HOW TO BECOME A MILLIONAIRE

Story by motivational wellbeing
news
Last Updated:Thursday, May 3, 2012

Picture credit: bbc.co.uk

So you want to know how to become a millionaire. Well, there are actually a lot of ways to do this but the big question is why do you even want to be a millionaire in the first place? This may sound like a silly question but the thing is, most people don’t really want to be a millionaire. Actually, let me rephrase that. Most people don’t need to be a millionaire to get the things they really want by becoming a millionaire. So first, let’s look at some strategies to get to this level and then we’ll take a look at why it’s unnecessary for most people to begin with.

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. I’m 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 won’t 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 don’t ever have to work again, then the fact is that you don’t need to be a millionaire to be in that situation. You can just build enough passive income to sustain your current lifestyle and you’ll 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 you’re already old, you may find that it won’t 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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Nice article
Etisalat
5/3/2012 3:35:37 PM
Kudos!
Reply
nice write up
kpasa
5/4/2012 3:37:14 AM
nice write up. great!!
Reply
Boast up
Da.v
5/6/2012 2:58:29 AM
Is encoraging.
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so how ar dey doin it over there
henry
5/6/2012 1:45:03 PM
pls how can i enj u plen i like what u ar doin
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rKhSgGdWht
Amin
6/9/2012 5:47:55 AM
Hi Dani,I have been listening to your Wednesday einnveg shows for about a month and this was my first morning show that really followed the thoughts I had earlier in the week. I have a family friend that is basically my little sister. Who has ran into financial trouble, child at 16 and an unsupportive/verbally abusive ex-boyfriend that is tied to that child. As I've grown closer to God, I have had a bigger desire to help my younger sister in anyway possible. Over the last several months I've realized that we are the body of christ and that church happens to have walls that contain alot of people. If you have a vision that will help the youth of this world I would say there is no risk the risk would be to not guide the youth, whether it be financial education to relationships. The more our youth feels supported the better they perform in every way. If you're vision is to set them up for success, then I wish I had known you 20 years ago. If it is through you and your website that I can help my sister grow and be successful then I'm all in. I pray that those who have listened to the show and those who will listen are all in too, as we are the church, and the holy spirit flows through each of us.Thank you for being the loving person you are that's willing to care about all of us including the youth of the world.
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