How to Become a Millionaire By 30

If you think being a millionaire by the age of 30 is impossible, think again. Most millionaires are in their 40s and 50s but I believe that’s only because they start saving and investing at a later age. So if you’re in your twenties or even your teens and you want to be a millionaire by 30 follow some of the tips that I have below.

Save Early and Save to Invest

   The first thing you should do is start saving. A lot of millionaires save the majority of their income that way they’re only living off a small percentage of it. If that might be a little extreme for you, start by saving 5% or even 10%, but the key is to start somewhere.

 The next thing you want to do is make sure that you are saving to invest and not simply saving just to save. If your money is sitting in a bank you are really losing money because the interest that the bank gives you is far less than the rate of inflation. So when you save make sure you’re saving for an investment goal if at all possible.

Don’t Show Off

 When you start to make “good” money, a lot of people have what is called lifestyle inflation. This is when people buy fancier or more expensive things just because they have the funds to do so, where 10 years ago they wouldn’t have made this kind of purchase.

So if you’re trying to keep up with the Joneses let’s go ahead and lose that narrative of being a millionaire by 30. If you notice, really wealthy people don’t show off their wealth. They live an everyday “normal” life. The glitz and glam will only come once you reach a certain level.

Multiple Streams of Income

 You want to make sure that you have multiple streams of income. Yes, you can be a millionaire by 30 by putting a lot of money in your 401k and investing the other majority of your money. But to really ramp up the savings and investing that you want you need to be able to have multiple streams of income.

 This can start out as side hustle or even a completely new job, just make sure that you are doing all that you can to increase your earning potential.

Ask for Help

 Don’t be afraid to ask for help in this journey of becoming a millionaire by 30. The last thing that you want to do is figure everything out by yourself, and reinvent the wheel. I always suggest you find a mentor that is doing what you want to do in life.

This mentor will guide you in the direction that you want to go while helping you avoid the mistakes and pitfalls they made. On top of a mentor you need an ally. This ally will be able to speak for you when you aren’t there to speak for yourself.

Rob’s Opinion 

 We all want to be rich someday and some people’s goals happen sooner than others. If your goal is to be a millionaire by the age of 30 follow these tips and it is bound to happen. Not only will these tips help you for your 20s to get to your 30s but it also helps you later on in life if you want to ramp up your Investments or retirement fund. 

If you are looking to make a quick buck there are thousands of ways to do it. But the most important thing is that you build something sustainable that will pay you for the rest of your life. To be put years ahead of everyone else, head over to my Wealth Building Playlist to find out how.