Self-made millionaire Steve Siebold has been studying over 1,200 rich people around the world in an effort to decode how one becomes rich. And this is what Steve has to say:
“In a free-market economy, anyone can make as much money as they want.”
Sounds so reassuring, right? Steve adds, “And it’s never too early to start.”
To help you reach the seven-figure mark by 30, we rounded up nine pieces of advice from people who became millionaires at a young age, as well as those who have studied hundreds of self-made millionaires.
We can’t guarantee millionaire status, but doing these things won’t hurt your odds.
Kathleen Elkins wrote an earlier version of this story.
1. Focus on earning and earning and earning.
“In today’s economic environment you cannot save your way to millionaire status,” writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30. “The first step is to focus on increasing your income in increments and repeating that.
“My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money, and it will force you to control revenue and see opportunities.”
Earning more money is often easier said than done, but most people have options. Yes, it takes time and it takes a lot of effort. Yes, getting rich is not a walk in the park, you know that (unless you win the lottery).
2. Have multiple sources of income.
It’s logical. If you want to earn more, you have to have more than one sources of income. In author Thomas C. Corley’s five-year study of self-made millionaires he found that many of them develop multiple streams of income: 65% had three streams, 45% had four streams, and 29% had five or more streams.
Usually, these additional streams include real-estate rentals, stock market investments, and part-ownership in a side business.
“Three streams of income seems to be the magic number for the self-made millionaires in my Rich Habits study, but the more income streams you can create in life, the more secure will your financial house be,” he writes.