At a time when the recession is biting harder than ever, there is nothing great than having to learn one or two secrets of wealth, especially how to acquire it at an early age. And it’s never too early to start. To help you reach the seven-figure mark by 30, below are 7 important nuggets of advice from people who became millionaires at a young age you can take note of;
1. Invest In Yourself
Many modern-day successful and wealthy people are voracious readers. Take Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.
2. Focus On Earning
Earning more money is often easier said than done, but most people have options. Read about 50 ways to bring in additional income, some high-paying jobs you can do on the side, how you can earn passive income, and the first step to take before starting any business, from an entrepreneur who earns up to $170,000 a month.
3. Develop Multiple Means Of Income
It’s good to have more than one way of making money. If you have multiple means of getting money it will help you in living more better life and it will help you in generating more money.
4. Don’t Show Off
Need inspiration to save more and spend less? Read up on tips and strategies from regular people who saved enough of their incomes to retire before 40.
5. Save to Invest
Investing is not as complicated or daunting as we make it out to be. The simplest starting point is to contribute to your 401(k) if your employer offers one, and take full advantage of your company’s 401(k) match program — which is essentially free money — if it has one.
Next, consider contributing money toward a Roth IRA or traditional IRA, individual retirement accounts with different contribution limits and tax structures — which one you can use depends on your income. If you still have money left over, you can research low-cost index funds and look into the online-investment platforms known as “robo-advisers.” The key to consistently setting aside money is to make it automatic. That way, you’ll never even see the money you’re contributing and you’ll learn to live without it.
6. Hang Out With People You Admire
This is very important cause they will keep on motivating you and that will help you achieve your goals without repenting.
7. Shoot For Higher Things
This is compulsory cause it will encourage you to work harder. If you target something bigger and you couldn’t meet up with it, you’ll be closer to your target.