In 2007, India had a total of 124,000 high-net-worth individuals (HNIs), or people with total assets worth one million dollars (Rs. 7 crores) or more, commonly called millionaires. Sure, the number of millionaires must have increased several times in the last decade, but for all practical purposes, having an eight-digit bank balance sure is lucrative. With the start-up industry growing and entrepreneurship catching up, we can expect to have about a million millionaires by 2027, 20 years after that count.
Now, what is significant here that while the list might consist primarily of businesspeople and people holding influential positions in big-name companies, a lot many names on the list will be neither. That means regular people working 9-5 jobs who save invest smartly over the next few years can sit pretty upon a bird’s nest. You can join that list too, and here are a few suggestions on how to do the same.
Becoming A Millionaire By 30
From Average Joe to Top Gun: How to climb that ladder
Not everyone was born with a silver spoon in their mouth. And not everyone can come up with a startup that turns into a multimillion-dollar company. But that should not deter your endeavors. Here are ten tips that will help you convert your dream of becoming a millionaire before you turn thirty into reality:
- Focus on steady earning
Money helps money grow. If you do not have a steady source of income, you will not be able to save or invest money further. Getting a decent paying job with a scope of growth should be the first step towards your dream.
- Have multiple sources of income
Having a steady stream of income is good, but not nearly enough if you want to become a millionaire. A survey stated that 68% of millionaires had at least three sources of income, and 18% had five. You can either make use of your skills on a freelance basis, or you can invest in multiple projects like stocks and low investment franchise business opportunities in India, along with your regular job, and the dividends will go a long way.
- Don’t just save; Invest
Be careful with your savings, but you can never save enough to become a millionaire. A high bank balance might be soothing to look at, but when invested, the profits extra cash would reap is an even better sight. Even lesser amounts, when invested, tend to give out great benefits.
- Be a decision-maker
Every single successful person has two things in common: a resourceful mind and the ability to make clear cut decisions. Keep your eyes and ears open, gather information, and do trust your instincts while taking financial decisions.
- Buy according to your needs, not wants
Warren Buffet is the third richest man on earth, behind Amazon’s Jeff Bezos and Microsoft’s Bill Gates. You might be surprised to know that he still eats at the local McDonald’s near his place. Expensive gadgets and luxuries do not make a millionaire. And especially as you’re not there yet, it makes sense not to overspend, and spend only on the things that you absolutely need. Being a spendthrift is the worst thing an aspiring millionaire can be.
- You are an asset worth investing in
Invest both time and money in yourself. Always lookout for ways in which you can upgrade your skillset. Make yourself into a useful resource. This, in turn, will enable you to ask for better pay and benefits, in addition to allowing you to make better decisions and profits via investments.
- Set goals for yourself and work towards them
Set small and realistic goals for yourself at first. As you achieve them, you will feel motivated to go for bigger ones and accomplish more. Stick to your basics, keep working towards your goals, and always believe in yourself.
- Find a good mentor
The road is long, and inexperience could cause you some difficulties along the way. Hence, consult someone with financial expertise whenever you’re in trouble or before making a significant decision, especially if it involves larger amounts of money. Find yourself a trustworthy and reliable mentor to help you learn the tricks of the trade.
- Think big
Shoot for the moon. Even if you miss, you’ll land among the stars. And while that saying may not be scientifically correct, you get the idea. If you dream big enough and think along the same lines, you will find yourself close to your goal. Your first shot at your own business might not work, but that will give you enough knowledge and learning to try something bigger and better again.
- Remember why you started
There might be times when it might all seem futile. There might be nights where you veer off-course and end up splurging. There might be emergencies that leave you no choice but to dip into your savings. The path to success is never easy, and you are bound to fall, but remember to rise again and keep your eyes on the prize.
While the above-listed suggestions and directions can help you inculcate a mindset of efficiency and productivity, you need some sort of starting point to help you on your journey to earning a million bucks.
Here are some of the opportunities that most millionaires and billionaires made the most of in order to gather their riches
- Stock Market
Purchasing stocks means holding a share in the overall company’s value. Your money’s worth increases with the increase in the share prices. While it is obviously risky as the markets are volatile, but it has been, and continues to be, a significant source of people’s riches.
- Mutual Funds
Instead of a single stock, mutual funds enable you to purchase and invest in multiple stocks in a single purchase. Although you will need a broker or financial manager to help you with this, if you are committed, you can learn to identify the right ones yourself or even invest in existing funds that are doing well.
- Public investment instruments
Usually considered the safest way with minimal risks, public investment tools are a popular choice but also the least productive and most time-consuming method. The rate of interest and rate of return both are pretty low, which means that you must have a huge corpus of money, to begin with.
- Franchise Business Opportunity
Generating good revenues and returns under a brand that is already doing well in the market is a relatively easier and faster way to make big money quickly. There are several low-cost franchise business opportunities in India, like Subway franchise, Giani’s franchise, Amul franchise, Kathi Junction franchise, etc. To know more about other franchise business opportunities in India, please get in touch with us by filling the Investor Enquiry form.
Being rich is not something that you can achieve overnight, and nor is it going to be an easy process. The most crucial factor of being a millionaire is a disciplined mindset and attitude. If you want your money to work for you, you’ll need to stay alert and make smarter decisions. That does not imply that you lead a worried lifestyle. What you should definitely imbibe, is converting your plan of action from a small plan on paper to reality. And it will require a great deal of conviction.
Becoming financially successful opens many doors for you to navigate in life and live it to the fullest, embracing all that it has to offer. Whenever you begin to think that it is not worth it, you can always look for inspiration around yourself, and you shall find it aplenty. Many individuals grow big before they grow old, and if you want to be one of them, it’s time to start hustling.