5 Money Lessons That Helped Me Become a Millionaire by 30
Lesson 1: The Importance of Every Dollar
Despite how simple it may seem, it’s a fact that every dollar matters. Whether you’re earning $100 a day or $100,000 per year, you’ll need to save money if you want to enjoy a comfortable retirement. To start saving money, you should track your spending and find ways to reduce or eliminate it. This will not only help you keep track of your finances, but also give you an understanding of your living expenses and where you can make changes, like cooking at home instead of eating out.
Lesson 2: Quality Over Quantity
As a child, I often chose the cheapest clothing and footwear, not realizing that they would be uncomfortable, fall apart easily, and look cheap in the long run. I learned this lesson from my parents, who always tried to buy quality items because they knew that cheaper brands weren’t built to last, which would ultimately cost more money in the long run. Instead of being penny wise and pound foolish, it’s better to save up for higher quality items that will last.
Lesson 3: Treat Your Investments Like a Business
You don’t have to be an entrepreneur to approach your investments like a business. It’s all about having the right mindset and treating your investments like money-making opportunities. For example, if you want to invest in rental properties for passive income, you can start preparing for it even if you’re not ready to make a purchase yet. Think about what research you would need to do, what steps you should take before buying your first property, and how you will manage everything once your properties are up and running. By answering these questions beforehand, you can increase your chances of success in real estate investing.
Lesson 4: The Value of Time
The fourth lesson that helped me become a millionaire by 30 was recognizing the value of time. I’ve always been an avid reader, but in high school, I learned about speed-reading and started using it regularly. To this day, I can read 2–3 books per week using these techniques. Speed-reading is just one way to maximize productivity and minimize time spent on non-essential tasks. The key is to find a strategy that fits your personality and lifestyle, and practice it consistently until it becomes second nature.
Lesson 5: Invest in Yourself
The best investment you can make is in your own health, education, and relationships. These things will significantly increase your income potential and help you achieve your goals. For example, if you invest $100 in something that increases by 100% after 10 years, it will be worth $216. If you invest that same amount in your own knowledge and apply it to your work, you’ll see similar results. Investing in yourself will pay off in the long run.
DISCLAIMER: the information provided on this website or in any of our materials is for educational and informational purposes only, and should not be taken as financial advice. We are not financial advisors and the information provided does not constitute professional financial advice. You should always seek the advice of a licensed financial advisor before making any financial decisions. We cannot guarantee the accuracy, completeness, or usefulness of the information provided, and will not be held responsible for any errors or omissions or any actions taken based on the information provided. Please be aware that investing carries risks, and you should carefully consider your own financial situation before making any investment decisions.
