The Personal Finance Podcast - 3 Ways To Become a Millionaire by 30 (And the Roadmap to Do it)

Episode Date: January 17, 2024

In this episode of the Personal Finance Podcast, we are going to be talking about the 3 ways to become a millionaire by 30 and the roadmap to do it.  How Andrew Can Help You:  Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Monarch Money: Get an extended 30 day free trial at monarchmoney/pfp Thanks to Fundrise for Sponsoring the show! Invest in real estate going to fundrise.com/pfp  Links Mentioned in This Episode:  different types of leverage by Naval How to Save Your First $100K How Long it Takes to Go From $100K to $1 Million How to Build a Small and Mighty Real Estate Portfolio with Chad Carson Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

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Don't miss what the movie blog calls something you need to watch. Saving those children is how we all go home. From binge all episodes exclusively on Paramount Plus. Three ways to become a millionaire by 30 and the roadmap to do it. What's up, everybody, and welcome to the personal finance podcast. I'm your host, Andrew, founder of a mastermoney.co. And today on the personal finance podcast, we're going to be talking about three ways to become a millionaire by 30 and the roadmap to do it.

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So today, I'm going to be diving into the three ways to become a millionaire by 30, and I'm going to go into the roadmap to do it. Now, first thing I want to talk about right off the bat, This is one of the most difficult things that you can do. And the reason why I'm making this episode is because I'm seeing so many different people on social media or I'm seeing so many other podcasters or people out there in email newsletters who are saying how easy it is to become a millionaire by 30. I'm going to give you some amazing statistics about millionaires in the top of this

episode. And we're going to dive into the roadmap. There's only three ways to become a millionaire. There's literally only three ways to become a millionaire by the age of 30. Everything falls under these three categories. If you think I miss one, I want you to send me an email as we go through this, but there are really only three ways to become a millionaire. And I'm going to show you how difficult this actually is. So the first thing is the percentage of millionaires by age.

So approximately 6% of U.S. millionaires are under the age of 30. This indicates that a small fraction of millionaires, 6% are actually under the age of 30. And in fact, this is something that I really, really need you to understand. You're going to see people left and right. and it looks like everybody's building wealth out there. You're looking at some of those famous YouTubers out there. I just saw a video recently about a YouTuber talking about. If you're in your early 20s and you don't have a Lamborghini, you need to assess your entire life.

This is one of the dumbest things I have ever heard anybody say. You need to understand, sure, you should have really high goals and master your money goals. We talked about that. Assess goals and have goals that make you slightly uncomfortable when you set these goals. But at the same time, thinking that you're going to have a Lamborghini when you're in your early 20s or in your late 30s is not something that the average person has. 6% of people. Let's get real here.

Research shows that 20% of millionaires made their first million in their mid to late 30s. So only 20% made their first million in their mid to late 30s. The rest of them made their first million after their mid to late 30s. 20%. So 80% of millionaires. This is not just the population. This is 20% of millionaires made it between their mid to late 30s. The rest didn't make it until later on.

80% didn't even make it till past their 30s into their 40s, 50s, and 60s. Here's the next one. The average age of millionaires, and this is an average, meaning it's being skewed by a lot of those outliers as well, is 57 with the majority of millionaires belonging to the baby boomer generation, age 57 to 75 years old. Wealth takes time to accumulate. I don't want you to beat yourself up if you are not a millionaire by the age of 30, or if you're in your mid-30s and you know a friend who's a millionaire, for example,

do not beat yourself up thinking you're way to be. behind. Only 31% of millionaires averaged a yearly salary of $100,000 over the course of their careers. This indicates that a high income is not always the only reason why you become a millionaire. So a lot of people think, I don't make enough money to become a millionaire, and so I can't become a millionaire. You have the power of time, and if you have a financial education and you pair that with time, you can have more wealth than the top 1% if you want to. You just have to take enough time over that time frame. The next one, a large majority, $88,000.8,000. percent of millionaires are self-made, meaning that they did not inherit their wealth. And according to

data from the Federal Reserve Survey of Consumer Finances, if you want to be in the top 1% of folks who are age 30 to age 34, the top 1% in the U.S. is $1.37 million. What does that mean? That means just over a million dollars is making you in the top 1%, meaning most people do not have a million dollars by the time they turned age 30. So the reason why I'm giving you these stats, is I don't want you to beat yourself up, but I am going to dive in today on the roadmap as if you want to become a millionaire or if you want to become a millionaire in your late 30s or 40s, this is the roadmap to do it. This is the way to do it that if you want to become a millionaire fast and you want to do it early, this is one of the faster ways to do it. Now, this is not going to be one of those things

