How to be become a millionaire under 30 .Get together with successful people every month to discuss how our businesses are doing and to review all of the issues that are keeping the CEOs up at night. We specifically focus on issues related to HR, law, technology, and strategy.
However, there are two issues that consistently generate concern for the bulk of these CEOs:
- How to build a marketing machine and lead flow
- How to build a sales team and grow sales
From small to large, and not so successful to outrageously successful, sales and marketing are always at the top of the list.
Now that I’ve stressed how important marketing and sales are to the success of any business, here’s my step-by-step 12-year plan for Ethan to go from an 18-year-old with zero dollars to a 30-year-old with $1 million.
Step 1: Get a College Degree
Finish high school and college by age 22 or 23.
Ethan, no matter what you do, please finish college.
Unfortunately, our North American, Indian, Asian … society places a lot of importance on a college education. Although I agree that college has many benefits, I also believe that its importance is somewhat overrated. Either way, college provides some of the foundational elements required for future success, and the best jobs are usually reserved for those with college educations.
While you’re in college, please have fun. The college years are probably some of the best years of your life.
BUT no matter what you study, and what degree you hold when you graduate from college, you need to be an expert in two areas:
How to build a sales funnel, brand, marketing automation, lead magnets, landing pages, and email marketing
– Social Media
How to build your online presence through social media, and leverage social media to build your business
Whether you’re 18 or 28, your belief that you’re already an expert in social media doesn’t matter if you don’t have the education to back it up. Yes, I understand you might use Facebook, Instagram, and Snapchat every day, but that doesn’t make you a social media expert.
You need to understand the tricks for leveraging the various social media tools that will help you build a business.
Gary Vaynerchuk does an excellent job of talking about social media and its role in business, including how you can leverage these tools from a business perspective.
Step 2: It’s Time to Pick Your Industry
While in college, and regardless of what you’re studying in school, you also need to figure out what industry you are interested in, and what industry you’re going to open your business in. You should look for:
- The potential for a significant element of recurring revenue.
- Something you can build a sustainable business in.
Most young entrepreneurs I work with are stuck on finding the next amazing, revolutionary technology they can use to scale their company and sell it to Google for a billion dollars. Get real. It’s not going to happen.
Instead, build a sustainable business for the long term. It should be in an industry that’s going to be around for decades.
As I mentioned above, it should also be in an industry you’re interested in. What excites you? Does this industry have growth potential? And of equal importance, does it provide the opportunity to build a business with recurring revenue?
To reiterate, you need to know three important things by the time you graduate:
- Social media marketing
- The industry you want to build your business in
Step 3: Get a Job
You should start your first full-time job by age 23 or 24.
After college, get a job working for someone in your chosen industry. (See Step 2.) Work in the sales department, and learn how to become a kickass salesperson. Study the traits of the #1 salesperson in the company, and ask him or her to mentor you.
Follow your mentor. Learn from him or her, and keep studying the industry.
Keep learning as much as you can about marketing and sales. (See Step 1.)
During the first two years of employment, put 25% (or more) of your salary aside.
Also during the first two years, put together a business plan, and share it with as many successful businesspeople as you can find. Tell them you’re looking for an angel investor, someone who will help you fund your chosen business. Impress the heck out of them with your knowledge and perseverance, and articulate that you will live and breathe the industry until you’re its king. Offer them a percentage.
By the way, when you’re speaking with this person, make sure you have the “killer instinct” in your eyes.
Step 4: It’s Time to Open Your Business
By age 25 or 26, you should be a guru in marketing and sales. If you’re not, then go back to Step 3.
Open your business, using a combination of your funds and the angel investor’s funds.
Reminder: Make sure your business has a very high percentage of recurring revenue. If it doesn’t, go back to Step 2.
Over the course of the next few years, save as much as you can. Maximize your business’s profits, and invest those profits wisely. For more information on how an entrepreneur should invest, you can download a free copy of my book which addresses this very topic (you can get a link from my Quora profile).
Provide the best customer service that you possibly can. Without your customers, your firm is done.
