You may think it is impossible for you to become a millionaire before the age of 30.
The truth is you can. It must not be until you win a Lottery, Sports Betting, or a massive contract from the government before you become a millionaire.
But the fact is, the earlier you start planning your life the better your future will become.
To become a millionaire, you need to start developing the right habit toward money.
It those not really matter whether your parent have been training you how to save money or not.
However. it never too late for you to start your financial planning now.
No matter your age, even you are 27, 25, 23, or even 20.
You can still develop the habit of staying away from debt and increase your wealth.
However, in this article, I will introduce you to the 10 most powerful things you need to do in order to become a millionaire before the age of 30.
What does it mean to become a Millionaire?
To become a millionaire simply means that you are out of debt and financial stability.
However, according to Jason Flurry;
“Debt holds people back,”Says Jason Flurry
Bill Gates also added that;
“If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”Says Bill Gates
If you really want to become a millionaire you need to start spending less than what you make.
Many millionaires are the people that create wealth for themselves, not the one that works on other people’s industries.
This those not means that if you work for people you will not earn money, but you will only earn a living from it.
Live a moderate way of life and stop following the trending lifestyle, Save 30% of your income and invest in a better idea.
However, Living a moderate way of life those not means you should not move out of your family house when you become an adult.
Neither those it means you should not decorate your home with expensive appliances, or buy a car.
Alternatively, If I may ask; Do you need to spend N60,000 in a month when you are earning N40,000 as a salary?
Or do you need to buy a car of N5, 0000,000 while you are still living in a rented apartment?
Have a second taught of this one? Do you think it is proper for you to manage your business account? (withdraw anytime and spend anyhow).
Besides, if you are operating a business, you should think of paying yourself a salary not using it anyhow.
Ask the Millionaires; they prefer to save and invest their hard-earned money rather than shopping for the latest shoes, watch, or trending clothes.
Here is what you need to start doing now to become a millionaire before the age of 30.
10 Powerful things to do in order to become a Millionaire?
These are the 10 Powerful things you need to start doing now in order to become a millionaire before the age of 30?
- Get a Job
- Save your Income
- Live a simple Lifestyle
- Stay out of Debt
- Invest in Educating Yourself
- Invest money to make money
- Have a Plan on How you Spend
- Start your own Business
- Manage your Money
- Hold yourself Accountable
1. Get a Job
You cannot become a millionaire if you don’t have a source of income.
The first thing in your mind should be securing a stable job that is yours and yours alone.
If you don’t have a window that flows in money then you are not ready to follow the next steps I will be introducing to you in this article.
However, you should compound yourself and look presentable to everyone that comes to your way.
Have a good marketable technique and be ready to sell your skills to the public.
Package yourself and be presentable to whoever needs to hire you.
However, if you work in an education sector, work toward increasing your rank (from a classroom teacher to headteacher) in order to increase your income.
If it worth moving out of your current workplace, then do it but in a moderate way.
Be teachable and also ready to learn and unlearn.
2. Save you Income
If you are working and you do not have a savings account – hmm, you have just made the worst mistake in your life.
Saving should have been what your parent have trained you to do when you were a teenager.
Also, note this; you don’t have to close your savings to solve an unexpected major issue that arises from no way.
However, have you ever notice that you can be in need of urgent money but before the next day, the needs disappear?
This happens because the needs were not important or as urgent as you might think.
Try to save at least 30% of your monthly income.
Diversity of your financial savings can be one of the most important tools of becoming a millionaire before the age of 30.
3. Live a Simple Lifestyle
For you to live a simple lifestyle those not means you should a life of a pair of shoes and two clothes.
You may really feel that people that are millionaires are the ones who drive the most costly cars or purchase the most expensive watches from the Versace store.
That isn’t the truth in most cases, as well as shouldn’t be in your instance if you are aiming to become a millionaire before the age of 30.
To keep your income increases, this is the time when you need to seek out for the low cost and budget-friendly items.
Never go shopping and pay with your ATM, try as much as possible to pay with cash and avoid the word “miscellaneous”.
4. Stay out of Debt
Debt is one of the things that hold many individuals back from reaching their financial goals in life.
Some people claim that if you can consume it or wear it, don’t place it on your credit card.
