Picture credit: bbc.co.uk
The quickest way to achieve any goal is to look at the people who have already achieved the goal you want and see what they did. So when it comes to being a millionaire, you need to study what these people did at amass such a fortune. There are lots of different ways you can do this but it all boils down to just a couple of different strategies.
The first method on how to become a multi millionaire is to invest your money. Iím sure you have seen the numbers of how you can invest $100 a month into something that will pay you 10% interest rate and after so many decades, you will have millions sitting in your bank account. With this method, compounding interest, the key is consistency and starting yesterday.
In order to get the most out of this method, you have to continually invest a percentage of your income each and every month whether the market is going up or down. By doing this, you will buy more shares with the same amount of money when the market drops and less shares when it rises. Overall, you will win out because of dollar cost averaging. The other thing you need to do is start yesterday which just means the sooner you start, the better. Investing your money does have risk though as you may have experienced in the recent market crash. However, if you look at past data in increments of 20 years, the market has gone up nearly 100% of the time meaning that if you hold your money long enough, you will come out on top. To learn more about the risks and other strategies like real estate investing, you can do some research online.
Another method on how to become a millionaire is to start your own business. Working for a company can be great because you will feel secure but if you ever want a chance to be a millionaire, owning your own business is the way to go. This is way the majority of millionaires all own their own businesses. The type of business you choose will matter as well although you can find millionaires in every type of industry. Preferably, you will want to choose a product based business since you wonít be limited by time. You can start a physical business or an online business. A business is one of the best ways in terms of how to become a self made millionaire. You can start with nothing and build a fortune.
Those are the two main methods. So do you need to be a millionaire? What is your purpose in wanting to become one? If your answer is so you donít ever have to work again, then the fact is that you donít need to be a millionaire to be in that situation. You can just build enough passive income to sustain your current lifestyle and youíll be done. Let me ask you this. Would you rather have $1 million or 10% of that a year for the rest of your life? With a million dollars, unless if youíre already old, you may find that it wonít be enough to last the rest of your life. With $100k a year, although you may not be a millionaire, in terms of reaching your goal of financial independence, it is a much better option.
When it comes to making money, many people will want to know things like how to become a millionaire in 5 years or even 6 months. Although all of these things are possible, what is more probable is to think ahead, invest in yourself, start a business if you can, and be smart with your money. To make things faster, find some millionaires and see if you can get them to mentor you and show you what they did. Just remember to go for what you really want, not what you think being a millionaire will get you
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