There are no certainties or easy wins when it comes to attaining self-made millionaire status. However, it can’t hurt to look at the financial habits of those who’ve achieved just that to try and build up your own resources. Here are our top tips from observing those who’ve become millionaires by age 30. Who knows, they might just lead to you being worth seven figures in the future.
1. Nobody has ever become a millionaire without thinking that it’s something they themselves can both accomplish and influence. The best way to do this is to invest in yourself. Spending time educating yourself about both your business area and the financial world overall will help you to know how to make the most of opportunities and genuinely believe you can increase your wealth.
2. You’ll only increase your net worth if you actually plan out how you’re going to do it. Before you can make a plan, however, you need to decide what you’re looking to achieve. If you really do want to become a millionaire, then think big: if you have a certain figure in mind, aiming higher will help ensure you reach it or even exceed it.
3. The current economic environment makes it very difficult to become wealthy through saving, so boosting your income is a clear but good way to grow your bank balance. Whilst increasing your main salary can also be a challenge, you might think about other ways to achieve this such as taking on consultancy or freelance work in your free time or earning passive income through property rental (just keep an eye on any tax repercussions).
4. Instead of saving for a rainy day, put your savings into investments. If you choose investments and accounts with restricted access to your funds, not only will this ensure your investments pay off, but it will also help you to focus on increasing your income rather than relying on money you’ve put away.
Please remember, the value of your investment can go down as well as up and you may not get back the full amount you invested.
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