So you want to be a millionaire by the time you are 30? You’ll need a strategy and a lot of hard work. And a bit of luck, too. Taking advice from some of the wealthiest, most successful people couldn’t hurt. It’s working for them. Why not you?
- Change the way you think about income.
Switch from thinking about making a living to focusing on increasing your income. Concentrate on building your income in increments by looking for money-making opportunities. Looking at ways to earn income will inspire you to find those opportunities. Start by reading about high-paying jobs you can do on the side.
- Save to invest.
The key is to make saving automatic. You’ll learn to live without it if you never see the money you’re contributing. The simplest way to start investing is to take full advantage of your company’s 401(k) match program. Then consider contributing money toward either a Roth IRA or traditional individual retirement account. Next, you can take Warren Buffett’s recommendation and research low-cost index funds.
- Invest in yourself.
The safest investment you’re going to make is in your future. Pursue learning above everything else. Read at least 30 minutes a day so that you can talk about any subject: sports, political, financial. Seek out mentors.
- Learn to deal with people
It was Mark Cuban who said, “People hate dealing with people who are jerks. Don’t be a jerk.” While learning how to be assertive is important, you’ll need people skills and charm, too.
- Make decisions.
Your ability to pay attention is a limited resource. Save your considered decision-making for the important issues. Put the simple choices−what you wear to work and eat for breakfast−on autopilot. Be decisive.
- Take risks.
Successful people believe that what they want will eventually happen. Having that kind of faith in yourself and others gives you the strength to take necessary risks despite uncertainty. You won’t get rich by setting the bar low.
If you want to explore these and other things you can do in your 20s to become a millionaire by your 30th birthday, check out the tips Yahoo’s Business Insider put together from some of today’s self-made millionaires.