The 13 Step Formula to be a Millionaire by 25
Becoming a millionaire in life is something that everybody dreams of and having money is one of the only guaranteed securities here in the United States. The problem is that most people say that they will start building their wealth tomorrow, a week from now, next month, when I'm done with college, after graduate school and before they know it they have a job, a house, a family, and while they may not be poor they are still working very hard to earn their living. The idea of becoming a million is a topic most kids, college students, don't really talk about but in actuality becoming a millionaire is not difficult, if you have the secret formula. These are thirteen steps that every kid should start doing TODAY so that they can be a millionaire, have financial security, and a safety net by the time they're 25.
1. Make more money. You're probably thinking duh if I could make more money at a younger age than I would already be a millionaire. The truth of the matter is not just to make more money once or twice, but to have a job that pays you more, and if you don't have a job that could pay you more, then you need to find more jobs. Exactly, not a new job but more jobs. If you don't make enough to save at least $5,000 of your income every month you need to work more, but at the same time, you don't have to tire yourself out. It has never been easier to make more money online, with a blog, or as a freelancer after work, than it is today. So, don't just make enough to survive make enough to save. Know where your paycheck is going to be coming from and always be looking for another way to make money, and even when you can save $5,000 a month you shouldn't stop. Change your goal and say you're going to save $10,000 a month now.
2. Don't just save to save. Money in the bank may as well be money in the trash because when money is doing nothing it reacts just like your body. When you don't go to the gym and work out you're going to gain weight and become unhealthy, and the same concept happens with your money. If you don't use it to invest in things, buy things, and build businesses it is going to do nothing for you. Money doesn't get up and walk around on its own, you have to take it out of the bank and put in a place that will start to make you more money. Money has tons of friends and family and if you leave it in the bank it will never go out and meet them, and if it doesn't meet them it will stay the same amount as when you left it. Having money in the bank is worse than having no money at all.
3. You don't need a lot of things. A new watch and car would look great for you, but do you need them? Unless that watch is going to some how going to make you hundreds of dollars a minute you shouldn't buy it. That being said once you've reached a steady cash flow and it makes the amount the watch costs back for you within a day or week, then you buy a watch. Fancy things will always be there and stretching yourself to keep up with the "rich class" before you can afford it won't help you at all.
4. Bad versus Good Debt. Debt is only something good when it is providing an upside for you. Don't take on debt unless it is going to be furthering your wealth. A good debt example is your new apartment building with a loan of $100,000.00 on it, but bad debt is that watch I told you not to buy earlier but you thought you could afford it so why not, what's $10,000.00.
5. Money is always on the move. Money doesn't work from 9-5 and neither should you. Yes, take time off and make sure to properly rest yourself, but if you could make an extra $1000.00 a week with an hour or two after 5 why not. Again don't work yourself to the bone, but really are those online surveys or review pieces really going to tire you out that much.
6. Make your Money a priority. The idea of being a millionaire to some is just a title, but to others it is the ability to have financial independence. I'm not saying don't have a family, but I am saying that you need to put as much effort into making your money as you do with your family.
7. Being poor is no fun. Being born poor is not your fault and not one can help the financial situations that they are brought up under, but staying poor and not doing everything you can to earn a little extra is something you can change. You can change that something like in this moment, join a website like Chegg to earn an extra $20.00 an hour as a tutor, join survey websites to earn $10.00 more an hour, join Upstart to do a task for a few extra bucks. You can start changing your financial situation on your schedule NOW.
8. Someone to talk to. This can be someone that is a millionaire or it can be a teacher in your old high school. The point of the matter is that they have to be someone you can bounce ideas off of, learn from, and consult on things that you do. While ideally it is best if they are a financial success because then they know the steps and time it takes, but anyone can help you to be your best self if they believe in you.
9. Don't Say, "I can't." Millionaires don't say they can't do something or are too busy to do things that they make money off of. When you are just starting out you should never say I don't want to make money doing "x." Take every and any opportunity and don't t stop looking for new things to make money.
10. Think Fast. Taking time to make decisions is important, but you need to also know that fast decisions are just as important. Don't take forever to consider every issue that may arise, and just say yes or no.
11. You are not too young. Don't let anyone tell you, you're too young. Being young is an Ace in the pocket because no one will see you coming, and everyone will think you're interning or a new employee. Thus you will usually get unfiltered opinions, attitudes, and information that people wouldn't originally tell their bosses or someone looking to buy, invest, or being involved in the business.
12. Your money works for you, you don't work for your money. Most people think that they should be working to earn money, but once you've saved a little (like $1,000-$5,000) start having it work for you. Money should do all the heavy lifting, and by understanding what and where you should invest your money you're going to realize that it can make a lot more, for a lot less work, than you could ever make.
13. A millionaire doesn't have $1 million dollars they have $100 million. You should never think that there is a number that makes you a millionaire. Yes, having a million dollars technically makes you a millionaire, but it doesn't give you financial security or independence. You want to aim to build your worth to 10 million dollars to 100 million dollars and beyond.
Everyone in this country has the chance to be a million if they take into account this awesome formula. Don't think it is too hard, don't give up, and for no reason should you count yourself out. Get out there, get up, get to work and you too can be a millionaire. There is no secret, no club, and no special way to become a millionaire...you just have to want it and YOU can make it happen.