MONEY

This Is How You Can Become A Millionaire By The Age Of 30

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• Shadab.blogspot.com
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Increase your income

The first and possibly most important step is to increase your income. “The first step is to focus on increasing your income in increments and repeating that.” writes Grant Cardone. Who went from a 21 year old student stuck in debt to a millionaire by the age of 30. Increasing your income may sound like a huge task but there are certain ways which can help you achieve it. Firstly, you need to make sure you have a stable job, one you’re good at. In order to make sure you have a stable position, you need to find ways to make yourself more marketable. Not only do you need this to make sure your current position stays safe, but you need to do this if you’re going to have any chance of getting promoted to higher, better-paying positions. For example, if you have a job in the technology industry you can increase your chances of getting a promotion by staying up to date with technology news and trying to find different ways of improving your skills. This way, you get more noticed by your bosses or seniors, hence it may make them consider moving you up the ladder. The same goes for any field that you are employed in.

Cut down your expenses

While it’s a common misconception that a typical millionaire is extremely flamboyant and lives a life of extreme luxury, it is quite the contrary in most cases, most people that have gotten to the top have really had to grind for it. This is what you need to do. To maintain your income’s growth, you must start cutting down on your expenses and seek out sales, always look for lesser prices than the retail price, whether its for groceries, internet etc.

Save to invest

“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.”

-Grant Cardone

Many of us deposit our money into banks, thinking of it as ‘smart’ savings. However, this is not the case. All you are doing is wasting away your money as you are not even gaining any interest though just putting it in the bank. When you start saving, it is essential to also invest that money into some sort of company or business. Look for ways to expand your portfolio and find new opportunities to maximize the productivity of your investment.

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,” says Cardone. “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.”

Try to live below your means to leave an opportunity for you to say, ‘I don’t NEED this money. If something bad happens, I’ll have more to begin again.’

Be more decisive

Journalist and author Napoleon Hill studied around 500 millionaires and he found one very common trait about them. Being decisive. They are confident with what decisions they make. Along with being self-assured, they also change decisions, if and when needed to.

According to Hill, to become better at decision making you need to start listening more and pay more attention to what’s happening around you.

Hill observed, “Those who reach decisions promptly and definitely know what they want and generally get it … The world has the habit of making room for the man whose words and actions show that he knows where he is going.”

Manage your money

Keeping a check on where you spend your money is very important. You need to be smart when deciding where to spend. Do not invest your money in something you don’t understand yourself. And when you do invest, make sure to diversify your investments, both by industry and location.