Become A Millionaire In Your 30s Even In A Treacherous Economy

When you hear that a few young people in their 20's or 30's have become millionaires, you may wonder how they could achieve this. Especially, when the economy is treacherous to people, amassing wealth like this can happen only in movies. There are experts who may agree with you because they also opine that things like sustaining in business or retaining jobs have themselves become difficult and so, amassing wealth, that too when you are young, is a tall order. 

But there are more number of experts who affirm that becoming a millionaire in 30's is certainly possible, regardless of the shape of the economy. The most essential ingredients for achieving this aim are smart decisions with regard to finances, disciplined implementation of these decisions, frugal living and impeccable work ethic.

The simple mantra for amassing wealth, according to Fred Schebesta, co-founder and director of finder.com.au, the personal finance website of Australia, is "You work hard, live frugally and never, never, never give up."

On the other hand, Robert Lerman, Economics professor at the American University, opines that in the prevailing economic situation, those who have become wealthy and amassed large fortunes are those who have not invested a lot of capital but who have relied upon innovative technologies for starting their businesses. So, becoming rich in 20s or 30s is certainly possible despite the economic challenges, adds Lerman. According to him, you should have smart skills for managing your finances. But these smart skills consist mainly of the old ways of saving as well as finding appropriate investment options.

Experts suggest the following few tips for joining the group of young millionaires.

1. Importance of college education

Despite the fact that college education has become highly expensive, it is worth pursuing. Statistics reveal that those who have finished their college education earn a higher salary than others who have stopped with their high school education. Unfortunately, in US, only 34.1% of those who are in the age group between 24 and 29 have finished their college education or opted to pursue advanced degree courses. The findings are corroborated by Bob Shullman, CEO, Shullman Research Center also. This center mainly focuses on affluent consumers. According to Shullman,  "People do not realize how important education is until they do not have it."

But there is a problem in this. Those who pursue college education feel the burden of student loans. This is one of the main factors that act as a deterrent for pursuing college education. But you can use the increasing number of sources to pursue your higher education because investing your time and money in it is worth.

2. Never live beyond your means

Make it a point to spend less than what you earn. You should never deviate from this principle. Unnecessary purchases should never be done. Especially, when you come across high-cost items, check whether you can get cheap equivalents, of course, without compromising on the quality and the need. 

Likewise, avoid eating out. Go for a lesser mortgage loan than what your bank is ready to offer. Barring the basic necessities, you should think twice before you spend. In fact, living frugally is the only way to live within what you earn. This will grow your wealth and you can certainly become a millionaire very soon.

3. Don't desire to own a car till you become a millionaire

Many young adults may think that owning a car is the first thing after they land in a job but this may land them into trouble. They may get entrapped in debts and high taxes. Added to these is the cost they may incur on a regular basis for maintaining the vehicle.

Not only that, cars may lose their value due to depreciation and ultimately, instead of enjoying the benefits of the vehicles, these young owners may be losing money. This simply means that the cost of owning the car may outweigh the benefits they can derive out of it.

Using a public transportation and walking are better options. If you had been an owner of a car since your college days, you can continue using same vehicle instead of going for a new vehicle.

4. Your income should be from multiple streams

Never rely on a single source for earning your income. You can even convert your hobby into a money-making concept. Even little additional amounyd earned regularly every month will catapult your finances to a very good level. You can even try other ideas like earning through real estate selling, stock market investments, working online, etc.

5. Never hesitate to do lobbying for yourself

If you want to increase your income, you should never hesitate to do lobbying for yourself. For example, if you want to get increased salary, you should show your accomplishments and skills and ask for a raise. Acquiring skills and accomplishing big feats depend upon your educational qualifications and that is the reason you are advised to go for college education. Your grasping power will increase as your educational level goes up. If you showcase your skills and accomplishments and bargain wisely, you can certainly reap the benefits.

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