Image via Shutterstock / Carlos Yudica
In this free-market economy, all of us have the ability to create the amount of money that we want. Our daily salary should not limit us on the amount of money we can make. This can also be applied to people aged around the 20’s. To help you reach the millionaire status before you arrive at the age of 30, here are some advice from some experts who became millionaires before turning 30.
Focus on Your Current Earning
The economic uncertainty of today prevents anyone from saving to earn the millionaire status. The first step towards achieving this status is to focus first in increasing your current income and then repeating that process. Grant Cardone who achieved the status before the age of 30 starts at $3,000/month, and after 9 years, he is already making $20,000/month.
Develop Various Sources of Income
Another way on how you can earn more is to boost the streams of your income. In one study by Thomas Corley, he found out that most of the self-made millionaire was able to develop multiple sources, of income; around 65% of them have at least 3 sources and 29% has 5 or more streams. The additional streams of income may come from part-ownership of the business, stock market, and rental properties.
Save Then Invest
Your only reason on why you are saving money should only be to invest it. The money that you saved should be kept secured into an account. You should never use this, not even for the emergency situation. Try investing it in a venture that you cannot access. Investment is not as overwhelming as most want you to believe. One of the simplest way on how to be a millionaire is to invest your money to a retirement plan, should your employer is offering that option. Next, try investing this money to a traditional IRA. On the off chance that you still have a few money left in your account, try to invest it on low-cost funds. One of the key advices is to make this contribution automatic, so you will never see it and be tempted in spending it.
Avoid Showing Off
Just because you managed to create tens of thousands bucks, doesn’t mean you now have the rights to buy a luxury items. You should be prominent about your ethics on your work and not about the luxurious things. In case you want to use it as your inspiration and motivation to be a millionaire, there are a number of ways on how to stay motivated without spending your money. Wait for your business to have multiple cash flows before buying a luxury watch.