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Retire With A Million In Your 30's - Lessons To Learn For Millennials

Summary

There is no other time in history where it is easier and quicker to become a millionaire during one’s lifetime.

There is no other time in history where it is easier and quicker to become a millionaire during one’s lifetime. The news is filled with self-made thirty-something (or even younger) millionaires who developed software programs, invented something useful, or started successful businesses.

And the greatest thing is that you can learn from their lives and replicate their successes in your own life. So if you intend to be a millennial millionaire and enjoy your 30s in retirement haven, this article provides different tips and lessons that anyone can follow to achieve just that.

Create a personal financial plan

The first, and perhaps most important, lesson that any millennial should learn is how to create a personal financial plan. This plan allows you to assess your current financial status and plot out a course of action.

To create a personal financial plan, you may rely on different sample financial plans online so that you can get an idea of what to include in your plan. Or you may always free write and create one on your own.

Just remember that the basic questions that need to be answered in a financial plan will include the degree of risk you are willing to take, your financial and personal goals, and how you intend to achieve them.

Start saving as early as possible

After filling out a financial plan, you will already have a brief idea of what you want and need to do in your life in order to financially succeed in your 30s. The most obvious next step is to start saving money.

Educate yourself on the different savings options that banks in your area offer. This can be easily done online nowadays. Ask your parents, teachers, relatives, friends, and colleagues for any bank that they prefer to use. Also, find out why they like their banks and how you can take advantage of the same savings plan that their respective banks offer.

Aside from saving your earnings in a bank. If you are employed, you may also save money by making contributions to a retirement savings plan. In the United States, the most famous one is 401k. With most retirement savings plan, employee contributions will be matched up to a certain percentage by your employer.

Take advantage of this savings plan as early as possible in your twenties and max out your contributions. By doing this, you are setting yourself up for a comfortable retirement in your thirties.

Invest your money

The traditional retirement age in many countries is between 60 to 66. This allows individuals more time to save money and for their money to earn interest over time. However, if you want to retire in your 30s, you need to make sure that your saved earnings get the highest possible interest rates.

That is why, aside from saving money in the bank, you need to invest some of your earnings into other savings mechanisms like bonds, stocks, mutual funds, and insurance plans. Talk with your bank representative or financial advisor so that they can help you choose the right investment vehicle.

Automate your savings and investment contributions

This next tip may sound too simplistic but it can greatly help you stay on track on your retirement goals. We are talking about the need to automate your monthly savings and investment contributions.

Most banks and financial institutions allow their clients to set up automatic deductions. So if this feature is available for your, make sure to take advantage of it.

Setting up automatic bills payment and contribution submissions will help lessen the temptation in spending more money as you do not have to worry about money that you do not see.

Learn a new skill

Let’s admit it, becoming a millionaire in your thirties can be hard for most people who have a limited way to earn money. That is why, if you intend to fast-track your earnings, we suggest learning a new skill or developing a side hustle.

Make sure that you choose a skill that you absolutely love and enjoy doing. If there is a common characteristic among millennials who have become self-made millionaires, it is that they have pursued something that they actually like doing.

So if you wish to follow their footsteps, begin looking into different classes online and in your local community center. Examples of skills you may learn are coding, graphic design, learning a new language, driving, and even cooking.

Remember, you do not have to always stick to the first sample financial plan that you created for yourself. Feel free to modify this plan along the way and learn to be open to different ways on how to maximize your earnings.

Once you do all these things automatically and once you have imbibed an intuitive abundance mindset, it will be easier to achieve all your financial goals.

Retirement is no longer a faraway dream if you heed the different pieces of advice listed above. Use them to motivate and propel your life into a truly rich and fulfilling thirty-something life.

Focus on the goal

Saving up for a million or more within the next ten or so years can be daunting at first. The entire process can seem even more arduous when there are a lot more things that we can buy or experience now and simultaneously give us instant gratification.

But if you have learned anything from creating a personal financial plan, you may have already seen how fleeting these things can be. That is why at the start of your journey to financial freedom in your 30s, be ready to put on horse blinders and only see what you are aiming for yourself: a thirty-something millionaire.

Yes, it is not easy. Prepare to practice delayed gratification on a whole new level for at least the next few years or so. And if everything goes according to your plan, you will retire and be comfortably rich by the end of your thirties. Isn’t that just great?

Remember, you do not have to always stick to the first sample financial plan that you created for yourself. Feel free to modify this plan along the way and learn to be open to different ways on how to maximize your earnings.

Once you do all these things automatically and once you have imbibed an intuitive abundance mindset, it will be easier to achieve all your financial goals.

Retirement is no longer a faraway dream if you heed the different pieces of advice listed above. Use them to motivate and propel your life into a truly rich and fulfilling thirty-something life.