“It is not necessary to do extraordinary things to get extraordinary results.” says the famous multi-billionaire Warren Buffet, who is the 4th richest man on Earth.
To help you get to earning at least $1,000,000 by the age of 30, let’s walk through the steps you should take to turn into a self-made millionaire (or even billionaire!). Here we have outlined 8 pieces of advice from those who’ve became dirt rich at a young age and those who’ve studied and mentored hundreds of self-made millionaires around the world.
No one can guarantee your millionaire status, however applying these steps to your life won’t hurt the odds:
1. Take Risks
“It’s not an easy job to be a millionaire if you’re not lucky.” How can you be a millionaire then?
You must have the desire to be a millionaire. Most millionaires and businessmen who are self-made millionaires have an insatiable passion of being a millionaire. This includes spending everything they need to achieve goals as well as taking risks.
The next thing you need to do is develop your investment strategy once you commit to becoming a millionaire. You can make more money if you choose the right profession and career path, but it’s important to know what you are doing with the income earned. You need to invest your income, and convert it into passive income so your money can work for you.
Risk = Not being sure of what you are doing?
In life, business and investment, you need to make sure not to take casual risks, but rather the type of risk you are willing to take not based on emotions, however rational business planning. Every business or investment decision involves a certain element of risk, low or high.
Cambridge dictionary relates to risk as being the “possibility of a problem”. Many people see risk as a possibility to lose some of their money when investing it. Investment experts call risk “a return variability” and a typical fund manager sees risk as being the difference between expectations and results. A favorite overall risk quote comes from no one other than Warren Buffet himself: “A risk comes when you don’t know what you’re doing.” This nails it pretty well, but if you are not willing to take any risks, you have zero chance of making money.
2. Save to Invest
This is probably the fastest way of becoming a millionaire. Warren Buffett is an excellent representative of investing billions of dollars. You must first understand his market beliefs and investment strategies in order to become the successful investor Warren Buffet is.
According to him, “The market is irrational.”
Warren Buffet believes in the “irrational market“, as it is often motivated by fear and greed. Are there investors that buy and then sell after the market collapses? Are you one of these investors? Once you’ve researched and understood the genuine value of stocks you’ve bought, you feel secure and don’t worry about price increases and decreases.
No one can consistently predict investments.
You have taken a moment to remember, to hear from someone who spends money, then order mysterious tradeoff systems, make decent profits, and all of this to only be disappointed at the end? The average investor is trying to anticipate the next step in the market. If they can’t predict it, they give the alleged experts the money they pretend to know how to turn into wealth. Warren Buffett accepts as true that a successful investment is unpredictable. Master stockholders are well aware that nobody can consistently predict a market or an investment.
3. Set Goals & Accomplish Them
Successful people set themselves dream goals. They always have bigger dreams, however never live with a small goal to make these dreams come true. This is a widespread philosophy, which has been heard in the most motivating training sessions. Yet, it is sad that only a few dreamers know the right way to do this effectively.
Normal and average people still dream of earning money and becoming millionaires. They would then realize their dream of living in the most stunning family home, traveling around the world, driving the most luxurious and fastest car, shopping in the most luxurious shopping mall without paying attention to price tags, etc. Unfortunately, only a few people set themselves small goals first, such as the first $1,000,000, building their first home in a cozy environment, traveling in a family yacht, etc., and what’s more they do not want to spend more time accomplishing their goals. If big dreams and goals are very far away or difficult to realize (too big to be realized in a short time), most dreamers give up their dream.
4. Focus on One Thing
You need to focus on the thing you want and not let anything bother you no matter what. The trick is to intensively focus and develop only one out of many things! If you spend your time and energy moving in many directions and taking every opportunity to become a “temporary progressive success” in some way, you will probably succeed in reaching a “maximum potential” in your sight, but not exactly become a millionaire before your 30’s. Instead, you should reduce your time and energy to focusing on one thing only.
Focus on your goal if you want to become a self-made millionaire before the age of 30. Pick a goal you want to accomplish and set the duration of that goal. Let’s say, a particular goal can be accomplished in one year. With the right goal and the right motivation, you will be able to make your dream come true, even if you naturally have to work hard to reach it. You need to focus on the desire to achieve that goal and not give up on making big dreams come true.
