7 things you can do in your 20s to become rich by 30
It is the ultimate dream of everyone to get rich real quick. But one thing that not everyone possesses is the passion to become rich. So, proceed further only if you have the rare combination of desire and passion for becoming rich.
Researchers have still not created any magic pill or a gadget that can get you rich without any effort, so keep that in mind that you have to struggle hard to achieve this goal.
When it comes to most of us, we often dream that someday we will become millionaires. But becoming rich does not work this way, we need to change that ‘someday’ to a specific time.
These seven strategies will help you achieve your goal by the age of 30 if you start practicing them religiously:
Invest in yourself:
Investing in yourself is going to be the best investment you have made. Start becoming pro at the skills that you have as your hobbies. For example, if you like to write or cook, then you can take a course and refine your skills. This will help you use that skill to earn money later on. Start reading books as this is a great way to increase your knowledge. Read inspirational stories of millionaires to get tips. Investing in yourself also means adopting healthy eating habits and start exercising. Having a good health brings amazing benefits such as less stress and increased focus towards your goal.
Stop using social media:
The best way to do it is to start deactivating your unnecessary social media accounts. Uninstall all social media apps from your phone and once in a blue moon, you can access your accounts through the desktop. This will considerably increase your focus towards your goal because social media is indeed a big distraction in this regard. This will also make you feel demotivated for useless hangouts with friends on weekends because you are mostly attending to post pictures later on.
Stop Showing off:
You must never give in to the temptation of showing off your money by taking photos in your newly bought branded clothes with an expensive bag and shoes. Once you take control of this temptation, you will stop spending money on useless expensive things. You will instead go for the functionality of the product and this will help you get the greater value of your money. You will stop spending money on things you do not want and will start spending money on things that will be a greater return on your investment. Think about billionaires like Warren Buffet or Mark Zuckerberg who can easily afford Rolls Royce or magnificent mansions but they choose to stay simple. They are billionaires and still do not waste money and you are still in the process of becoming one so, be wise and stop showing off.
Develop multiple streams of income:
Start looking out for side hustles to earn money. Thomas C. Corey did a five-year study of self-made millionaires and found out that majority of them had multiple streams of income. He revealed that 65% of them had three streams of income while 45 %had four streams and 29 % had five or more streams of income.
The additional streams of income consisted of stock market investments, part-ownership in a side business and real estate rentals. Freelancing is also one option. There are a number of online websites for freelancers.
Hang out with those who have the same goal
I once worked at an office and became friends with a girl who loved spending money on food. It only took me one month and I started spending insane amounts of money on food. One more time, I worked under a supervisor who had this habit of starting to work way ahead of the deadline and always ensured the submission of the project before the due date. I was the one who had always submitted the assignment at the eleventh hour but it took me a few months to adopt her habit and I also became proactive. So, if you start hanging out with people who share your goal, you will feel very motivated to achieve your goal.
Create a budget
Create a detailed budget based on your projected income and your expenses. Identify your fixed and variable expenses. Fixed expenses include your bills and grocery and variable expenses include money spent on hanging out with friends. Now eliminate all the useless expenses from your variable expenses. Review your budget regularly to make sure that you are on the right track. Your expenses might increase and you need to keep revising your budget for that.
The deadliest habit we all are guilty of having is procrastination. We do not even realize the importance of getting things done on time. We tell ourselves that there is an entire year left so, we can do it later on but let me tell you that days turn into weeks and weeks into months and we do not even realize that we are left with a few days until the deadline arrives. So, if you stop procrastinating, you will never miss any business deal and in the long run, this will help you get great testimonials and hence more business.
What do you feel is the most important thing that you need to so to become rich by the time you are 30? Let us know in the comments section.