Caffeine Cast: How to Be a Millionaire Before 30 (or 40, or 50…) [Business, mindset, entrepreneur, disruptors]
Though a million may look like a lot, it’s achievable as long as you put in the time and effort.
Don’t get terrified by the zeroes. Rob gives you the nine steps you’ll have to follow to become a millionaire before 30 in this episode of the Disruptors Podcast. Setting the target, planning carefully, and executing effectively can get you to the millionaire status that you want. To be a millionaire, you have to think and act like a millionaire. Discover more great tips when you tune in.
KEY TAKEAWAYS
Step 0: Define what a millionaire is.
- Millionaire – someone who has “net assets of a million or more.”
Step 1: If you want to be a millionaire in your 30s, you got to start now.
- Set the goal. You can reach the millionaire status in 2-5 years, depending on how you are earning right now.
Step 2: Keep you overhead lean.
- Live below your means. Automate your savings.
Step 3: Know the amount of sales you have to make to reach a net worth over a million.
- If you want to be a millionaire, you need at least 5 million in sales.
Step 4: Re-invest profits.
- Target the sales which can give you twice of what you need, so you can re-invest the rest.
Step 5: Have a millionaire mentor.
- Learn from people who have the same journey and goal as yours. Leverage their mistakes and learn how they achieved their success.
Step 6: Be great at marketing.
- Generate leads effectively as they are what bring you more sales. Understand what your customers’ needs and wants are.
Step 7: Leverage the internet.
- The internet is a great tool to scout for more resources, test your ideas, increase your sales, etc.
Step 8: Create multiple income streams.
- An average millionaire has 3 income streams. But before you diversify, make sure your income flow is already stable in your first income stream.
Step 9: Leverage tax breaks.
- Know what you can offset. You can find information about these on the HMRC website.
BEST MOMENTS
- “Start now and have enough time.”
- “Set a goal of when you want a millionaire by.”
- “People think that they can just make the profit and draw it all.”
- “You become the people you spend the most time with.”
- “Leverage the internet to make a million as quickly as possible.”
[Business, mindset, entrepreneur, disruptors]
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “Disruptors”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979