Getting rich and becoming a
millionaire is a taboo topic.
Saying it can be done by the age
of 30 seems like a fantasy.
It shouldn’t be taboo and
it is possible. At the age of 21, I
got out of college, broke and in
debt, and by the time I was 30, I
was a millionaire.
Here are the 10 steps that will
guarantee you will become a
millionaire by 30.
1. Follow the money- In today’s
economic environment you cannot
save your way to millionaire
status. The first step is to focus
on increasing your income in
increments and repeating that. My
income was $3,000 a month and
nine years later it was $20,000 a
month. Start following the money
and it will force you to control
revenue and see opportunities.
2. Don’t show off -show up! I
didn’t buy my first luxury watch or
car until my businesses and
investments were producing
multiple secure flows of income. I
was still driving a Toyota Camry
when I had become a millionaire.
Be known for your work ethic, not
the trinkets 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 debt that doesn’t pay
you - Make it a rule that you never
use debt that won’t make you
money. 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 for financial
freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
6. Money doesn’t sleep - Money
doesn’t know about clocks,
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. Poor makes no sense - I have
been poor, and it sucks. I have
had just enough and that sucks
almost as bad. Eliminate any and
all ideas that being poor is
somehow OK. 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 millionaire mentor - 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 lifting - 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 I’ve made was
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. Steer clear of
people that suggest your financial
dreams are born of greed. Avoid
get-rich-quick schemes, be ethical,
never give up, and once you make
it, be willing to help others get
there too.
Source(Entreprenuer)
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