Young millionaires share their tips and tricks on how they made their fortune.
There are many ways to become wealthy. The easiest is to inherit money or to win the lottery. The Powerball jackpot for the Wednesday drawing stands at $292 million by the way. The Powerball odds are 1 in 292,201,338.00 for the jackpot. It is not a real advice to play the lottery to become rich. 36-year-old Chris Reining has a more practical advice.
Chris Reining says that he became a millionaire at the age of 35. His "Medium Lane to Wealth" strategy is based on cutting costs dramatically and invest the savings in the stock market, preferably low cost index funds. It took him a couple of years to reach the $1 million. His most important advice is to start invest as young as possible. I agree 100% with this.
I have opened investment accounts for my sons when they wear born. Their portfolios are already very strong fueled with the money they get at birthdays and other occasions. I also support their investments with small monthly contributions from my income.
When you are kid you don't have costs. You don't have to cut your expenses. You can afford to invest in high risk, high potential stocks, because you are in it for the long term. Just think about what Apple stock could be worth in 20 years. Mind you there is always the risk to lose everything.
Daniel Ally shares his advice about creating wealth just recently too. He became a millionaire at age 24. On BusinessInsider he shared ten tips on how to make it big in business. Ally's advice differs from Reining's as it is focused on becoming a successful entrepreneur. His advice include to aim at building something bigger than yourself and look to build systems that leverage.
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Entrepreneur.com has pulled together advice for what people in their 20s should do to become a millionaire in their 30s from Grant Cardone, Daniel Ally and Tucker Hughes. The 9 recommendations include to save to invest and don't save to save and go for $10 million not $1 million to reach your goal.