In a free-market economy, anyone can make as much money as they want, emphasizes self-made millionaire Steve Siebold, who has also studied over 1,200 of the world’s wealthiest people. To help you reach the seven-figure mark by 30, we rounded up 11 pieces of advice from people who became millionaires at a young age and people who have studied hundreds of self-made millionaires.
1. Focus on earning –
You cannot save your way to millionaire status, writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30. «The first step is to focus on increasing your income in increments and repeating that». « Start following the money, and it will force you to control revenue and see opportunities». Earning more money is often easier said than done, but most people have options.
2. Develop multiple streams of income –
One way to earn more is to increase your streams of income. 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.
3. Save to invest, don’t save to save-
The only reason to save money is to invest it. Put your saved money into secured, sacred accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one. To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access. Investing is not as complicated or daunting as we make it out to be. If you still have money left over, you can research low-cost index funds, which Warren Buffett recommends, and look into the online-investment platforms known as robo -advisers. The key to consistently setting aside money is to make it automatic. That way, you’ll never even see the money you’re contributing and you’ll learn to live without it.
4. be disciplined and decisive –
He spent five years interviewing 21 self-made billionaires and found that along with other things, they are all disciplined, Business Insider previously reported. The billionaires I interviewed are the most disciplined people I have ever met, Badziag wrote.
5. Don’t show off — show up –
“I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income,” writes Cardone. ”“I was still driving a Toyota Camry when I had become a millionaire.
6. Change your mind set about money –
“Getting rich begins with the way you think and what you believe about making money,” self-made millionaire Steve Siebold explains. At the end of the day, “The secret has always been the same: thinking,” he emphasizes. While the masses believe becoming wealthy is out of their control, rich people know that making money is really an inside job.”
7. Invest in yourself –
Many modern-day successful and wealthy people are voracious readers. Take Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading. They also focus on healthy. Every billionaire Badziag interviewed had a strict exercise routine.
8. Ditch the steady paycheck –
“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.
9. Set goals and visualize achieving them –
If you want to make more money, you have to have a clear goal and then a specific plan for how to achieve that goal. Rich people choose to commit to attaining wealth.
10. Start hanging out with people you admire –
The idea is to surround yourself with talented people who share your vision, because the alignment of several smart and creative minds is exponentially more powerful than just one. Plus, we become like the people we associate with, which is why the rich tend to associate with others who are rich. ”“Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income.” The reality is, millionaires think differently from the middle class about money, and there’s much to be gained by being in their presence.”
11. Shoot for $10 million, not $1 million –
“The single biggest financial mistake I’ve made was not thinking big enough,” writes Cardone.
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