A few years after graduating from college, Grant Sabatier was unemployed, broke and living with his parents.
Hungry for a burrito one afternoon, the 20-something checked his account balance and learned that he had $2.26 in the bank.
The low point served as a wake-up call for Sabatier, who took an image of his balance and set a goal of saving so much money that he could retire early if he wanted to. “I remember having this intense feeling of honestly just … lack of control,” says Sabatier, who is now 32 and writes about his financial habits and mistakes on his blog, Millennial Money. “I never wanted to feel that way again.”
Sabatier found a job at a marketing agency, took on side gigs to make extra cash and managed to stash away as much as half of his paycheck. He perused more than 300 personal finance books. And he reached his goal of saving $1 million by age 30. (washingtonpost.com)
Currently, Sabatier’s blog Millennial Money is ranked among the top personal finance blogs. Sabatier also shares his secret on how he saved $1 million by age 30.
What’s the Secret to Save $1 Million by Age 30?
In just five years, Grant Sabatier was able to save $1 million by age 30. So does it mean that Sabatier save around $200,000 per year? Not really. Although saving is a big part of how Sabatier becomes a millionaire at such a young age, but most of the success came from his multiple businesses.
Here are the four steps to be a millionaire by age 30:
- Find a Side Hustle
- Make Saving a Daily Habit
- Invest your extra cash
- Keep boosting your savings rate
- Reduce your monthly expenses
- Remember your goals
The crucial advice is to take some risk while you are young and start a business. Control your expenses and save like crazy. If luck is on your side, you will attain great wealth in your 30’s.