What is the Quickest Way to Become Millionaire?
Good news is, there is not just one way 😀but several in obtaining and keeping your wealth.
In fact, I am going to show you some of the quickest ways on how to earn your first million and beyond.
Also, I will show you what doesn't work, contrary to what others consider right ways.
In other words: If you want to become millionaire (online or offline) my post, is must read!
Shall we start?
Why you want to become millionaire?
First of all, you should answer this question:why do I want to become millionaire?
I think, away are these times, when thinking about being millionaire you would think about old guy, sitting on his patio with expensive drink in his hand and overlooking the big land he owns.
Also, we don't think about riches when you see some beautifully dressed woman hurrying to business meeting.
But yet, everyone has own perception, when it comes to being millionaire.
What does it mean to you.
In other words, what it is that you want to purchase or achieve when you have that million (or more) in your bank account.
Not only knowing that, will serve you as super motivational tool, but it will also help you to stay focused.
Additionally, you might discover that the things you want to have can be achieved for much less that a million. Like the sporty and super fancy car you want. If you count the expenses, it might be less that a million.
On the other hand, some dreams might require $10 000 000 instead of $1 million.
Moreover, if your aim is to achieve certain lifestyle, that the amount is not really the most important thing.
Either way, you should always keep the approach where money is more a tool, rather that destination.
To have one million on your bank account is super motivational, pumping you up. But if you have not the right mindset, you can lose it quicker than you achieved it.
Do you agree?
These Ways Rather Not
Later on, I am discussing some effective ways to become millionaire.
But firstly, let me start with the wrong ways.
Like with everything, there are also wrong ways of trying to achieve it. Some of them look so attractive, that people will fell off for them so long as the humankind would be alive.
Some of those ways are:
Budgeting sounds like a great option right?
I am definitely for minimalism. Especially when it comes to stuff as clothes, cars or food. Buying the necessary and leaving the rest for others. Giving away, if you will.
But in the same time, I love good food in restaurant, traveling, and visiting friends.
So, should we avoid this kind of pleasure, just because we try to be millionaires?
SimiIarly to Richard Koch's 80/20 book, I don't advice that.
The two other options here, are not the right ways because of simple reason.
You will not create the RIGHT HABITS and MINDSET required when collecting your million by actually working on it.
So, the chances are high, you will lose the money quicker than you would with right mindset.
That said, there are certain qualities and skills you want to have when trying to become millionaire.
What abilities do I have to posses?
It always surprises me, how some people under estimate their abilities and in the same time over estimate outside sources.
Obviously, you have to have the right vehicle for bringing you to your "dreamland".
But don't forget, that you also have to be on the right road. In other words, you have to have a great set of skills, to bring you there.
Otherwise, even the most effective way won't work.
What are those skills?
They are few basic ones.
I've narrowed them down to 3 in fact:
- WORKING SMART
- DON'T LISTEN TO NO SAYERS
PERSEVERANCE. Whichever road to success you'd choose, there will be most likely tough times.
While majority will stop when big or small obstacles come into the way, the small amount of people that will never give up, will reach the million (and beyond) mark.
(This relation by the way, perfectly explains why just 1-3% of people in any field is successful)
Majority just don't posses this PERSEVERANCE. You want to be sure you start to build it (if you don't have it yet)
What would you prefer?
Working 8 hours a day, or working 4 hours a day? (If the results would be the same.)
In case, you have hobbies and do love other stuff that your work, that you'd choose the second option.
In his book 4 Hour Working Week Tim Ferris gives some examples, how you can work less, but produce more.
I used to work 16 hours shifts in the hotel I was working. Do you think, I was closer to my first million back then?
Answer is, NO. (I guess, you didn't expect anything else 😀)
DON'T LISTEN TO NO SAYERS.
Sometimes, it can be very difficult. They are everywhere. Moreover, it could be your family or friends. In these case, it might be especially hard. Because those people love you and want best for you, right?
But that again, loved ones or strangers, you have to keep believing in yourself.
As helping tool for you, use this question: What the person (no sayer) achieved? Is he/she successful?
If not, don't listen to him/her. I know it is easier said that done. But come on, who said it will be easy?
If YES, everyone would have done it!
What is the quickest way to become millionaire in legal way?
So finally, there is this actual quickest way to become millionaire.
Even so there are more, the quickest one is :
GREAT IDEA-->RIGHT MARKET-->SELL IT
Yet, not many people can do it. You need to come up with idea that people will buy.
Examples of such a great idea are plenty.
Indeed, it could be IDEA for great product, service or training.
Certainly, you will get this great idea, if it will come out of something you love. Let's say product or service you enjoy, there is a huge chance people will love it as well.
Just find some twist to it, so yo can distinguish yourself from competition.
Also, finding different market could work.
What is the safest way to become millionaire?
INVESTING WITH COMPOUND INTEREST.
Another big surprise to me is, how many people still don't SAFE THEIR MONEY.
Truth is, that saving itself, will not make the magic. But INVESTING, most likely will.
Did you know that when you put aside $200 a month, after 40 years you could have $1.4 million? With compound interest that is 10% it will happen.
You say, 40 years is too long.
Well, count the same with $400/month. Then you would need just 20 years.
Still too long?
Imagine to you manage put aside those $400 monthly, but now you'll find product with 20% compound interest.
Then in 10 years time, you would become millionaire.
Some of the more traditional ways to invest with compound interest are index fonds. Something like Vanguard S&P 500 (here for U.S. and European citizens)
Less traditional, but more and more popular is investment Crypto Currency.
