How to become a millionare by 30 ?
Caution : Highly Informative !!!
Commit to Becoming a Millionaire
On the surface, this may seem like a “soft step”, but it’s really the beginning of the whole journey. Becoming a millionaire is a long process requiring changes of both mindset and lifestyle. To make it happen, you’ll virtually need to create a mission statement.
You’ll also need to commit to the individual strategies. There isn’t just one process that will make you a millionaire.
a. Get a partner, a good partner :
"If you want to beocme a millionare by 30, commit yourself that you won't marry till you make a Million Dollar" - K.K.
There will be plenty of people obstacles on the path to becoming a millionaire. You and your spouse will need to be united in your effort. It’ll take everything you both have together to resist the many outside influences that will take you in the opposite direction.
Unfortunately, spouses aren’t always equally yoked when it comes to finances. You may need to help your spouse by emphasizing the vision the payoffs that will come with millionaire status. He or she will need that awareness to embrace the many sacrifices it will
Apart from your spouse, it will also help if you have others in your camp. Look for people who are similarly motivated to become millionaires, and meet regularly. You can form something like a mastermind group to bounce ideas and support one another.
Get any ideas of picking a winning lottery ticket or hitting a once-in-a-lifetime investment out of your mind. For most people, becoming a millionaire is less about moonshot and more about a slow climb.
To become a millionaire, you’re going to have two primary objectives: to save money and – if you’re like most people – to get out of debt.
The only way to do that is to reduce your cost of living dramatically. That will allow you to allocate the difference to savings and debt payoff.
d. This is where the sacrifice part of becoming a millionaire in your 30s begins to hurt :
You’ll watch your friends buy McMansions, while you’re living in an apartment in a working-class neighborhood. Others will buy a brand-new car every five years, while you’re driving around in a 15-year-old beater. Still others will take luxury vacations to exotic locations. You’ll be taking staycations with day trips to low-cost destinations.
To reach millionaire status, you’ll especially need to keep tight control over the biggest expenses. That will not only enable you to reach your goal faster, but it will also give you more flexibility over smaller expenses, like an occasional dinner out or taking in a concert or sporting event.
Living far beneath your means is absolutely essential if you plan to become a millionaire in your 30s. It’s the one strategy where your commitment will need to be strongest. Everything else hinges on your success with this one.
It’s a sad reality that most people have little or no savings at all. But even those who do save usually limit it to some comfortable percentage of their income, like 10%.
You’ll need to aim higher; 30%, 40%, 50% – or even more.
This is the major reason for living well beneath your means. The more successful you are that strategy, the easier it will be to commit an outsized percentage of your income to savings.
For example, let’s say you and your spouse earn $100,000 per year. You pay about $20,000 in taxes, leaving you with $80,000. If you save 30% of your income, you’ll be putting $30,000 into savings each year. That will still leave you with $50,000 to live on. It may take some effort with today’s cost of living, but it is possible.
A larger percentage should be allocated to savings with a higher income. If you earn $200,000 per year, with $150,000 after taxes, saving 50% would move $100,000 into savings. Like the couple in the previous example, you’ll still have $50,000 to live on.
If you can save $50,000 each year, and invest it at 7%, you’ll cross the million-dollar threshold in just 13 years.
Debt is a detour on the road to becoming a millionaire. But if you’re going to be successful, it has to go.
This will be a real variable, since people have different levels of debt. For one individual or couple, it may mean paying off a couple of credit cards. For another, it may be a big car loan and a bunch of credit card debt.
And of course, one of the debt obstacles for a lot of young people is student loan debt. With the average student debt now exceeding $35,000, you’ll have your work cut out for you just getting that paid off.
But pay it off you must, along with all other debts. Debt payments reduce the amount of money you’ll have available for savings. Closer to home, they make it much more difficult to live on a greatly reduced income.
If you have a lot of debt, you may need to make paying it off the priority over savings and investments. It’ll slow you down a bit, but it’s a necessary first step. It’s an integral part of lowering your overall cost of living.
It’s often believed that people become millionaires by making exotic investments. Nothing could be further from the truth. The typical self-made millionaire is more likely to be aggressive with his or her career, but much more conservative with their investment portfolio.
Rather than searching for that elusive investment that will rocket you to millionaire status, keep your investments basic. Investing is one of the best examples of the slow and steady wins the race doctrine.
Participating in your employer’s retirement plan is a must.
One of the best investments you can make is to invest in yourself. At least until you reach the point where you have a seven-figure investment portfolio, your earned income is likely to be your biggest source of wealth. The better you can be at whatever you do, the more you’ll earn, and the faster you reach millionaire
It really is possible to become a millionaire in just a few years. But it will take at least a decade, and that’s why you need to be patient. There will be times when you’ll feel like you’re just treading water. That’s where patience will become a real virtue.
Increasing your income will also take some of the pressure away from living beneath your means. By increasing your income, you’ll have more money to save and to live on. Think of it as making the ride more comfortable, as well as less time-consuming.
j. But if there’s a millionaire trade secret, is being relentless :
Growing your wealth to $1 million or more should be anything but boring. You’re not just marking time, you’re implementing new strategies and carrying them through until you hit pay dirt. You’ll need to be relentless to make that happen.
"If Others can do it .... I bet you can too.......!
Good Luck ...! God Bless You ....!"
Thank You
K.K.
CEO kuipeer
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