Make sure that your operations department (which includes customer service) can keep up with your sales.
Although this is easier said than done, you should have a revenue of $3 million by Year 3. And by Year 5, your revenue should be $5 million. Your profit margins should be 12% of your top line revenue.
Step 5: Read As Many Books and Listen to As Many Podcasts As You Can
Start this step immediately, and don’t stop until you die.
In 20 years, we probably won’t have podcasts. Rather, we’ll have small, implantable chips programmed into our brains. In the meantime, and until then, listen to podcasts.
Spend 90 minutes a day pumping as much knowledge as you can into your brain.
Go to the gym, and exercise at least 3 to 4 times a week. Don’t stop. Ever.
Find a mentor that can help you along the way.
Step 6: From Day 1 of your business:
- Watch your cash flow.
- Watch your expenses.
- Maximize your profits.
- For the first five years, work 60 to 80 hours a week.
- Always have clear goals and a plan.
- Focus on marketing and sales.
- Always have a plan. If you don’t know where you’re going, you’re never going to get there.
- Understand how an entrepreneur should invest, and why and how an entrepreneur’s portfolio is different from a regular investor’s strategy.
How to be become a millionaire under 30
As you scale your business, hire experts to look after the other parts of it, but remember, you should be your business’s best salesperson and marketing guru.
Growing your wealth and business to over a million dollars is a tough goal. The million-dollar mark is the elusive goal that many entrepreneurs struggle to reach, but with proper goal-setting, planning, and business knowledge, it’s possible.
Some basic rules to follow to be become a millionaire under 30
1. Thoroughly learn everything before investing money
We usually have to pay, both, for the action and for inaction.
Often the fear of financial losses does not allow investing money in real estate or trading on the stock exchange.
As a result, there are no losses, but there is no profit as well.
Everyone makes mistakes, but these mistakes later on, become an invaluable experience that will allow them to orientate themselves freely in the financial sphere.
When actions become meaningful, and will not be dictated only by fear of loss, your journey to success will be more faster.
# 2. Never ask for help
Since childhood we have been learning that we must cope with our own problems – only weak-men need help.
But do remember that timely provided support can be decisive, and false pride often leads to the collapse of a business that could be saved.
To earn a lot of money, you need a great team, because you can never know everything.
A person who is not afraid to ask for assistance, sensibly estimates the distance separating him from the goal, and is reasonable enough to objectively perceive the situation, does not hesitate to ask for help in difficult situations.
Forget this rule “the strong people do not need help.” Go and ask for help when needed.
#3. Strictly follow the advice of professionals
You don’t need to blindly follow the advices of financial consultants. Maybe their advices are good, but they are always trying to make their own money.
They always calculate their interest before giving any advice to you. This is their job.
Large consultancy firms get their “millions” at your expense.
Always carefully select your advisors.
#4. Wait for the right time to invest money
We have been listening since childhood that the real estate market or the financial market is stagnant, so do not invest now.
That’s true, but only if you plan to invest for 90 days and want to make a lot of money within a few weeks.
Much more often, investments are calculated for many years.
Usually, for 10 or 20 years, any market will necessarily become stable.
Therefore, the concept of “the right time to enter the market” has nothing to do with investment.
In addition, during crises, everything costs less. If you manage to buy during these bad times, after 10 years, you can make a handsome profit.
Therefore, the most suitable time for investment is “now”.
#5. Do not start investing until you have enough money
I, personally, can say that it is not true. You can earn millions even without a large starting capital.
In fact, even the biggest things have to start somewhere.
If there is not enough start-up capital for one business, it may be quite enough for another.
By the way, who said that you can only use your own money? And why not find investors?
You can also negotiate with suppliers “about payment after selling the product”.
A lot of todays business giants started without capital at all.
#6. Act according to the plan
You can plan everything, but keep in mind, the situation can change at any moment, and all your good intentions will collapse overnight.
Therefore, always have one master plan and ten more the reserved ones.
Change your plans according to the needs.
Sometimes we think, “How can this idiot become rich, but I can’t?”.