where I'm talking through, oh, you got to save a couple extra dollars and you got to put it in your 401K. That's not what I'm talking about here. For most of you, I want you to be doing that because that is the long-term wealth building plan. But what I'm talking about here today is the three different ways that you can really get there very, very quickly. Now, putting money into 401K could be one of the plans for one of these steps. And it's one of those things that I think overall, most of you just do not need to be beating yourself up. Building wealth takes time. Time is your most important factor. And I truly believe each and every single one of you can become millionaires over time. I believe that in my heart of hearts. And one of the real reasons why we started this podcast is we wanted to create

a million millionaires. And I truly believe that we can do that if you allow yourself to take into consideration the fact that it takes time. These get rich, quick people are absolutely wrong in what they are saying. Most millionaires, the average age of it, you just saw it, the average age of millionaires is 57. It takes time for you to be able to build wealth. And so I'm going to give you the outlier factors that can allow you to build wealth by the time you hit age 30. But outside of that, this is going to be something where do not beat yourself up if you cannot do it. So really, really excited for this. I'm going to dive into the first one here.

So let's dig in and let's get into it. All right. So number one is a high income. In a high income, you really need to think about this. Most people, if you're new to having a financial education, you're going to think, well, a high income is just going to make me wealthy. I see that guy with a really high income or I see that woman with a really high income and they're buying that Ferrari.

She's buying that G-wagon, for example. She's taking her income and she's buying these fancy things. She's got this huge mansion. But let's think about this for a second. You can live paycheck to paycheck and have a really, really high income. I spoke to a guy recently who was making $900,000 per year and was living paycheck to paycheck. I've spoken to other people who are making $300,000, $400,000, $500,000 per year and living paycheck to paycheck. It doesn't matter how much you make.

What matters is how much of your income you keep. So you can make a really high income. but if you don't use that income as the catalyst towards wealth building, which that's what your income is, your income is the fuel to the fire. Imagine having a massive fire and you're trying to make that fire even larger. You can A, take coal or wood out of that fire and that's going to make the fire go down over time. Or you can B, start shoveling massive amounts of coal and wood into that fire and allow it to grow over time. That is exactly what you're doing when you are taking your income and putting it in investments.

you're throwing more coal or more fire into that giant fire and allowing it to grow over time. This is what I want for each and every single one of you is to grow that wealth so that you have enough wealth where you don't have to work another day in your life. You have that amount of money where if some new boss comes into your life and they are an absolute jerk and you are working and grinding every single day, you've got enough money where you can say, I'm not doing this anymore. That is the type of money I want for each and every single one of you because guess what? If you are living in that situation, your stress melts away. Your anxiety melts away. And all of the sudden, you have the freedom of the world in front of you. Don't you want the freedom of the world in front of you where you can do whatever you want with your time and your energy and you don't

have to rely on somebody else to give you a paycheck? That is what wealth building is, but it takes time. It takes time for you to get to this level. And here's how you do it. So a high income is one of those things that most people will fall under this category. I became a millionaire at the age of 32 and how I did it was with a high income. My wife also had a high income. So between the two of us, those two incomes, we were able to build wealth in a very quick period of time. So income matters for everyone. Income matters for every single person. If you're young, income matters. If you're poor, income really matters increasing that income over time. If you're wealthy and you want to get that time freedom and you're not there yet, your income matters. Income is the foundational pillar

building wealth. And I truly believe that your income is the number one thing that you can leverage to be able to build wealth faster. If you want to get to building wealth faster, you have to increase your income. You're going to see all these financial gurus out there and they're going to say a bunch of different things. Cut back on your avocado toast. Cut back on your lattes. None of this stuff matters. If you just increase your income, it will solve all of those problems for you with the caveat is that as long as you keep that income. You keep a portion of that income. That is why I'm always telling you, hey, maybe you need to save 20% of your income, 25, 30, and as your income rises, I want that number to increase over time because the more

of that income you keep, the more wood you have to shovel into that fire. That fire is going to grow over time. And if you get a really, really big pay raise, all of a sudden, you're throwing gasoline into that fire because you keep your expenses the same, but your income has risen, and that fire gets massive. So how do you actually grow your income and increase? And increase. your income over time. So we have a episode where if you just first want to get to your first 100K where you're kind of building wealth and you want to get your income above $100,000 per year, we have a framework for that that we've talked about. And so you can go through that as well. But I'm going to give you a couple of the points here today because I think this is really,

