7 Things You Should Do in Your Twenties to Become a Millionaire by 30

We all wish we could be rich. But if you’re young and smart and driven enough, you could be! In some cases, it is possible. Particularly if you’re able to make tough choices and choose to save where others choose to spend. Regardless, one of the most important things you should be doing is managing your money responsibly. If done so correctly, you may very well become a millionaire by 30. That being said, here are 7 steps towards making your millionaire dreams come true. Start following them now before you hit the big Three-Oh.

1. Write your plan

No amount of desire is going to put the wealth in your account. You’ll need to actually come up with a feasible plan and put it on actual paper. Calculate exactly what you’d need to earn—and invest—to reach your goal. Then plan the options on how you’ll do it, whether that means focusing on a Roth IRA or a 401k, etc.

2. SAVE

You can’t get there without this step. Period. Start saving immediately—first an emergency fund, and then a high interest yielding account for everything you accumulate on top of that. Make a point of putting away half of every raise or tax refund, for example. And then don’t touch it unless an emergency occurs.

3. Live cheaply

You don’t need to be in poverty to live beneath your means. Just say no to high profile purchases that will crack open your budget—like expensive cars, extravagant houses, even expensive designer clothing and accessories. Live modestly, save decadently.

4. Ease off on the credit cards

Don’t accumulate too many credit cards—one or two will do. And don’t put anything on your cards that you can’t pay off within three months. And if you can’t eat it—or wear it—don’t charge it. Keep your cash flow for investments.

5. Put your money to work

Build a diverse portfolio with a mutual fund company that offers no-load funds and low expense ratios. You could be earning 8-10% interest on your money!

6. Start a business

A sizeable majority of millionaires are self-employed. Channel your entrepreneurial spirit and come up with a business plan to create wealth—and not just for yourself.

7. Ask for help

Find yourself a good financial planner and make sure your investments are sound and working for you, not against you. If you build a good working relationship with someone you trust, you can really help your money grow. Remember, work smart not hard. It takes money to make money. But it’s never too late to start putting yours to work for you.