Apparently, plenty of regular people have become millionaires by the age of 30 without finding a “Facebook” or a winning lottery ticket to propel your wealth to six zeros. Business Insider gathered a few pieces of informative advice from people who became millionaires at a young age. We chose a few that we thought applied to our environment:
Focus on earning
Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30 had this advice:
In today’s economic environment you cannot 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.
When you are lucky enough to have options, there are ways to increase your earnings. From additional income, to high-paying jobs you can do on the side, it’s all up to your dedication and perseverance.
Save to invest, don’t save to save
The man’s advice continues:
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 (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.
Investing is not as complicated or daunting as we make it out to be. Consequence is a perfect example of people in the know who are willing to help you out with investment advice.
Ask for help
And that leads us to the next point, highlighted by Daniel Ally, who became a millionaire in less than five years at 24.
At a certain point in my business, I couldn’t grow any further until I hired a few key people.
Asking for help wasn’t my forte, but I had to make it happen. Within months I had a lawyer, editor, personal trainer, part-time chef, and other personnel. It cost me a fortune at first, but eventually helped push me into the million-dollar mark. Most people won’t ask for help because their ego is in the way.
Consequence’s team of advisors is the perfect way to tap into the market without hiring your own team.
Don’t show off — show up
Cardone further explains how buying unnecessary things should wait until you have a stable income flow from various sources:
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 had become a millionaire. Be known for your work ethic, not the trinkets that you buy.
For more advice, pop over to Business Insider or just call Consequence and talk to people in the South African market who know how to make an impact in your lifestyle.
[source: businessinsider]