Apparently a curiosity instilled amongst every single individual across the globe that belongs to a middle class or lower-middle class family is “how to be a millionaire?” And for youngsters who have tremendously high ambition, the question is more like “How to be a millionaire before 30?”
The world has entered into a time-frame where society tags you based on your bank account status and accordingly you are categorized. Gone are those days when values, ethics, and honesty were a benchmark for a human status.
Since the demand for such information is so huge, we have decided to come up with an honest attempt to enlighten you on 5 such measures which if taken and executed well could turn you into a millionaire before reaching the age of 30.
1. Invest in stocks early in life
As against what the world might suggest, I would definitely recommend this as a viable option. Yes, it contains unbelievable risks but had I not been a personal beneficiary of stock investing, I would not have recommended this. The right investment gives a decent return of 15-25% within first year itself.
But one needs to follow certain aspects to really make money here:
- Start early: Even if you are 18 and just receiving pocket money, invest in good blue-chip companies. These stocks give good returns over a long period.
- You won’t make money overnight: Think long-term as I have seen people lose money on the 1st day and end up quitting the stock market. For starters, invest in companies who are stable like Infosys, SBI, Bharti Airtel, HDFC bank etc.
- Research well: Learn about Profit & Loss statement, Balance sheet (Moneycontrol.com) of individual companies, make a shortlist of 100 companies and learn about their plans, targets for future. Always invest in companies who has an expansion plan, projects lined up for the future.
- Have patience: Tough but very important. I had a stock of Onmobile keeping in mind the rise of the mobile industry. I bought at 55 per share and saw it reduced to 33/share. Just a few days ago, I saw the stocks had risen to 100+. I sold all the shares with 90% ROI. So have patience and be invested long term
Invest around 40-50% of your income in stocks. So if you are making Rs. 20,000 per month now; invest Rs. 8000-10,000 every month in stocks over a diverse portfolio of companies. You should always look at exiting stocks when you are having an ROI of 20% and above.
Every year with your increase in income, your investment in stocks should remain the same at 40-50% of your income. If you do it consistently with good research, there are high chances you could become the next Rakesh Jhunjhunwalla or Yogesh Chabria. My personal suggestion would be to read books in investing by Yogesh Chabria.
Hence, an 8-10 year of proper and increased investment can make you a millionaire.
2. Become an Investment Banker/Consultant or Super awesome Coder/Developer
Sounds funny right, but it isn’t. Many would laugh off at this suggestion but I am very serious about it. But for this, you have to be someone very serious in your life with studies.
You have to study really well, develop your skills and look at the prospect of joining the likes of IIT’s and IIM’s (Top-4). It doesn’t end just joining them. Once inside you will find many talented individuals who may be better than you. So work even harder, set goals and research on the companies who offer amazing salaries and skill-sets they are looking for.
Work on improving on them and exercise your brain daily with better information on the domain. This will help you in your placements to not only crack the likes of Facebook, Google, and Goldman-Sachs etc but also earn a salary of 40L-1.5Cr per annum at the age of 22-23 itself. So you can calculate yourself now.
3. Become a Real estate SUPER AGENT
Frankly speaking, you will have huge competition in this niche as there are many so-called Dealers roaming around in the streets. So how does one carve you space and scoop those big money deals and make enough to become a millionaire?
First of all, 99% of dealers lack terribly in communication skills, personality and overall attitude of maintaining themselves. They do not bring any class to this industry. Hence, your first objective is to work on the mentioned points.
Second is to do a lot of research in the city/state you dealing and learn all legalities associated with the business. Information should be available at your fingertips. Third is NETWORK effectively. Meet a lot of people, understand their requirements and become a solution expert to them when they need any knowledge support.
People will start taking you seriously looking at your knowledge and personality. Automatically you will start making deals for others by helping them. Your good work will spread and HNI’s will use your expertise. This is where you crack Jackpot as a single high valued deal can make you a show-stopper overnight.
Few such deals and you are now a reputed MILLIONAIRE.
4. Have your own Startup with the next big life changing idea
Easy to write, harder to execute but if you look at the likes of Mark Zuckerberg, Ritesh Agarwal, Rahul Yadav, John Koon, Bansal’s of Flipkart etc all of them came up with the next big thing in the world of entrepreneurship and shook the world. Not that they had any unique idea as such, but they understood a problem of the masses across the globe and tried to solve it.
So if you think, you have an idea which solves problems of many and can be monetized, then do not wait for anyone’s approval and start as soon as possible. Execute your idea with help from parents, relatives, friends and reach to the people you serve.
If you are doing well and growing substantially, there are high chances of you falling in the radar of VC’s. They will fund you, invest in your company for equity and your hard-work of few years will turn you a millionaire as well as famous to the extent you can’t imagine.
5. Become an Expert Blogger/Online Seller/Affiliate
Not the best of ways but definitely an effective one where you would require gathering exceptional skills which luckily is available on the internet nowadays and use them a bit early in your life to make a good amount of money. I personally know few people who make millions a year just by running successful affiliate programs for various companies.
You need detailed skillset over SEO, SMO, Social Media Marketing, Web Design and Development (To some extent) and with the kind of resources available online, you have the world to sell or talk about.
Paul Bourqe made $500,000 in one month and so have many like him. There is Carl Ocab, Harrison Gevirtz, and Long Zheng etc. who have made a life for themselves in the world of Blogging and Affiliate Marketing.
They have done it after months and years of research and so can you. All you need is a Laptop/Desktop and a good internet connection. So do not waste time and start your research today.