Unless you were born into wealth, have inherited wealth or hit the Mega Millions jackpot, the odds of becoming an instant millionaire are quite low. But having $1 million or more doesn’t have to come by circumstances or luck. Here are seven ways to become a millionaire and continue on your journey to financial success.
Start a Business That You Love
While there is the chance that you can become a millionaire working for other people, the value of your work is split among others and you’re not in control of how money and value are distributed. If you start your own business, you control how money and value are distributed, and these two factors will only grow with your business, especially one you’re passionate about. There are tons of online resources that can assist you in starting your own business. Use them.
Generate Multiple Forms of Income
The rich generally have more than one steady flow of income, which allows them to produce multiple forms of revenue, consistently. If you already have a business going, invest money in other promising business ventures. Think bigger than just your business. Remember, you’re not limited here.
Get Others to Buy into Your Vision
While it’s great to have a vision, it’s important that others buy into that vision. There is power in borrowing. Start-up money can come anywhere from a small business loan to a family member or friend who wants to see your vision get off the ground. Most self-made millionaires are successful because other people put their money towards it.
Make Regular Investments
Investing is one of the best ways to keep your wealth growing and is one of the major keys to financial success. Remember, an investment is the purchase of goods that aren’t used today but in the future to create wealth. For a person who has never made a serious investment, the idea may sound scary but it doesn’t have to be. There are tons of beginner investment strategy resources available online that will help you figure out the direction you want to head in.
Spend Less than You Earn
Here’s a simple rule: you will never become rich if you spend every dollar you earn. So save it. Create a budget around your necessary expenses and every paycheck; put your money into savings accounts that you can’t immediately access. Saving also allows you to have money for down payments on future large-purchase investments like a home. Remember, these purchases serve not only as equity but as investment properties, bought with the intent of earning a return on your investment.
Think Bigger than Your Competition
You can talk to any self-made millionaire and they’ll tell you that they worked hard to get there. Their success didn’t come from easy, get rich quick schemes. Remember, easy opportunities usually yield low returns. Identify a need that hasn’t been satisfied or take one that has been to the next level. You’d be surprised how far you can get when you outthink the average person.
Think Bigger than $1 Million
Grant Cardone, an international sales expert and self-made millionaire said in an Entrepreneur.com article that his single biggest financial mistake was not thinking big enough. “There is no shortage of money on this planet,” said Cardone. “Only a shortage of people thinking big, enough.” Shoot for more than one million and don’t stop once you get there.