I agree, it is not the quickest way to become millionaire, but it is definitely the safest one. It is also passive way of becoming millionaire.
In addition, EVERYONE can do it, right?
You don't need any specific skill for it.
Of course, you'd need someone who understands money and someone you can trust. But that's easier as it was, say 10 years ago.
Only "hard" part here is to start. My advice would be: start early as you can.
Even with small amount.
This early start would have 2 main benefits.
a) You will create a HABIT. (Breaking a habit is very difficult)
b) You will enjoy the lifestyle EARLIER. (You don't need to wait until you are in retirement to spend a year traveling for instance. You can do it when you are 40, if you started investing early enough)
7 Ways to Become Millionaire
You see, in the previous paragraphs, I mentioned what kind of skill set you should have when wanting to become millionaire. Additionally, I showed you the two first ways for becoming millionaire.
Now, it is time to give you more examples.
Firstly, I would like to divide them into two categories.
Passive and Active.
What passive income is, is explained here.
Whereas first the 5 in my list are passive, the last two, so number 6 and 7 are active.
It depends fully on you, which one you will choose.
Personally, I prefer passive, as there is HIGHER EARNING POTENTIAL AND LESS WORK NEEDED ON MY SIDE.
1. Affiliate Marketing
By far my most favourite way.
First of all, there is low requirement for budget.
Secondly, you don't have any BOSS TO GIVE YOU ASSIGNMENTS.
Click below, if you want to learn from the best platform, for less that $1/day.
2. Real Estate
I don't mean your house.
Rather, portfolio of your investment houses. Robert Kiyosaki in his famous book Rich Dad, Poor Dad shows you, that to start investing in real estate you don't have to have a huge capital.
In fact, he bought the first house belonging to his real estate empire, with $2000 down payment.
There is taxation, flipping and area of the house, that play important role in defining success of such a business model.
Additionally, you can invest in real estate without actually purchasing one. Peer-to-peer loan in real estate projects are enjoying average 11,25% annual return.
Get back to our example in INVESTMENT and count your profit with such interest 😀
3. Writing a Book
It is easier that it sounds.
You don't have to write new Harry Potter to become millionaire when writing books. Platforms like Kindle, are making it super easy for you to get you money rolling.
In addition to self-distributing, the starting costs are super low as well.
Amanda Hocking is perfect example, how to go from ZERO to HERO.
Below, you see more of her story.
4. Licensing a Product
Do you have a great idea, but you don't have 20k to create patent to just find out it is not what people want?
You might try licensing a product instead.
I know licensing product can be mystery for many. But it is nothing more that renting your idea to bigger company and getting paid for it.
In fact, licensing product is a great way to become millionaire if you don't want to be involved in product creation.
This is ideal for someone, who is super creative, but less handy with manufacturing. Especially useful when it comes to physical products.
You can read about Stephen Key's way in his interview over here.
He even teaches licensing online to anyone who is interested.
5. Buying and Flipping
Nowadays, you can flip basically everything that has some value.
Books, cars, electronic devices, clothes, power tools, jewellery. The list is endless.
But for our purpose (quickest way to become millionaire) you want to steer your focus on the most valuable stuff. Cars would be first item to start with.
Additionally, flipping domains and websites is great rising opportunity.
Check this "crazy guy" with 160k gross profit he made with flipping domains.
Flippa is the best place to go when you want to flip website.
6. Getting Some 1% of High Paid Job
I can imagine that not all of you, have the entrepreneurial spirit.
Furthermore, you might get shiver, just when hearing those words: leaving my job.
Of course, there are also ways on becoming millionaire, if you want to stay employed. In that case make sure you end up in 1% of Best Paid Jobs.
It is not that hard to earn 130-150k a year.
This list from 2021 shows that 3 highest paid professions are Lawyers, Marketing Specialists, and Doctors.
When earning $150 000 a year, how many years you'd need before becoming a millionaire?
Something between 8 to 10 years is the achievable time frame. Again, maybe not the quickest way. But very safe one.
Additionally, when you work 10 years on your dream (becoming millionaire) you can start completely new life, compensating the time you were patiently working in your job.
7. Learning a Skill and Selling Your Service (Freelancing)
With fast technology development, not just tradition professions, are enjoying high earnings.
IT area, SEO specialists, web designers, copywriters.
They all can become millionaires, while working as a FREELANCER.
The key here is to learn some skill that is sought after.
Then it will be pretty easy to find a client. You might start with platforms like Fiverr.com, UpWork or Freelancer to get you some of your first gigs.
Later on, people will recognise your work and it can easily be that you would need to CANCEL orders.
The Quickest Way to Become Millionaire Summary
If you read my post to the end, I want to thank you.
In my guide to help you find the quickest way to become millionaire, I covered plenty of them.
Some will require shorter time (product creation, licensing) but require some special skill or idea.
Other ones might be pretty safe (Investment, High Paid Job), but will take 10 years upwards to achieve a million.
Either way you choose, there are some last advises to sum up my guide:
- START AS EARLY AS POSSIBLE -Last thing you want, is to find out YOUR GREAT IDEA is taken away by someone who was quicker that you, DON'T PROCRASTINATE. Experiment. Mistakes are better like NO ACTION.)
- HAVE A DREAM HIGHER THAN $1000 000 -It is two folded. Firstly, it serve you as motivation. Secondly, it takes away the risk of staying still when you achieve your goal.
- DON'T FORGET TO ENJOY THE RIGHT- I don't mean to buy caviar and drink champagne at breakfast. But enjoy your life while you are building your empire. Next to working hard, you also have to relax.
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