How to make millions before your 30s

The conventional wisdom is that you have to toil all your life to create wealth, which often happens in your 40s or 50s. But if you play your cards right, you can be rich in your 30s, when most people are struggling financially. To help you reach the seven-figure mark by 30, here is some advice from people who became millionaires at a young age and people who have studied hundreds of self-made millionaires:

Focus on earning
“In today’s economic environment you cannot save your way to millionaire status,” writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30. “The first step is to focus on increasing your income in increments and repeating that. My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money, and it will force you to control revenue and see opportunities.”

Develop multiple streams of income
One way to earn more is to increase your streams of income. In author Thomas C Corley’s five-year study of self-made millionaires, he found that many of them develop multiple streams of income: 65 per cent had three streams, 45 per cent had four streams, and 29 per cent had five or more streams.

Save to invest, don’t save to save Writes Cardone: “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). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”

Be decisive
“Avoid decision fatigue,” writes Tucker Hughes, who became a millionaire by 22. “Conserve your mental power by making easily reversible decisions as quickly as possible and aggressively planning recurring actions so you can execute simple tasks on autopilot. I know what I am wearing to work and eating for breakfast each day next week. Do you?”

Don’t show off — show up
“I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income,” writes Cardone. “I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.”

Invest in yourself
“The safest investment I’ve ever made is in my future,” w r it e s Hu g he s.

“Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously. You don’t just need to be a master in your field, you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports-related. Consume knowledge like air and put your pursuit of learning above all else.”

Ditch the steady paycheck
Rich people are typically self-employed and determine the size of their own paycheck, millionaire Steve Siebold writes: “It’s not that there aren’t world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest. The great ones know self-employment is the fastest road to wealth.”

Start hanging out with people you admire
Andrew Carnegie, who started with nothing before becoming the richest man in the US, credits all of his riches to one principle: the Master Mind.

The idea is to surround yourself with talented people who share your vision, because the alignment of several smart and creative minds is exponentially more powerful than just one.