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We would all rather be wealthy than not, but it’s not always clear how to get there. One strategy is to review advice from experts who have already reached the goals you’ve set for yourself.

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Tony Robbins is a great resource for this. The famous motivational speaker offers financial advice, and he has shared a few points that are especially relevant to younger generations looking to solidify their path to financial independence before reaching the age of 30. Let’s go over them here.

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Be an Owner, Not Just a Consumer

Some data shows that nearly half of millennials spend up to $500 monthly on luxury items. Robbins believes these people have the wrong mindset: They’re focused on being consumers instead of owners.

You need to think in the opposite way if you want to achieve financial independence, according to Robbins. That could mean buying Apple stock instead of upgrading to the latest iPhone this year, for example.

Robbins says you should take the money you would normally spend on luxuries and allocate it toward investments that will deliver an income when the company grows. Doing so can build your net worth over time instead of holding you back.

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Automate Your Investments

Robbins also advocates for automating your investments. They should come out of your account before you touch your paycheck based on decisions you make in advance.

For example, if you decide to allocate 10% of your paycheck to your retirement savings, set up a recurring contribution to your individual retirement account or 401(k). That way, you don’t have to make a decision to contribute to your future each time you get paid; the decision is made for you automatically.

This helps make investing a habit, which is an important step toward reaching financial independence.

Capitalize on Compound Interest

Robbins, like many financial experts, is a big believer in the power of compound interest. This is the process through which money grows faster the longer you have it invested. Embracing the power of compound interest will be an important part of reaching your financial goals.

For example, imagine that you have $5,000 to invest in your future today and can contribute another $200 per month for the next 10 years. If you earn a 5% return on the account, your total savings would be $38,331.42 at the end of the decade. If you didn’t earn 5% on the money you saved, you’d have only $29,000.

This shows the kind of impact compound interest can have over long time frames. When you’re under 30 years old, the sooner you begin taking advantage of compound growth, the more it will benefit you in the long run, helping you secure financial independence.

For example, if you make the same assumptions but contribute $200 per month for 30 years instead of 10, you’d end up with $181,062.95 in savings. But that figure would be only $77,000 if you weren’t getting compound interest.

Don’t Forget Your Why

Robbins knows that one of the most difficult aspects of reaching financial independence is being consistent. Almost anybody can become wealthy if they choose a smart financial plan and commit to it throughout their career. But if you contribute to your retirement account only periodically, your financial growth will be stunted.

That’s why Robbins tells young people to always keep their “why” at the front of their minds. Your “why” could be to give your family a better life, to save for your first home, or anything else that drives you.

The specific goals you have are less important than fully committing to your new mindset. If you can do that before the age of 30, you’ll have already overcome one of the most serious hurdles keeping people from building wealth.

Diversify Your Portfolio

Robbins agrees with other financial experts who say you have to diversify your portfolio. You can’t keep everything you have in one place.

Robbins recommends owning a mixture of stocks, bonds and real estate investment trusts. He also says it can be helpful to own non-correlated assets like precious metals, as these can cut down on your portfolio’s volatility.

As someone under 30, you can afford to be a little riskier with your investments. Year-to-year fluctuations in the stock market shouldn’t matter to you since your goals are for the long term, and the overall stock market has historically gone up over time.

As you get older, you’ll want to begin transitioning away from volatile stocks and toward a stable income, but that’s not a decision you’ll need to make for some years.

Implementing These Strategies

If you’d like to embrace Robbins’ financial philosophy, the first step will be getting a better handle on your financial situation. Here’s a three-step plan, endorsed by Robbins, that will help you get to where you need to go.

1. Create a Spending Plan

Robbins says you should start by creating a spending plan. You should categorize your purchases to see where you may be spending too much or too little. Doing this gives you greater insight into your current financial habits so you can make whatever changes are necessary to achieve financial independence.

2. Cut Back

Next, Robbins recommends looking for areas where you should cut back. That might mean eating out less, canceling some of the subscriptions you rarely use or scaling back on things like internet speed to reduce your monthly costs.

Anything you can eliminate from your budget is another dollar that you can put toward saving and investing. Keep this up over the years, and you’ll be surprised at the amount of progress you make.

3. Save and Pay Off Debt

Finally, Robbins emphasizes the importance of saving and paying off debt while revamping your financial life. He likes the debt snowball technique, which involves paying off your smallest debt first and then going to the next-highest amount until you’re debt-free.

Ultimately, Robbins’ financial advice to younger generations focuses mostly on changing your money mindset. His tips aren’t necessarily guaranteed to help you reach financial independence before 30, but they can help you get there much faster than you would if you were to continue using the same financial tactics you’re employing today.

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This article originally appeared on Tony Robbins: How To Achieve Financial Independence by Age 30

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