WAZIPOINT Engineering Science & Technology: What is the fastest way to become a millionaire before the age of 30?

Thursday, February 20, 2020

What is the fastest way to become a millionaire before the age of 30?

How to Become Millionaire Within 30

It doesn't have to take long. My wife and I became millionaires in about 6 years and we were able to retire in 10 years. I was under 30 and I (ahem!) A little older. Our ambition had been to retire early, in order to concentrate on our passions. You don't have to give up everything to do it. You don't even have to have high salaries (we had lived with a low salary). We were still able to travel and live in different countries with young children (we have five of the things now). Our plan was based on property, business, and savings. Below is how we did it:

Being consistent

It may seem strange to list this, but I am a strange guy. If you want so many different things, then you will be distracted from the goal. We both started with good savings habits, which meant we had a deposit for a house before we got married.

Get a good return on investment

Whatever you do, you should try to get a good ROI. Be it time, energy, resources or finance. If you always get a good performance, you will find a great balance. When we looked for the first house, we were looking to the future, so we brought a large four-room house (we might need some more rooms now). I needed a lot of work. We converted that house into a 3 bedroom upstairs and a 1 bedroom downstairs. Later we add more rooms for a better rental refund.

Use other people's money

If you can use other people's money, you can save or invest yours. Okay, stealing is one way, but if you have any morals, there are many others. We had some Chinese family houses living with us right after we got married. It was a bit awkward to lose much of our privacy and see one of them eating bagel sandwiches. We have also run several businesses. None of them had great success, but they gave us a semi-retired lifestyle and offset other costs.

Profit from passive income

When you can free your work from being tied to time, you can become financially independent. We brought a second property that was even larger than the first. This time we turned it into a house with six rooms and rented it room by room. We made more money this way, but it was a bit difficult, so after a few years we rented it to a tenant. We finally sold this property near the top of the market. We put that money in term deposits which is not a great long-term option, but it gives us passive income without stress.

Chasing Passions

It is not just work. Sometimes you can have a passion that gives you an income. That is a win-win. In other situations, you must take the time to smell the frangipanis. We were able to travel and live in different countries. We were involved in helping local churches and community groups. It was not a great financial decision, but it was our passion, so it was a good life decision.

Who are millionaires before the age of 30?

There have been several individuals who achieved millionaire status before the age of 30. While it's not an exhaustive list, here are a few examples:

Mark Zuckerberg: The co-founder of Facebook, Mark Zuckerberg became a billionaire in his early 20s. He launched Facebook while attending Harvard University and quickly grew it into one of the world's largest social media platforms.

Kylie Jenner: Known for her presence in the reality TV show "Keeping Up with the Kardashians," Kylie Jenner built a successful cosmetics brand called Kylie Cosmetics. She became a billionaire at the age of 21, primarily due to the success of her beauty business.

Evan Spiegel: The co-founder of Snapchat, Evan Spiegel became a billionaire before the age of 30. He launched Snapchat while still in college, and the app's popularity soared, attracting millions of users worldwide.

John Collison and Patrick Collison: The Collison brothers co-founded Stripe, an online payment processing company. Both John and Patrick became billionaires in their early 20s as Stripe gained traction and became a major player in the fintech industry.

Bobby Murphy: As the co-founder of Snapchat alongside Evan Spiegel, Bobby Murphy also achieved millionaire status before the age of 30. Together with Spiegel, Murphy played a crucial role in the development and growth of Snapchat.

These individuals are exceptional cases, and their success can be attributed to various factors, including innovation, entrepreneurial skills, and being in the right place at the right time. It's important to remember that achieving millionaire status at a young age is not the norm, and it requires significant hard work, determination, and a unique combination of circumstances.

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