Do you know that there is more than one way to become a millionaire before 30? That’s right, the time when young people could become rich only by inheriting the wealth of their parents or grandparents are gone. Thanks to modern technology and the mindset of modern people you can become rich fast.
Of course, this is not a smooth sail and it doesn’t mean that anyone can become a millionaire. You have to introduce some changes to your lifestyle and follow some tips that can help you achieve this monumental goal. This is the reason why we have created this interesting guide that will help you get rich while you are still young.
- Find out what changes you can make in your life to get rich fast
- Learn what things you should avoid on this quest
- Get tips that can help you save and earn money
The tips we have selected can be used by almost every young man or woman out there. Becoming a millionaire before 30 has never been easier and if you want to use this opportunity, our guide is here to help you. Check the tips, implement them in your life and try to become a millionaire.
1. Establish a part-time business that you can do at night
Everything is easier when you are young. The main reason for that is very simple – you have a lot of energy and you are probably quite enthusiastic. Obviously, you can get rich if you feel completely disappointed, depressed and out of energy. So, when you are young, you can try to establish a part-time business at night. This is an excellent way to spend that extra energy you have and earn money.
Figure out what you are passionate about and try to establish a business based on the things you love. For example, some people will find it useful to create an online business that provides (sells) info about the things they are passionate about like preparing meals, workout, pets, etc. Take some time and think about all the options you have. The best part is that if you are interested in a specific thing, this part-time business won’t feel like real work.
- Figure out what you are passionate about and establish a business related to your passion
- Use the Internet to sell information/products
- Use the night for this purpose
2. Save as much as you can from your income
If you use the Internet to find advice about how much money you should put aside from your income, you will find different tips. Many experts say that 10% savings of your income are more than enough. But, who can tell what’s right or wrong especially if you are trying to become a millionaire before 30?
So, when you are trying to establish a reasonable amount of money to save, you can start with 10%, but gradually you can start saving even more. If you save more, you will earn and have more. Obviously, after some period of time, you can consider using some of the many investment options that can help you grow your capital and get you closer to your main objective – becoming a millionaire.
- Start saving 10% of your income
- Increase this percentage over time
- Use the savings wisely
3. Stop purchasing products that you don’t need
Do you really need a cable TV? How many hours have you spent watching cable TV in the last few months? If you are like most young people, then you are probably watching movies and TV shows online. A good streaming service like HBO, Amazon Prime Video or Netflix can help you watch trending video content for less.
After reviewing the things that you are already using, but you don’t actually need, it’s time to start thinking before you buy new things. There is one simple rule that can help you save money and help you get rich in the long run – if you can live without that service or product, then don’t purchase it.
Do you really have to buy a high-end surround system when you already have a soundbar? Do you have to get a new car while your old car is still working well? Remember that you sometimes have to make sacrifices to achieve a goal like this.
- Don’t buy things that you don’t need
- Assess the cost of the things you are using at the moment and get rid of the ones that you don’t really need
- Saving money helps people get rich faster
4. Use short-term goals to achieve your main goal
Obviously, your main goal is to become a millionaire before 30. To be honest, this is a big goal and it will take some time to reach it and that’s why it’s better to set short-term goals that will help you on your road to wealth and luxury. After all, it’s almost impossible to earn your first million in case you don’t earn 10.000 Euros first, right?
What every young person need is short-term goals that are realistic and achievable. For instance, let’s say that you are working in a company where you want to become a CEO or a high-ranking representative in a few years and you hope that this position will help you achieve your dream – to become a millionaire.
Becoming a CEO is definitely not a well-thought-out short-term goal. You should set a realistic goal like increasing your productivity by 10 to 20% this month. In this way, you can monitor your progress and get the necessary inspiration and motivation to move forward.
- Use multiple short-term goals
- Your short-term goals must be realistic and relatively easy to achieve
- You must have a good plan
5. Use your saved income and invest it
As most of you are probably aware, you can’t become a millionaire, especially not before 30, if you keep spending your money and not putting some of your income aside. But, the money you are saving doesn’t have to remain passive. You should use this money wisely, in investments that pay off.