really important to understand. Number one is you can grow it at your day job. This is the number one place that I want you to start when you want to grow your income. And it comes down to learning how to negotiate your salary, and it comes down to learning how to actually ask for a raise. There's a very specific way that you need to ask for a raise if you're looking to grow your income. And here's how it works. So the first thing you're going to do is six months before a yearly review, you're going to go into your boss's office and you're going to say to your boss, hey, I want to grow at this company and I want to be able to make more money over time. All of us here want to make more money, but I want to be able to make more money over time. And I want to make sure that

we put a plan in place so that I can do that. And you're going to have a conversation about this. And what you're going to do is you and your boss, six months before you're actually going to make this ask, are going to talk through what are some of the things that I need to do to increase the company's bottom line to increase production here at this company so that I can earn more money. So you're going to have this conversation. And you're going to ask, what do I need to do in order to make room to grow?

So after this initial conversation, you both have a list here of exactly what you need to do. After you have that meeting, you're going to go back to you. your desk, you're going to send an email to your boss and say, hey, just wanted to recap everything we just talked about. Here are the things that I'm going to do that I'm going to work on so I can become the best performer here on your team and be able to increase the bottom line for our company and help increase production and all these different things. So you're going to send that email because now it's in writing. So your boss is really busy. A lot of times they're not

thinking through all this stuff. And they may forget that you even had this conversation. But we're going to make sure they don't forget and you'll see in the next steps. So step two is a month or two down the line, you're going to schedule another meeting with your boss. And you're going to say, hey, here's what I'm doing. We talked about these different things. Here's exactly what I'm doing to solve these problems, you know, making sure you're on track with your boss. And you're going to talk through and say, hey, is this what you were expecting from me as I go through these different things? So a month, maybe two months. And then you're going to go through these bullet points. Boom. That is perfect. Next, you're going to be going back to your boss again, another month or two,

and saying, hey, I'm still on track here. This is just reminders. You're reminding them. and you're having a quick 15-minute meeting saying all these different things that you are doing right now, you're going through it all and kind of showing them again what's going on. Because what happens a lot of times is your boss gets really, really busy. And they forget you had this conversation and they may not even see all the production that you're doing. How many of you out there feel like you aren't even appreciated for the work that you're doing? It's because your boss is so busy that they aren't thinking about you. They're thinking about the things that they have to go out and get done.

And I never understood this when I first started at an entry-level job. then once you become the boss, all of a sudden you realize everybody is throwing things at you left and right. So you have to make sure that you are reminding them as to what you are doing on a consistent basis. This is something that is really, really important overall for you to make sure that you're doing. Then what I want you to do is lastly, one month before your yearly review or maybe it's a quarterly review, I don't know how you do it at your company. One month beforehand, you're going to meet again and say, hey, I've done all of these things. I'm still consistently doing all of these things, want to make sure that we are on track here. And then lastly, this is the beautiful

part is because the day that you walk in to your review, both of you know what you're going to be asking for. You're going to be asking for that raise. Both of you are on the same page all the way through and you're not walking into your boss's office and just surprising them saying, I want to raise, I'm fed up, I have not made enough money. That is the last thing that you want to do and it will absolutely never work. Communication is the key when it comes to asking for a raise. So you need to lead them along your timeline so that by the time you reach that point in time and you reach this goal, you can ask for a raise and it's easy peasy. You don't even have to think about it. This is how you ask for a raise and this is exactly what you need to be doing

is following these steps. Now, if you want to see more details about these steps, we actually have a free ebook that actually talks through this. So if you go to mastermoney.com slash resources, it's called Finally Get That Raise. We also have a resource in there that shows you how to negotiate your salary if you are in a negotiation for a new job as well. So we have both of those in there for you. Finally get that raise is awesome. You will get hundreds of thousands of dollars of value just for that free e-book. So we give it away completely for free because I want you to increase your income and I want you to learn how to do that. Number two is you can also grow your income via a business. Now, obviously there's a bunch of different ways to do this. There are low barrier to

entry businesses, things like ATMs, for example, where we had Alex on this podcast talking through his ATM business or vending machines. These are low barrier to entry businesses, meaning they don't cost a lot of money to start up. Online businesses are low barrier to entry. It really just costs you the price of the website and whatever things are selling or marketing are the other piece of that piece. Then there's higher barrier entry businesses. Maybe you're buying an online shop and you have to buy a bunch of different products. You're not drop shipping or anything like that. You're just buying a ton of different inventory. Buying a laundromat. maybe you're buying real estate. These are higher barrier to entry because A, there's competition.

