How to become a millionaire by the time you’re 30

“If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”

Those are the words of the world’s richest man, Microsoft supremo Bill Gates. Having dropped out of Harvard to start his company at just 20-years-old, three years later it was grossing $2.5 million. Whilst you don’t have to be the next Gates, Zuckerberg or Jobs to make your fortune, these are extreme examples, it is absolutely possible to make those first seven figures by the time you clock 30 – silver spoon or not.

Any burgeoning mogul recognises that in today’s climate you’re not going to net serious money through savings interest. Follow the money and make smart investments, risks are likely to have to be taken if you’re going to become a millionaire sooner rather than later. Save money to spend money.

As the stacks pile up it’s going to be tempting to flaunt that success – splashing out on a new car, place, gadgets and clothes. Don’t do this. Save that cash for investments and increasing income, live the life of luxury when you’ve secured millionaire status, until that time frugality beckons.

There’s a lot to be said for a great work ethic and hard work. Unfortunately, you’re unlikely to make your millions in a standard nine-to-five, in fact, under anyone’s employment for that matter. Let the money you do have do the major lifting through investment returns and the like, as sad as it is – most of your money is unlikely to come from the day job.

The only way to grow your net worth is to know where it is at all times, where and when it’s going in and going out. Staying on top of your finances will help avoid those accidental overspends on everyday items or taking too big of a risk on an investment.

Getting rich is a long term commitment, taking time off from it could seriously dent your chances of reaching those goals – aim high and stay on track as much as possible.