We have started at 30 with almost zero. My English was bad (still is), by 30 I had only one stable full time job for one year. I always worked but usually only casual jobs due to the phase of my life I was in. I had only 3 distinct assets at that time. Great girlfriend (now wife), Australian residency (I am originally from Eastern Europe) and completed Australian University Degree. To be honest the degree never helped me to get much more than average Australian salary (even after completing Chartered Accountant qualification), so even if I was plumber or electrician I would get there (as these guys get paid quite well here). Australian residency was important as Australia has one of the highest salaries in the world and it is one of the most liveable and beautiful places on earth. And of course if you are heading somewhere in your life, it is necessary to have your partner on board.

So basically to become millionaire easy way, I will assume you are making at least median salary in the western world (North America or Western Europe level). It should not be that difficult. It just mean you need to be better than 50% of other earners. Then you get reasonable start.

Clearly instant gratification is out and good spending and saving habits are in. If you don’t have a good saving and spending habits, not even rock star salary will get you towards being a millionaire (because it is not so difficult to blow ANY level of income). But if you are only frugal, you will probably not get there too. You need to be frugal and have some decent inflow at the same time to get somewhere as million dollars is still solid number and it is extremely difficult (though possible) to save towards it on waiter salary.

Also you have to do the right thing consistently for 1 or 2 decades (not too hard, you don’t need to live in caravan growing your own vegie. You can of course if you want..). I know it is long time, but going to work for 50 years is very, very long time too. And at the end of it most of the people are broke anyway. So the process is not difficult. But obviously consistency for 2 decades when the life throws at you various things (unemployment, illness, divorce, children, accidents, etc) is the hard part of my formula. But to be honest there is NO EASY formula. Get rich quick schemes will make you actually poorer in 99% of the cases because that’s how they are designed. So they do not exist. Lottery and other gambling is also designed to make you poorer so that 0.001% of people who win big is easy to ignore.

There are plenty of other ways how to become millionaire. I would not consider them easy or simple and you have to know limits of your talent and effort.

Big inheritance is not always in your control. Not all of us are enough talented or hardworking or both to make it to CEO level, or be an inventor, surgeon or a lawyer. 90% of new businesses fail.

What is the biggest expense and asset for most? Housing. Get yourself the house which can help you make money and pay off the mortgage as soon as possible. If you can get yourself couple of similar investment properties later. You can have all these incomes from your property (where you live) which 90% do not utilize. So when you are buying your next HOME keep in mind following potential 10 different ways how this new house could help you to pay of the mortgage:

1) Roommate in your bedroom (that’s how I have started). I had actually roommates since 18 (in the dormitory) and after arrival in Australia they helped me to pay first rent and later mortgage.

2) Roommate in living room. I would suggest this only as temporary measure.

3) Roommate in spare bedroom. This usually works until you get married (or have children). It gets bit too crowded after that.

4) Housemates (tenants) in self’-contained area of the house (needs own entry, kitchen and bathroom). When buying the house think if it has such an area. In one of my houses it was whole separate lower level which could be let out almost as self contained duplex. In some other houses, there was an area which had separate entry, was large enough for kitchen corner and was next to bathroom. It could be converted into self contained studio. Which in Sydney can generate $350pw income. I used to do night filling while at Uni where after tax I got $240pw for 5 four hour shifts. That was of course hard work.

5) Tenants in the second house on your land (second dwelling, granny flat, studio, converted shipping container). Currently I have a property with the second dwelling on it. Previous owners originally built it for their parents. It is screened by bushes and trees so I don’t feel like my privacy is affected at all. It helps that the land is 10,000sqm but you can do it even on 500sqm. To keep it simple I have even let real estate agent to manage it as I feel that the 7% pre-tax fee is well spent money.

6) Rent out garage for storage (car, caravan, tools, boat, etc). I used to get income for the communication equipment installed on my property and also I have helped family member to rent out unused garage. Someone put there a vintage car and $60pw was coming to bank account on automatic transfer for couple of years without seeing the actual tenant for months at a time.

7) Little camp site on your property for the guests to put up their tent (or you can offer stay in your tent -glamping). I have not tried this one, but I think it is great idea. Definitely beats coming to work 9-5. There can be some upselling done as transport, bike or surf hire, supply breakfast or similar.

8) Housing market appreciation. Most of the markets LONG TERM! will go up at least with inflation and in high demand area more than that. At least that is my experience.

9) Renovation will increase usually value too. Some non-structural works with lower capital outlay. Painting, new kitchen, floor or bathroom, new deck.

10) Providing area for someone’s animals for payment. Usually horses or cattle. Obviously not an option on 500sqm block or in the flat.

Above is 10 options how your own residency could help to pay for itself. There must be another 100 I have not thought of which someone else is doing. Unfortunately vast majority of home owners (over 90% in my view) decide that my house my castle (or is it golden cage?) and keep struggling with mortgage payments for 30 years (or even longer if you have refinanced for expensive holidays or luxury car).

Yes it is hassle to have other people around your own house. But going to work is also hassle (at least for most of us). There are not many hassle free ways to make money, at least in the accumulation part, before you start generating reasonable passive investment income. I have used most of the ways above and on average salary we have retired after 15 years of full time work. House hacking and frugality contributed the most towards our early retirement.

Good luck, start today and you will be there in no time