Becoming a millionaire seems like a pipe dream of to most people. However, you may be surprised to discover that with a little luck and clever planning, it can actually be achieved, and all by the time, you reach the big three-0. Of course, it will take a little sacrifice and hard work, but if you follow the right plan, you can definitely reach a place in your life where finances are not so much of a worry. Read on to find out more.

Pay off your debts

The first thing to do if you want to be a millionaire by the time you are theory is to pay off your debts. Yes, I know that this can seem frustrating and counter-intuitive because you want to be investing your money and earning big bucks. However, you need to remember that debt is likely to cost you more than any of your investment returns will earn you, meaning your books just won’t balance if you don’t get this stage sorted before you look to expand your portfolio.

To pay off your debts as quickly as possible you need a plan like the one at, as well as the knowledge of exactly what you owe, to who, as well as how much the monthly payments cost and how long they will go on for. Then choose the debt that is costing you most and pay that off first, working your way down the list and clearing them all in this manner.

Invest wisely

Once you are debt free, you need to start saving up money that can be invested for your future. Obviously, the sooner you become debt free, and the sooner you start saving, the longer you’ll have for your investments to mature. Something that is important to get the largest return possible by the time you are 30.

Then, when you have a substantial amount saved perhaps $5000 or 10,000 dollars to start with it’s time to make your first investment. Now there are a lot of options to pick from when it comes to investing your money, and it really pays to educate yourself as much as possible on the risks, advantages and possible returns associated with each of them.

At the bottom of the pile, you have saving accounts offering a measly 0.5-2% return depending on whether you chose a normal saving plan from a bank or building society, or a protected or index-linked ISA.

Then you have things like mutual funds, something that is explained in more detail at, as well as property investments that offer a slightly better return of 4- 10%, although even at the highest rate investing 10,000 would take you 1000 year to earn a million.

Of course, with property, though you do have a better chance of getting rich if you play the market carefully, and buy when prices and low and sell when they are high. Something you can read more about at, as well as the different problems that you need to be aware of when putting your money into real estate.

Next, you have the even higher risk investments such as derivatives and stocks. These are the ones that most millennials will gravitate towards if they want to become millionaires by the time they are 30. This is because if you play the market well enough, and luck is on your side, it may just be possible to get up to a 100% return on your money.

That means if you start investing at 20 and continue to add in $10,000 a year, at a middle return rate of 50% you could expect an end sum of $110,000.00. Although, it is worth noting that many stock market experts like the ones at believe a 9-12% return that evens out over a 10 year period to be much more realistic.

Putting these high-risk investments on a par with the level below them. Of course, it’s quite possible to lose it all as well. That is what high-risk investments all about, sometimes you are rewarded for being bold and sometimes you are not.

Live modestly

That is why all investment advice includes this disclaimer that you should never put money into things that you will need before you can draw it out at a profit. This means that while you are waiting for your investment to mature and saving to enhance the investments you have already made you will need to live frugally and modestly, as well as continue working at your day job.

Modest living will entail setting budgets for things like groceries, entertainment, and vacations. Although, learning to be careful with your money early on in life can prove incredibly advantageous when your investment does mature as it means they will go a lot further and you are more likely to deal with them sensibly than blow them all in the first week!

Enjoy the rewards

Lastly, when you get to 30, it’s time to enjoy your hard-earned rewards, even if you haven’t quite reached a million. Try not to go mad though, as it may seem like you have a lot of cash, but any amount of money can be used up quickly if you choose to live beyond your means.

To live within your means, it is vital to remember that the money you have is the nest egg for the rest of your life. That can mean keeping it in a high-interest bank account like the one discussed at Something that can help you earn enough interest to cover at least some of your monthly expenses. Something that may mean you can semi-retire from work and travel to all those places you didn’t get to see while you were being frugal.

The other option, of course, is to take the money you have earned and split it in two. Using one half to treat yourselves to the luxuries you have been so looking forward to. While the other half can be reinvested either in the same area for another 10 years, or in a different field. Something that can help to ensure that you have more capital accessible in the future, and maintain the high standard of living that you will no doubt become accustomed to, once your initial investment has been cashed in.