Below are 3 proven strategies that helped me become a millionaire by age 30!
First, I must mention that I didn’t make millions right away. I worked day and night throughout my 20s to make my dream life for myself. I didn’t start making 6 figures until I was 27 or 28. It’s not about making a lot of money, but rather having good habits around money.
1. Clear Your Debt
Before we can talk about the cool, sexy parts of making money, we have to talk about debt. The number one millionaire dream crusher is high-interest debt. Typically, high-interest debt comes with a credit card. If you have a credit card and are not paying the full balance, you cannot do the other 2 tactics. You must clear your balance first!
2. Open a Roth IRA
This next strategy is one of my favorite investment vehicles that helped me become a millionaire — the Roth IRA. Anyone in the US can set one up (if you are overseas, there are equivalents)! A Roth IRA allows you to put money in an account that grows at a rate of your choosing that you don’t have to pay taxes on! This is one of the only investment vehicles that are not taxable! That’s amazing!
Here are the steps to open your Roth IRA…
Note: I am not a financial advisor. I can only recommend steps to take and sites to use.
- Go to Google and search “Roth IRA”. Various sites will pop up. Again, I cannot tell you which to use but I like Vanguard.
- Inside the Roth IRA, I like investing in index funds and ETFs. These are great low investment channels. You may have also heard of mutual funds. Mutual funds are run by humans who are trying to beat the market; index funds and ETFs are run by an algorithm that tries to match the market.
- Once you open your account, you will need to choose how you are going to initially fund your account. Yes, you need money to do this! You can do a bank rollover or choose to roll over money from a different investment.
- After you put in the rest of your information, it can take up to 5 days to verify your identity and get your account approved.