how to become a millionaire by 30
Updated April 30, 2023

How to Become a Millionaire by 30: The Best 13 Tips

Building Wealth

We may receive a commission if you sign up or purchase through links on this page. Here's more information.

Would you like to learn how to become a millionaire by 30? Quite a few millennials, 64% according to a survey conducted by Wells Fargo, say that retiring millionaires is out of reach for them.

But that is understandable considering that 40% of millennials have not started to save money for retirement.

If you follow their lead and spend every dollar you get your hands on without thinking about the future, you probably won’t become a millionaire by 30.

However, if you become more responsible and better organized and you work hard to reach your goal, anything is possible.

In the following lines, I will give you 13 tips to become a millionaire. To reap out maximum benefits, I suggest you start following them immediately and concomitantly.

They’ll teach you the savvy way to spend, save, and make money, so that you may see your dream of being a millionaire come true as soon as possible.

13 Great Tips on How to Become a Millionaire by 30

1. Assess and Keep Tracking Your Current Net Worth

In order to see how close you are to reaching your goal and measure your progress, you need to know where you stand.

For that, I recommend using an app like Status Money. It lets you track your income, expenses, debts, and credit score, calculate your net worth, and compare yourself to others.

But what I really like about it is that it analyzes your finances and helps you identify saving and earning opportunities, while avoiding overspending and paying high interests.

For best results, don’t hesitate to use it along with other apps, like Personal Capital, Tally, PocketSmith, and more.

2. Educate Yourself and Learn to Cut Down Your Living Expenses

You have a certain lifestyle and you’re not going to give it up. However, there are ways to maintain it and pay less, so that you can set some money aside for your long-term goals.

The best way to start your quest on how to become a millionaire by 30 is to educate yourself, to learn more about finances and managing yours the smart way.

We’ve already put together a list of finance books you can read for this purpose here. They may not teach you everything you need to know to become a millionaire by 30, but they will surely help you develop healthier money habits.

I know, you’re not going to change your ways and preferences overnight, and no one expects you to. However, you can cut down various expenses, and I know how you can do it.

I’ve already covered everything you need to know in some previous posts, so, within the following days, take a few minutes to read them.

Think of them as more tips to become a millionaire. They will teach you how to:

3. Use Your Credit Cards Wisely

How aware are you of your credits cards terms and conditions? It is high time you learned them by heart and started using your credit cards in such a way as to minimize payments and earn maximum rewards.

If you have to keep a balance, make sure it is on the credit cards with low interest. When you make payments, use the credit card that offers the most perks.

You could be paying a fortune as interest and missing out on many benefits, from cashback, bonus points, and free flyer miles, to extended warranty, travel insurance, and more.

4. Turn the Stuff You Don’t Need and Use into Cash

I bet you have some old gadgets, appliances, books, DVDs, Lego, and other tech stuff you no longer use and need occupying space in vain in your home.

They still function, so you can’t find it in your heart to throw them away, but you’ve upgraded, so you no longer use them.

The more you hang on to them, the more their value will drop. I suggest you turn them into cash right now, and I know just how you can do that.

I use Decluttr and it works like a charm. You just send in your stuff and receive the money in your account a couple of days later, without worrying about posting ads and dealing with potential buyers.

And when you’re in the market for new tech, don’t hesitate to check their store as well. Some of their offers are incredible and could help you save a lot of money.

5. Lower Your Bills

Have you ever felt that too much of your income goes to utility bills and other expenses you could lower? I bet you have, so do something about it!

You can negotiate lower bills or let others do it for you. For example, BillShark can help you lower your water, electricity, and gas bills.

Cushion can help you pay less and even recover some of the money you spent on interest, bank and credit card fees.

Trim can help you find and cancel unused subscriptions, lower your Comcast bills, and identify other money-saving opportunities.

6. Lower Your Insurance

Insurance coverage is important, especially when it comes to your car, your home, and even your life, but are you sure you’re not paying more than you should?

No, I don’t think you should sacrifice coverage in order to lower your payments. However, you may be able to get better coverage for the same amount or similar coverage with less money.

When renewing your coverage, I suggest you look into Haven for homeowners’ insurance, Lemonade for renters’ insurance, and Metromile and Root for car insurance.

7.  Start Using Coupons, Discount Codes, and Freebies

I know, clipping coupons is not exactly your thing, and you’re not going to waste your time looking up contests to win free stuff. But what if you had everything one click away?

As far as freebies are concerned, we already have a list of the best 41 and the places where you can find them here, so getting started will be easy.

In terms of coupons and discounts, I recommend keeping things simple and getting them all from the same place: Butterfly Saves.

It’s a browser extension that helps you find and buy coupons for 50% discount at your favorite retailer, be it Target, Walmart, Macy’s, Lowe’s, JCPenney, or Kohl’s.

8. Use Cashback Apps and Websites

You probably already earn some cashback on your credit card, so you know what I’m talking about. Well, you can earn much more, and by more I mean up to 40%.

