A lot of Nigerian youths have aspirations to become a millionaire. They have dreams of taking over the information technology world, of becoming the next Mark Zuckerberg, Bill Gates or the Google Guys. They have the dream of doing ‘something’ that would affect the world and perhaps make them famous worldwide for a positive reason. Today, it’s easier to become a millionaire than it used to be. Thanks to inflation, it’s easier to achieve that status in Nigeria these days than it was 10 or 20 years ago
Indeed, to become a millionaire at age 30 in Nigeria without resorting to ‘yahoo yahoo’ (internet fraud), pilfering funds, or being used as a political thug or winning the grand prize in the Big Brother Africa, is 100% possible. It’s actually easier now than it was 10 or 20 years ago.
Prioritize, prioritize, prioritize:
One of the first things you must do in order to become a millionaire is get your priorities in order. You need to decide very early on not only what is most important but also have a proper scale of preference. You must then make plans to get the most important things accomplished as soon as possible.
Have a detailed plan:
Decide on you want as early as possible and map out a plan to achieve it. Your plan should be clear enough and should include specifics like: What career path would you take? Whether you would attend a university or start a business. What would it take to achieve this vision? What behaviors would I need to adopt? How should I budget my money? Nothing should be left to chance. You need a personal vision and mission statement that you write down and put where you will see everyday. In short, you need daily motivation if you must become a millionaire at a young age. Although this may seem a bit “overly-structured” for a young person, it’s this level of prioritization that often makes the difference between those who find financial freedom, wealth and success and those who don’t.
Be Good With Money:
For anyone to become a millionaire before 30, he/she must have a considerable degree of discipline and ability to manage money – this is especially true if you come from a family who never quite got it right. In order to become a millionaire before 30, you must understand these things and be able to answer some related questions: What efforts will make money in a sustainable and scalable way? Is it starting a business, positioning yourself for a lucrative career, or generating passive income streams? How can you live a life well below your means: No debt (no matter what), saving 20% of your monthly income, not buying things you don’t need, and keeping expenses very low relative to income?
Know how to make good investments:
Reinvesting profits into measurable efforts, low risk and high return opportunities, and intelligent asset purchasing (houses, cars, and equipment). Even if you have no former knowledge of investments, the good news is that all of this can be learned. A few books, classes, and a dedication to healthy financial management will put you far ahead of the crowd.
Here are the 10 steps that will guarantee you will become a millionaire by 30.
- Follow the money.
In today’s economic environment you cannot save your way to millionaire status. To become a millionaire, the first step is to focus on maximizing your income in increments. Start following the money and it will force you to control revenue and see opportunities.
- Don’t show off — show up!
Be known for your work ethic, not the trinkets that you buy. That’s what millionaires do.
- Save to invest, don’t save to save.
The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income).
- Avoid debt that doesn’t pay you.
Make it a rule that you never use debt that won’t make you money. Millionaires use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make millionaires richer.
- Treat money like a jealous lover.
Millions wish for financial freedom, but only those that prioritize it become millionaires. To become a millionaire and stay a millionaire, you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
- Money doesn’t sleep.
Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Know that money loves people that have a great work ethic. Never try to be the smartest or luckiest person — just make sure you outwork everyone.
- Poor makes no sense.
Eliminate any and all ideas that being poor is somehow OK. Bill Gates has said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”
- Get a millionaire mentor.
Most of us were brought up middle class or poor and then hold ourselves to the standards and ideals of that group. Studying millionaires to imitate how they live, their principles and ideals will give you insight into how to become a millionaire. Get your own personal millionaire mentor and study them. Most millionaires are extremely generous with their knowledge and advice.
- Get your money to do the heavy lifting.
Investing is the Holy Grail to become a millionaire and you should make more money off your investments than your work. If you don’t have surplus money, you won’t be able to make investments. Investing is the only reason to take the other steps, and your money must work for you and do your heavy lifting.
- Shoot for N10 million (or more), not N1 million.
There is no shortage of money on this planet, only a shortage of people thinking big enough. Apply these 10 steps and you will become a millionaire in no time. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too. Millionaires are willing to help anyone around them become a millionaire too: help your fellow brother and sister climb up the rung of riches to become a millionaire like you. A saying goes that “if you as a millionaire live among poor people, then you’re also poor.”