The question has been how to become a multi millionaire. How to become a millionaire, I believe this is the question of billions people out there, but just few people take time to find out what it takes to become millionaire.
I know you are one of the few people. Let’s dive in without hesitation.
There are many ways in which people can become a millionaire, but millionaire have many things in common.
So, if you desire to be a millionaire, you can get the formula easily but if you are not ready to put in the work, you will not get anywhere.
Moving forward, there are generally 3 ways in which people can become a millionaire, expect for some fluke millionaires that did not take these paths. For instance, inherited fortunes, and lottery winners.
How to become a Millionaire?
Ways in which you can become a millionaire include the following:
- Own a profitable business:When you have a business that yield large profit, you are on the path to becoming a millionaire. Or, you can sell your profitable business.
- Work a decent paying Profession:You can a decent and good paying profession that pays like $50,000 per year. Then you have to be big on savings, save most of what you have and you will not marry, have children, and hardly go on vacations.
- Work in a high-paying profession: You get a high paying profession like banker, computer engineer, doctor, corporate attorney, and other.
If you are headlong on being a millionaire, you can try any of the above. But, the second option is not fun at all.
Just few of us want to become a school teacher that saves up to 90% of what he gets and put it in the safe stocks for more than 50 years. And then leaves two million dollars behind at the expense of living a fulfilled life.
It is easier for a household where both parent work together to become a millionaire than for a household that contains just a single individual with a decent income.
Where are you now?
Truly, where are you at the moment? Are you on the paths to becoming a millionaire, or you are yet to start the journey.
For you to become a millionaire is based on several factors, which include how much you save, your age at the moment, and the career path you are trending on.
Hence, if becoming a millionaire is your goal, you have to examine where you are at the moment.
I can help you with a few guidelines to help you get started. Check them out below:
- You are college age or younger: if this is your situation at the moment, you can obtain a degree in a field that will pay you very well, and can also work for few years in the field.
You can change your mind later on and be self-employed. Or leave yourself more options. That way, you will have enough savings, and also have knowledge that will be of advantage in your business.
It won’t be that risky changing career path, but might reduce your chances of becoming a millionaire on time.
- You are an adult below 30 with a job that pays well but makes it difficult to save: in this situation, you may think of changing your career. You still have a lot of years to work, so you could change your career to high paying career field.
On the other side, you can start a business that is not related to you career. There are several businesses you can venture into, but we are not getting into that in this article.
- You are above 30 with a job that pays well but makes it difficult to save: Here, don’t still about changing your career. You can be a millionaire hopefully if you if you start your business. Then, I’m not telling you what the business should be. But, you have to start something that allows you to earn more and can increase to the point of you quitting you job.
If you are older or in your late 40s, you may want to quit your job and start your business now. It is not everybody that has a mortgage and 3 children that can take the risk. However, if you wish to become a millionaire at all cost, that’s the path you have to trend.
- Want to be a lot of money in your job: If you wish to make a lot of money in your job, the simple advice is to save and invest it. But note that, in the situation where you save $40,000 and invest it after tax per year, it may take a minimum of 15 years to turn into $1 million or more.
Hence, making more money does not make you a millionaire. Yu have to discipline yourself with money.
In conclusion, money is not everything. You may be okay with having less than $1 million. Also, your decent paying profession can be your biggest passion, hence make your economic situation of less priority.
But, for you to get a hold of this article shows that you want to become a millionaire. I believe the guidelines above were helpful to get you started.
Reference
Frequently Asked Questions
How do I start a millionaire?
- Stay out of debt
- Get into the habit of saving
- Invest in ways that work for you
- Start your own business.
- Live below your means
- Get professional advice.