Steve Siebold, a businessman who became a very young millionaire and author of How rich people think, asked more than 1,200 millionaires to collect their 9 tips in order to become a 30-year-old millionaire. “In a market economy, everyone can make as much money as they want,” says millionaire Steve Siebold, “and it’s never too late to start.”
To achieve a seven-figure fortune, Steve Siebold collected 9 tips from people who became millionaires at a young age. Following these tips does not guarantee 100% to become a millionaire, but it will not hurt the chances of becoming a millionaire.
Focus on profit
“In today’s economic environment, we can not reserve our place in the millionaire circle,” said Grant Cardone, who was ruined at 21 and then a millionaire at 30. “The first step and focus on increasing our revenue step by step and renew the operation. My income was $ 3,000 a month and 9 years later it was $ 20,000 a month. If we are guided by money, we will be forced to control our income and seek opportunities. ”
Develop multiple sources of income
One way to make more money is to increase our sources of income. Many millionaires have developed multiple streams of income: some have 3, 4 and others 5 or more. These additional sources include real estate rentals, investments in the stock market and ownership of shares in an ancillary activity. “Three sources of income seem to be the magic number, but this number is not limiting. ”
Save to invest, not save to sav
“If we save money, it must only be to invest afterward. Deposit this money on secure and untouchable accounts. Never spend that money on anything else, even in an emergency. This allows us to follow the first step (increase revenue). Several times a year, I find myself almost ruined because I always invest my surplus money, I never have any economy in reserve “exclaimed G. Cardone.
It is possible to invest in different areas: real estate, banking, the stock market or online investment platforms. The key to systematically putting money aside is to automate the process. In this way, we will not see the money we invest and we will learn to live without.
Do not show off
“I did not buy luxury watches or big cars until my business and investments gave me multiple sources of revenue,” says Cardone. “I was still riding Toyota Camry when I became a millionaire. Be known for your work and not for your wealth. ”
Change the way you think about money
“Getting rich starts with changing the way you think about money,” says millionaire Steve Siebold. “The secret has always been the same: think,” he insists. While people think that getting rich is out of their reach, the rich know that earning money is a full-time job.
Invest in oneself
“The safest investment I’ve made in my life is investing in myself,” writes Tucker Hughes, who became a millionaire at the age of 22. “You need to read at least 30 minutes a day, listen to quality podcasts and look for mentors. You must not only be an expert in your field, but you must also have complete knowledge of all subjects to be able to talk about everything, whether finance, politics or even sports. The majority of rich people like to spend time reading, Warren Buffett, for example, estimates that 80% of his work days are dedicated to reading.
Set goals and imagine reaching them
If we want to make more money, we must have clear goals, but also a specific plan to reach them. Money does not fall from the sky, we have to work hard to win. Rich people are committed to making a fortune. For this, they must remain focused on their goals, show courage, have a lot of knowledge, which requires a lot of effort. All of this is possible only if we have specific goals and a clear vision: “Many people do not reach what they want because they do not really know what they want.
Spend time with the people you admire
Andrew Carnegie started with nothing and became one of the richest people of the US in the 20th century. He attributes all his success to one principle: the Master Mind. The idea is to surround ourselves with talented people who share our vision because the association of many creative and brilliant minds is much more powerful than one mind. Moreover, we tend to resemble those with whom we spend time, which is why rich people stay with rich people.
“Being in touch with people who have done better than us, broadens our thinking and increases our income. The reality is that millionaires have a different view of the middle class about money. There are many benefits to be gained by being in contact with them, “explains Andrew Carnegie.