#MillionairesBy30 #YoungandWealthy #EntrepreneurialSuccess
So you want to be a millionaire before the age of 25-30? It’s definitely an ambitious goal, but with the right mindset and strategy, it’s certainly achievable. In this article, I’ll share some insights and advice on how to achieve this impressive financial milestone.
1. Define Your Goals and Create a Plan
– Setting a clear and specific goal is the first step towards achieving it. Determine exactly how much money you want to have by the age of 25-30 and create a detailed plan on how you will accomplish it.
2. Focus on High-Income Opportunities
– In order to make a significant amount of money at a young age, it’s important to focus on high-income opportunities. This could mean pursuing a lucrative career path, starting a successful business, or investing in high-return ventures.
3. Take Calculated Risks
– Building wealth at a young age often requires taking calculated risks. Whether it’s investing in stocks, starting a business, or pursuing a high-paying but competitive career, taking risks can lead to substantial financial rewards.
4. Embrace Entrepreneurship
– Many individuals who have achieved millionaire status at a young age have done so through entrepreneurship. Consider starting your own business or venturing into a lucrative industry that has the potential for high returns.
5. Develop Multiple Income Streams
– Diversifying your income streams is a key strategy for building wealth. Look for opportunities to generate income from multiple sources, such as a side business, freelance work, or investments.
6. Focus on Value Creation
– Whether you’re pursuing a career in sales, entrepreneurship, or any other field, focus on creating value for others. By providing exceptional products or services, you can command higher income and build a strong reputation in your industry.
7. Seek Mentorship and Guidance
– Learning from those who have already achieved financial success can be invaluable. Seek out mentors, read books, attend seminars, and consume content from experts in your desired field to gain insights and guidance.
8. Stay Disciplined and Persistent
– Building wealth at a young age requires discipline and persistence. Stay focused on your goals, work hard, and be willing to make sacrifices in the short term for long-term financial success.
In conclusion, becoming a millionaire before the age of 25-30 is certainly a challenging goal, but it’s not impossible. By setting clear goals, pursuing high-income opportunities, embracing entrepreneurship, and staying disciplined, you can achieve impressive financial success at a young age. Good luck on your journey to becoming a millionaire before 25-30! 🚀
What experience do you have in solar? Would you just be doing the sales? Middlemanning for other companies?
Prob not what this sub is interested in but as a household my wife and I hit a million by 30 by saving/investing W-2s.
Combo of stocks and real estate. I had a blog that I should have kept going with when I was 26 but stopped (had 5k followers on early fin Twitter).
Not until we were 30 2020 did we start diving into Entrepreneurship.
Now we have added extra businesses (income) and kids (expenses).
Seems to be snowballing faster now 33 and business is growing. Still feels like we are working very hard though with young family and lots of career and business.
I know of a few people who did it, I went to a top school so naturally I met some very smart and and driven people.
A couple of them are in HFT trading (not what you wanna hear) and are pulling in $500k+ a year, probably closer to $1mm and they’re still a few years away from 30.
The other guy I know started a software company for tech finance with a few other friends, dropped out of being a SWE at a HFT and focused on it full time. He won a couple of hackathons and managed to get VC interest, runway is about 5 years but their company is definitely worth way more than $1m, they have a pretty good customer base with a real and functioning product.
Luck. Got a gig at Apple in 2010, lived within my means with roommates and never had to sell my ESPP or RSU grants til they were up 15x to 20x. Also got lucky with a 2011 investment in Tesla and 2012 investment in Netflix.
Good luck with your solar aspirations. If you happen to hit it big, throw some of that money at lobbyists to counteract all these power companies leveraging regulatory capture to destroy solar incentives in every state.
haha cum
Sales job + mobile app + early real estate investments. I always had a FT gig and at least one business going at the same time. Tried to save / invest half my income.
Solar power is the next level business for the upcoming energy savings world
Cannabis
Wall Street. Grinded upward until went out on my own
The outliers I know that reached millionaire status by 30:
Less risky route: W2 jobs in FAANG, sales, quant, or early employee for a start up that IPO. You won’t get done with medical school or maybe make partner at law firm until in your 30’s, but they’re very nice options also to eventually become millionaires. Live frugally, invest the rest.
Riskier route: Business. You can start a business and hopefully it is in the small percentage that survives and profits in a shorter amount of time in your 20’s, but the likihood of you succeeding is higher by getting into an industry with a lower entry barrier and it takes time to truly master anything. The drop out turn entrepreneur stories we hear of usually isn’t from somebody that dropped out of grade school, they dropped out of ivy league schools which means they were already exceptional to began with, already started learning their skillsets out of interest from a young age, and leverage their network, with a sprinkle of luck to the equation. More realistically, help or improve family’s existing small business, the next generation might have insights to accelerate it, could give yourself an income like some of those higher earners above except you’ll have to live even more frugal to leave wiggle room in case business goes sideways. Don’t discount blue collar work, some of those guys pull in impressive numbers, although it’s gruesome work hence their compensation.
