Business Insider asked two experts who work with young adults for their advice on what 20-somethings should do to own real estate by age 30. Turns out, it all
How do I become a millionaire before the age of 30?
Almost every writer has mentioned a set of rules to follow, in order to be rich. These rules, that rules, his rules, her rules, their rules …..etc. Some answers are useful, others are scams.
I, had touched this range of wealth, then lost it, now again a short distance away from this so called term, “first million”. Hopefully, before 30, I will cross it multiple times.
Instead of giving you a set of rules to follow, I would rather suggest to break some of the popular rules if you want to win this game…
Here we go….
Try to break these rules, you will be surprised by the results.
#1. Thoroughly learn everything before investing money
We usually have to pay, both, for the action and for inaction.
Often the fear of financial losses does not allow investing money in real estate or trading on the stock exchange.
As a result, there are no losses, but there is no profit as well.
Everyone makes mistakes, but these mistakes later on, become an invaluable experience that will allow them to orientate themselves freely in the financial sphere.
When actions become meaningful, and will not be dictated only by fear of loss, your journey to success will be more faster.
# 2. Never ask for help
Since childhood we have been learning that we must cope with our own problems – only weak-men need help.
But do remember that timely provided support can be decisive, and false pride often leads to the collapse of a business that could be saved.
To earn a lot of money, you need a great team, because you can never know everything.
A person who is not afraid to ask for assistance, sensibly estimates the distance separating him from the goal, and is reasonable enough to objectively perceive the situation, does not hesitate to ask for help in difficult situations.
Forget this rule “the strong people do not need help.” Go and ask for help when needed.
#3. Strictly follow the advice of professionals
You don’t need to blindly follow the advices of financial consultants. Maybe their advices are good, but they are always trying to make their own money.
They always calculate their interest before giving any advice to you. This is their job.
Large consultancy firms get their “millions” at your expense.
Always carefully select your advisors.
#4. Wait for the right time to invest money
We have been listening since childhood that the real estate market or the financial market is stagnant, so do not invest now.
That’s true, but only if you plan to invest for 90 days and want to make a lot of money within a few weeks.
Much more often, investments are calculated for many years.
Usually, for 10 or 20 years, any market will necessarily become stable.
Therefore, the concept of “the right time to enter the market” has nothing to do with investment.
In addition, during crises, everything costs less. If you manage to buy during these bad times, after 10 years, you can make a handsome profit.
Therefore, the most suitable time for investment is “now”.
#5. Do not start investing until you have enough money
I, personally, can say that it is not true. You can earn millions even without a large starting capital.
In fact, even the biggest things have to start somewhere.
If there is not enough start-up capital for one business, it may be quite enough for another.
By the way, who said that you can only use your own money? And why not find investors?
You can also negotiate with suppliers “about payment after selling the product”.
A lot of todays business giants started without capital at all.
#6. Act according to the plan
You can plan everything, but keep in mind, the situation can change at any moment, and all your good intentions will collapse overnight.
Therefore, always have one master plan and ten more the reserved ones.
Change your plans according to the needs.
Sometimes we think, “How can this idiot become rich, but I can’t?”.
Because we don’t know that money “love” those, who do not observe any rules, violate all generally accepted stereotypes of behaviour of “rich people”.
On your way to first million, do not forget about the wealth that you already have: – “your family, children, friends, health, freedom” – this is more important than money.
Prioritise things correctly!