Will inflation make everyone a millionaire at some point?

10 things you must do in your 20s to be a millionaire by 30

In a free market economy anyone can become a millionaire, said author and coach Steve Siebold. For more than 30 years he, also a self-made millionaire, interviewed 1,200 of the richest people in the world. In his book "How Rich People Think" he wrote down the results. A number of other wealthy people have also shared the tips they followed on the way up.

Here you can buy the book "How Rich People Think" on Amazon.

Of course, money isn't everything in life. But: Never again have money worries about being able to buy whatever you want and the opportunity to support charities - probably nobody has any objection to that.

We've put together the top 10 things you could do to become a millionaire in your 30s if you followed them in your 20s. Of course, if you're in your 30s or 40s, that's not tragic! You too can fulfill your dream of millions if you follow these tips for the next 10 years.

1. Make decisions quickly

Do you tend to ponder unimportant decisions for a long time? If you want to get rich, you should get rid of it quickly. Studies have shown that rich people make decisions quickly.

The reason: a lot of income is often associated with a lot of responsibility. If you do not divide up your mental energy well, it may be used up at some point, although there are still a few important points on the agenda.

2. Change the way you think about making money

We have already mentioned this point above. To get rich, you should change the way you think about it. Most people believe that they have no control over whether they get rich. They believe that rich people are simply born rich or that at some point they will have the brilliant idea for a successful company.

But that's not true. Many rich people have made just that their goal: to amass a great fortune. And that is exactly what they have been working towards.

3. Set yourself firm goals

In order for getting rich to work, it's important to know what exactly you want. Self-made millionaire T. Harv Eker explained in his book "Secrets of the Millionaire Mind": "People don't get what they want for one reason, because they don't even know what it actually is. Rich people but it is absolutely clear that they want a fortune. "

Here you can buy the book "Secrets of the Millionaire Mind" on Amazon.

So what are your specific (professional and financial) goals and visions? What do you want to achieve? And how do you get there Make plans. Career plans and savings plans. But be organized on a small scale too. What are the to-dos of the day? Of the week? Because the subordinate goals are also important.

4. Prepare to fail

Did you have a great business idea that unfortunately failed? Or have you invested in the wrong stocks and lost a lot of money? Then you mustn't give up now. Because although you did not get any further as far as wealth is concerned, you have gained something else: experience.

Get up again, use your new knowledge and move on. Nobody got rich overnight. If you prepare for possible setbacks from the start, you will be better able to deal with them if they should.

5. Make making money your priority

Another thing to be aware of: To get rich, you should temporarily view your career and finances as the number one priority.

You will likely have less time for your family and friends in the beginning. If at some point your newly founded company is doing well and you may already have amassed a certain fortune, you can try to readjust your work-life balance.

6. Educate yourself

With all this going, you may wonder how you can still have time to read a book. Good question. Educating yourself and accumulating knowledge seems to be important on the way to the millions. Many super-rich and successful entrepreneurs spend a lot of time doing it.

Try to become an absolute expert in your industry. In addition, you should acquire a good general education and find out about current events - whether with the help of daily newspapers, non-fiction books or podcasts. In order to appear professional at crucial moments, for example when talking to an investor, you should be able to talk eloquently about any topic.

7. Surround yourself with successful people

Have you ever heard of the phrase that you are becoming more and more like the people you hang out with? We think there is something to it. That's why you should make friends with people who are more successful than you. Why? It expands your thinking and knowledge.

When it comes to your career, you shouldn't be afraid to work with high performers. Many people would feel inferior in this case. Successful entrepreneurs and the super-rich, on the other hand, see such colleagues as enrichment.

8. Make yourself self-employed

Millionaires are usually not employed. You are self employed. Because with the only small increases in wages every year, it is hardly possible to amass a large fortune. As a self-employed person, you can determine your own salary as long as you can find clients. Or start your own business.

"The masses condemn themselves to a life of financial mediocrity by staying in a job that brings them only a modest salary and small annual salary increases," writes Siebold in his book.

9. Rely on multiple sources of income

Another advantage of self-employment: You can do the same as the millionaires of the world and accumulate several sources of income. According to studies, self-made millionaires of the world have at least three different sources of income.

In this way, you can give courses or workshops parallel to your start-up and, due to the free time management, you have the opportunity to buy and rent real estate or invest in shares.

10. Invest your money

If you have at some point saved a certain amount through your various sources of income, you should think about how you want to invest it. If you just leave it in the account, it will lose value due to inflation. You are also giving away the chance to increase your money through investments.

Do you want to buy more properties? Invest in stocks or funds? Or would you prefer to pay into a private pension? Do some research on the different ways to invest and decide how much risk you are willing to take.

Are you new to finance? You can find support here!

Are you ambitious, but you still have questions about finances and savings? On the website of the consumer advice center you can find information about the different ways to invest money, but also about retirement provision, insurance and loans.

Madame Moneypenny, for example, gives you knowledge that is specifically geared towards women. Her non-fiction book "How women can take their finances into their own hands" is a Spiegel bestseller. The author Natascha Wegelin tries to pick women up by explaining insurance, stocks and savings plans based on the preparation of a barbecue party.

Here you can buy Madame Moneypenny's book on Amazon.

Stiftung Warentest also has a book about women and finances. It's about retirement planning and salary negotiations, but also about separation and money. The approach of the book is to address all women: with a partner, married or in partnership, with or without children.

You can buy Isabell Pohlmann's "Finanzplaner Frauen" here on Amazon.

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