Let’s be honest; who wouldn’t want to be financially free by the age of 30? I know for sure I would! But how? I mean, is it even possible? Actually, it is.
Well, if being a millionaire—or simply having the freedom most people just don’t have—at a young age is one of your goals, then you might want to listen to what I’ve got to say. Throughout the years, I have probably read dozens—even hundreds—of books on the art of creating and managing wealth, not to mention that I’ve had the chance to be coached and mentored by quite a few different successful men out there.
Now, make no mistake, I’m not the one who came up with these notions in the first place—although I wish I was. This stuff has been known and passed down by the elite for centuries—or at least, the better part of it. If you want to know how to become a millionaire by the age of 30, it all comes down to five things.
Creating Wealth With Real Estate
Brick and mortar. According to Forbes, real estate is probably one of the greatest billionaire creators of all time. Although the art of investing in the right properties isn’t for everyone, it has proven more than once to be one of the best and most reliable paths to financial freedom.
The downside? Unless you’re some sort of ninja investor, chances are that you’re going to have to put in a little cash to get started. Depending on where you live, banks will usually ask for a down payment—somewhere between five and twenty percent of the property’s value.
If you can afford it, go for it!
Before you get started though, I’d recommend you make your own research. A lot of great books have been written on the subject. Amazon is your friend. Actually, I’ve read a few myself, one of my favorites being The ABC’s of Real Estate Investing, by Ken McElroy. Read, read, and read again. Like Warren Buffett used to say; the more you learn, the more you earn!
Trading For A Living
Stocks, mutual funds, foreign exchange, gold. A lot of fortunes have been created with these.
Given that you can handle stress better than most of us—and that you know exactly what you’re doing—trading could certainly be a nice way for you to get financially free before your thirties.
Rule of thumb in this field; the more profits you want to make, the more risks you’ve got to take. That’s where it gets a little tricky for many, because let’s face it; investing in stocks can get risky, especially if you have no idea what you’re doing.
If you’re looking for a little more control, maybe you should start thinking about.
Building Your Own Business; The American Dream
“If you don’t build your own dream, someone else will hire you to build theirs.”
Although starting your own business should never be based on a desire to make money alone, it’s in my opinion one of the most exciting ways to reach financial freedom. Imagine if you could wake up every morning and make a living off one of your passions! Well, that’s what having a business is—or should be—all about.
Now, don’t get me wrong; of course you’ll have to work hard. And of course you’ll probably spend many sleepless nights trying to figure out how to pay your suppliers and meet your clients’ delays—I’d be lying if I said you won’t. But hey; trust me, it’s all worth it.
That said, you still have an alternative.
Making Money Online, Your Safest Bet
Let’s be honest; while the “traditional” business model has a lot of pros, it also counts a significant amount of cons. The online business, on the other hand, is a lot faster to master. Let alone the fact that it’s also a hundred times cheaper, more scalable, and simply easier to live with—unlike owning an old-school business, making money online will actually allow you to have a life.
Needless to say, there’s several ways you can make a living off the internet. I’ll get a little more into this in another post, but basically, you want to use the world wide web to spread information about your passion.
Just buy a domain, get your site up and that’s it! Fast. Plain simple. That’s the spirit.
Building Wealth Through Network Marketing
And at last but not least, you’ve got network marketing—or MLM. Now, before you say anything; I really do believe network marketing can be a great and sustainable way to reach financial freedom (despite popular beliefs).
Believe it or not, there’s still a lot of misconceptions about multi-level marketing—which you’ll have to face soon enough if you ever choose to follow this path to freedom. For instance, some people think you can just get involved, sit back and get rich. Sure, financial independence might be a lot quicker to achieve in MLM than in any other type of business, but still; you’ve got to put in the time and efforts.
There’s no shortcut to success. If someone ever tries to sell you on a “get rich quick scheme,” thank them and run away as fast as you can.
In MLM, you’re being paid for promoting XYZ products, not dreams. If you’re willing to do this—and do it right—well I think network marketing could be a pretty nice fit for you.
Now, if you’d like to know more about network marketing, please let me know in the comments below; I’d love to write a few posts about this!
Bottom Line: Diversity Will Always Work Best
I think we can all agree on one thing: these are probably the five most realistic ways to get financially free by the age of 30. On their own, each one of them can take you there—that’s for sure. But the truth is, I’ve got something more for you.
One of my mentors, a very sharp man who actually became a millionaire himself before turning 30, once told me this: financial freedom isn’t financial freedom if you’ve got only one stream of income. In other words, you’ve got to have multiple income streams in order to be 100% free.
See, even if you’re working 9 to 5 and have what most people would call a “safe” job, you’ve got to have a plan B. What I’d recommend is that you take a second look at the list above and pick a few to get started with. I personally love running online businesses, but I don’t think I’d trade for a living.
Here’s the key; you’ve got to keep a balance.
My mentor has been in business for a while now, and he’s doing well. Every month, he’s putting money in mutual funds, let alone the fact that he owns a few real estate properties. As far as I’m concerned, most of my income is generated through network marketing and a couple of my online businesses. In a near future, I’d like to get involved a little more seriously in the real estate business; we’ll see where it takes me!
Now that’s diversity. Bear this in mind, and you’ll be on your way to financial freedom.
If you’re interested in knowing a little more on any of the methods listed above, leave a comment below or subscribe to Mathieu’s RSS feed by clicking here, and sign up here to get his FREE 10-step guide to success.