How to become a millionaire by 30

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It might sound unrealistic, but it is possible to amass a sizeable amount of wealth by the time you ring in your 30th birthday. Read on to know how.

You have seen them only in films – rich, flamboyant, extremely wealthy and very young persons. You may have seen such enormously wealthy people even in real life, and you may have wondered how they amassed their fortune.


If you are one of those who discounts other people’s wealth as sheer good luck, think again. It takes tremendous foresight, gumption and a lot of clarity to make a lot of money, and more importantly, enhance one’s wealth. The point to remember is that every major achievement is the result of intelligence and hard work, and the same applies to wealth creation. A clear plan of action is needed to reach the pinnacle of financial success.


It comes down to five essential steps that you must follow if you want to be a millionaire by age 30.


  1. Replicate a successful pattern. People are lulled into a false sense of security with the knowledge that they have money stowed away in their bank. But simply saving money will not create more money. You must replicate a successful money-making idea. It is wonderful to maintain savings every month, but if you have had good success by investing in a mutual fund NAV, you might considering diversifying your portfolio based on your risk appetite. A good idea replicated several times over will create wealth.
  2. Do not be ostentatious with your wealth. Many people want others to see how much wealth they have – and this leads to a lot of spending. It is extremely expensive to keep up appearances. Maintaining this kind of lifestyle leaches precious resources which you can divert for more wealth creation. You can afford to buy expensive things to show the world when you have money to burn – in the beginning, stick to your financial plan and do not get side-tracked.
  3. Memorise this: Save and invest. You must save money so that you can make useful investments. You must invest your savings to grow your money, or else you will not accumulate any wealth. Look for the best mutual funds to invest in, or park your money in such instruments as PPF accounts from where you cannot immediately withdraw money. You can even invest in a whole life insurance plan that matures to coincide with a major life event, such as buying office space.
  4. Use debt wisely. You might encounter a situation where you need to borrow money urgently. But ask yourself: to what purpose are you putting the loan? Do you need it to buy something or will you use the debt to leverage your current investments and make money? For instance, are you borrowing money to pay for a ticket to Paris, or are you taking a loan to pay earnest money for a prestigious business contract that you are certain to get? A millionaire leverages debt to make money for the future, not to create a debt pool that will need to be repaid over years.
  5. Have money on your mind. It is true that you cannot achieve a goal unless you immerse yourself and commit to it completely. If you wish to become a millionaire, you must make wealth creation your priority and constantly work towards this goal by market study, clever investments and cutting down extraneous costs. If you don’t make wealth creation your priority, your millionaire dreams will remain only a dream.