Becoming a millionaire by 30 is not just reserved for the privileged few. Anyone can reach millionaire status. The reality is that learning how to get rich with a normal job just requires hard work, smart planning and going after the right opportunitiy.
Too many people talk about finding a job that you love and that bring you satisfaction. They quote buzzwords like work-life balance, being appreciated or finding meaning. A bunch of snowlakes if you ask me. I believe that 99% of this mindset and way of thinking won’t get you to financial freedom while you are still young enough to enjoy it.
This guide is for the hardcore entrepreneurs. Those dedicated to pursuing ambitious financial goals and not making excuses. This is how to become a millionaire by age 30.
Since I was young, I was always interested in business and the game of money. My father was an entrepreneur until my late teens and actively grew and invested in his business. I witnessed the long hours and sacrifices he made to achieve financial freedom and retire comfortably in his 60s.
I was also fortunate in my late teens and early 20s to meet many successful salespeople, business owners, and savvy investors I could emulate throughout my 20s and 30s.
Here are the important 7 steps I took and how to become a millionaire by 30:
Step 1: Understand Simple Math
Basic math is one of the most important things to understand to become a millionaire. Understanding compound interest, investment returns, and other financial concepts are crucial to building wealth. But, the first step is having a basic understanding of arithmetic and applying it to everyday life.
Having simple spreadsheets with your fixed expenses (rent, food, transportation, etc.), potential income after tax, and internalizing what you can and can’t afford. Start reading books like “Rich Dad Poor Dad” and “Real Estate for Dummies.” I see too many people going out for a $250 night with a friend when their net worth is $2500. You just spent 10% of your net worth. Ridiculous.
Step 2: A Career With Unlimited Earning Potential
I hear so many young people that are trying to make it with side hustles, monetizing content, and trying to hit it big by investing in get-rich-quick schemes or sh*tcoins. All of that is great, and for the 1% that hit it, big kudos to them. But, I would argue that most of this is a distraction and that if you stay focused on one thing and do it for 10,000 hours, the likelihood of success is infinitely higher.
When choosing a career in your 20s, look for a company with unlimited earning potential and a culture that values hard work and smart planning. You don’t want a job that caps your hours and pay. Commission sales positions, trades, and high-demand, high-paying hourly jobs with overtime are often good options. Often these jobs are tough, demanding, and not glamorous, but in order to make good money while you are young, you want a job where you get rewarded for your hard work and skills. This is the main way how to get rich with a regular job. Start by focusing on your industry, learning as much as possible, and working your way up the ladder.
Step 3: A Habit of Thinking Broke
One of the biggest obstacles to wealth is overspending and living above your means. I don’t remember where I read this, but from my mid-teens, no matter how much cash I had in the bank, and always had a “broke mindset.” This means living below your means and being mindful of your purchase's true value. Cut back on unnecessary expenses, like eating out or buying coffee from Starbucks, and focus on saving your money instead.
One example of this growing up was going out for lunch. I often didn’t take the time to pack a lunch and would grab a quick sandwich or burger. But I had a rule. Never buy a drink or sides. 2 double cheeseburgers specials with extra lettuce and tomatoes. No drink. No fries. It wasn’t as much about my health as it was about knowing that was where Mcdonald’s or Subway made their profit. Believe it or not, this little habit saved me thousands of dollars per year for over a decade.
Step 4: Save Enough for Your First BIG Investment Early
Some people say that making your first million is the hardest. I would argue that saving your first $50,000 is WAY HARDER. This is the #1 reason most people live pay cheque to pay cheque or penny to save their way to retirement. They don’t start the process of building wealth early enough.
You often hear people asking, “I have $5000 to invest. Where should I put it?” Leave it in the bank until you have $50,000 to buy real estate or investment, and it can produce significant low-risk cash flow. Don’t get me wrong; I know several people that have turned $5000 into $500,000 or even $5,000,000. There are a number of ways to do this, including buying lotto tickets. Buy, this is not a reliable way to build wealth and isn’t how to become a millionaire by 30.
