Become A Millionaire In Your 30’s : Even In A Treacherous Economy
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.
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.”
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.
3. Don’t desire to own a car till you become a millionaire
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.