11 things to do in your 20s to become a millionaire in 30s
11 things to do in your 20s to become millionaire in 30s1. Concentrate on increasing your earnings It’s clear that simply saving money won’t make you rich. That’s why you have to continuously concentrate on increasing your earnings either through bonus, salary increase, job or career change and continue to pursue this goal. 2. Develop multiple income streams Sometimes tip 1 doesn’t always work so easily. That’s why you should always try to create more income opportunities for yourself. That’s what millionaires also do as they believe single income stream will not always be enough to become millionaire. 3. Save to invest and not to save Funnily, millionaires are sometimes “broke”. Because they invest their saved money mainly in funds or enterprises. And that’s a good thing. Because you invest in a long term future that secures you – even if that means having little money in the present. Because just saving to save will not get you anywhere in the long run. You have to invest. Didn’t treat yourself with luxury watch or car until you have several secure sources of income. 4. Be decisive Avoid decision fatigue and maintain your mental strength by making decisions quickly and easily, planning actions aggressively, and performing simple tasks like auto piloting. Determination is one of the most important characteristics of millionaires according to studies. 5. Don’t be proud, stay modest This applies at least until your business and investments generate several secure income streams and you have a secure income. 6. Change your way of thinking about money At the end of the day, rich people differ from normal people only in the mindset. Because while the masses think they’re getting rich, they’re out of control, millionaires know that making a lot of money is just a job like any other. All you have to do is turn the right levers. Rich people use debt as a lever to boost investment and cash flow. Poor people, on the other hand, use debt to buy things that make rich people richer. Do not spend on anything you just don’t have in your pocket. 7. Invest in yourself The safest and most profitable investment that millionaires make – is in themselves. Such individuals continuously educate themselves either through online courses/classroom, read 30 minutes every day, listen to podcasts on the road or find a mentor. You shouldn’t just be a master of your trade. But a complete package capable of talking about any topic, be it financial, political or sporting. 8. Put aside the idea of a regular paycheck Most of the individuals today get into comfort zone by getting used to a life of financial mediocrity by committing themselves to a job that offers them a modest salary and possibly annual wage increase. Whereas other set of individuals, the ones with millionaire mindset, continue to start businesses and accumulate wealth through hard work and efficient strategies. It’s better to say goodbye to regular paychecks and start your own business, even if you may earn little or nothing in the initial months. 9. Set goals and visualize how to achieve them If you want to get rich, you have to know your goal exactly. And then create a concrete plan with which you can achieve it. Money doesn’t just knock on your door – you have to work hard. So you have to focus, be brave and diligent and above all know one thing: Knowledge is Power. 10. Start to surround yourself with people you admire. The idea is to surround yourself with talented people who share your vision. Because several intelligent, creative minds are stronger than one. Besides, the key message of this article is that rich people think differently about money and than the middle class. And in order to acquire this thinking, you should definitely be in their presence. 11. Set yourself greater goals than you would actually want to achieve Who says a million is enough? The sky is not the limit, right? That’s exactly what millionaires think. The earth is full of money, you just have to work hard and smart on it and not limit yourself by your own thoughts. Money is like a jealous lover: “If you ignore it, it will ignore you – or worse, it will leave you for someone who makes it his priority.”
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.
He has authored many articles on this site (allonmoney.com).