Normally, we work very hard all our life to create wealth. But if we were to work smartly, we can become RICH, very fast. There are a few self-made millionaires, who are in their 30 s and there are some advice from them:
(1) Don't show off - Show up: Don't buy your luxury items-cars,watches etc . till you produce multiple secure flows of income. Be known for your work ethics, not your luxuries
(2) Invest in Yourself: Always make sure you grow, by investing in yourself. Reading at least 30 minutes a day; listening to DVDs,Podcasts; attending various self-development seminars; seeking mentors are few ways to grow yourself. You don't need to be a master in your field but a well-rounded person, with a capacity to talk on any subject - financial, political, social, sports etc
(3) Focus on Earning: In today's world,you cannot become a millionaire, by just saving. You need to focus on increasing your income in increments and repeating the same. Few people have gone from Rs 10000/- a month to Rs 4 lacs a month in 7-8 years.Start following the money, and it will force you to control expenses and see opportunities
(4) Develop Multiple Sources of Income: You need to increase your sources of income. A study on most self -made millionaires showed that 65% of such people had 3 sources of income, 45% have 4 sources and 29% had 5 or more sources
(5) Save to Invest, don't save to save: It is advised to save money to invest. Put your saved money into secured, sacred(untouchable) accounts. Never touch these accounts, even in emergency. This will force you to follow step 3(increase income) for eg: by putting money in blue chip companies or quality mutual funds.
(6) Be Decisive- Conserve your energy to take fast decisions, which are easily reversible, and aggressively planning recurring actions. You can execute simple tasks on autopilot. For example - what I have to wear everyday, what do I eat - junk or nutritious food.
(7) Ditch the steady paycheck: Rich people are typically self employed and determine their own pay-cheque. This is the fastest road to wealth.
(8) Start Hanging Out with people you admire: Andrew Carnegie, who started from zero to becoming the richest man in the U S, credits all of his riches to one principle- the Master Mind. The idea is to surround yourself with talented people who share your vision; because the alignment of several smart and creative minds is exponentially more powerful, than just one