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Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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“In a free-market economy, anyone can make as much money
as they want,” emphasizes self-made millionaire Steve
Siebold , who has also studied over 1,200 of the world’s
wealthiest people.
That applies to 20-somethings.
To help you reach the seven-figure mark by 30, we rounded up
11 pieces of advice from people who became millionaires at a
young age and people who have studied hundreds of self-
made millionaires. We can’t guarantee millionaire status, but
doing these things won’t hurt your odds:
1. Focus on earning
“In today’s economic environment you cannot save your way
to millionaire status,” writes Grant Cardone , who went from
broke and in debt at 21 to self-made millionaire by 30. “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.”
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.
2. Develop multiple streams of income
One way to earn more is to increase your streams of income.
In author Thomas C. Corley’s five-year study of self-made
millionaires he found that many of them develop multiple
streams of income : 65% had three streams, 45% had four
streams, and 29% had five or more streams.
These additional streams include real-estate rentals, stock
market investments, and part-ownership in a side business.
“Three streams of income seems to be the magic number for
the self-made millionaires in my Rich Habits study, but the
more income streams you can create in life, the more secure
will your financial house be,” he writes.
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). To this day, at least twice a year, I am broke because
I always invest my surpluses into ventures I cannot access.”
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, which Warren Buffett
recommends , 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.
4. Be decisive
“Avoid decision fatigue,” writes Tucker Hughes , who became a
millionaire by 22. “Attention is a finite daily resource and can
be a bottleneck on productivity. No matter the mental stamina
developed over time, there is always going to be a threshold
where you break down and your remaining efforts for the day
become suboptimal.
“Conserve your mental power by making easily reversible
decisions as quickly as possible and aggressively planning
recurring actions so you can execute simple tasks on
autopilot. I know what I am wearing to work and eating for
breakfast each day next week. Do you?”
Hughes isn’t the only one who believes in developing
decisiveness. After studying over 500 millionaires, journalist
and author Napoleon Hill found that they all shared this quality .
“Analysis of several hundred people who had accumulated
fortunes well beyond the million dollar mark disclosed the fact
that every one of them had the habit of reaching decisions
promptly,” Hill wrote in his 1937 personal-finance classic
“ Think and Grow Rich .”
5. 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,” writes Cardone . “I was still driving a Toyota Camry
when I had become a millionaire. Be known for your work
ethic, not the trinkets that you buy.”
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.
6. Change your mindset about money
“Getting rich begins with the way you think and what you
believe about making money ,” self-made millionaire Steve
Siebold explains.
At the end of the day, “The secret has always been the same:
thinking,” he emphasizes. While the masses believe becoming
wealthy is out of their control, rich people know that making
money is really an inside job.”
7. Invest in yourself
“The safest investment I’ve ever made is in my future,” writes
Hughes . “Read at least 30 minutes a day, listen to relevant
podcasts while driving and seek out mentors vigorously. You
don’t just need to be a master in your field, you need to be a
well-rounded genius capable of talking about any subject
whether it is financial, political or sports related. Consume
knowledge like air and put your pursuit of learning above all
else.”
8. Ditch the steady paycheck
Rich people are typically self-employed and determine the size
of their own paycheck, Siebold writes: “It’s not that there
aren’t world-class performers who punch a time clock for a
paycheck, but for most this is the slowest path to prosperity,
promoted as the safest. The great ones know self-employment
is the fastest road to wealth.”
While the world-class continue starting businesses and
building fortunes, average people settle for steady paychecks
and miss out on the opportunity to accumulate great wealth.
“The masses almost guarantee themselves a life of financial
mediocrity by staying in a job with a modest salary and yearly
pay raises,” Siebold says.
9. Set goals and visualize achieving them
If you want to make more money, you have to have a clear
goal and then a specific plan for how to achieve that goal.
Money won’t just appear — you have to work at it.
Rich people choose to commit to attaining wealth. It takes
focus, courage, knowledge, and a lot of effort, self-made
millionaire T. Harv Eker emphasizes, and it’s possible if you
have precise goals and a clear vision: “The number one reason
most people don’t get what they want is that they don’t know
what they want. Rich people are totally clear that they want
wealth.”
10. Start hanging out with people you admire
Andrew Carnegie, who started with nothing before becoming
the richest man in the US, credits all of his riches to one
principle: the Master Mind .
The idea is to surround yourself with talented people who
share your vision, because the alignment of several smart and
creative minds is exponentially more powerful than just one.
Plus, we become like the people we associate with, which is
why the rich tend to associate with others who are rich .
“In most cases, your net worth mirrors the level of your closest
friends,” explainsSiebold. “Exposure to people who are more
successful than you are has the potential to expand your
thinking and catapult your income. The reality is, millionaires
think differently from the middle class about money, and
there’s much to be gained by being in their presence.”
11. Shoot for $10 million, not $1 million
“The single biggest financial mistake I’ve made was not
thinking big enough,” writes Cardone . “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.”

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