How to Become a Millionaire by Age 30

Follow these ten steps to get -- and stay -- rich during the earliest stage of your career.
How to Become a Millionaire by Age 30
Image credit: Martin Diebel | Getty Images
VIP Contributor
International Sales Expert
4 min read
Opinions expressed by Entrepreneur contributors are their own.

Getting rich and becoming a millionaire is a taboo topic. And saying it can be done by the age of 30 seems like a fantasy.

Well, it shouldn’t be taboo and it is possible. At the age of 21, I got out of college, broke and in debt. And by the time I was 30, I was a millionaire.

Related: How to Start a Business With (Almost) No Money

Here are the 10 steps I took to become a millionaire. Follow them and by age 30, you will be one, too.

 

 

 

 

 

 

How to Become a Millionaire by Age 30

Follow the money.

Follow the money.
Image credit: Shutterstock

You can not save your way to millionaire status. 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.

How to Become a Millionaire by Age 30

Don’t show off -- show up!

Don’t show off -- show up!
Image credit: Shutterstock

I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income. I was still driving a Toyota Camry when I became a millionaire. Be known for your work ethic, not the trinkets that you buy.

How to Become a Millionaire by Age 30

Save to invest, don’t save to save.

Save to invest, don’t save to save.
Image credit: Shutterstock

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, which is to increase income. To this day, at least twice a year, I am broke because I always invest my surpluses into ventures that I cannot access.

Related: Got $500? Here Are the Smartest Ways to Invest It.

How to Become a Millionaire by Age 30

Avoid debt that doesn’t increase your cash flow.

Avoid debt that doesn’t increase your cash flow.
Image credit: Shutterstock

Make it a rule that you never use debt that won’t make you money. I borrowed money for a car only because I knew it could increase my income. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.

How to Become a Millionaire by Age 30

Treat money like a jealous lover.

Treat money like a jealous lover.
Image credit: Shutterstock

Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who loves it more!

Related: How to Make a Million Dollars Online

How to Become a Millionaire by Age 30

Outwork your competition.

Outwork your competition.
Image credit: Shutterstock

Money doesn’t know about clocks, schedules or holidays -- and you shouldn’t either. Money loves people that have a great work ethic. When I was 26 years old, I was in retail and the store I worked at closed at 7 p.m. Most times you could find me there at 11 p.m. making an extra sale. Never try to be the smartest or luckiest person -- just make sure you outwork everyone.

How to Become a Millionaire by Age 30

Being poor makes no sense.

Being poor makes no sense.
Image credit: Shutterstock

I have been poor, and it sucks. I have had just enough to get by, and that sucks almost as bad. Eliminate any and all ideas that being poor is somehow okay. Go to war with being broke! To quote General George S. Patton, “Success is how you bounce on the bottom.”

How to Become a Millionaire by Age 30

Get a millionaire mentor.

Get a millionaire mentor.
Image credit: Shutterstock

Most of us were brought up middle class or poor and then hold ourselves to the limits and ideas of that group. I have studied millionaires to learn their mindset and principles and I duplicated what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and their resources.

How to Become a Millionaire by Age 30

Get your money to do the heavy lifting.

Get your money to do the heavy lifting.
Image credit: Shutterstock

Investing is the golden goose for becoming a millionaire. You should make more money off your investments than from your work. The second company I started required a $50,000 investment. That company has paid me back that $50,000 every month for the last 10 years. My third investment was in real estate. I started with $350,000, which was a large part of my net worth at the time. I still own that property today and it continues to provide me with income. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.

How to Become a Millionaire by Age 30

Shoot for $10 million, not $1 million.

Shoot for $10 million, not $1 million.
Image credit: Shutterstock

The single biggest financial mistake I’ve made was not thinking big enough. 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.

Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there, too.

Related: 7 Realistic Ways to Make Money Online

  • How to Become a Millionaire by Age 30
  • Follow the money.
  • Don’t show off -- show up!
  • Save to invest, don’t save to save.
  • Avoid debt that doesn’t increase your cash flow.
  • Treat money like a jealous lover.
  • Outwork your competition.
  • Being poor makes no sense.
  • Get a millionaire mentor.
  • Get your money to do the heavy lifting.
  • Shoot for $10 million, not $1 million.
Next Slide