7 Steps to Making $900,000 (or More) Before You're 30 Live someplace too dull to distract you from making money.

By Timothy Sykes

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

kasinv | Getty Images

Most people in their 20's are still in debt from their student days. My trading challenge aims to help people turn small amounts of money into six and seven figures in a short amount of time. I recently sat down with one of my students who's achieved an incredible amount of success by following my course.

In this guide, my latest student inspired me to share seven of the different ways young people can become millionaires in their 20's. This student turned $27k into $900,000, and is continuing to increase that amount today. I will show you some of the ways in which you can replicate this success.

1. Learn to trade stocks.

Stock trading is one of the best ways to make money fast. It does come with risks, but you don't need to have decades of experience to trade successfully. Basic trading principles are more than enough to help you become profitable. The sooner you learn, the better. My student read my penny stock guide when he got started.

Related: 4 Investing Apps I Use and 1 I Don't

2. Make success your obsession.

Today this student is rich, but he worked long hours to get there. And that's the same with all my top students. They study and work all day and all night to achieve success. If you're not willing to put in the hard work, you won't make money.

3. Find a mentor.

A mentor doesn't have to be an expert in your field. They can simply be a disciplined person who keeps you focused on the task at hand. I've acted as a mentor to my students, but I always recommend that they have multiple mentors so they can combine a range of lessons.

Related: 3 Secrets You Must Know to Find and Work With the Right Mentor

4. Live in a boring place.

Fun fact: Many of my top students live in the center of the United States. That's why I recommend this to all my new students. No offense, but these places are boring, at least when compared to the coasts. Many of my students credit their lackluster surroundings with helping them to stay focused.

5. Love what you do.

One lesson I've learned is that you must love what you do if you're going to succeed at something. If it's boring, it's going to feel like a chore and you're not going to keep it up for long. Find the sector that you love and focus on that.

6. Aim small and miss small.

Don't focus on making a million dollars all at once. Keep your short and medium-term goals low, and you'll be amazed at how quickly your account grows. "Aim small miss small' is a useful motto to have. In the beginning learning should be the goal not earning lots of money.

Related: 5 Truths That Made Me a Millionaire at 22

7. Embrace your mistakes.

Everyone makes mistakes. My top millionaire students have made huge individual losses, but in the long-term they've still come out on top. When they experience a big loss, they examine the reasons why and figure out how to avoid making the same mistakes repeatedly.

Final Thoughts – You Can Do It

I can give you all the tools you need to become a millionaire student. But you need to have the personality and the traits to use the tools properly.

Timothy Sykes

Entrepreneur and Penny Stock Expert

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more. Watch his media appearances and speeches on Youtube here.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

This Gen Zer's Stylish Side Hustle Earns About $20,000 a Month and Paid Off His Parents' $200,000 Debt: 'I Enjoy the Hands-Off Nature'

Ray Cao went from working as a barista for $8 an hour to being a successful seller on online marketplace StockX.

Data & Recovery

You Could Pay Millions in Fines for Not Adhering to New Compliance Regulations That Take Effect This Year. Here Are 6 Strategies to Keep Yourself in Check.

New or evolving rules and regulations are a fact of corporate life. How employees embrace these new rules — and associated education and training processes — can make a big difference to organizational performance as well as the financial bottom line.

Business News

MacKenzie Scott Donates $640 Million to Non-Profits After Elon Musk's 'Ex-Wife' Comment on X

The winning applicants span 38 states, Washington, D.C., and Puerto Rico.

Living

Want to Succeed? Learn to Say 'No'

As a first-year founder and entrepreneur, saying "yes" to every opportunity can hurt your chance of survival.