How To Become a Millionaire
Making a quick million dollars is the American Dream, or at least it’s one version of the American Dream. That’s why so many people run out to win the lottery. But making a million dollars quickly is going to require you hold back money by saving what you have and somehow turn that into a whole lot more money. You’ll have to double your bankroll several times to get to that magical million dollars.
First of all, ask yourself what you consider “quick”. Is quick overnight? Is quick one year’s time? Is quick five years? Ten years?
If you have nothing but the dime in your pocket, you’re going to have to be realistic with your million dollar plan. But if you have a plan and make sacrifices, you can make your dreams come true.
You Need Money To Make Money
You don’t need a lot of money, but you need a little bit of “seed money” to begin to invest that money into whatever moneymaking idea you have. When I say “invest”, I’m not always suggesting you invest in the stock market or invest in a new startup business. There are all kinds of ways to make money online with a little bit of startup money.
If you are in debt, you’ll need to get out of debt first. We have a whole section on how to get out of debt.
Watch Your Money
Save money when you can and you’ll build up your cash pile. Many people build up nice nest eggs by simply refusing to waste their money. Once they save every cent they can, that money becomes seed money to put into another investment. Don’t make someone else rich. Become rich yourself.
Save every penny you make and you don’t have to make as much money to get rich. Once you have a bankroll, you’ll be able to invest that money in something worthwhile.
Story after story shows the most successful rich people don’t live like they’re rich. They still save like they don’t have money. The point of getting money is keeping money. Look at Warren Buffet as an example, if you want one. Simple living is rich living.
Invest Your Money
As the saying goes, don’t work for your money, but make your money work for you. Consider the following principle about investing money.
When you work a job, you have to be actively on the job for you to make money. When you invest, your investment can make you money while you’re eating dinner, while you’re at your son’s baseball game or while you’re asleep at night.
Investing might mean investing money in a startup business. Investing might mean buying land or other property. Investing might mean putting money into someone else’s venture. Or investing might mean putting your money into an online startup business.
Online Startup Business
Try to make money on the Internet to grow your money. If you paint or make crafts, sell them online on your own site or eBay. If you have a lot of household items you think have value or extra merchandise, sell them online.
Google Adsense
You don’t have to sell something to make money on the Internet, though. Build a website and join the Google Adsense program. Every time someone clicks on a Google ad on your website, you get paid by Google for that click. Sure, these are nickels and dimes we’re talking about, but when you have 6,000,000,000+ potential people worldwide to click on those ads, they add up, if you get enough people to your website.
Affiliate Website
Become an affiliate of some kind successful Internet website which wants to attract customers. Many websites have affiliate programs. You build a website with content that draws customers to your site, then send those potential customers to that other website. And you get paid for it.
The thing is, not every website you start is going to strike it rich. More than likely, you’re going to have to publish a lot of pages to start bringing in money. Then you’re going to have to publish a whole lot more pages to make yourself rich. That is, you’re going to have to work just as hard at your online business as you would with a brick-and-mortar business.
The great advantage of an e-business is you have relatively small startup expenses, compared to what you would need to open a business on main street. Just about anybody with a computer can do it.
Another advantage is you can choose which industry you want to work in. Name a subject: any subject. Pick your hobby. Pick your passion.
Choose some subject you know really well. Now, go out and publish e-pages about those subjects. You can turn those into money, if you can make pages people want to read.
Become Your Own Boss
It’s been said that you’ll never become rich working for someone else. That’s not always the case, but it’s a good rule of thumb that an employee on a wage or salary isn’t going to strike it rich most of the time. If you work for someone else, figure out a way to become your own boss.
If you’re employed, you should be planning for a time when you won’t have to seek employment to make a living. You want to be self-employed, then you want to employ others. Become a boss.
That’s starts with saving your money from your job, of course.
Invest Wisely
I want to give a word of warning. Investing money doesn’t ensure success.
You have to invest in projects that give you a good chance to make back your money and then some. If you make bad investments, you’re likely to lose your money. Don’t make investments in a project because you like a guy. Don’t make investments because you have nothing else to do. Make investments because you have studied the project from all sides and you believe in it.
Even when you make a smart investment, that doesn’t ensure you’ll make big money. There’s a little bit of luck in every investment which makes it a gamble. By investing in good ideas and sound investments, you’re stacking the odds in your favor that you’ll succeed and make a lot of money. That’s why saving your money and having the biggest bankroll possible is so important, because you’ll have the big stack to weather downturns in your luck.
Save Your Money
Yes, I’m back to this theme.
Save your money. Don’t spend like you’re rich when you’re not. Don’t spend on frivolous things when you could be saving that money to invest in something worthwhile. If you do that, you don’t have to start out a rich man to become a successful businessman.
You see people all the time who, from their accent, appear to be new to this country, but who have their own businesses. How do they afford these businesses?
By scraping and saving their money towards some end: owning their own startup business or property. You might think I’m beating a dead horse here, but save what you can. It will be better for you in the long run.