B, you have to have more money in place. But these are going to allow you to grow your income over time so that you can get this millionaire status by 30 if that's something that you want. A business is going to be one of the fastest ways to grow your income very, very quickly, as long as you have a good business plan and you have a good business in place. This is another way that I grew my income very, very quickly is learning how to build businesses and learning how those businesses can help you leverage your wealth and your net worth over time. So number two is a business. Number three is utilizing leverage.

Now, leverage is something that you'll see a lot of people talk about when it comes to like the real estate world, for example. But there's a number of different ways that you can actually leverage your time and your energy so that you can make more money. So Naval is one of my favorite authors out there. And he wrote this amazing book, but he also talks about the different types of leverage. So there's labor, there's capital, there's code, there's technical leverage. There's a bunch of different things out there that

Naval talks about in his book. We'll link his book up down below so you can check it out. A fantastic read if you have not read Naval's book yet. But the first one that you can think about, and we'll talk through each one of these, is financial leverage. So financial leverage is when you are, say, borrowing money and utilizing leverage debt to be able to do something buy an asset. So a great example of this is the first time I ever did this. I bought a rental property. So the first time I used financial leverage, I went out, and I bought a single family house and I bought that single family house for $120,000. This was only in like 2017, something like that, 2016.

And I went out, bought that single family house for $120,000, but I didn't have all $120,000. So I went out and I got a loan on that house. And so with that loan, you know, you pay the mortgage payments and everything else. And so really what I put into that house was the initial $20,000 that I actually put as a down payment on that house. And the rest of it was cash flowed. and I ran the numbers properly and all these different things so that I could own that house and have some cash flow each and every single month. So that is one example. Another example is buying a

business. So you can go out and buy a business and you can get something like an SBA loan, for example, which is a government loan. It's from the small business administration. And you can go buy a business for 90% leverage. So say it's a $100,000 business. You could put $10,000 down. They will fund you 90% of that business. And now you own $100,000 business for $10,000 down. Now, Here is the thing about leverage when it comes to financial leverage. You can get yourself in real trouble because anytime you take on debt like this, you are increasing more financial risk. So you have to make sure that when you take on some of this leverage, you are doing it

very cautiously. Do not do too much all at once. A lot of people in their 20s, they do too much all at once. This is why Dave Ramsey is in the camp to never take out any debt whatsoever. Because when Dave Ramsey was in his 20s, he leveraged too much of a lot. his life in real estate and he went completely bankrupt because all of the sudden, all the banks called his loans during a financial crisis and he had to try to pay all that money back. He did not have the cash.

And so he over leveraged his life. The key to leverage is doing it in a safe, efficient, risk-averse way. So overall, you've got to make sure you understand every single dynamic when it comes to that debt. Otherwise, you are going to really, really put yourself in a difficult situation. So what does that mean? That means you need to run the numbers properly on your business or your real estate or whatever other assets you are purchasing.

If you run the numbers wrong, you're never going to be able to pay that loan. And so your risk really, really increases significantly. You make all your money when you buy something, whether it's real estate, whether it's a business, all your money is made in the buy because you have to run the numbers properly. If you miss something, it could put the whole deal out of whack. So that's number one. Number two is never taking on too much debt that you can't handle. If you can only handle one or two properties, that's what you need to be able to handle.

and then over time, as you start to have more cash on hand, then you can increase the amount that you're buying over time. So very important to do this. Our episode with Chad Carson, if you're interested in real estate, by the way, is really, really good. Chad wrote a book called Small and Mighty Real Estate Investor. He's become a friend of ours here at the podcast. And that is a great book. Like, if you just want to build a small portfolio to create freedom, amazing, amazing place to start. Number two is labor leverage. So if you already have a business, you can utilize labor leverage to really increase your income over time. There's a book by Dan Martel called Buy Back Your Time, which is a great book on this topic. But if you utilize

labor leverage, this means you know, you're hiring employees or contractors or you're hiring and utilizing the time and skills of other people. So this is something that I had to learn the hard way where I was trying to do everything all at once in some of my businesses. And I was too frugal at the time to actually spend money on getting employees in and just trying to help me do some of this stuff. And so as time went on, I realized, okay, I don't have any hours left in the day ever and so I need to actually make my first hire. When I made my first hire, it relieved all this time back to me so that now I can focus on the things that truly matter when it comes to the business. And so using labor leverage is another great way to really take your income to the next level

because now you can make more money because you're focusing on the income producing activities instead of focusing on the things that don't really make you more income. Here's a number of different examples. This is things like data entry. This is things like doing accounting. This is things like like setting up spreadsheets or adjusting little tweaks on your website. All of this stuff is not income producing activities. You need to make sure that you are focusing on income producing activities. The next type of leverage is technical leverage. So technical leverage can be like leveraging technology. You can leverage software. You can leverage tools. You can leverage AI. There's so many different ways that you can use this leverage to increase your income over time. There's so many cool

