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10 Steps To Become a Millionaire Under 30 Years Old

Step by Step you will get everything you need to know in order to make your first million.




Step No. 1 : Always Spends Less than he earns


 credit :moneysavingexpert

I decide to put this point at very beginning "always spends less than he earns", if you can master this one will be the start of your road to financial independent in you life time.  It sounds so simple, doesn’t it? Yet there are many people out there burying themselves in debt (spending more than they earn) or living purely paycheck to paycheck (spending exactly what they earn).

Benefit of Spending Less

  • You begin eliminating your debts.
  • You begin to save.
  • Your stress level falls.
  • You are now able to explore possibilities closed to you before.

Step No. 2 :  To Change Friends

Your dream is to have money, now you need to meet people already have money, by saying so make them your new friends. If you think you will make it with your broke, poor friends you been straggling together for so many years, you are obviously wrong. Their mind set is not to make money is to find a living balance which is total opposite to what you are looking for.


Step No. 3: 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 here in South Africa.  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.


Step No. 4 : Buy The Things That You Need


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.

When I say thing you need, I mean things you need that will eventually give you money, in one word "Buy more Assets".  Even though one of the reasons people strive to become millionaires is to be able to afford the things that they want to do, living in a house far too big for your needs or shelling out on a vehicle more luxurious than you require is going to set you back in your goals.
Spend Less Than You Earn

Step No. 5 : Treat Money Like a Ex-Girlfriend. 

Money is like a jealous ex-girlfriend. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.  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.



Step No. 6: Make Money Work For You, 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. Look for people that will do the work, don't work in your business try to work out of your business. Make sure you create structure and process, so that when you hire someone to make money for while you sleeping will know you vision and mission.


Let’s say that in one year – a year that we’ll call Year Zero – we save $100 a month. At the end of that year, we have $1,200 and we choose to put that money into an index fund that returns 7% a year on average. In order to keep the calculations simple, we’ll assume that it’s a very steady 7% per year.

Let’s look at what happens in each subsequent year to that investment.

Year One

In the first year, your $1,200 earns a 7% return, which is $84. Thus, at the end of year one, you have $1,284.


Year Two

In the second year, your initial $1,200 earns a 7% return again, which is $84.

Also, the $84 you earned in year one earns a 7% return, which is $5.88.

You now have $1,284 – your total at the end of year one – plus your new $84 and your new $5.88, giving you a new total of $1,373.88.

It’s worth noting that in year two, your investment total actually went up by $89.88 instead of just $84 – it actually went up more in the second year than the first.


Year Three

In the third year, your initial $1,200 again earns that 7% return, adding $84 to your total. Also, the $84 you earned in year one and the $84 you earned in year two both earn a 7% return. Each one earns you $5.88, so the total of both is $11.76. The $5.88 you earned in year two also earns a 7% return, earning you another $0.41. Let’s break that down.

You have your initial $1,200. It earns you $84 this year, contributing a total of $1,284 to your investment total.

You have the $84 you earned in years one and two. Those each earn you $5.88 and together contribute $279.76 to your total.

You have the $5.88 you earned in year two. That money earns you $0.41 during year three and together they contribute $6.39 to your total.

Your total is now $1,470.05 ($1,284 plus $279.76 plus $6.39). Your investment earned $96.17 this year, more than the $89.88 of previous years.....Continue  :thesimpledollar


Step No. 7: Pay Off Your Credit Cards Every Month

 


Having a good credit score is always a strong financial situation to be in, but making sure that you can afford what you are spending is even better when you are trying to become a millionaire.

 

Step No. 8: Realize That Money Doesn't Buy Happiness


When you are working for a wholesome goal instead of a ploy to satisfy material urges, your goals will come to you faster and easier. Having a bit of money on the side separate from your millionaire fund will keep you on a steady track toward that goal; after all, you never know when a financial emergency will rear its ugly head.


Step No. 9. Don't Be Afraid to Have a Big Vision



Most modest savings plans do not end up panning out as the people who made them would have liked.

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 To Become Rich. Would like to your comments

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Steps To Become the person you want to be in life is in your hands, Business, Education Money, Career

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