Over the years, getting rich and becoming a millionaire is a taboo topic. Saying it can be done by the age of 30 seems like a fantasy. It shouldn’t be taboo and it is possible.
The following are 10 steps that will guarantee you will become a millionaire by 30.
1. Go for the money –In today’s economic environment you cannot save your way to millionaire status. 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.
2. Never show off but rather show up! – don’t buy a luxury watch or car until your businesses and investments are producing multiple secure flows of income. Be known for your work ethic, not the jewelries that you buy.
3. Save for investment, don’t save for just saving.The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). You would rather be broke but have investment.
4. Do not take debt that doesn’t pay you.Make it a rule that you never use debt that won’t make you money. Borrow money only when you know it will increase your income. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
5. Treat money like a jealous lover.Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
6. Be aware that money doesn’t sleep.Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. Stay awake over night to make that extra sale. Never try to be the smartest or luckiest person — just make sure you outwork everyone.
7. Being poor makes no sense.If you have been poor, I know you that it sucks. Eliminate any and all ideas that being poor is somehow OK. Bill Gates has said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”
8. Get a millionaire for a mentor.Many people were brought up middle class or poor and they hold themselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and their resources.
9. Let your money to do the heavy lifting.Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money you won’t make investments. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
10. Shoot for Ksh10 million, not Ksh1 million.The single biggest financial mistake that many make is not thinking big enough. I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.
Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too.