Best friends both followed four key rules to become millionaires by 30

Trevor Jones appears on Millionaire Matchmaker in 2015

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Swati Sehgal and Riddhi Jain have supported each other since their first year of college, and when they ventured into the working world they were candid about their finances in the hopes of improving them. Compiling four strategies that they still stick by every month has seen the women accumulate a massive net worth and a personal finance community online to share their knowledge with the world. 

The pair told Personal Finance Insider about their journey to becoming millionaires, which didn’t start with much.

Ms Sehgal and Ms Jain met in their freshman year of college and became roommates the very next year, a connection that lasted well into their working lives.

Ms Jain said that during the job interview process, the pair would talk openly with their friends about negotiating for salary and other financial matters.

Speaking candidly about their goals, the duo began brainstorming how they could achieve them both in their careers, finances and personal life. 

Putting a plan in action 10 years ago has now seen the duo enjoying a luxurious lifestyle, successful corporate careers and a website and online community that they have grown together. 

Alongside this, both of them were millionaires by the time they turned 30.

They explained that their goal was never to hit a certain amount of net worth or savings by a certain age, but rather setting out consistent and intentional financial practices and follow through.

Ms Jain added: “I never wanted to be in a scarcity mindset that I feel can be pretty pervasive when you’re growing up in an immigrant household.”

To ensure this never happened she was determined to set aside a good amount of savings and try different methods to accelerate her wealth.

This would become the first strategy the women would abide by in their bid to build and secure wealth: paying themselves first. 

Starting with their very first paycheques, Ms Jain and Ms Sehgal would put a consistent portion of their income into savings as soon as it came into their accounts every month. 

It’s a fairly common practice for good personal finance, with some even seeing savings as a bill they are required to pay rather than an optional expense.

Ms Sehgal saved up 12 months’ worth of expenses split equally between a savings account and her investments, and if she has to use some of this nest egg she would endeavour to put it back as soon as possible.

This is also their second strategy: consistent investing. 

While they were still compounding their savings, the personal finance gurus would put a small percentage of their income towards investments. 

Once the pair were satisfied with the amount they had saved, they put the equivalent of what they had been saving and investing each month purely into investments. 

They both acknowledged that investing is a powerful tool for long-term wealth and accelerated their ability to achieve their goals.  

Their third strategy is to stay out of debt at all costs while using credit cards strategically.

After putting aside their savings and investments, the women still have bills to pay like any other person, and optimise their spending by automating all of their monthly bills to avoid any accidental debt. 

Ms Sehgal noted that she and Ms Jain were lucky to not have accumulated any student debt during their studies and intentionally avoiding credit cards at the start of their careers.

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However, this didn’t last long and they now use credit cards to their advantage by paying them off in full every month and only purchasing things they would have bought regardless of the card. 

The pair maximise the perks of their credit cards by keeping an eye on the latest news and offers that could help them save money, and both are prone to travel deals. 

Their final strategy, after all this financial planning, is less of a strict practice and more of an ideal: spending guilt-free.

Once bills have been paid, savings set aside and investments topped up, the pair are able to use the rest of their income however they wish. 

These simple and consistent strategies have seen both women grow extremely wealthy without any extreme moves or financial risk, and they look set to continue to do so. 

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