6Steps To Take To Become a Millionaire by 30
If you’re a young person who wants to join the 5.3 million millionaires in America on your 30th birthday, congratulations, if only for the sake of your ambition. It’s not an easy task, but many people do it – some even become billionaires in their 20s.
If there was a foolproof formula, everyone would be rich. does not exist. However, listed below are some steps that will lead you to achieve untold wealth while still young. This list assumes you’ve followed the basics of budgeting, living within your means, and spending according to a plan.
Do the math
The first step is to know what you’re dealing with – assuming you start making money in your 20s, the math is unforgiving.
“Not only do you need a high income, you also need a high savings rate,” says Brian Davis, a real estate investor and founder of SparkRental, which helps the middle class achieve wealth and retire early. “You’d need to invest about $4,900 a month and earn a 10% return to reach $1 million in 10 years.”
Invest in yourself and develop marketable skills
The math of millionaires shows that you need a well-above-average income—and you have to learn a lot to make a lot of money.
Dennis Shirshikov, professor of finance, economics and accounting and director of real estate investment growth at the City University of New York, said: “Education is a crucial step not just in a formal sense but also in terms of actually acquiring knowledge. “On-site awnings. “The richest people have diverse skills that lead to vast opportunities. Study programming, finance, digital marketing, or other high-demand, high-paying fields. Look at Elon Musk, who is studying physics and Economics while also learning to program. He sold his first software at the age of 12.”
Build a network of successful people
There are almost no scenes that you can complete alone. If you surround yourself with talented, ambitious, and inspiring people, you’re more likely to get rich.