AI tools coming out now. And so you can see what are some ways that this can buy back some of my time so I can use my energy to make more money. And then lastly, there's media leverage. So for the longest time, it was really hard to spread the word about your business. And it was really hard for you to be able to get out there and earn more income because of this. Now there's media leverage where you're seeing people being able to go on social media or they're able to spread the word about specific businesses and it can go viral and spread really, really quickly. This is a huge piece of leverage for a lot of people if you know how to utilize social media correctly. So this is another great piece of leverage to be able to get your audience going. A podcast, what I'm doing right now. This is another

form of leverage. Utilizing a newsletter is another form of leverage. All of these are ways to kind of get our message out. We want you to learn how to build wealth. We want to make that million millionaires. And so overall, we want to give you hope with your money. And that's how we can spread this message, this positive message to more people, is through these different mediums. This is why we have our TikTok, our TikTok. like almost 200,000 followers now. And the reason why we do that is just we want to spread the message of building wealth. We want to spread the message on how you can actually manage your finances.

And so Instagram's the same thing. We're just trying to leverage this so that we can spread this message. So really, really important stuff overall is utilizing media leverage. So those are the ways that you can increase your income. You can grow it at your day job. You can grow it via a business. You can grow it by utilizing leverage. Now, here's the second way that you can become a millionaire by 30 right after

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So maybe you went out there and you're a Bitcoin investor in 2014 for a example, and you believed in Bitcoin, you started buying a ton of it. Then all of a sudden, crypto just started to surge. And it was a huge financial event in your life. Whereas 2020, in 2021, you had these massive volume of Bitcoin being purchased. And so you were able to leverage that event and maybe you sold some of that Bitcoin. And now you have a ton of cash on hand that you were able to invest. This made you a millionaire. And if you did something like that, that would be a large financial event that made you a millionaire. This is a great example of someone who became a millionaire because of something like this. So it takes a little bit of luck a lot of

times with these large financial events. Luck is always involved in a lot of these things, but it also is hard work persistence and making sure that you are in the right place at the right time. So all of this stuff really, really does matter. Another example of a large financial event is maybe you started to build up one of these businesses because you wanted to increase your income, and all of a sudden this business grew enough where you could sell that business. And so a great example of this would be someone who sells a piece of a business as they built up over time. So for example, the Morning Brew guys, Austin Reef, Alex Lieberman. They started morning brew when they were in college. They started to build up this newsletter business and then over time in their 20s and then they sold

that business for a massive number. They became millionaires because they built up a business and they sold that business over that time frame before they were the age of 30. There's a ton of different examples of people who did this who sold their business as their large financial event. Another one, it means that you could IPO or do an initial public offering, meaning you go public with a specific company that you have. So this is similar to that where you're actually taking a business that you've been running for a long time.

This business has really been accelerating. And then investment beggars come up to you and say, hey, you need to IPO this. This is a very simplistic way of explaining this. And then overall, then you go an IPO and your company becomes public and people can buy it on the market and you could do something like that.

Another example of a large financial event would maybe be, you know, you bought a really great rental property. You bought a really great house. And so you go out there, you buy some real estate, it really appreciates very, very quickly. And then you have this large, large financial event.

We have a couple of great examples of this. Like, for example, my first house that I purchased was $169,000. We sold it a couple of years later for $330,000. That contributed to our net worth over time. A lot of you probably have that example if you purchased a house over the course of the last 10 to 12 years because real estate has appreciated very, very quickly. That's a large financial event, meaning you did something. You bought an asset.

It grew really quickly. And then you sold that asset and had a large lump sum. that increased your network to that million dollar point. Another one would be maybe you had a patent or you have intellectual property out there. So you're earning large substantial income from patents or software or inventions or maybe you're an artist and you make a ton of money off your artwork. All of this stuff is a large financial event because something changed drastically when you started to do that.

