Most people work their entire careers without becoming millionaires, but some achieve that kind of wealth before turning 30. As ...
Most people work their entire careers without becoming millionaires, but some achieve that kind of wealth before turning 30.
As it turns out, there are a few key characteristics that set certain people up to earn big early on, according to Peter Voogd, founder of the Game Changers Academy, who made his first million before turning 26.
“You don’t make a million by accident,” he says in a recent LinkedIn post. “If it’s not a goal you sure as hell won’t hit it.”
Here are four vital traits that young, successful millionaires share, as observed firsthand by Voogd:
They have a sense of urgency.
Young millionaires become successful so early in life because they constantly work toward success instead of waiting for opportunities to come to them. “Now matters more than any other time, and the ‘someday isle’ mentality is killing so many dreams,” Voogd says. Millionaires make monetary success a top priority from day one, instead of pushing it to the back burner as something they’d like to achieve someday.
They find a strong mentor.
Millionaires don’t reach that status alone, and even self-made millionaires find smart, wise mentors to guide them as they build their careers. “Success rises and falls on who you associate with, so make sure you stay aware of your surroundings,” Voogd says. Learning from those who came before you is key to making the right business decisions, and a good mentor will challenge you and help you focus on bigger thinking, Voogd adds.
They focus on leverage.
Time is money, and while the traditional method of trading your time for a proportional payment will earn you a decent salary, it won’t make you a millionaire. “At some point you have to focus on scaling and leverage,” Voogd says. “Investment properties, membership sites, building a brand, partnerships, affiliate marketing, different types of programs, etc.” Young millionaires maximize their time to make sure they’re always earning as much as possible.
They don’t care what other people think.
“People who care what others think of them will always be limited to others’ opinions,” Voogd says. Young millionaires don’t waste time trying to please people who don’t believe in them or win over those that don’t support them. Instead, they focus on their own vision and learn to believe in themselves. To become truly successful, “you must give up the need to be liked by everybody,” Voogd warns.