Becoming a millionaire by 30 in today's marketplace, is completely different than it was 10, 15, or 20 years ago.
It's actually easier.
By definition, I am a millionaire. And I'm 29. While I do not have a million dollars in my bank account, our combined assets (house, cars, stock, savings, etc) equal greater than $1 million. This is the story for many young Americans who have unlocked the secrets to wealth creation.
But how did we do it? What does it really take to produce substantial income early in life? Below I have outlined a few strategies I've noticed in this outlier community of young millionaires.
1. They Prioritize Very Early
In 2002, I was only a junior in high school. But I was also very clear on what I wanted life to look like by 30. Where I would live, if I would be married and have children, whether I would attend college or start a business, what type of freedom I would have and more.
On graduation day, I remember writing a personal mission and vision statement in a notebook at the dinner table of parent's house. I plastered it in my car and the mirror of my bathroom.
Then, I began reverse engineering.
What would it take to achieve this vision? What behaviors would I need to adopt? How should I budget my money? What type of girl should I be dating? Nothing was left to chance.
While this may seem a bit “overly-structured” for a young person, it's this level of prioritization that often makes the difference between those who find freedom and wealth and success and those who don't.
2. They Are Fanatical Achievers
One of my favorite quotes is, “Obsessed is the word lazy people use to describe the dedicated.” And the word obsessed and millionaires go quite well together. Almost like a disease you want to catch. An addiction at it's purest form yet manageable by its greatest victims.
If you know me well, you'll learn I am fanatical. Everything I do is at a 10.
For example, earlier today I was walking with a friend who asked me if I had ever got into gaming. My wife quickly replied, “No. Dale was always afraid if he got into gaming it would take too much time away from achieving his goals in life.”
It's true. My extreme dedication has left my 20's riddled with the footprints of sacrifice and lost experiences. But it's also the reason our family can enjoy our children, take vacations, and work only when we want to.
3. They're Very Good With Money
It takes a unique level of discipline and genius to manage money well at this age. Especially if you come from a family who never quite got it right.
Young millionaires understand 3 things:
- What efforts will undoubtedly produce money: Starting a business, positioning themselves for a lucrative career, or generating passive income streams.
- How to live a life well below their means: No debt (no matter what), saving 20% of their monthly income, not buying things they don't need, and keeping expenses very low.
- The makeup of a good investment: Reinvesting profits into measurable efforts, low risk and high return opportunities, and intelligent asset purchasing (houses, cars, and equipment).
Luckily, all of this can be learned. A few books, classes, and a dedication to healthy financial management will put you far ahead of the crowd.
How are you tracking on the millionaire path? Maybe 30 is to early for you, what about 35 or even 40. What is working in your strategy? Let me know in the comments below.