There are many people that are redirecting the savings they’ve made during the month to their investment accounts. Let the money you’ve saved help you achieve your goal automatically. There are many different investment options out there – from the stock market to the real estate market. Feel free to establish an investment account right away.
- Save money and invest it wisely
- Use the help of a money manager if needed
- Consider investing in the stock market or real estate market
6. Hang out with rich people
You can’t choose your family, but you can definitely choose your friends. Many of us have friends from their childhoods and the advice we are about to share doesn’t mean that you should stop seeing these friends. There’s always room to include more people in your life and if you want to become a millionaire before 30, it’s better to start hanging out with rich people.
There were many studies that have shown that people who spend more time with successful people have more chances of becoming successful themselves. The truth is that people that we associate with are a reflection of our ambitions and expectations.
To put it in simple words, winners like to hang out with other winners. So, think about all the places where you can find millionaires – book signing events, business breakfasts, special courses and lectures, Chamber of Commerce events and more.
- Look for exciting rich people and hang out with them
- Don’t forget your childhood friends
- Attend special events where you can find rich people and learn new things
7. Build a startup
To be honest, building a startup is not easy. However, with your energy and motivation, you should be able to complete a task like this. With the help of a startup, you can start earning money. If everything goes well, you can sell the startup for thousands if not for millions of Euros. Many young millionaires have earned their wealth in this way. Some of them were able to sell a few startups.
To create a startup, you will have to develop an idea. This means that you should try to identify a problem that many people are experiencing and you have to start looking for a solution. After that, you have to analyze the market and put your plan into action. Unleash your creativity and create a product or service that will make you a millionaire.
- Building a startup requires a lot of energy
- Identify a problem and start looking for a solution
- Grow your startup and sell it
8. Win the lottery
This has to be one of the easiest ways to get rich and become a millionaire before 30. When we say “easiest” we are considering the resources that you will have to use to achieve this goal. Lottery tickets are inexpensive and all you have to is to pick the numbers and wait for the draw. Truth be told, there’s a very slim chance that you will win the lottery jackpot after a few tries, but anything is possible.
If you like this option of becoming a millionaire, you could also try playing casino games. There are a wide range of casino games that you can play both in land-based casinos, but also online. From poker and roulette to blackjack and slots – all these games are offering great rewards. Keep in mind that some of them are based on pure luck while others require skills and knowledge. Do some research, consider the options you have and start gambling. Remember that you should gamble only money that you can afford to lose.
- Buy a few lottery tickets and wait for the outcome
- You have to be persistent if you want to win prizes
- You can try casino games too
9. Develop a unique application
This is a tip that will put your creativity and innovation capabilities to the test. Most people think that you have to be an experienced app developer, programmer, and coder in order to develop an app, but it doesn’t have to be like that. Of course, you’ll have to learn a few things, but there are many platforms out there that can help you create an app even if you are not a tech-savvy guy.
The main objective here is to have a good idea and transform that idea into an app that can help mobile users solve certain problems. In addition, even a good game can help you achieve this goal. There are many games and apps that have become viral overnight. Their developers were able to earn money through in-app purchases or they’ve released paid apps instead of classic free apps. In addition, you can always sell your app for a huge amount of money.
- It takes just a short period of time to learn how to develop a basic app
- You must have a good idea
- You can also create mobile games and provide in-app purchases to earn money
10. Educate yourself and stay informed
Spend a certain period of the day on reading the finance section of the magazines or newspapers that you are reading. In addition, you can find many interesting blog posts focused on these things. Becoming a millionaire before 30 is about making smart financial decisions and you won’t be able to do this if you don’t have knowledge in this field.
With the help of information like this, you will be able to make the right moves when it comes to investing money. You will know which markets are hot and trendy, but you’ll also figure out which sectors you should avoid.
- Read newspapers, magazines, and blogs dedicated to finance
- Try to make the best financial decisions based on this information
- Learn how to avoid bad investments
11. Monetize your knowledge
Almost all modern people have one thing in common – they feel that they lack time to finish all the things that they want to do during the day. That’s why they need help from others. So, if you have knowledge in a specific area or you are good at something, you can always monetize your knowledge.
