
