6 Steps to Become a Millionaire by 30

To become a millionaire, you don't need a six-figure salary or family wealth. Instead, you should begin saving early and keep track of every dollar you spend. Here are some pointers to help you save the million dollars you'll need to retire in style or early.

1. Begin saving early.
   Starting early is the simplest way to build your savings. This allows you to leverage the power of compounding. Assume you are 20 years old. If you contribute $6,000 per year ($500 per month) to an individual retirement account (IRA) for 40 years, your total investment would be $240,000.

However, assuming a 7% return, your investment would grow to more than $1.37 million due to the power of compounding. And by saving $500 per month, you'd be a millionaire by the age of 57.

1. Avoid Extraneous Spending and Debt
   Stop purchasing unnecessary items. Before you tap your card, consider the following:
   "Is this really something I require?"
   "Do I already have something similar?"
   "Do I value this more than becoming a millionaire?"
   Every dollar you spend on something you don't need is a dollar less you have to invest. Here's a dose of reality. If you invested an extra $25 per week for the same 40 years, you would have an extra $277,693.

Can you cut $25 from your weekly budget for frivolous spending? Perhaps, perhaps not. However, if you can, it will go a long way toward assisting you in reaching your goal.

1. Save 15% or more of your income
   The personal savings rate is the percentage of income that remains after people have spent their money and paid their taxes. According to Bureau of Economic Analysis data, that rate will fall to 2.3% in October 2022. (BEA). According to experts, that is insufficient to save for retirement, let alone become a millionaire.
   Requesting a raise (if you believe you are due one)
   Working additional hours
   Obtaining a second job
   Investing in training to boost your earning potential

In the long run, additional training pays the most dividends. Assume you're a Licensed Practical Nurse (LPN). In 2021, the median annual income is $48,070. Registered nurses, on the other hand, earn nearly $30,000 more per year. Of course, becoming an RN takes one to three years longer. However, having a little extra money each year can really help you reach your financial goals, especially if one of them is to become a millionaire.

1. Refuse to succumb to Lifestyle Inflation
   Lifestyle inflation occurs when you spend more money simply because you have more of it. Assume you pay $1,000 per month for a comfortable apartment in a great location. You get a raise at work and move to a nicer apartment for $1,500 per month. Did you really have to relocate?

If you want to become a millionaire, resist the temptation to overspend on your lifestyle. Rather than spending more simply because you can, save and invest more. You'll get to your financial goals much faster.

1. Seek assistance if necessary.
   Retirement planning can be stressful, in part because of the numerous investment options available, not to mention the unknowns that await you. Indeed, as many as 60% of working people are concerned about retirement planning. It's no surprise that only 25% of Americans believe they are doing everything possible to prepare for retirement.

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