11 things to do in your 20s to become a millionaire by 30
Richard Martin-Roberts / Stringer / Getty Images
"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 guaranteemillionaire status, but doing these things won't hurt your odds:
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.
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."
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."
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.
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," explains Siebold. "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."
