Posts by Categories
Small Business Internet Business Marketing Ideas Internet Marketing Franchise Business Ideas Boost Sales Startup Investment Low Cost Business Business Plan Home Business Loan Entrepreneurship Adsense Promotion Real Estate Business Email Marketing Marketing Plan Business Marketing Banking Oil and Gas Business
How To Become A Millionaire by Age 30
Getting rich and becoming a millionaire is a forbidden topic to many.Saying it can be achieved by the age of 30 sounds unreal.
but it is possible.I graduated from college at the age of 21, very broke and in huge debt but by the time I was 30 years old, I was a millionaire.
Here are the 10 steps that will guarantee you will become a millionaire by 30.
2. Don’t materialize your money -- show up! I didn’t buy my first luxury watch or car until my investments were producing multiple incomes. I was still driving a Toyota Camry when I was already a millionaire. Be known for your work ethic, not the rolexes that you buy.
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 (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.
4. Avoid unnecessary debt . Make it a rule that you never have to borrow for luxury. I borrowed money for a car only because I knew it could increase my 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 to be free from financial stress, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Ignore money and it will ignore you, or worse still, it will depart from you for someone who makes it a priority.
6. Money doesn’t sleep. Money doesn’t care about dates, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. When I was 26 years old, I was in retail and the store I worked at closed at 7 p.m. Most times you could find me there at 11 p.m. making an extra sale. Never try to be the smartest or luckiest person -- just make sure you outwork everyone.
7. Being poor makes no sense. I have been poor, and i tell you it is not enjoyable. Eliminate any and all ideas that being poor is somehow OK.You need a reaction against where you are before your level can be changed 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 mentor who is a millionaire. Most of us were brought up middle class or poor and then hold ourselves 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. Get your money to do the heavy work. 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. The second company I started required a $50,000 investment. That company has paid me back that $50,000 every month for the last 10 years. My third investment was in real estate, where I started with $350,000, a large part of my net worth at the time. I still own that property today and it continues to provide me with income. 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 $10 million, not $1 million. The single biggest financial mistake 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. do not associate with people that that your financial dreams are born of greed. Avoid get-rich-quick opportunities, be ethical, do not give up, and once you make it, be willing to help others make it too.
Culled from the Entreprenuer