How to be a millionaire by 30
Being young and fresh out of school shouldn’t stop you from dreaming big and wanting more. There is no reason for you to think that being a millionaire by the age of 30 (or maybe even younger) is impossible. It’s 2015; everything is possible if you put your mind and dedication to it. Here are a few simple tips on how you can become a millionaire by 30:
Have the attitude
Dale Partridge suggests that to become a millionaire, you must be knowledgeable of ventures that will help you produce more money, such as a stable career, a business or two, and generating passive income streams like investments. Where else are you going to get your millions?
Show up, don’t show off
As someone who is climbing his way to millionaire status, it’s important to save as much money as you can. You have to be committed in only putting your money in ventures that will either secure or multiply it. Just because you can afford a luxury watch doesn’t mean you have to buy it. Be smart with what you have now; cut your costs and avoid unnecessary spending. If you must spend, make sure that where you put your money will generate profit and provide you with high return opportunities.
Follow the 50-30-20 budget
It’s important to know and see where all your money is going. Make a list of your priority spending and formulate a budget so you can keep track of what you spend most on. Take cues from Elizabeth Warren 50-30-20 budget scheme: 50 percent should go to your essentials, 30 percent to your “lifestyle choices”, and 20 percent should go to your savings.
Invest in yourself
The road to success doesn’t run smooth. Adopting the right attitude is just the first step. If you already have the taste for success, consider enrolling yourself in a business school to back it up. Attend seminars and join short courses. Getting formal education exposes you to the very industry you’re trying to break into while filling you with the knowledge and experience you might lack. It’s also a great place for networking and making business connections because your classmates will likely be your future colleagues and competitors.
iACADEMY is one of the schools in the Metro that offer business courses for young, aspiring entrepreneurs, and they encourage you to start early. They even recently launched a project called B.CON to call onhigh school students to submit their business proposal. The winner of this contest will be granted a scholarship in iACADEMY and since they are partnered with IdeaSpace they can also attend the workshops and networking seminars in the future for free; and they also have the short courses from School for Continuing Education, for those interested in expanding their knowledge in business, marketing, and design. iACADEMY is located in the heart of Makati, thus placing its students within reach of industry professionals and partners who teach, train, and hire.