Because we don’t know that money “love” those, who do not observe any rules, violate all generally accepted stereotypes of behaviour of “rich people”.
My favorite on this chain is “become a professional athlete”. The odds of actually making a living as a pro-athelete are very small. It also takes a lifetime of practice and dedication to even play at the collegiate level, let alone be good enough to make the NFL. Get rich? Highly unlikely. Quick? Definite no.
There are only 3 asset classes that reliably churn out wealthy people:
- Real Estate
- Owning Your Own Business
There is also one, core path that reliably allows people to acquire those three assets.
- Live below your means – so you have money leftover to do interesting things with. This is the golden key that gives you the confidence, safety, and capital to take on investment risk. It’s powerful and freeing to say,”I don’t NEED this money. If something bad happens, I’ll have more to try again with”.
- Reduce your financial drag – pay off all the high interest rate debt. It’s very hard to out perform even 7% post tax interest like the kind you pay on car loans and credit cards. Take the guaranteed 7% to 15%+ return and pay off the debt.
- Invest – first, build up a 3 – 6 month buffer of cash just in case bad things happen, and then use the rest to invest in stocks, real estate, and maybe even starting your own business.
- Repeat – very, very few people get rich quick. It often looks like it, but upon closer inspection, most rich folks got there over decades of slow but sure investing and business building. Compound interest is also an amazing super-power and it takes decades for the effects to become really noticeable.
Here is what I have learnt, and since I have been actually been applying what I have learnt my life is turning around and I am starting to see changes.
1. Labourers work hard. Millionaires work Smart.
2. Don’t sell your hours, they are limited and no
matter how much you are getting paid, there is a cap on what you can earn.
3. If you have waited till your product / service
is perfect you have waited too long.
4. An easy one Look at what all the average people
are doing, and don’t do that. Millionaires are not average people and if you aspire
to be a millionaire you can’t be average either.
5. The absolute MOST important thing I have learnt
is FOLLOW THROUGH. If you have an idea, and decide to take it on, follow through with it – no matter what. Everyone starts, millionaires finish.
- Start investing instead of spending
Once you start to make money, you may be tempted to spend on luxurious and stylish items. This is not a problem as long as it is balanced. However, saving is important as earning and is a discipline that you will need to learn. So instead of buying items that you really do not need invest in shares or stocks or art.
The point is to put your money into assets that will make you wealthier rather than possessions that only show that you are wealthy but in the long term are just a drain on your cash. OK you may not be able to do this right away, but you now understand the concept. This is what millionaires do to earn extra money.
- Have more than one income
Millionaires do something that ordinary people rarely do. They have multiple sources of income. Beginning to invest can generate an extra income, but there are also different ways in which you can do this too. Once you begin to make the income you have targeted at achieving, you will soon find that other opportunities present themselves, you should then develop another business so it begins to earn you more money. As you generate a number of revenue streams you become less reliant on any one and therefore protect your lifestyle.
Internet is one of easiest and most expandable business model with lots of opertunities.
- Find a helpful millionaire
There is not much you can learn from someone about making a lot of money if they only make a small amount for themselves. Find a millionaire mentor who is willing to show you the ropes, someone you can learn the essentials from. Don’t expect them to do the work for you but they will give you lots of tips and ideas that will show you how to become and remain a success.These are some ways How to be become a millionaire under 30
This way you can implement their actions into your own plan.
- Consider what you are doing now
You will have to face the fact that there is a very small chance that you will make money working for somebody else. Working for an employer only makes them richer not you. So to become a millionaire, the vast majority of people will have to start working for themselves. You will have to be prepared to step out of your comfort zone and explore the world of entrepreneurs.
1. Discover a growing market
One of the most obvious, yet forgotten, ways to create a business worth millions is to find a booming new trend and ride to the top of it. Analyze what’s hot right now. Spend time researching the niche and evaluate what competitors offer and what they don’t, and what you can! Take for instance, Nick D’Aloisio, a 17-year-old kid from London who coded a handy Iphone app Summly – a wise news aggregator collecting short news summaries from all major outlets. The app was bought by Yahoo within a few months for a whooping sum of £19 million. Whereas there already existed a huge amount of news apps on the market, none of them offered to pull out a summarized and concise list of all major events, based on your interests, location and preferences.
