How to become a millionaire by 30 and retire by 40, according to Sweden’s hottest money-saving guru – Business Insider Nordic

The path to become rich, in Swedish 'Vgen mot rikedom', has for a long time been a popular blog in Sweden, filled with advice aimed at people who want to become financially independent.

Now the blog's key advice have been summed up in a book called Millionaire before 30 and a retiree before 40. The anonymous author/blogger uses the pseudonym Millionaire before 30. What we know for sure is that he or she is around 35 years old and lives in Stockholm.

Here are the books seven best pieces of advice that help you become wealthy early in life:

1. Dont overcomplicate things

Everybody living in Sweden with a good job can become a millionaire. You dont need to start a unique company, invent anything or win the lottery. Its enough to earn a normal salary and being smart about saving some of that income.

You have plenty of time to realize your ambitious dreams once youve achieved financial independence.

2. Go your own path

Disregard the outer worlds expectations. Most people dont become millionaires by 30 and retire by 40. You have to look at consumption and saving differently than Average Joe. You need to make your own active choices and decide what gives you the best possible life in the long run.

3. Love saving

Make saving into an interest, and something that you are proud of and that you think of as fun. Go home after two beers, and say to your friends that you aim to become a millionaire before 30. Thats way better than having to say you cant afford that third beer.

Make sure to hang out with people who share your passion!

4. Start today, if you havent already

Time goes fast and time, together with compound interest, are your two best friends as you pursue financial independence. So start right away otherwise ten years will have passed very soon and you will be regretting the fact that you didnt get started earlier.

You will probably have your first million faster than you thought possible.

5. Trust the stock markets

Have faith in the long-term historical behavior of the stock markets. That means buying regularly and diversifying risks through index funds. In case the corporates would stop evolving and stocks would become a bad investment in a 20-30 year window then its not just the stock markets that will have stalled, but probably the whole of civilization.

6. Do a couple of fairly tough years of grinding

You need to grind away at work and show that you can achieve results. Try to negotiate a better salary in order to grow savings.

Get your saving career off the ground by doing a couple of austere years. But think about your saving as a long-term activity theres no point in burning yourself out or hating your life because of your work or saving habits. Find a level that you can maintain during at least 10 years.

7. Hate getting duped

Never pay more than what is necessary for anything. When you pay too much, try to imagine somebody conning you and laughing at you behind your back. Get out of the expensive funds, find the cheapest utility, and dont pay unnecessary premiums for designer clothes.

Good luck on your way to financial independence!

Footnote: The book is published by Sterners.

Read the original story in Swedish on Veckans Affrer.

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How to become a millionaire by 30 and retire by 40, according to Sweden's hottest money-saving guru - Business Insider Nordic