There are no shortcuts or guarantees when it comes to achieving self-made millionaire status. That said, it can’t hurt to look at the financial habits of those who have managed to do just that to try and boost your own coffers.
Here are our top tips from looking at those who’ve become millionaires by age 30. Who knows, they might just lead to you being worth seven figures in the future.
- Don’t rely on your savings – The current economic environment makes it very difficult to become wealthy through saving, so increasing your income is an obvious but good way to boost your bank balance. Whilst increasing your main salary can also be a challenge, you might think about other ways to achieve this such as earning passive income through intellectual property, or taking on freelance or consultancy work on the side (just keep an eye on any tax repercussions).
- Invest, invest, invest – Instead of saving for a rainy day, put your savings into investments. If you you choose investments and accounts where you can restrict access to your funds, it may also help you to focus on increasing your income rather than relying on money you’ve put away.
- Change your mindset – Nobody has ever become a millionaire without believing that it’s something they themselves can both achieve and control. The best way to do this is to invest in yourself. Spending time educating yourself about both your business area and the financial world in general will help you to understand how to capitalise on opportunities and genuinely believe you can increase your net worth.
- Make plans and set goals – You’ll only boost your wealth if you actually plan out how you’re going to do it. Before you can make a plan, however, you need to decide what you’re aiming for. If you really do want to become a millionaire, then think big: if you have a certain figure you want to achieve, aiming higher will help ensure you reach it or even surpass it.
Are you ready to achieve your financial potential? Talk to us about a free financial consultation, but remember. Risk is real. Every investment has the ability to lose money, and you may get back less than you put in. This is where professional advice can help you to understand the nature of the investment you are undertaking.