How to become a millionaire is one of the most popular searches amongst people this day in age. The first thing you want to ask yourself is, “why do i want to become a millionaire?” Is it for the “rich and famous” lifestyle of living in a mansion and driving fancy cars? If you have children, is it to help them get a proper education and be successful? Or do you just want to be wealthy, being financial comfortable for the rest of your life? Finding out the true reason for your millionaire journey makes a big difference motivating you to obtain your goals. Here are the most achievable ways to becoming exactly what you want to be, a millionaire.
Way 1: Inheritance
Being born into wealth is, in fact, the easiest way to becoming a millionaire. It doesn’t happen to everyone but those who are lucky enough to have parents or a deceased family member leaving you in their fortune will definitely get you there.
Way 2: Marry rich
People sometimes say, “Money can’t buy you true love, but it can buy you everything else.” Marrying someone just for their money is plain immoral but if your partner is rich, it’s the icing on the cake.
Way 3: Sue
A Lawsuit is a time-consuming process that involves a lot of energy. It requires money to pay for a lawyer with the possibility of not winning and losing a lot of money. If you’re in a situation where you could possibly sue and make millions of dollars doing it, the choice is yours.
Way 4: Win the lottery
The hardest by far to your million dollar journey is winning the lottery. In my opinion, playing the lottery is a waste of money and time but millions of people still play hoping that one day they’ll be the next big lucky winner. You know what people say, “You never know if you don’t try.” Personally, I’d rather invest that money. Let’s say you spend $2 a lottery ticket a week and since there are 52.14 weeks in a year, we’ll calculate $2 per ticket times 52.14 weeks in a year equaling $104.28. If you invest that money into a mutual fund over 25 years with a compound interest of 6%, that’ll give you $6,064.55.
Way 5: Gamble
I don’t recommend gambling due to the known fact that gambling is addictive. You could lose a lot of money if you don’t manage bankroll properly and can’t control yourself. Besides, how do you think casinos can afford running their business? Plain and simple, the house always wins in the long run. For those who want to make their millions this way, it’s best to play games like poker and blackjack. These games are based both on statistics, skill, and a bit of luck.
Way 6: Education
You have to be motivated and driven to obtain a high paying job through education. This is by far the most realistic and best way to help you achieve your dreams of becoming a millionaire. Choose your profession wisely, there’s nothing better than earning money with something you enjoy doing. Before you know it, the wealth will come.
Way 7: Stocks
The stock market is like gambling in a way and only a slim amount of traders actually make a living out of it. Day trading involves a lot of research and keeping up to date with what’s going on in the world. For long term stock investing, take a look at all the things we use today; Apple, Microsoft, Google, Yahoo, Pepsi, and Walmart. Pay attention to what products do you pay for. Then ask yourself what companies will continue to grow and outlast the rest. These are the stocks you need to invest in. Remember there are always going to be ups and downs in the stock market. Day traders buy low stocks and sell them high. Long term investors can’t be scared when they see their stocks go down because more than likely they’ll go right back up over time. Just keep investing and compound that interest.
Way 8: Pay off debt, save and invest
Stick with affordable mortgage loans and car loans. Pay off your credit cards and debt, their high-interest rates rob you of your hard earned money. Avoid credit cards unless you can pay them off right away. Saving money is hard for some people but it actually pays to save. Compound interest is a secret that not too many people know or care about. It’s essentially earning interest from money and then earning more interest over time.
Way 9: Start a business
If you’re a risk taker and want to work for yourself then becoming an entrepreneur is for you. The problem is that the vast majority of people who start businesses close down or go bankrupt. The first step is to have a good idea that you are passionate about. If you don’t have money saved, get a loan to finance your business. Finally, being passionate and loving what you do enables you to work hard for your business.
Way 10: Find a mentor and surround yourself around the “right” people
Finding a mentor is important as you will look up to him or her to seek advice and help. You have to surround yourself with the “right” people whether you’re a business owner, an artist, or unemployed. Surrounding yourself around people that are outgoing, wealthy, and smart will motivate you to be just like them or even better. You might even come across a great opportunity because you know the “right” people. In some case, it’s not what you know because education will only get you so far in life, it’s who you know and having the right connections.
Way 11: Invent something unique
If you have the idea for the next big thing go for it, it may make you rich and even a millionaire. Once you have your great idea do your homework, make a plan, and set realistic goals.
Way 12: Health
Not too many people think about this as a way to becoming a millionaire but it’s definitely one way. If you smoke, can you imagine how much money you can save if you quit? Let’s say you pay $10 on a pack of cigarettes a day. 365 days a year times $10 equates to $3,650. If you were to place that money in a mutual fund with a 6% average compound interest account, that would equal $212,270.80 in 25 years. If you eat out all the time, calculate all the money that you spend. Furthermore, unhealthy people spend more money o medical bills and have a less life span to work on becoming a millionaire.