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10 Ways To Become a Millionaire by Age 30

10 Ways To Become a Millionaire by Age 30

It may seem like an impossible goal to be a millionaire at any stage of your life. However, that isn’t true. The earlier you start making smart financial decisions, the more likely you are destined to being a part of the millionaires club later in life. However, we are in an age where simply storing money away doesn’t garner more in the future. You have to employ a combination of methods that not only set aside money you contribute, but also compounds it with interest. Today, we will talk about ten ways you can grow your net worth for a more stable future.

If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”

– Bill Gates

Increase Your Income

The first step to becoming a millionaire is having the capital to fund your investments that will compound your money. To get this money, legally, you’ll need a stable job. You should work to always make yourself marketable as a way of not only maintaining your current job, but moving up the ladder to a better position or company. If you are in the technology sector, consider to stay on top of tech news and improvements. Even if you are outside of the tech industry, learning a few technical skills can improve your income. Always focus on increasing your income, even if you are currently comfortable.

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Live Frugally

You may feel that individuals who are millionaires are the ones who drive flashy cars and own the latest gadgets. That isn’t true in most cases, and shouldn’t be in your case if you are looking to work your way to millionaire status. To maintain your income’s growth, this is the time when you have to seek out the clearance rack or sales. Never accept retail price, it simply isn’t worth it. This is the case in grocery stores, shopping malls, the internet, or even club/gym memberships.

Plan to Invest

You may feel that your piggy bank of savings is smart saving. However, it truly isn’t. All you are doing is have your money sit there unproductively. It isn’t gaining interest. This is the case even for many standard savings accounts. Simply having a savings account isn’t enough, but it is a good start.

When saving it is important to remember to save to invest, not save to save. Look into ways in which you can get started creating a portfolio of investments for yourself. Etrade is a great start that is easy to navigate. Acorns is also an up-and-coming option that makes diversified investing more approachable for the common individual.

Shed Unproductive Debt

There is no such thing as good debt. Even “good debt” as some coin it is still money that you don’t have easy access to and doesn’t have the 100% guarantee is materializing into a profit later on (a house, for example). However, there are examples of productive and unproductive debt as I will coin it. Productive debt can be a credit card. Yes, every time you swipe a credit card, you are creating debt because it doesn’t get paid off until you pay your statement.

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However, if you spend within your means or only on certain expenses, many credit cards come with reward dollars or cash-back. This is the credit card (one, not multiple), that you should seek. It’s technically free money ($6 back on $200 of groceries, for example). These reward and cash-back dollars add up and can result in savings. Below is a list of three great cash-back credit cards:

Manage Your Money

The only way to grow your money is to know where it all is and where it’s going out. Download the Mint application for your smartphone. This will allow you to stay on top of your (almost) total net worth from your bank accounts, credit cards, and investments. While not all financial services and institutions are supported yet, it gives you a detailed look at the financial aspects of your daily life. Set up isn’t very lengthy and once set up, it updates automatically whenever you open the application. Having a holistic look at your finances makes savings easier and even offers an incentive to save.

Follow the 50/20/30 Budget

Once you get your pay check, every cent of your money should be earmarked or you’ll find yourself spending like crazy. You may feel it’s daunting to have to spend every cent of your pay check each month. However, to spend in this case isn’t to hit the stores. Instead, allocating is a better term. With the 50/20/30 budget created by Elizabeth Warren, 50 percent of your income goes to the essentials (groceries, rent, essential utilities), 20 percent goes to savings (savings account, portfolio additions, Roth IRA contributions etc), and the remaining 30 percent goes to what is considered “lifestyle choices). This includes restaurants, your cell phone, clothing, etc. Below, we have an example for a individual earning $51,000 a year:

Base Salary – $51,000

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After Taxes (25%) – $38,250

  • Essentials (50%) – $1593.75/month
    • Utilities – $80
    • Groceries – $250
    • Gas – $80
    • Rent – $1000
  • Savings (20%) – $637.50/month
  • Savings Account – $300
  • Loan Repayments – $200
  • IRA/Portfolio Fund – $100
  • Discretionary Spending (30%) – $956.25/month

Grab the Free Money

It is amazing how much free money is ignored by individuals. One of the most common ignored sources of free money are programs offered through your employer. Some can be in the form of student loan payment assistance. For other employers, there is the option of a 401K contribution match.

For example, if you contribute X amount each month, your employer will match the contribution either by 100 percent or even at least 50 percent. While usually to a certain limit, around $6000, that’s six thousand dollars you didn’t have before and wouldn’t have had if you didn’t ask. Make sure you stay informed on these options, not just before getting hired, but also periodically. Many times, such programs can be added later on.

Keep Accounts Manageable

As we mentioned before, managing your accounts through services like Mint is smart. However, having a ton of multiple accounts and cards can not only be confusing, it could hinder you from becoming a millionaire sooner. While diversifying income streams is great, outgoing streams should be kept as simple as possible. Multiple credit cards can mean having to keep up with multiple due dates, and in many cases, multiple credit pulls. Along with possible monthly or yearly fees, these multiple outgoing streams can even encourage you to spend more than you intend.

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Save for the Right Reasons

Just as we mentioned before, to save for investments, it is also important to ensure that you saving in multiple departments with a goal in mind. While you savings and investment accounts are multiplying with the goal of becoming a millionaire by 30, you day-to-day savings should have a reason as well. You may remember the multiple times you encounter a sell on shoes and because it is 25 percent off last week’s price, you feel that you are making a good economic decision by buying this sale item.

Not exactly! Those shoes aren’t something you necessarily need, and the $X you spend on your shoes is still an outgoing expense that could be saved or utilized elsewhere. While enjoying that 30 percent of your 50/20/30 budget is important, it’s still important to bargain hunt with a purpose. Gain satisfaction through the deals you gain on bills, groceries, and household necessities, not clothing or other expenses that wouldn’t have been in your scope of attention before the sale appeared.

Be Committed

In the end, you have to be committed to this goal. It is a long-term goal that will continue to go on well after you make your first $1 Million. It’s important to not live with the hope of dying with $1 Million net worth, but to have a $10 Million or even $15 Million net worth.

Aiming high ($10 Million) makes still exceptional goals ($1 Million) more possible. Having an individual (a family member or friend) who you can attest is doing well financially can be a great way to ensure you are on the right track. Everything they say can’t be taken word-for-word, everyone’s economic situation is subjective. But having them as a role model will ensure that you aren’t in this alone.

Let us know in the comments below which way to $1,000,000 by 30 is easy for you to take on today.

Featured photo credit: Wallpapers AX via wallpapersax.com

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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