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 notion can also be applied to people around the age of 20s. To help you reach the millionaire status before you get the age of 30, here are 4 simple pieces of advice from the 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 on increasing your current income and then repeating that process. Grant Cardone who achieved the status before the age of 30 started 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.
Avoid Showing Off
Just because you managed to create tens of thousands of bucks, doesn’t mean you should waste your money buying luxury items. You should focus more on your ethics in your work and not about splashing out on luxurious things. In case you want to use it as your inspiration and motivation to be a millionaire, there are heaps of ways on how to stay motivated without spending your money. As an example, you should first wait for your business to have multiple cash flows before buying a luxury watch.
Save Then Invest
One of the main reasons why you are saving money should only be so that you can invest it and make your money work for you. The money that you saved should be kept secured into an account. You should never use this, not even for an emergency situation. If you’re young and not too concerned with buying a house just yet, you might want to invest in property. Investing in a property while you are still young can be a good way to build a solid financial foundation for the near future. Several first-time buyers these days choose to invest in a property rather than to live in it because when you apply for a loan as an investment, banks, and lenders will most likely increase your borrowing capacity since they will factor in the income you can potentially generate from rent, which is on top of your regular income. Another great way to invest your money wisely is by buying shares. For most people, buying shares is not about getting rich quickly, rather, it is about a long-term goal of choosing to buy shares of companies that look likely to do well over the long term and whose shares should, potentially, increase in value over time. That said, you need to do plenty of research before you start investing your money in either property or shares.