How to Become a Millionaire by 30: 6 Steps to Reach Your Goal

Becoming a millionaire by the time you’re 30 isn’t as difficult as you might think it is. If you’re freshly out of college, then you have plenty of time to hit that million-dollar mark. It’s not going to be easy, but don’t doubt yourself for a single second. Any doubting will lead to you not fulfilling your lifelong goal of becoming a millionaire. If stacks of cash are what you’re dreaming of, then now is the time to turn your dream into reality.

6. Earn as Much Money as Possible

How to Become a Millionaire by 30

Some of you are scratching your head right now, wondering if we’re serious. Surely, you’ve wondered if you’re making as much money as you possibly can. The problem is, many people tend to get in a rut and think their current salary is all they’re worth.

Shop around and see how much other companies are willing to pay you. Don’t hesitate to ask your boss for a raise when you think you deserve one. If you aren’t proactive when it comes to making more money, you’ll never earn the kind of salary that you deserve.

No company is ever going to come to you and say they’re not paying you enough, and they want to make it right. Get all you can get and make sure that your employer is paying top dollar for your hard work.

5. Be a Tightwad and Enjoy the Rewards

All of your friends are blowing their money on the stupidest of stuff. You know as well as anyone else that their two-hundred-dollar pair of shoes is a waste of money. You’ll have to be a complete tightwad to get to a million dollars by age 30.

That means skipping on things such as going out for lunch at work, using less utilities at home, and driving your car for a few more years than you originally planned.

No one is saying you should do without, but you’re going to have to live off of the bare minimum amount of money possible. There is no room for luxuries when you’re trying to reach that one-million-dollar mark.

4. Take Advantage of Your Employer’s 401k Matching Funds

401K

Does your employer match your 401k contributions? If so, then you need to see how much they’re willing to match. Try your best to contribute the full limit every month that they’re willing to match.

Don’t worry, if you have more money than they’re willing to match, you can contribute that as well. Many financial advisors consider this to be free money, and it’s a huge mistake to miss out on it.

There’s no better thing than money that you don’t have to do anything for, and that’s why you should max out your employer’s contributions every month.

3. Invest Every Penny That You Can

invest

The most common mistake is that people put all their money in a bank account. They think a savings account is all that’s needed to get to a million bucks. Nothing could be further from the truth, and you’re an idiot if you keep your money in the bank.

Sure, a savings account is better than putting your money under your mattress, but it’s not where you want to keep your money. Invest your money in the stock market and buy shares that you think are going to skyrocket. Yes, there’s a risk here, but it’s minimal if you do your homework.

There are so many companies to invest your money in and some of them are shooting straight for the moon. You might consider diversifying and put a little of your money in Bitcoin or another cryptocurrency. Altcoins are very risky, but stashing a few hundred dollars in them could reap huge rewards by the time you’re ready to cash out.

2. Be on the Lookout for Ways to Save Money

savings

Being on the lookout for ways to keep more of your cash is different than being thrifty. You should read blogs and sites that teach you how to save money. You don’t know all the tricks of the trade when it comes to getting the most bang for your buck.

Some bloggers spend their entire lives trying to figure out ways to save money and they pass the information along to their readers. Just one tip could save you hundreds, if not thousands of dollars over the course of a year. YouTube is also a great place to learn how to save money, and you’ll find many channels devoted to this topic.

1. Do Your Best to Pay off Debts Quickly

How to Become a Millionaire by 30: Clear debts

Every dollar you pay in interest is wasted money. All of that money could go towards your goal of becoming a millionaire. You also need to realize that not all debt is the same. If you have credit card debt piling up, pay it off before your student loans.

Take a good hard look at all the fees and the percent that you’re paying on your debts to see which are the best ones to pay off first. Your goal should be first to live debt-free and then become a millionaire. You’ll never reach your goal if you’re so far in debt that you can’t pay it off.

Becoming a Millionaire by the Age of 30 Isn’t an Outlandish Goal

You may have told those around you about your goal of becoming a millionaire by the time you’re 30 and their reaction might have taken you by surprise. You must realize that for many achieving any wealth whatsoever is out of the question due to their lack of commitment or laziness.

If your goal is to be a millionaire, regardless of the age, then it’s entirely possible. Keep your nose to the grindstone and work as hard as you can. Save all the money you can and invest it immediately. If you do those two things while being thrifty, you will achieve your goal.

If you’re fresh out of college, that means you have eight years to become a millionaire. That’s more than enough time to rack up all those zeros on your bank account that you want to see.

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