That’s excellent advice, yet take it better.
Attempt not to place anything on your credit cards (if you have one) that you can’t settle in 2 or 3 months.
Avoid unnecessary pay-day loan from your bank or any financial institutions.
Remember, there is no such point as great debt or it was a helpful one collecting that loan.
Also, note that every debt is still money that you don’t have simple access to and you cannot have a full guarantee that it will appreciate over time.
However, there are instances of “efficient” and “ineffective debt” as I will explain to you.
Efficient debt can be a credit card (not a debit card).
Yes, whenever you use a credit card to purchase goods online or in-store, you are developing financial debt because it does not get paid off till you pay your bank.
Nevertheless, if you spend within your means or on certain expenditures, lots of credit cards include an incentive or cash-back on shopping.
This can be an additional income or free money for you. Avoid having many credit cards just one is ok.
Here are some banks which can issue you a credit card in Nigeria but to their trusted customers and must be a salary earner.
5. Invest in Educating Yourself
Many individuals in the country have claimed that education or school is a scam because it those not give back the way you expect.
Or rather should I say that because of the poor educational system of the country and not getting hired after graduation.
However, education is one of the best and important tools you can use in overcoming poverty.
You don’t necessarily need to visit the campus to obtain a better degree or pay thousands of dollars to achieve that.
You can acquire this online in a flexible way.
6. Invest money to make money.
Saving account is not the best way to invest money but is the starting point.
look at the way you can save your money and invest later not saving for saving seek and it not making interest.
Here are the ways you can invest your savings and increase your wealth.
- Invest in real estate
- Buy shares or company equity
- Invest in tech startups companies
- Partner with Micro-finance banks.
- Invest in E-trading
7. Have a Plan on How you Spend
Do you ever think why is it that every time you received an alert that your account is been credited you will start to feel like spending the money?
That intentionally happens because you don’t plan the way your money is been spend.
However, they are some months if you wish to calculate, you will discover that you have to spend more than what you earn.
Should it necessarily be so?
Try something like this;
For example, if you earn N40,000 a month. Do a budget of 50/30/20.
50% of your earning (N20,000) goes to food stocks, repairs, clothes, gas, utility bills, and other expenses.
30% of your earning (N12,000) go into your bank account as saving for every month. At the end of 12 months, you will discover 120,000.
20% of your earning (N8,000) go into transportation, donations, and tithing.
If someone dash you money or you receive support from your relatives, save it!
8. Start your own Business
According to a book titled “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” written by “Thomas Stanley and William Danko”.
The book disclosed that 75% of millionaires are self-employed and entrepreneurs, not employees.
However, 25% of millionaires are politicians, doctors, accountants, and developers.
Most of them become millionaires after 30.
Entrepreneurs are the people that boost the country’s economic and taxi are the main source of government income after petroleum.
You can become an online entrepreneur through the assistance of Solomon George (founder of Solorosco).
9. Manage your Money
The only way to increase your money is to know how you spend and what you spend it on.
You can download and install the Reach or Kudi app fon your Android device.
This will certainly permit you to stay on top of your (practically) total net worth from your savings account, debit card, and other financial investments.
While not all financial services, as well as organizations, are supported yet, it offers you a thorough look at the financial facets of your everyday life.
Set up isn’t very extensive and when established, it updates automatically whenever you open the application.
Having an alternative consider your financial resources makes savings simpler as well as also uses an incentive to save.
However, having a ton of several accounts and cards can not just be complex, it might prevent you from coming to be a millionaire faster.
While expanding revenue streams is excellent, outward bound streams must be maintained as simple as possible.
10. Hold yourself Accountable
What if you start keeping most of the principles but fail in little ones like managing your money.
However, if you don’t have a determination mindset you just read this post and never put it to action.
But if you hold yourself accountable and stay committed to this goal then you can become a millionaire before the age of 30.
When you end up have one million in your savings account or asset net worth, that those not mean you should stop saving or investing.
Push forward to ten million or even fifty million. Ensure that you don’t die poor in life.
Do let me know in the comment area which of the powerful principle is the way to become a millionaire before the age of 30.
Share this post with friends on social media and help then in learning this powerful tricks.