10 Ways to Become a Millionaire by the Age of 30

Becoming a millionaire is no easy feat. Earning your first million before you’ve turned 30 is about as improbable as it gets. But if you really had the mindset of a millionaire, you wouldn’t let the odds deter you. After all, we live in a time of unbelievable prosperity.

If you’re a teenager or 20-something looking to earn your first seven figures before turning 30 (a lot of math in that sentence), there are a few steps that might help you get there. Rest assured these tips aren’t a get-rich-quick scheme. Rather, they are simple, proven strategies for making money. The more you put these strategies into action, the more likely you are to watch your money grow. So read this top-ten list and begin counting down to your 30th birthday. With a little bit of luck and a lot of hard work, you too may join the exclusive millionaire’s club.

1. Increase your income

You really shouldn’t roll your eyes at this. How else do you expect to become a millionaire before you’re 30? To achieve this lofty goal, you need to increase your income. Period. Whether this means upskilling, earning a new credential, starting a business or opening up a trading account, you simply must increase the amount of money coming in. This usually entails diversifying your income streams. You’d be surprised just how many income sources millionaires have (hint: it’s way more than one).

2. Invest, don’t save

You know that extra money you have left over after you’ve covered all of your living expenses? It should probably go into an investment account where it has the best opportunity to grow. A secure, long-term investment account is one of the best ways to grow your money. Through compound interest, regular contributions and higher asset valuations, an investment account provides far more growth opportunity than traditional savings.

3. Get out of personal debt

If the debt doesn’t pay you, it’s probably personal debt (credit cards, lines of credits, etc.). Pay it off in full as soon as you can or forget about becoming a millionaire any time soon. Personal debt is one of the biggest impediments to becoming wealthy. Don’t fall into the habit of trying to pay off debt and build wealth at the same time. Focus on one strategy at a time.

4. Live simply

By living simply, you avoid unnecessary costs that are sure to eat away at your chances of becoming a millionaire. Many self-made millionaires are very frugal and refuse to spend money unless they absolutely have to. At some point, you’ll have to develop these traits. Save the fancy cars until you’ve earned your second million.

5. Learn to trade

For the record, trading and investing are not the same thing. Investing is usually grounded in a long-term strategy with a high degree of emphasis on risk management and regular, consistent contributions. Trading is all about buying and selling financial assets as quickly and as profitably as you can. With a lot of training and practice, you may become a pretty good trader. Just make sure you tread very carefully and avoid over-leveraging your account.

6. Track your progress

Millionaires are extremely driven people. They set goals, write everything down and track their progress methodically. If you want to join their ranks, you will have to adopt some of these obsessive traits. By setting goals and tracking your progress, you will train your mind for success.

7. Try new things

The average millionaire fails many times before striking it big. They aren’t afraid to experiment and try new things. If you truly want to increase your earning power, you will need to step outside your comfort zone. Whether this means opening up a new business, exploring different ways of doing things or learning new skills, you must be willing to expand your horizons.

8. Get a mentor

Almost every millionaire will tell you they had a mentor or someone that helped them see the world differently. Unfortunately, many young people limit themselves to just their peer group. They simply don’t have anyone to look up to or learn from. As a young man or woman, you should actively seek out mentors who can help you. If you’re willing to seek them out, they’ll most likely be willing to pass on some words of wisdom that can help you on your journey.

9. Dream big

Don’t limit yourself to $1 million. Dream about $10 million or even $100 million. The more ambitious you become, the more likely you are to achieve your dreams. You are certainly encouraged to dream big. After all, you become what you think about most of the time.

10. Give value

This may sound cliché, but it isn’t all about the money. If you aren’t creating value for all those involved in your journey, you will never reach your end goal. Becoming a millionaire isn’t a zero-sum game of winners and losers. It’s about offering yourself in a capacity that creates value for others. That’s the value that people will end up paying you for.

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