By age 30, Sophia Tang and Russell Brunson had achieved something most people only dream about — complete financial freedom. Here’s how these two entrepreneurs mastered their fields, took calculated risks, saved diligently and ultimately gained the ability to pursue their passions without being tethered to a paycheck.
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Embracing Risks and Mastering Your Craft
“To succeed, mastering your field and embracing smart risks are crucial,” said Sophia Tang, founder of Nako Cosmetics. After diving deep into learning the cosmetics industry inside and out, Tang spotted a gap in the market for eco-friendly products. “Leaving my stable job to launch Nako Cosmetics was a leap of faith, fueled by my deep understanding,” she shared. That courage paid off as Nako became an industry leader in sustainable beauty.
Russell Brunson, co-founder of marketing software ClickFunnels, echoes the importance of following your passion relentlessly. “Identify what excites and motivates you. Understand what you genuinely want to do in your life and career, and then use that clarity to guide your decisions,” he said. By finding a field you’re passionate about and mastering it, you set the stage for outstanding achievements.
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Creating Wealth Through Savvy Investing
However, earning a high income alone wasn’t enough for Tang and Brunson to gain financial independence so quickly. They both made strategic money moves from early on.
“To become financially independent by 30, it wasn’t enough to just make money. You also had to save and invest wisely,” Tang said. She put 20% of her earnings into diversified investments like stocks and other growth opportunities. “This strategy helped my savings grow and made me less dependent on just my paycheck, setting the stage for financial freedom.”
Brunson recommends modeling the habits of successful people you admire. “Find individuals who have achieved the success you desire and study their paths. Emulate their strategies, mindsets and habits.”
Living Below Their Means
While earning a high income was step one, Tang and Brunson both emphasize the pivotal role living below their means played in achieving millionaire status so rapidly.
“Key to my financial strategy was a disciplined approach to spending,” said Tang. “Despite the temptations that came with early success, I adhered to a principle of living below my means.” This allowed her to plow profits back into Nako Cosmetics rather than relying on investors, fueling the company’s growth.
Brunson advises focusing on developing a marketable skill set early on. “The number one thing you could be doing in your 20s is mastering one skill set that will give you the ability to write your own paycheck, open your own doors, become partners with your dream clients or start and grow your own businesses.”
How To Do It Yourself
Ready to join the millionaire’s club before hitting your fourth decade? Follow these tips from the experts:
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Identify your passion: Discover what truly motivates and excites you so you can shape your career path accordingly.
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Become a master: Go deep developing expert-level knowledge in your desired field through hands-on experience, courses, books and mentors.
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Save aggressively: Set aside a significant portion of your income (at least 15%-20%) for investments from the start.
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Live frugally: Avoid lifestyle inflation and stick to a disciplined spending approach even when your income rises.
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Take strategic risks: Don’t be afraid to leave stable jobs or try new ideas that align with your expertise and vision.
By combining passion, knowledge, calculated risks and financial diligence like Tang and Brunson, you too can break free from relying on a paycheck and gain full financial autonomy well before hitting mid-life.
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: Here’s How I Achieved Financial Independence by 30
