Getting rich and becoming a millionaire is a taboo
topic. Saying it can be done by the age of 30 seems like a fantasy. It shouldn't be taboo and it is possible.
At the age of 21, I got out of college, broke and
in debt, and by the time I was 30, I was a millionaire. Here are the ten steps
that guarantee you will become a millionaire by 30.
 |
1. Follow the Money.
In today’s economic environment, you
cannot save your way to millionaire status. The first step is to focus on
increasing your income in increments and repeating that.
My income was $3,000 a month and nine
years later it was $20,000 a month. Start following the money and it will force
you to control revenue and see opportunities.
2. 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.
I was still driving a Toyota Camry
when I had become a millionaire. Be known for your work ethic, not the trinkets
you buy.
3. Save to Invest, Don’t Save To Save.
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). Still to this day, at least twice a year I
am broke because I always invest my surpluses into ventures I cannot access.
4. Avoid Debt That Doesn't Pay You.
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 I 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.
5. Treat Money Like a Jealous Lover.
Millions wish for financial
freedom, and only those who make it a priority have millions. To get
rich and stay rich, you will have to make it a priority.
Money is like a jealous lover. Ignore
it and it will ignore you, or worse, it will leave you for someone who makes it
a priority.
6. Money Doesn't Sleep.
Money doesn't know about clocks,
schedules or holidays and you shouldn't, either. Money loves people that have
great work ethic.
When I was 26 years old, I was in
retail and the store I worked in closed at 7 pm; most times you could find
me there at 11 pm, making an extra sale. Never try to be the smartest or
luckiest person; just make sure you outwork everyone.
7. Poor Makes No Sense.
I have been poor and it sucks. I have
had just enough and that sucks almost as bad. Eliminate any and all ideas that
being poor is somehow okay.
Bill Gates said to a group of college
grads, “It’s not your fault if you were born poor; it is your fault if you stay
poor.”
8. Get a Millionaire Mentor.
Most of us are brought up middle
class or poor and then hold ourselves to the limits and ideas of that group. I
have been studying millionaires in order to duplicate what they did.
Get your own personal millionaire
mentor and study him or her. Most rich people are extremely generous with their
knowledge and their resources.
9. Get Your Money to Do the Heavy Lifting.
Investing is the Holy Grail in
becoming a millionaire and you should make more money off your investments than
your work.
If you don’t have surplus money you
won’t make investments. The second company I started required a $50,000
investment. That company has paid me back that $50,000 every month for the last
ten years.
My third investment was in real
estate where I started with $350,000, a large part of my net worth at the time.
I still own that property today and it continues to provide me with income.
Investing is the only reason to do
the other steps, and your money must work for you and do your heavy lifting.
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 and they will make you rich.
Steer clear of people who suggest your financial dreams are born of greed.
Avoid get-rich-quick schemes, be ethical, never
give up and once you make it, be willing to help others get there, too.
Let me know when you get there.
Be great. Nothing else pays.
No comments:
Post a Comment