Or maybe you receive a massive bonus or you work for a tech company and you get profit sharing or that tech company goes out in the IPO. And so you get a huge, huge bonus out there because you've been working for this company and part of your incentive package was that you got this large bonus. Well, that's another large financial event that happened for you when you were in your early 20s.

So there's just a ton of different things that happened to you when you were in your early 20s or late 20s. So this is something that can happen to you with a large financial event. Some of it is partial luck. And some of it is just partially you were making the right decisions. We're working really, really hard and making sure that you were going down

the right path. So another great example of that is the large financial events. That's number two. And the third way that you can become a millionaire is something like an inheritance or parental support, something along those lines, meaning that you have people in your life or family members in your life who gave you money and you just became a millionaire. They gave you those dollars and you became a millionaire. Now, we know from statistics, 79% of millionaires do not become millionaires and do not inherit their wealth. Now, I absolutely love this statistic. Why? Because that means all of us have the opportunity to become millionaires, because 79% did not inherit their wealth. Whereas this common misconception out there are people say, hey, all millionaires

out there, they became millionaires because they inherited their wealth and they had some sort of privilege that allowed them to inherit their wealth. Now, they may have had privilege. They may have had an amazing upbringing of an amazing environment. But if you were a person who woke up today and you have been in a family your entire life and your family has been poor, your entire life, and generation over generation, you are stuck in this paycheck to paycheck cycle and you never learned how to build wealth. You are the person I am talking to right now because guess what? You have the opportunity to change your family's tree. You could be that person to change your family's tree and start to learn how to build wealth for your family. And you don't

have to do it by the age of 30. You don't have to do it by the age of 40. You don't have to do it by the age of 50. You can do it on your own timeline because time is the most important factor when it comes to building wealth. You can have a top 1% net worth if you invest a small amount of money over time and allow that money to compound. Compounding is the most powerful tool that you have in your tool about when it comes to increasing your net worth and building that generational wealth. Time plus compounding is how you get there. And so I don't want anybody listening to this podcast episode getting discouraged that they are not. a millionaire by 30. If someone tells you they became a millionaire before the age of 30,

and it was not because they had a really high income, it was not because they had a large financial event, and it was not because they had an inheritance or parental support, they're lying to you. It's the bottom line. Everything falls into this. Now, I've talked about this with friends and family, and they'll say, well, what about this? Falls under the income category. What about this? Falls under the large financial event category. What about this? And everything falls under those three categories. If I'm missing one, I want you to send me an email. and I want you to tell me I'm missing one. But these are the only three ways, if you want to become a millionaire by 30,

these are the only three ways that you can do it. Well, we've had people on this podcast. For example, George Camel came in this podcast. How'd he do it? He increased his income over that time frame. He got out of debt and he increased his income. We had Brennan from Budget Dog on here. How do you do it?

He increased his income. How did I do it? I increased my income and I leveraged it with business activities. All of these are how you become a millionaire by a 30 or in your early 30s or your mid-30s. All of these are how you do. it. If not, if you work a regular 9 to 5, you enjoy your job, there is nothing wrong with building wealth over time. In fact, that is one of the best ways to build wealth. It's just build wealth over

time and you can spend more time with the people you love. That is an amazing way to learn how to build wealth. But I don't want you beating yourself up because people in the 30s are saying you need to have a Lamborghini by the time you're age 25. This is absolutely not true. It is not what you have to do. And instead, it is something where that is one of the most difficult things in the world. Only 6% of millionaires ever did it before the age of 30. 6%. That means 94% of them did it after the age of 30. So stop beating yourself up. This is something where we play the long game here at the personal finance podcast and at master money. We play the long game when it comes to building wealth because getting rich slowly is the surefire way that you can actually build wealth. So I want you to just

understand this as we go through all of this stuff. Listen, I hope you guys enjoyed this episode. I hope you learned a ton in this episode. If you guys have any questions, make sure to hit me up on Instagram, TikTok, Twitter. Shoot me an email and would love to answer your questions. We got some money Q&A's coming up, so we'd love to hear some of your questions back so we can answer those on money Q&A. So shoot me an email if you wanted on money Q&A

or shoot me a DM, and I will make sure to look through those so that we can add those to money Q&A as well. Listen, I truly appreciate each and every single one of you listen to this episode. You invested in yourself today by listening to this episode, and I cannot thank you enough for being here. I love each and every single one of you,

and we will see you on this. next episode. Frozen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo. The online casino with all the latest slot

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