What To Do in Your 20s to Become a Millionaire by 30
You wanna be on the cover of Forbes magazine?
It's not easy reaching that seven-figure, but Business Insider rounded up people who became millionaires at a young age and put together some of their best pieces of advice to help get you there. Your millionaire status is no guarantee but putting these things in to your effort won't hurt.
Where The Money Leads, Follow
Grant Cardone went from broke at the age of 21 to self-made millionaire at age 30, he says that it's impossible to save your way to millionaire status in today's economy, but encourages people increase their income. "The first step is to focus on increasing your income in increments and repeating that" [he writes]http://www.businessinsider.com/money-advice-from-a-millionaire-2015-6().
"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."
Look for opportunities of additional income or [high paying jobs that you can do on the side](http://www.budgetsaresexy.com/ways-to-make-money/.
Money Islands In The Stream
Earn more money by increaseing your streams of income.
Author Thomas C. Corley conducted a five-year study of self-made millionaires and found most created multiple streams of income for themselves. 65% had three streams, 45% had four streams, and 29% had five or more streams.
"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.
You know those friends buying houses only rent them out, they've got the right idea. Corley's additional streams include real-estate rentals, stock market investments, and part-ownership in a side business.
Mo Money Mo Investments
Cardone also advices your savings should go into investments. "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."
It's Your Prerogative
When it comes to your money, get decisive.
"Avoid decision fatigue," says Tucker Hughes, who was popping bottles as a millionaire by 22. "Attention is a finite daily resource and can be a bottleneck on productivity. No matter the mental stamina developed over time, there is always going to be a threshold where you break down and your remaining efforts for the day become suboptimal.
"Conserve your mental power by making easily reversible decisions as quickly as possible and aggressively planning recurring actions so you can execute simple tasks on autopilot. I know what I am wearing to work and eating for breakfast each day next week. Do you?"
You Do Not Get That Hotline Bling
Save more and spend less says Carone. "I didn't buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income... 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."
Ditch That Pay Check
Just remember it's there rich people who are self employed and starting businesses and building fortunes. People with average paychecks often collect them because they've settled for for steady paychecks and overlooked opportunities to get their hands on a money deal.
"The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises," Siebold says.