I always had a rule that I would spend less than 50% of the after-tax income regardless of how much I was making. I drove a cheap used car, lived in a basem*nt apartment, and didn’t eat out other than cheap fast food (no drink, no fries). It wasn’t glamorous. Friends would criticize me and tell me that I needed to enjoy life and I shouldn’t be so cheap. That stopped when they realized that at 30, I was financially free.
Step 5: Buy A Home With Rental Income
Owning a home with rental income can be a great way to build wealth. More than 80% of millionaires do so through owning real estate. There are not too many other investments that you can buy with leverage, generate rental income from, and are durable assets that have been proven to appreciate over time.
You often hear people suggesting you rent where you live and own where you can rent. But be aware that the tax benefits of owning and living in a principal residence in countries like Canada, the UK or Australia can be substantial. Also, depending on the home layout, there might be additional tax advantages to having a rental suite in your principal residence. For more information onthis tax strategy and other investing tips,book an introductory call, and I can walk you through what I call“the double dip”method for Canadians, Brits, Aussies and a few other countries (it doesn’t apply to Americans).
I also suggest buying the biggest home you can afford with 1 or even 2 rental suites. Start by finding a trusted friend or colleague you can trust who knows real estate and ask for their help. Ask for them to help you find a property, Ask a friend or family member to provide a loan to top up your down payment dollar for dollar and potentially cosign on a property. With a second suite or rooms for rent providing income, and an expert helping you through the process, the risk of defaulting on this loan is very low.
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Step 6: Don’t Let Your Ego Get The Better Of You
Once you start building wealth and the cash flow starts coming in, it’s tempting to increase your standard of living and let your ego get the better of you. This can lead to bad investments, overspending, impulsive decisions, and a lack of focus. Instead, focus on your goals and stay disciplined. Avoid the temptation to show off your wealth and focus on building your wealth smartly and sustainably.
I’ll admit, throughout my career, I’ve made many mistakes. Some cost $100's. Other $100,000+. I’m all about spending money on valuable experiences and things you are passionate about. When I was 26, I invested in a 2006 BMW Z4M Roadster. I bought it used for $33,000 with 17,500KM on it. It still, to this day, was the best investment I ever made. It’s worth $50,000+ today. I believe you won’t regret the money you saved, but you often regret the money you spent frivolously and wasted. It’s really simple. This is how to get rich with a normal job.
Step 7: Know When to Sell Investments
You often hear from people in real estate about the concept of buying and holding no matter what. Real estate always goes up, right? Wrong. I prefer realizing (locking in) my gains and reinvestment profits into new investments.
I agree with the concept of time in the market vs. timing the market, but with every investment, there is always an appropriate time to sell and derisk your portfolio. For different people, that can mean different things. When I decided to leave Canada in 2021 to live and invest in the Caribbean, I actively started selling off property in Canada. Most of the values had doubled or tripled in less than 5 years, and I believed it would unlikely happen again. Not only was I right, but months after I sold 90% of my residential portfolio, the market declined by 20–30%.
In conclusion,getting rich with a normal job by 30 is possible with hard work and smart planning. Start by understanding basic math, finding a job with unlimited earning potential, and living below your means. Save enough for your first investment, buy a home with rental income, and stay disciplined. Finally, know when to sell and focus on building wealth in a smart and sustainable way. Remember, wealth is not just about having money, it’s about having the freedom and flexibility to live the life you want.”
Bio
International Real Estate Investor | Serial Entrepreneur | Founder & CEO@Offshore Freedom. Helping successful investors and entrepreneurs live and invest in the Caribbean and abroad and pay less taxes.
Schedule a consultationwithDan Merriam, and let him help you design the life of your dreams and achieveOffshore Freedom™. Ask questions and get answers about lifestyle design, tax planning, banking, international real estate, second residencies, or citizenship by investment.
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