14
November
2016

3 Tips From Self-Made Millionaires Under 30 Years Old

  1. Income, Income, Income. Dedicate the majority of your time growing or keeping a constant income while decreasing the amount of time you spend on that revenue stream. This is done more easily if you invest on passive verses active investments. Remember that developing leaders or other people to take your current responsibilities while maintaining revenue streams earned from these people is also a great (and not always obvious way) to create passive income. Real estate, high yield bonds, and high dividend yield stocks can also be great forms of passive income.
  2. SAVE by Living Way Below Your Means: The general rule of thumb is try and live a lifestyle of someone who makes a quarter of what you do. That means make EVERY life decision (housing, food, vacations, etc.) based on a plan that lines up with you earning ¼ of what you actually earn. This will be extremely hard but will pay off tremendously in the future. Most young earners must save incredible amounts of their income to create wealth early on. One of the hardest things to do as your income grows is to keep your spending constant.
  3. Invest Outside the Box: Historically most individuals invest with the “path of least resistance” method. Investment advisors and traditional portfolio managers make money by bringing in more money NOT on making money for investors. These young, rich, Renaissance men and women are not impressed with the status quo and seek alternative investments. Sometimes this can be risky, but it doesn’t have to be. As one should open tons of oysters to find a pearl, there are some amazing return investments available that provide a substantially lower risk profile than its market counterparts.

Categories: Blog

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