The best way to do this is to use the Internet. This is the place where you can get hired for anything. Even if the job has to be done in the real world, you can still find many ads on the Internet. When it comes to virtual jobs, you can get money from literally anything. Did you know that some people get paid just to play video games?
Of course, you have to be good at what you are doing. For example, you can become a freelance writer, but you can also create illustrations, provide tips and advice and do many other things. Explore the market and see what kind of help people need.
- Monetize your knowledge by offering your services online
- You can get involved in all kinds of paid activities on the Internet
- Explore the market and find a job that’s suitable for you
12. Get rid of your debt
In case you are like most young people, then you probably don’t have a huge debt. However, regardless of the size of your debt, it’s wide to get rid of your debt especially if you want to get rich. You can expect to become a millionaire before 30 if you are still paying off your student debt. Saving a percentage of your income and investing money is crucial for the growth of your wealth, but before you start doing this on a regular basis, you should try to clear your debts.
As we said before, you should think about your student debt, but also about your credit card debt, car loan or other loans that come with high interest rates. These monthly payments are keeping you down and they are not allowing you to start earning real money. Unleash your true potential by paying down this debt.
- Most people have debts, but if you want to become a millionaire you have to work on eliminating that debt
- The high interest rates are keeping you away from your main goal
- Start with the loans that have the highest interest rates
13. Rely on diversification
When someone mentions diversification, people usually think about investments. Surely, investing is one of the crucial factors that have an impact on your journey to becoming a millionaire before 30, but it’s not just the investments that we are talking about. As an ambitious young individual, you should make an effort to diversify different things in your life.
For example, it’s a smart move to focus on developing a skill, but putting all your money and energy on one skill is not the best idea. You should invest in at least a couple of skills. The same goes for the networking efforts you are making or the income streams. In this way, in case something goes wrong, you will have a backup.
- Diversification of investments, skills, networking, and other things prevents failure
- Focusing on one thing means taking a lot of risk into something that won’t work at all in the future
- Consider different diversification options
14. Develop more than one stream of income
Most experts agree that it would be very difficult to become a millionaire when you are relying on one source of income – your job. As a matter of fact, an average millionaire has over 5 income streams. So, it’s a good idea to get involved in some freelance work. It’s also a smart move to invest in stocks.
In the beginning, it’s much better to invest in learning than earning. Of course, one of these things doesn’t exclude others. However, if you think that you can learn more from the things that you are doing and you can benefit from this knowledge in the future accept that job or activity even if it pays less. After some period of time, if everything goes in the right way, you will have a chance to get money from royalties, businesses, investments and other income streams.
- An average millionaire has at least 5 income streams
- You can earn money in many different ways
- Opt for learning instead of earning when you are young
15. Get prepared for rejections
When you are young, you want to please everybody. However, when you have a mission to get rich, you have to understand that you won’t be able to please everybody you know. Keep in mind that you will learn this later in life even if you are not pursuing a dream like this because that’s how life works.
It doesn’t really matter whether we are talking about business, friendship or love, you will face rejections every now and then. Not everyone can accept and support your dream no matter how good you are for them. Accept this fact and go on.
- If you want to get rich, you have to understand that you won’t be able to please everybody
- This road to wealth will lead you to some rejections too
- Understand this and keep going where you are going – to success
16. Think about your future
It’s a good idea to analyze your past and to think about the things that are going on in your life at the moment, but without a vision for your future, you will lack the motivation to become a millionaire before 30. Think about the things you expect when you reach 30.
Would you like to manage a successful company? Then do whatever it takes to become a CEO of a company. Or maybe to want to earn money with the help of investments? If the answer is affirmative, then you should start reading books and follow the latest news and analysis. It’s easier to understand how to reach your goals and it’s much simpler to stay on track when you are visualizing your future.
- Take some time to dream and when you dream, remember to dream big
- Visualize yourself when you reach 30 in order to stay motivated
- Find the tools you need to achieve your dreams and long-term goals
