Most people dream about being independently wealthy. They envision a reality where they have all the money they’d ever want, without the need to work, and with plenty of time to spend and enjoy that money. You might picture this scenario sometime after you retire, well into your 50s, 60s, or even older, as most people do, but you may not realize it’s entirely possible to achieve while you’re young–even before you’re 30–if you know what to do.

It’s true that some people get rich through luck or through a familial inheritance, but all you really need to become a millionaire in your 20s is hard work, the dedication to build a wealthy life for yourself, and the right mindset to keep you going.

Principles to Adopt

These are some of the most important concepts you’ll need to accept as truth if you’re going to become wealthy while young:

1. Failure isn’t a bad thing.

First, you need to get over your fear of failure. In Western cultures, we look at failure as something to be ashamed of, but in reality, failure is a learning experience–and one you can easily recover from. In fact, most successful entrepreneurs only make progress after their first ideas or businesses fail; for example, consultant and multimillionaire Sam Ovens lost everything he had in his first business, but used those lessons to keep moving forward.

2. Ideas demand action.

It’s easy to sit there and dream about all the possible businesses you could start, and young people often fall into this trap. They think they’re too inexperienced, or that entrepreneurship is too risky, and their ideas never manifest in a physical way. If you want to pave the path to wealth when you’re young, you need to realize that ideas are only valuable if you take action and work to make them a reality. Ideas demand action, or they’re no more than daydreams.

Rich people tend to take risks more often than average. This is because they see the potential value that can be had with an intelligently calculated gamble. If you find a risk that pays off even slightly over the long run, it’s worth taking–even if it means the slight possibility of a temporary loss. Consistently taking smart risks will put you ahead of the game, and is especially important when you’re young; the younger you are, the more time you’ll have to make up for any losses you do incur.

4. Humility leads to knowledge.

Even if you’ve held other jobs or other leadership positions, there’s still much you don’t know about the entrepreneurial world. If you want the chance to learn those lessons early, you need to be humble enough to accept the wisdom of others. Work with mentors, peers, and other business leaders in your area, and remain open to whatever advice they give you. You don’t have to believe or take every piece of advice you get, but you should be open enough to consider it, and view things from those outside perspectives.

5. You can never learn enough.

Along the same lines, there’s a practically infinite amount of knowledge in the world, and there’s always some new piece of information for you to acquire. Becoming complacent and satisfied with the knowledge you have will make you stagnant. Instead, adopt the mentality that you can never learn enough, and commit to developing new skills and learning new lessons every day.

6. Constant change is vital.

When you take a look at some of the world’s most successful entrepreneurs and companies, you’ll notice a common theme–they’ve all changed, sometimes drastically, from their original vision. For example, one of the reasons Facebook has been such a breakout success in social media is Mark Zuckerberg’s commitment to constantly updating and improving the platform. Circumstances change quickly, and you need to be prepared to adapt to them.

7. Short-term goals are as important as long-term goals.

Your long-term goals of becoming a millionaire are important, but they shouldn’t be your only goals. Knowing the destination isn’t going to help you if you don’t have milestones to guide your path along the way. Think about how you’re going to get to that long-term goal and what achievements you’ll need in the meantime-then, set short-term goals that help you stick to that path. These need to be achievable, specific, and measurable; not only will they keep you on track to reach your ultimate long-term goal, they’ll keep you positive and motivated too.

Reframing Your Mind

The challenge is, of course, not only acknowledging these ideas as possibilities, but genuinely accepting them as truth. Doing so forces you to change the way your mind works, which isn’t easy, even if you’re prepared for the challenge. It will take consistent reiteration of these ideals to get to that point, but with enough commitment, time, and patience, you can get there, and start forging the path to becoming a young millionaire.

Credit: Entrepreneur Middle East

URL: http://www.inc.com/anna-johansson/the-7-principles-that-can-make-you-a-millionaire-by-30.html?cid=+sf01003&sr_share=linkedin