4 Money Behaviors You Need To Change Now To Build Your Wealth

I Became a Millionaire by 30: 4 Money Behaviors You Need To Change Now To Build Your Wealth

Adam Palasciano   Mon, Mar 18, 2024

Amid what seems like out-of-control inflation, becoming a millionaire seems like a dream. However, as of 2024, there are about 22 million millionaires in the U.S., according to Millennial Money. It’s even possible to become a millionaire in your 20s.

CNBC spoke with Vivian Tu, a former Wall Street trader-turned expert, educator, podcast host, and founder of the financial equity phenomenon Your Rich BFF. Amazingly, she made her first million by age 27

Tu grew up in an immigrant household that focused on frugality. Then, she started her career on Wall Street and realized the wealthy focus less on saving and more on earning and finding ways to grow their wealth.

4 Tips To Build Your Wealth

Here are four tips Tu suggested to help you become a millionaire yourself:

Focus on the Long Term: Becoming wealthy means developing patience when it comes to growing your wealth. Investing your money and holding it for many years before selling your assets typically results in much more growth. For example, if you sock away thousands of dollars per year in your retirement account, not touching it until at least age 59 and half will mean significant wealth later on.

Stop Trying To Impress Others: Instead of spending money on designer clothes, luxury vacations or a fancy apartment, wealthy people invest in assets that pay them back. Investing to earn passive income is the true way to build long-term wealth and have financial freedom.

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