Even riskier route: Exceptional drug dealer that has to clean cash through different avenues but usually also engage in high risk behavior like parking it in crypto or playing poker and eventually loose it all or worse ends up dead. Highly not recommended, even the legal cannabis folks wants to exit eventually.
I would evaluate and ask yourself the importance of getting rich young, my family are firm believers of not letting kids inheriting businesses/wealth until well after 30 because of maturity level and money management skills. They also believe one should explore and sees what peaks their interests because honestly you can make a business out of everything if you understand the market and dominate the market. If some of my friends didn’t got laid off, they wouldn’t have the capacity to engage in new hobbies to fully understand it and what those markets want, they have an edge over their competitors that think coming in with the cheapest option will do.
It seems like you’re attracted to freedom, I’m not sure working in different timezones feels that free, you’re most likely going to have to cater to clients at all different hours which really messes up your health and schedule, why don’t you take a few sabbatical years to enjoy instead and figure things out because I knew some people that did that and they feel like they’re just moving to work in a different location, but it’s still work and you’re not awake at regular hours to engage with society and enjoy the destination that you moved to. The 2 hours a day digital nomads in Southeast Asia or Latin America cafes are usually bogus.
Have messaged you, I think you need a partner in this adventure
>cum
Lol
Started an app when that was the thing and sold it to a bigger company. Formed other businesses that I took on investment for so it got a high valuation and followed financial advice.
Sure I worked hard but it was right place and time mainly so I would say just luck.
Nothing I did is a good blueprint for someone else as the world is different even between now and then.
Built a business
Then allocated the profits properly to “high risk” appreciating assets that I spent a lot of time doing due diligence on
Graduated 2011… bottom of the real estate market in my area, started investing in a nice little pocket no one wanted. Refinanced out over the years, became millionaire by 30, then multi by 34.
Mindset. Stop blaming others, work on changing yourself.
When I was young I studied hard, got a high paying job, bought 1,2,3 properties asap even as people told me properties won’t go up any more.
After proving the naysayers wrong, I started surrounding myself with positive outlook only. Get rid of the ones complaining about boomers, migrants etc. those people will never succeed even if you gave them all the right conditions
Started building websites at 15, finally got 6 figured revenue around 17, then started a consumer electronics company at 18 thanks to crowdfunding, built it to 8 figures and still managing it with the goal of growing it to 9 figure (I’m 27 now). Also, invested some of the profit in crypto over the years, some was lost but overall it was a great cash addition.
Start a business. Invest in real estate
Not a millionaire but most likely because of having money to funnel into their business, connections, going to top Schools, some conveniently left out privilege or circumstance.
I think the solar panel sales route is great. My brother, who owns a villa, wanted to install solar panels but couldn’t find any usable info online. Lo and behold, a solar panel salesman knocked on the door, and he closed my brother for a 6k euro sale. It’s definitely a good business to be in.
**Now for your question:** my brother and I started what is best described as a “private label e-commerce business” in 2015 in a Western EU country. We got financing from a family member. I’m no longer co-owner, but I think he made a revenue of 4-5m in 2020 and regularly makes 1-2m still. After expenses, he’s left with around 20% net, so he makes mid to high six-figure a year in profit.
**Now for me, since I haven’t made it big yet:** I started an affiliate marketing/SEO website a year ago, and now I make 10k/year, but everything works out as I had planned, I should earn somewhere between 50k and 300k by the end of 2024. In theory, it’s infinitely scalable, so if I’d be less of a lazy bastard, I could earn a lot more.
As MJ Demarco said, anything can make money if it “impacts millions.”
> hopefully liquid
This would not be a smart move.
Not me but someone very close: missed the bus on being in the ground floor of a tech company that ended up going public, opted for a safer path due to immigration reasons, but then the firm handling her 401K had a -17% year when the SP500 was doing almost 20% so she rolled it and started managing it actively from her retirement accounts. She had been learning the ropes on the side with small amounts for a few years while working at a tech company with a six figure salary, living frugally until she could afford a downpayment for a condo in a decent real estate market that went up pretty consistently
She grew her retirement accounts to about 900K in 6-7 years and if anything in hindsight she sold too early on companies that are sky high today
1. Buy Bitcoin
2. Wait
How to make a billion by 30 assuming I have 9 years for that?
Boring answer, but the “safest” way to become a single-digit millionaire by 30 is to work a job. Join a FAANG after uni, and you can make it assuming you are decent at climbing the career ladder and saving money.
I started my business at 21 right out of college. We’ll be hitting our 5 year anniversary this year and we’re currently grossing $250-300k a month.
There have been many ups and downs but staying consistent with the quality of our products and customer service has set us apart from the competition. We have boutique Hemp/Kratom stores (not smoke shop/head shop) along with e-commerce. E-commerce is only 15-20% of revenue; margins are much tighter online as well.
This definitely isn’t doable everywhere due to regulations – right place at the right time.
Edit: not personally a millionaire but the cash and inventory on hand along with any valuation has the business there!
following
Hard work and being patient
Won the lottery.
Before I won a powerball lottery I Consistently visiting the charts, seeing candlesticks in my dream till one day it began to pay off then all other minor plans I’ve got I began to explore each and everyone of them..