Everyone wants to be a millionaire, but only a few achieve this milestone. The rest of us only look at them with envy.
Do you know why?
It is because we are brought up with a flawed mindset. We teach our kids to get a job to earn money and spend it before the month ends. As a result, you will see young adults and millennials spending frivolously and start living from paycheck to paycheck.
Soon, they find themselves broke and must borrow money from friends and family members. Before you know it, they are buried under debt, which keeps on accumulating. And after a few years down the line, that debt grows to a point where you will have to work hard all your life to pay it off.
Sounds familiar? If yes, then you are not alone. Most people share the same story. If you want to protect yourself or your kids from such a financial predicament, then you are in the right place.
In this article, you will learn a few tips that might bring you close to becoming a millionaire in the UK that too before you turn 30.
1. Change Your Mindset
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
It all starts with changing your mindset. According to Steve Siebold, a self-made millionaire, “Getting rich begins with the way you think and what you believe about making money.” In fact, this is one of the primary differences between a rich and a not-so- affluent individual. Poor people think that becoming wealthy is out of their control and the only way they can achieve success is through a lottery or a stroke of luck. On the flip side, rich people believe that they can not only accumulate wealth but also put it to good use to build a fortune. As a young adult, you need to adopt that mindset if you want to become a millionaire before your clock hits 30.
2. Set Goals and Track Progress
Once you have the right mindset, it is time to set your goals. Having a goal is not enough, especially if you don’t have an action plan that can help you achieve your goal. If the goal is ambitious, you should break it down into smaller and easier to achieve milestones. Rich people already know that building wealth is a gradual process while poor people are always looking for a shortcut or “Get Rich Quick” schemes that can make them a millionaire overnight. Unfortunately, for them, they could not find one because there aren’t any shortcuts to building wealth.
3. Start a Business
If you really want to become a millionaire before turning 30, the fastest way to get there is by starting a business in your 20s. All you need is a creative idea and strategy to convert that unique idea into reality. Yes, you might not have the capital to start your business, but you can start small and then take it from there. First few years might not be easy, and you might have a bumpy ride, but if you can survive that initial period, your business can thrive.
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Depending on your expertise, skills, and knowledge, here are some business ideas you can try and become rich in the UK.
- Financial services
- Business consultancy
- Software development
- Real Estate Brokerage
Yes, the competition might be stiff in those industries, but if you want to make money fast, these are the sectors you need to target. Highlight the unique selling proposition and offer something that no one else is offering to make your brand stand out from the crowd. These days, you can even gain a competitive advantage by delivering exceptional customer service. If you are interested in tech, you can look at technologies like the Internet of Things, AI, Data Science, and AR, which have a bright future and that right now also represent the best stocks in the market.
4. Never Keep All Eggs in One Basket
Instead of relying on a single source of income, you must develop multiple sources of income to become a millionaire. Thomas C. Corley conducted a five-year study of self-made millionaires and found that most of them have diversified streams of income.
Here is what he found:
- 65% had three streams of income
- 45% had four streams of income
- 29% had five or more streams of income
Having multiple sources of income gives you financial freedom, offer social security and job security. Moreover, it opens new avenues and gives you added cushion when you take calculated risks.
5. Live Below Your Means
“If you buy things you don’t need, soon you will have to sell things you need.”—Warren Buffet
Another mistake most millennials make is they tend to buy things because of peer pressure and are impulsive shoppers. As a result, they end up buying things that they don’t really need and end up with an empty bank account. They wait for payday and start the same process all over again. This prevents them from becoming a millionaire.
When the honeymoon period wears off, they will realise that they did not really need to buy that item, by the time they realise this the bus has left the station. Millionaires know the worth of their money and only spend on assets that can help them earn more money. You will find them living well below their means. They drive an older model car, live in the same house their parents built, and stay away from flashy fashion accessories.
6. Pay Yourself First
“Becoming wealthy is not a matter of how much you earn, who your parents are, or what you do. it is a matter of managing your money properly.”—Noel Whittaker
OK, I get it. Most millionaires don’t buy the latest cars, wear expensive suits and watches or live in a fancy house but where do they spend their money? Good question. They invest in themselves. Whether it is signing up for new courses, buying books or listening to podcasts, rich people always ready to learn new things and polish their skills. Today, we live in a knowledge economy where the currency is valuable information either in the form ok books or a combination of zeros and ones. As they say good readers make great leaders.
What is the best lesson you that have learned over the years, which has taught you how to get rich? Share it with us in the comments section below.