Wednesday, 11 February 2015

Steps to Become a Millionaire @ Age 30

I would like to share with you  my 10 steps to become a millionaire at age 30. When I say millionaire, pick your own currency whether you work abroad or in the Philippines. This is not a get rich quick scheme or I will tell you to join a MLM or Pyramiding type of business. If you are at age 20 right now, you should read this carefully, but this applies to those who wants to retire early.

Newbie Mentor Steps to Become a Millionaire:

1. Focus on increasing your active and passive income. Look back 5 years ago and check how much is your paycheck? How about your monthly cash flows?
If you have the same amount or increase it by only 5%, then there is something wrong. You might want to ask yourself , Did you develop a skills or further your career?

2. Design your lifestyle. If you increase or double your income, Is there any massive change in your lifestyle? from 3 in 1 coffee to starbucks? from packed lunch to a fancy restaurant? Live within your means as every financial advisor famous advice.

3. Save to invest. Don't save save. Saving is different from Investing. If you are reading this blog and have n't started investing, then I BEG YOU TO START OPENING A MUTUAL FUNDS OR STOCK BROKER ACCOUNT. PUTTING YOUR MONEY ON BANK ACCOUNT OR TIME DEPOSIT IS NOT INVESTING, I CALL IT " WASTING THE TIME VALUE OF MONEY.

4. Avoid Debts. There are 2 types of debt, bad debts and good debts. Credit card debts without paying at month end and incurring penalties, definitely a way of accumulating bad debt. Getting a loan from a bank for the purpose of buying a rental property is a good debt.

5. Treat money as a friend. If you consider money as an enemy then it will never comes to you. Use it for tithing, donating on church and charities. How will you achieve financial freedom without money?

6. Work Hard. This is the main problem of Filipinos, they always search for easy money or get rich quick scheme that will give them financial ease without working hard. We don't really want to work hard.(Check the lines at lottery stalls).

7. Follow the money not follow your passion. This is somewhat contrarian to the famous saying follow the money. I have a passion eating but there is no job that will give me money by just eating. I'm passionate on singing but my voice is far from being an artist. I discovered that there is a lot of money in the stock market field, so I follow it. I also discovered that I could teach and founded PAM Academy .

8. Learn, learn, learn. Learning and improving yourself will give you an advantage, it might give you promotions or you could move from employee status to entrepreneur. Everyday is an opportunity to learn.

9. Create more money machines. Don't stick to only one source of income. Have a part -time job and look for other opportunities around. Think of a start up company that could give you an extra income. You could start blogging, writing books, free lancing, teaching or tutorial etc. etc.

10. Shoot for 10 million not only 1 million. The biggest mistake that you could do is not thinking big.

I hope those steps will contribute to your journey to financial freedom. Let me know your steps to become a millionaire by comments and leaving me a message on this blog.

Feel free to share.

Sincerely yours,

Newbie Mentor

P.S. If you want to know more about the Newbie mentor investments, you might want to read my NEWBIE Book. Click Financial Freedom

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