Getting rich and becoming a millionaire is not one of those topics that are discussed openly. In fact becoming a millionaire by the age of 30 is a thing most people if you ask around believe is impossible.
However, I believe it can be done. In fact, I know people who got out of university broke and with the weight of student loans hanging over their heads but were able to turn the tides by the time they hit 30.
Take James Mworia, for instance, he became not only the youngest CEO but the richest as well. Erick Kinoti is another great example who became a millionaire at only 25. How did they do it?
Ways To Become A Millionaire In Kenya By 30
The secret to becoming rich as most millionaires of our time will tell you lies in hard work, dedication and a determination to succeed. Here are ways you can climb the social ladder and become a millionaire by the time you are hitting 30.
1. Follow the money
You cannot become a millionaire if you are comfortable with the status quo. Let’s say you are employed and earn a salary of 20K. If you want to become a millionaire, find ways of increasing your income.
You can do this by getting a part time job or investing a part of your salary in a profitable small business that can be giving you at least 500 a day.
2. Don’t show off…show up
I am sure you know a person who everybody says has a lot of money yet they are still driving a probox or NZE. That is the secret to becoming wealthy.
You can’t become rich if half of your salary is spent on luxuries and other expenses.
One wise man once said that “be known for your work ethics, not the trinkets that you buy.”
In short focus on making money and not showing off what you can buy with it.
3. Save to invest, don’t save to save
Don’t save money just for the sake of having some cash for a rainy day. Instead, save so that you can invest later.
What the use of money in a bank if you are not earning a single cent from it? Think of a good investment and invest the money well if you are the kind that has been saving.
4. Avoid debt that doesn’t pay
Make it a rule in your life that you never take loans that won’t pay you. If it’s that money you are borrowing from the bank to buy a car, make sure the car helps you increase your income.
Rich people use debts to leverage investments and increase their cash flow. Poor people on the other hand use debts to purchase things that make rich people richer.
5. Always treat money like a jealous lover
Like a jealous lover, make money your priority. Rich people become richer because they have made money their first priority.
Just like in a relationship, if you ignore your lover or worse leave them, someone else will see their worth and make them a priority in their life.
It’s the same with money, ignore it and someone else will realize its importance.
6. Remember that money never sleeps
Money doesn’t know about time or holidays or schedules. It loves people who are willing to work for it endlessly. If you are looking to become a millionaire before you are 30, always remember that money doesn’t sleep.
Rich people never sleep. Their minds are always at work thinking of new ways to increase their investments. They wake up early and sleep late.
7. Shun the idea that being poor is okay
Bill Gates once said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”
Most of us have don’t come from rich families and it sucks. It even sucks more when you just have enough for your basic needs. This has made us believe that being poor is somehow okay. It’s not!
8. Get a mentor who is a millionaire
Most of us, as I said earlier, have grown up in low or middle-class families and somehow we have confined ourselves to the ideas and limits of that group.
My mentor is Chris Kirubi and every day I work hard to one day attain his level of success. Get yourself a personal millionaire, study them and learn their secrets.
I have come to realize that most of these millionaires are generous and ready to share a tip or two of how they made it.
9. Get your money to do the heavy lifting for you
Going back to Chris Kirubi, the self-made billionaire was not born rich. He allowed the money to do his dealings for him. He started by buying old buildings, renovating them and selling them.
After making profits, he went ahead to invest in lands where he would build his own buildings and later on investing in shares in other companies.
What I’m trying to say is that we all start somewhere. If you are planning on starting a business, let the money you make create more opportunities for you. Invest in other ways and watch your life change.
10. Aim for 10 million not 1 million
The biggest mistake we make when starting to invest is failing to think big. There is never a shortage of money in this world, just a shortage of people to think big enough.
If you still think that becoming a millionaire by the time you are 30 is impossible, think again. Erick Kinoti did it before he was even 30 so there is nothing stopping you. Avoid those get rich quick schemes, though. Make your own way through ethics and determination and be willing to assist others in making it too.
The writer is a Communications and Digital Marketing Officer at Jobs Kenya Network.