How to turn $100 into $1 million, according to 9 self-made millionaires

How to quickly earn the first million. Why The First $1 Million Is The Hardest

Let me tell share my story on how I reached a million dollar net worth in my 20s. It involved a lot of luck, a lot of effort, and a lot of risk. In retrospect, I should have taken even more risk, which is a key theme if you want to become a millionaire at a young age.

Growing up in a middle class household made me strong.

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My parents always drove beaters and frowned upon ordering anything other than water when we went out to eat. I knew my parents were not rich because their incomes were in the public domain as foreign service officers. As a result, I made a conscious choice in high school not to attend one of the two private colleges that had accepted me in order to save money.

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We were by no means poor. It was very mortifying as a kid. I knew nothing of expensive shoes because I had none.

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My wealthier friend gave me his old Air Jordans 4s that were two sizes too large. I was always curious about my wealthier friends. Many of their parents were business owners so one day I told my father, I too wanted to be a businessman.

Three Reasons Why The First Million Could Be The Easiest

What a life! I thought to myself in the 8th grade. Might as well give it a go. Millionaire By 30 Mental Attitude If you want to become a millionaire by 30, you must adopt a strong mental attitude.

Know that there is money everywhere for the taking.

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There are so many standard ways to become a millionaire. So many resources make building wealth much easier now than in the past.

Millionaire By 30 Mental Attitude

When we first graduate from high school or college, we have a tremendous amount of energy to show what we can do after all our education. Unfortunately, so many of us piss away our youth by buying new carsgetting into credit card debt, not listening to our elders, and thinking the world owes us something. Forget it folks.

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Nobody owes us anything. Compare ourselves to middle aged adults with two children, a mortgage, and aging parents to take care of. We are like finicky Ferraris on a starting line ready to blow away our older model competitors. Otherwise, nothing would get done on Financial Samurai. Take advantage of your youth!

When we graduate with nothing, we have nothing to lose.

Why The First $1 Million Is The Hardest

Compare that with people with property, stocks, and other investments during economic downturns, and they have everything to lose. With very little assets, we should be taking more risks.

Now is the time to start a companyinvest in that growth stock, take a new job opportunity, or move half way across the world on a hunch that good things might happen. How To Become A Millionaire By 30 I had no idea I became a millionaire at age 28 until two years later at the age of 30 when I did my first detailed net worth spreadsheet in Like most people how to quickly earn the first million, 30 is a big milestone.

But how do we use that money to boost our finances? You either have to save diligently, make a lot of money on a business deal or invest. Creating real security requires saving a lot more than you think. It's also expensive to continue growing a business after it's successful. That's why I'd invest.

Ever since college I told myself I was either going to make it, know that I was going to how to make profit on options it, or be an absolute failure by There was no fanfare when I discovered the seven figure milestone had been achieved, just the realization that time passes more quickly as we age.

I had to make the most of my opportunities since nothing lasts forever. With a family to support and a stay at home wife, earning enough passive income to stay retired is how to quickly earn the first million. Amassing wealth is about savings, discipline, perseverance, luck, an X Factor, and the belief that you too deserve to be wealthy.

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After leaving the work force for good at the age of 34 inI decided to keep on playing by building Financial Samurai into the best possible personal finance blog I could. If you can demonstrate unwavering commitment with one thing for at least 10 yearsI strongly believe you will succeed. Too many people quite way too soon or right before the going gets good.

Stay committed! If I started this site in my early 20s, I would have become a millionaire by 30 without having to work in banking. Age Year Yes it was incredibly lucky, but it also took some analysis and guts. I just wish I had more money to invest!

Here's Dharmesh:

VCSY ended up being worthless a couple years later. Taking An Employment Chance.

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I was coming from a top firm and had established some solid client relationships over the past two years. The economy was still dicey due to the dotcom implosion and there was a big chance I would not make Associate after my third year at GS. This was San Francisco, one of the most beautiful cities in the world.

Besides, San Francisco is six hours closer to Hawaii, one of my favorite places on Earth, so I figured what the hell.

Three steps to financial freedom

The first two years in NYC, I lived in a studio with another guy. We put up one of those Chinese Paper Walls to add more privacy. I was living in New York City, the most alive city in America. I finally had my own room, yeah baby!

2. Start Investing Early

The reason why I invested in CDs was due to a job change and not having time to manage my portfolio in, and Furthermore, I was scared of another market implosion that would not only take down my investments, but also my bonus, and potentially my job.

Today, my net worth is highlight diversified across real estate crowdfundingreal estate, bonds, stocks, private equity, and business equity.

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A day after my 26th birthday, I decided that it was time to grow up and buy my own place. I became very disillusioned with having a large chunk of money in the bank and started wondering what is the point of working more since I had more than I could ever have imagined.

Renewed Motivation To Work.

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What an idiot, but I felt buying the condo was the responsible thing to do. I was growing up but still had the thirst for nice cars.

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  • It would be a nice nest egg for you.

I became one of the youngest VP promotes in my office. Debt provided an unexpected side benefit for my career.