The Foundation: How To Become A Millionaire (for 20s & 30s)

Learn how to become a millionaire from someone who has made it. If you are in your 20s or 30s, here's my advice.

Some experts say that if you want to become rich, a fundamental principle to follow is to spend less than you earn and save more of your income.

Spend less & save more does not make you a millionaire. That is a poor person's mindset.

This age-old advice emphasizes the importance of financial discipline, suggesting that by curbing unnecessary expenditures and prioritizing savings, individuals can gradually accumulate wealth over time.

Today, the work hard, spend less, and save more method will not make you a millionaire.

The conventional wisdom advocates for setting aside a portion of your earnings into various financial instruments, such as retirement funds or unit trust funds, which are designed to grow your wealth through compound interest and investment returns.

By consistently contributing to these funds, many believe that you will eventually find yourself on the path to financial prosperity, leading to a comfortable and secure future.

The only way to be rich is to make more money. Money makes money.

With inflation rates soaring to unprecedented levels, the purchasing power of money diminishes over time. This means that by the time you reach a point where you can access your savings and investments, the value of that money may be substantially eroded.

Consequently, you could find yourself in a situation where your savings, although seemingly substantial, may barely allow you to maintain a decent standard of living—let alone enjoy the luxuries that many associate with wealth.

Here is how to become a millionaire

1. Want to be rich? Work for yourself -

In today's fast-paced and ever-evolving economic landscape, it has become increasingly rare for employees to achieve millionaire status solely through traditional employment.

Over my career, I have sold luxury cars like the Ferrari, Rolls Royce, Bentley, Porsche, and top-end Mercedes.

Male or female, they do not work for people. They work for themselves. Of course there are some CEOs.

There is a saying about what is a job.

J.O.B. stands for Just Over Broke.

For many people working in a traditional job, after deducting expenses from the salary received, there won't be enough left to save.

Most companies primarily focus on maximizing their profits, which often translates to minimizing labor costs. This means they will typically offer the lowest possible salary for the same job, seeking out individuals who can perform the required tasks at the least expense.

Today, with the rise of artificial intelligence and automation has significantly diminished job security, as machines and algorithms can now perform many tasks more efficiently than human workers.

Artificial Intelligence and automation do the legwork, millionaires do the strategy.

As a result, relying on a paycheck from an employer is no longer a viable path to wealth.

Instead, if you want to be a millionaire, you should consider entrepreneurship as a means to create your financial destiny. By starting a business, individuals can leverage their unique skills and passions to build something of value, allowing them to retain a more significant portion of the profits and ultimately increase their wealth.

2. Do a side hustle -

In addition to working for oneself, engaging in a side hustle has become a popular strategy for building wealth. A side hustle is any form of employment or business that one undertakes in addition to their primary job.

This could range from freelancing, consulting, or selling products online, to participating in the gig economy through platforms like Uber or TaskRabbit. The beauty of a side hustle lies in its flexibility; individuals can choose to pursue something they are passionate about or skilled in, which can lead to additional income streams.

Moreover, a side hustle can serve as a testing ground for entrepreneurial ambitions, allowing one to validate their business ideas without the risk of leaving their full-time job.

By dedicating time and effort to a side hustle, individuals can gradually build their wealth, save for future investments, or even transition into full-time entrepreneurship.

3. Learn how to negotiate -

Mastering the art of negotiation is an essential skill for anyone looking to become a millionaire. Whether negotiating a salary increase, securing better terms with suppliers, or closing a deal with clients, effective negotiation can significantly impact one's financial success.

Understanding the principles of negotiation, such as preparation, active listening, and finding common ground, can empower individuals to advocate for themselves and their interests. Additionally, honing this skill can lead to better outcomes in various aspects of life, including personal finance, business deals, and even real estate transactions.

By becoming a skilled negotiator, individuals can maximize their earnings and minimize their expenses, ultimately contributing to their journey toward millionaire status.

4. Learn how to be a leader -

Every millionaire is a leader. Leadership is not just reserved for those in high-ranking positions; it is a vital skill anyone can cultivate. Effective leadership involves inspiring and motivating others, making strategic decisions, and taking responsibility for outcomes.

By developing strong leadership qualities, individuals can create opportunities for themselves and others, fostering an environment where innovation and collaboration thrive.

Throughout the years, I have led an automotive brand with 550 salespeople and 2 Regional Managers, seven managers under my guidance. Allow me to share my secret to mastering the art of leadership. Here is how I define leadership:

Leadership is an art of persuasion and psychology to get people to do things willingly.

Effective leadership can result in the creation of multi-million or billion dollar businesses, the development of valuable networks, and the capability to attract and keep top talent.

Charismatic leaders are frequently regarded as visionaries capable of overcoming challenges and seizing opportunities, a vital quality for anyone aiming to achieve substantial wealth.

Leadership skill is a skill you need to learn before you become a millionaire. With leadership skills, opens up opportunities.

The more skills you learn, the more opportunities you see.

5. Learn The Art Of War -

This book is a timeless classic that is essential for all millionaires. It is the definitive book on strategy. To succeed in life or business, you need to master The Art of War.

In The Art Of War Sun Tzu says,

Supreme excellence is the general who subdue the enemy without fighting.

The Art Of War teaches you how to win most efficiently and effectively. Fighting is always the last resort.

Many CEOs and business leaders use this book as a reference. It is not an option, if you do not know the Art Of War you will lose.

You can learn strategies, tactics, leadership skills, management skills, how to outsmart your competitors in business, and all the knowledge needed to be a successful businessperson.

You need a strategy to be a millionaire.

Your answer is found in the Art Of War.

In The Art Of War, Sun Tzu says,

To fight and conquer in all your battles is not supreme excellence; Supreme excellence is to subdue the enemy without fighting.

Fighting and conquering takes a lot of hard work, energy, and resources. There are better ways to win your battle. 

MrArtOfWar.com teaches you the strategy to win in life, career, and business.