Here, we need to explore the success story of the richest man in Apple – Steve Jobs. He focused on the core business affairs of his company at first; He got involved and recognized the importance and necessity of the word “marketing”.
You need to put an emphasis on marketing to present yourself and constantly expand your audience as well. You can write emails, publish online and offline ads, press releases about your business, etc. Simply put, you should market and sell your business in such a way that it sees no chance of failure. And if you are ready to get real crazy about it, like Steve Jobs did, you should create and then control markets/market demands yourself. Strategic marketing is therefore the key to the success of an attention-grabbing multi-million company.
5. Get a mentor
To avoid frequent mistakes made by beginners, it is important to find a millionaire mentor. Knowing more about Bank strategies is huge, especially if you have the goal to make money out of your own investments. The last thing you should do is waste more of what you have earned; otherwise you give the government your hard earned money.
There’s not a better way to become a self-made millionaire than hiring someone who already did it, because that’s where you’re trying to go. Once the millionaire-mentor accepts to mentor you, you start learning everything you can to become a self-made millionaire yourself. You should first look at your values and it is strongly recommend that you find someone with similar millionaire values, not just any mentor out there.
Millionaire mentors have actually held millions and millions of dollars in strategic use and proper planning of the money earned, and then avoided basic legal embarrassments using the right business planning. Find somebody who’s been that rich for a long time. Do what you must in order to gain knowledge from somebody who’s made all the mistakes of a beginner and can save you years of frustration, stress and losses of money.
Mentors of millionaires share strategic information about profits from which banks have benefited enormously for many years. The public can easily access this information, but the idea of legal interference prevents most of it from being investigated. Such information is very easy to understand however, especially if you have the right mentor at hand.
6. Read Books
Should you want to learn the secrets of millionaires, you must first investigate what the rich know and the way in which they work. Some millionaires became millionaires by pure chance. Lottery winners are the most ordinary example, but this is very rare. There are also those who got rich inheriting the property of their rich parents. If you read the books and biographies of the famous multi-millionaires and billionaires of this generation, especially Steve Jobs and Bill Gates, you will find they became so rich, not because they are lucky, however because they are determined, patient and willing to work hard and wisely, to achieve their social and financial status.
7. Invest in yourself
Here and now, there are several very good questions you can ask yourself. If you can, should you do it better? And of course, the answer to this question would be positive for almost anyone looking for success. Shouldn’t you do it if your health could be improved? Shouldn’t you do it if you know more than others do? If you can earn more money, why shouldn’t you do it then? Shouldn’t you improve your intellectual level and knowledge, your spirituality and relationships? That’s what success means.
Still, turning into a self-made millionaire before the age of 30 is not just about the goal of everyone who is trying to get there. It’s like Zig Ziglar says: “Improving all areas of your life, in order to see whether at each year, month, week, day’s end, you can’t say with satisfaction “This year I’ve made an excellent progress, for my business, my family, myself, and for my health.” You should believe that this kind of success, which is recognized by everyone, is legitimate and that we should together strive for it.
It is important to invest in yourself. In order to make better decisions, it is therefore essential to perfect your philosophy. We become aware of the choices we make with a strong personal philosophy that guides every step. It all begins with our thinking and belief systems. In your life, thoughts can be the most important creative forces. You create the whole world as you see fit. All people and your life situations have just the meaning that you give them in your way of thinking. And sometimes, in a few seconds, changing your way of thinking, you also change your life.
8. Go for $10 million, not $1 million
Regular people rarely or shall we say never do what a millionaire does. Millionaires have several sources of income. Getting involved in the investment can generate more income, but it can also happen in different ways. Once you earn your income, you’ll soon find other opportunities and start building another business so that it can start earning you more. You will become less dependent on anyone if you can generate several sources of income and thus protect your lifestyle.
The sooner you realize the only individual who will prevent you from doing this is you, the sooner you can deal with setting a higher goal. When you start being successful, don’t think any further, but continue with the good work. You need to focus on your goals to eliminate fears or negative effects.
A young entrepreneur, author, blogger and freelancer, Umaid Ali is a man who is passionate about inspiring and educating youth to live a life they love