Everyone wants to be financially independent and earn as much money as possible, but not everyone knows how to do it. Edition IncRussia gathered 11 tips from researchers and millionaires on how to become a millionaire by age 30.
Focus on earnings
“My income was $3 thousand a month, and after 9 years — $20 thousand per month. Start to follow the money, it will force you to control revenue and see opportunities,” says entrepreneur, author of the best-selling book about business and millionaire Grant Cardone.
Develop multiple streams of income
Author Thomas Corley for the past 5 years have explored the habits of wealthy people for his book Rich Habits. He found that many of the millionaires have multiple streams of income.
According to Corley, 65% of the respondents were three streams, 45% — four threads, and 29% five or more. This income can come from rental properties, investments in the stock market and partial possession of additional business.
Do not skimp in order to save money. Invest accumulated money
“The only reason for austerity is to further invest. Put money into secured, sacred untouchable accounts. Never use these funds for anything, even in emergency cases,” says Cardon.
One of the world’s largest investor Warren Buffett recommends putting 10% of savings in short-term government bonds and 90% in the “very cheap” index Fund S&P 500. The main thing is to make the process of saving automatic.
Be disciplined and decisive
“Billionaires, with whom I spoke, — the most disciplined people I have ever met. They set high standards for themselves and others”, — says the expert in the field of psychology of entrepreneurship Rafael Badziag. For the book The Billion Dollar Secret of Badziag interviewed 21 billionaire.
Another quality of rich people — determination, writes in his book “Think and grow rich” 1937, journalist, Creator of the genre of self-help Napoleon hill. The writer has studied the habits and lifestyle of 500 millionaires.
Do not rush to buy expensive things for show
“I didn’t buy the luxury watch and car until my businesses and investments began to bring enough money to feel stable and secure. For a long time I drove a Toyota Camry, although it was a millionaire. Let you know the approach to work and principles, and not by the trinkets that buy,” says Cardon.
Start to think differently about money
“While the masses believe becoming wealthy is out of their control, the rich people know that earning money is real inner work. Wealth starts with how you think and what you believe,” explains millionaire Steve Siebold.
Invest in yourself
For example, Warren Buffett dedicates reading 80% of the working day, and each Respondent Badiaga billionaire daily sports.
Discard a stable salary
“It’s not that there are not artists of the world level, but for most this is the slowest path to prosperity that is promoted as the safest. Great to know that self-employment is the fastest way to riches. Mass almost guarantee yourself financial mediocrity by staying at a job with a modest salary and annual increases,” — says Siebold.
Set goals and visualize achievements
“The number one reason that most people don’t get what they want, they don’t know what I want. Rich people are totally clear that they want wealth,” says Thomas millionaire Harv Eker. It’s not enough to dream about the money, you need to set a clear goal and have a concrete plan to achieve it.
Start chatting with people that I admire
“In most cases, your capital reflects the level of your closest friends. Interaction with more successful people can expand thinking and catapult revenue. Millionaires think about money not as the middle class, and by communicating with them much to obtain”, — said Siebold.
Aim for $10 million, not $1 million
“My biggest financial mistake was not ambitious enough thinking. I encourage you to set a goal above $1 million On this planet there is no shortage of money, there is only a shortage of people who think widely,” says Cardon.