Some websites and apps, like Rakuten (formerly Ebates) or Affinity, will get you rewards for your online purchases. Ibotta can help you get cashback for your brick-and-mortar shop purchases and car fuel.

Speaking of gas, did you know that you can save up to 50¢/gallon with apps like GetUpside, Trunow?

When you’re not driving, you can save money by taking Uber or Lyft instead of a taxicab if you follow the advice here.

With Drop, you can earn cashback when shopping both online and in local stores. If you want to make sure you got the best price on your purchases and recover the difference if you didn’t, you may want to look into Paribus.

9. Use Apps That Pay You Money for Things You Like or Already Do

I’m willing to bet you had no idea you could make money for playing, surfing the web, taking quizzes, exercising, and boosting your health.

Well, you can. You just have to know which apps to download and which websites to start using.

10. Start Your Own Business or Businesses

Perhaps you already have a great job that you love, case in which congratulations are in order. If that is the case, you may want to consider turning it into your own business.

You can keep doing what you like but make more money and get more time for other things that matter to you or get you more money.

After all, you’ve reached this point trying to learn how to become a millionaire by 30, and that won’t happen if you don’t work for it.

What type of work can you take over or what kind of business should you start? Here are a few ideas:

If these business ideas are not enough to get you started, we have 70+ in this post for you to choose from!

Once you’ve chosen the best ones for you, remember that your ultimate goal is to make money. That means starting with a low initial investment and calculating your every step.

11. Don’t Neglect Your Retirement Savings

At this point, I assume you already have a 401K or an IRA account. You and your employers must have already made some deposits to it.

Just because you’re hoping to learn how to become a millionaire by 30 it does not mean you should not worry about the future.

Moreover, every dollar you contribute to your retirement accounts will count when it comes to drawing the line and assessing whether or not you can call yourself a millionaire.

Do not forget that proper management of your retirement account is as important as regular contributions.

For best results, I recommend managing your 401k account with Blooom. It is the most affordable and effective solution to ensure the expert management and constant growth any contributor should want for their retirement savings account.

12. Keep Investing Small Amounts Safely

I don’t know about you, but I’ve never been much of a gambler. I like small and safe bets, and I think they are the key for anyone interested in how to become a millionaire by 30.

These being said, I’ll never advise you to put all your money into one basket or invest huge amounts and risk losing.

However, I’ve found that some investments are safe and profitable, and I think you should take advantage too.

There are smart and easy to use apps like Digit that help you put money aside without messing up your budget.

You can then invest that money with the help of other apps, like Fundrise, Betterment, WealthSimple, Ally Invest, Yieldstreet, and more.

One of my favorite apps is Worthy Bonds as it combines savings with investments, rounding up payments and profitably investing the change.

13. Manage Your Taxes the Smart Way

How do you manage your taxes? This is a sensitive question no matter how much money you make.

If you’re set on learning how to become a millionaire by 30, you should learn to file your taxes like one as soon as possible.

If you file and pay your taxes by yourself, chances are you’re missing out on numerous deductions and, implicitly, overpaying.

Do you really think millionaires have reached their goals handing over their hard-earned money to the government?

Sure, it’s our duty to pay taxes, but the same law that stipulates our obligation stipulates exemptions and deductions you too should benefit from.

That’s easier when working with a CPA – you’ll probably pay less or get higher refunds. However, a lot of the money you save this way will go to the CPA’s service fees.

Here’s an alternative to benefit from the highest deductions and tax returns and minimize your spending: tax management apps.

I’ve used Hurdlr and H&R Block, and I was really impressed. They significantly eased the process and helped me save a great deal of money, so I recommend that you try them as well.

Final Tips on How to Become a Millionaire by 30

You’re young, smart, and determined, and that’s great. You have the energy to work hard, and a great goal to pursue.

I’m sure you’ll succeed sooner or later – before 30 if you start early and follow the above tips. But here is one more tip:

On your quest to become a millionaire by 30, don’t forget that you’re making your money, not the other way around. Don’t forget to remain human and live life to its fullest.

It’s great to be disciplined and focus on reaching your goals, but don’t let those goals turn you into an alcoholic or a cheapskate.

Don’t let them prevent you from living your life, preferably next to the people you love and who love you.

As you may have noticed, the above tips to become a millionaire are very straightforward. You don’t have to be an accounting guru or a brilliant businessman.

All you have to do is be yourself, do what you do best, improve your financial education, and add some discipline and purpose to your spending habits.

These are baby steps you can take at your own rhythm and have fun doing it without worrying about strategies and risks.

I can assure you that if you stick to them, you will not only become a millionaire by 30 but also remain one for the rest of your life.

Get to it and let us know how it went in a comment below! I’m pretty sure that, within a couple of years from now, you will be the one giving advice on how to become a millionaire by 30.


Logan Allec, CPA

Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.

Back to top  
Notify of

Inline Feedbacks
View all comments