No wonder the app was hot to get acquired by Yahoo, as the possible revenue estimates were expected to double within a few years as more and more mobile users were getting tired of slow loading pages and clusters, opting for clean and neat products to let them solve their problems on the go.
2. Think over your monetization strategy from day one
A lot of tech startups fail with this one and merely focus on growing a huge user base, instead of thinking about decent ways to monetize. Twitter and Instagram are just two examples of such a phenomenon, but there are numerous companies who eventually failed due to their inability of creating revenue. If you are focused on becoming a millionaire in the first year, you have to work over your monetization strategy from day one!
Most profitable businesses operate with one of these models – they sell a lot of cheap products and services to a lot of people or they sell premium, big-ticket items to a limited list of buyers. Brian Clark of Copyblogger managed to turn a simple blog into a $7 million company by selling premium marketing courses and software for internet entrepreneurs and content marketers. Whereas, online marketplaces like Etsy dominate the search engine rankings with a huge variety of products worth from a penny to a few hundred dollars.
Now each model may have its draws and advantages, but more importantly than choosing which one you are to implement, you first have to create a defined plan for monetization. Understanding how you will make money from the start will save you from wasting time on the idea that something profitable will come up for you.
3. Be Number One
Now, Pepsi may earn a few billion dollars each year being number two product on the market, but chances are, you can repeat the same success are rather low. There is a bunch of mediocre products out there these days, but those companies are nowhere close to making a million in their first years. The truth is – you have to offer something so freaking great to wow your customers and create the necessary industry buzz if you want to succeed. For instance, John Morrow claims to offer best guest posting course that will connect you with top influencers in your niche, generate long-term traffic steam and actual sales. The spots get filled up within a few days after opening as the product seems to be one and only non-bullshit course these days that will teach you to grow your business with smart content marketing and guest blogging techniques.
If you are struggling to identify what exactly is going to make your product better, just ask around to your existing customers! A short survey with simple questions like “What else we can do for you?” and “What other features would you like our products to have?” will give you the lacking insights. And after implementing those recommendations, you will earn a bunch of loyal clients who will go on to refer more sales to you in the future.
4. Hire Rock stars
You should not expect to handle a multi-million dollar business on your own, right? Delegating and hiring top-notch stuff is one the crucial points to make or break your company. Hiring underperformers is cheaper and easier, yet this team will achieve none of the goals a few high-end professionals could complete within the same time-frame. For instance, Google invested in hiring best coders since early days and keeps the same policy until now. It’s needless to say how powerful this strategy turned out to be.
When looking for the initial team for your business venue, the first thing to do is ask around your professional network for referrals and recommendations. Pay special attentions to the sales executives you are hiring, as they will stand the biggest difference in your business’s bottom line. Keep them motivated and inspired to close the deals with whatever it takes!
Few people get to $1 million with one big strike: winning the lotto or by a brilliant invention. Most people get there an inch at a time following these principles:
1. Pay yourself first – have funds withdrawn from every paycheck for savings before you receive what’s left over to meet living expenses
2. Every time you get a raise, increase the amount you commit to paycheck savings ( also called systematic withdrawal).
3. Defer purchases for things you can’t afford. Drive old cars, only take vacations you can afford, watch your clothing purchases, take your time fixing up the house,etc. You must live on less than you make every month and save the rest. That means holding off buying stuff until you have the money
4. Pay your credit cards off every month. When I was younger, I racked up credit card debt. It’s a tough hole to dig out of. Carry a zero balance on credit cards each month.
5. Find a career you love, work 40+ years at it, and be the best you can be in your chosen career. You will be richly rewarded for excellence.
Some people are helped by circumstances of birth, inheritance or other windfalls. But I have seen many more people acquire wealth from singles and doubles, working hard and being intentional in following these 5 practices, rather than by expecting a home run to catapult them into sudden wealth. It happens, but don’t count on it.
Sharing some others information with you