At some point in life, we must have thought about what we’ll do if we had a million dollar at our disposal. It sounds almost surreal when you think about the endless possibilities; comfortable living standards, traveling to anywhere and everywhere in the world, indulging in all possible luxuries, contributing and donating to different causes, and just having fun.
What people often think is that the only way to hit it big is to either win the lottery, inherit a fortune from rich grandparents, or depend purely on your luck in Las Vegas.
But what goes unknown is how easy it is to follow the path that may lead you to becoming a millionaire by the age of 25, only if you are truly determined to follow through.
Becoming a millionaire is all about taking risks and following your intuition. Mark Zuckerberg only wanted an easy way to interact with people without having to exhaust himself through social interactions – and now he is swimming in millions.
Becoming a millionaire is a matter of following the right direction. Here are 5 easy ways to earn millions in no time:
What is your source of income?
The world has endless possibilities you can venture into – from real estate to fashion to IT and even odd jobs. No work is irrelevant when you are only starting out.
Sean Belnik, the founder of a famous furniture startup called BizChair, began his work in e-tail at 16 with small items such as trading cards. Within four years he was able to branch out and start his own business and at the age of 20, was worth 24 million dollars.
PowerJackMotion’s owner is also making a good amount of money by selling PowerJackMotion linear actuators. The product is very small but it has a market, which gives good returns.
In today’s time, it is very popular to own start-ups and become an entrepreneur. People have managed to start their own entrepreneurial ventures through apps and websites catering to various demands of the market.
Chris Phillips founded Dot5Hosting, which offers web hosting and domain name registrations, at the age of 17 and at the age of 19 made 10 million dollars a year while his business only flourished.
His determination to stay committed to the venture he had invested in and making sure that it runs to its optimum potential is the reason that it is continuing to do exceptionally well even today despite facing stiff competition from others.
Starting a business may seem exciting and promising, but you must remember to handle your expenses and the demands of the market in a way that is profitable to you.
Saving is your best friend
Don’t do what Andrew Fashion did – design mini rocket launchers and become worth $2 million dollars, only to blow it all in two years.
When you decide to venture on the path of becoming a millionaire, it is a rigorous investment. You must always, always get in the habit of saving money. Opening a savings account is your best and safest bet at keeping aside a certain amount of money with every payday or profit.
This will also help you pay for any unexpected expenses – healthcare, maintenance, travel, etc. This will also ensure you do not fall into the rabbit hole of debt which would severely hinder your progress towards your end goal i.e. becoming a millionaire.
It doesn’t matter how much you earn, always put a certain amount aside. You never know when you might want to make a big investment which could potentially overturn your finances.
Monitor your process
Becoming a millionaire has as much to do with technique and lifestyle as it has to do with luck and fate.
You need to map out a path for yourself, one that seems to suit you and leads you directly to your end goal.
This would require you to make lifestyle changes such as spending less than you are earning and reducing your expenses – no luxuries, no indulging, and no excessive shopping.
Stay well within your affordability range to avoid unnecessary liabilities and debt. You can set up programs that automatically help you save.
Invest when possible
There are many ways in which you can invest. You only need to pick the right option and stick to it.
Opening an account with a mutual fund company that has no-load funds and low expense ratios is a safe option. Investing in the stock market through online brokers like E-Trade is also a convenient option.
Investing in gold, silver, and oil industries may also guarantee a substantial return. However, they all come with risks. You should try your best to mitigate risk but remember that there’s no way to fully eliminate risk.
Tim Sykes used the money he got on his bar mitzvah to invest for the first time. He started with penny stocks and by the time he turned 21, was worth more than $1.5 million.
If you want to become a millionaire in no time, you must have the determination to follow through.
Set a goal, create a plan, and follow it vigilantly. That means cutting expenses, saving a certain amount every month, and working long hours at your job or entrepreneurial venture.
If you speak to a millionaire – Bill Gates, Michael Dell, or Jan Koum – they will always talk about optimism and resilience. Successful and content people know that the ride is bumpy. You must learn to cope up with the challenges.
The ability to find the silver lining and to never give up is what can guarantee you a spot in the Millionaires Club.
Is becoming a millionaire really that simple? When you plan it out, yes it is.