Getting rich – it’s a desire of many. If you do the right things (and leave other things) you can come a long way. We show you the recommendations of millionaires who were already rich at a young age and of experts who studied millionaires. These seven tips are no guarantee to success, but they can certainly won’t harm.
1. Make sure you earn more
Saving to be a millionaire is a thing of the past, writes Grant Candone, who still had debts on his 21st but was a millionaire at his 30th. The most important thing anyone should do is earn more money, he argues.
Everyone wants that, of course, and it also speaks for itself. But how do you do that? A salary raise is not always a possibility. You could think about renting your house through Airbnb, to work part time for services like Uber, or to start up an online store. There are many possibilities.
2. Create at least three sources of revenue
For five years researcher Thomas Corley studied millionaires and he found out that 65% of them have at least three sources of revenue, 45% have four and 29% have five or more.
“Three streams of income seems to be the magic number for the self-made millionaires,” he says. These additional sources of income include income from renting houses, the stock market and partly because they own a business.
3. Save to invest, not to save
Investing is not as difficult or scary as many people claim, says Cardone. It can be done safely and it yields money. Billionaire Warren Buffett advises to invest in index funds.
The best way is to automatically transfer money into your investment account. This way you get used to living without this monthly amount.
4. Do not brag
Cardone was still driving a cheap Toyota when he was a millionaire. Do you want to be a millionaire? Then don’t be known for showy things but for your work ethic, he says. Many millionaires have become this rich because they live a rather frugal life.
5. Invest time… in yourself
Read at least thirty minutes a day, listen to relevant podcasts while travelling, and find a good mentor that does what you want to do, Tucker Hughes writes, who became a millionaire at the age of 22.
6. Determine your goals (and reach them)
Of course, money does not come naturally. You have to work for it. If you want to make money you need to have clear goals and a specific plan to achieve that goal.
Most people do not know what they want or they just do something. Rich people often know very clearly what they want and how they will achieve it.
7. Surround yourself with successful people
If you deal with people who are more successful than you, that’s an opportunity for you to start thinking smarter: you learn from them and they will inspire you. This lets you become more successful.
Self-made millionaire Steve Siebold says, “The reality is, millionaires think differently from the middle class about money, and there’s much to be gained by being in their presence.”