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Every kid, when they were growing up, has said that they wanted to grow up to be a millionaire. That's a great thing to aspire to; having money is an easy way to make your life easier and also give yourself peace of mind during life's more tumultuous times.
The sooner you become a millionaire, the better off you will be. Ideally, you will get to be a millionaire while you're still young enough to enjoy the full benefits of it. A good age to shoot for, if you're still in high school, is 30.
If you want to become a millionaire by 30, you have a lot of different paths you can take—and no, making a hit mixtape isn't a viable path you can take in most cases. If you want to strike it rich in a slightly reliable way, we suggest using these methods below.
If your parents put together a portfolio for you, continue to invest $125 in an index fund every week.
If you are lucky enough to have parents that contributed to a stock market based nest egg for you, then you might be able to become a millionaire well before you're 30 by simply following their lead.
If your parents put $125 per week in one of the best S&P 500 index funds since you were born, you can actually continue that tradition and reach a million dollars by the time you're 30 years old.
David Ramsey actually talks a lot about how index funds can work to make anyone a millionaire. So, even if you missed the boat, you can still reach a seven-figure net worth using this option.
Keep an eye on the collectibles market and snag an investment piece.
Most people have, at one point or another, heard stories about bargain hunters that struck it rich by finding priceless artifacts at yard sales. When they took the items to an appraiser, they were found to be worth millions.
These stories aren't just urban legends! They really do happen, and have made a multitude of people richer overnight. Even so, it does require some luck and some skill.
To get rich through these kinds of investments and resales, you will need a keen eye for collectibles and artwork. If you know where to go for good sales, you may make your fortune through artwork.
Invest in cryptocurrency or a similarly new investment vehicle.
"With great risk comes great rewards," is a saying that is often true when it comes to investing. Finding low-risk investments with high returns isn't easy, and truthfully, many low-risk investments won't even keep up with the rate of inflation.
If you want to become a millionaire by the earlier stages of your life, you're going to need to look for investments that could potentially offer returns that are way higher than normal. High risk investments often carry higher rates of returns. This means that you might have to look at the most dangerous investments you can make if you want to cash out quick.
Cryptocurrency, for example, has had returns as high as 1,000 percent or more, especially before Bitcoin crashed in December 2017. Many people who chose to invest in Bitcoin became Bitcoin millionaires. Many others lost their savings entirely. Is it worth it? It's up to you to decide.
Invest in fine art.
Fine art has returns that are very volatile, but typically will have far above average returns if the artist in question has become famous. Sites like Masterworks.io allow you to invest in fine art even when you only have $20 to your name.
Studies have shown ultra high value paintings increase in value by around 148 percent in 10 years, with some fine art having returns as high as 400 percent or more. If you want to become a millionaire by 30, this route could be a wise one to make.
It's important to keep in mind, though, that with this kind of investment, it's tough to figure out how much you'd have to invest in order to reach the million-dollar mark.
Invest in stocks featuring up-and-coming companies.
Are you a fan of value investing? If not, you should be. Value investing is what made Warren Buffett a billionaire, and investing like Warren Buffett isn't actually that hard.
This concept of investing involves deeply researching stocks to find picks that are undervalued, have long term potential, and have a "tried and true" approach to developing their company.
Quite a few people have become millionaires due to the fact that they invested a lot of money in a new company that eventually took Wall Street by storm. There's nothing stopping you from doing the same!
Become a silent partner in a business.
Do you have a decent chunk of change that your parents gave you? If so, you might be able to become a millionaire sooner than you think, and in a pretty easy way. Just offer to become a silent partner in a startup.
If the startup ends up becoming the next Facebook, an investment of $100,000 will quickly become worth $1 million or more! Of course, this means that you might also risk losing everything if the business fails.
Create a source of passive income and market it heavily.
Passive income is awesome to make, and it's also one of the easiest ways to become a millionaire by 30—if you have a quality product, anyway. The easiest way to create passive income is to create intellectual property that can be sold online, and then market it extensively.
If you make your own apps, write books, or even compose music, those sources of income can easily snowball into a seriously nice chunk of change. Many people have become millionaires by selling software they developed, books they wrote, and digital artwork they made.
Focus on high earnings and savings.
If you chose to study a field that's known for high income while you were in college, the most likely shot you have at becoming a millionaire quickly would be to focus on getting the highest-paying job you can.
Though rare, there are jobs out there that pay $400,000 a year or so. If you happen to be in a field that has those types of salaries, you're in luck. With some networking and hard work, you may be able to become a millionaire by simply saving three years of income.
Seek out mentors and follow their example.
As much as you may think that becoming financially independent is a solo act, it's usually not. No man is an island, and that means that you will need others' help in order to strike it rich.
People who are already rich can offer advice on increasing your income, your Roth IRA, and everything else related to your net worth. They are personal finance gurus like that.
Other people who have become rich are often totally happy to share their secrets to wealth, so why waste time "learning it the hard way?" Seek out mentors and ask for their help. Then, listen to them. You will likely find yourself successful too.
Become a real estate investor.
Investing in real estate is one of the most common ways to become a millionaire by 30, especially among people who have connections to contracting companies or builders.
You can invest in real estate without any money of your own, but it's hard work regardless. However, if you have a knack for it, you really can't get a better choice.