How to Become a Millionaire Fast – Have you ever wondered how to become a millionaire in one day? Or how to become a millionaire online fast? There are plenty of ways out there. Some more legitimate than others. I’m not going to lie to you, this post is about making money online, but if your question is how can I become a millionaire quickly or overnight after reading this article, the answer is no.
So you want to know how to become a millionaire? That’s great because so do I! Trouble is, I’m not close to it yet. But I’ve done my research so you don’t have to. Here are some ways you can become a millionaire fast!
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The Dreamers path is the fastest way to get rich
About 28% of the individuals in my study were Dreamers. They had an average net worth of $7.4 million — far more than any other group in my study — and they were able to accumulate that wealth over a period of roughly 12 years.
This is the fastest, most rewarding path to wealth — and it’s also the one that guarantees the most money. Consider this year’s Forbes 400 list, for example: Seven out of the 10 richest billionaires in the world, including Jeff Bezos, Bill Gates, Mark Zuckerberg and Michael Bloomberg, are all Dreamers who got rich by starting their own company.
The Dreamers path, however, also happens to be the hardest, riskiest and most stressful one. “At worst, it’s a daily walk through hell,” one Dreamer told me. “It’s riddled with hurdles, letdowns, mistakes, disappointments, rejections and financial struggles.”
What makes the Dreamers path so hard?
It takes enormous physical and mental endurance to walk the Dreamers path. Here are some of the biggest reasons why:
- Long work hours: The Dreamers in my study worked anywhere from 65 to 75 hours per week before finally achieving their dreams. Weekends and vacations were almost non-existent. These long work hours impacted everyone in the Dreamer’s immediate orbit. Family and friends were hit the hardest by their absence.
- Stressful lifestyle: Until the “dream” begins to pay off, making ends meet can cause almost intolerable financial stress. It’s especially hard for those who have a family to support. Early into the path, getting a steady paycheck is nearly impossible. Some of the Dreamers I studied even had to dip into their retirement savings.
- High risks: Dreamers, by nature, are gamblers; they’re willing to put everything they own on the line — their homes, their cars, their savings. Also, there’s absolutely no guarantee of success. In fact, more than half the Dreamers I studied said they failed several times. And failure can often lead to bankruptcy.
- Demotivating: Because Dreamers have such highly ambitious goals — many of which may seem nearly impossible to achieve — some people (with good intentions, of course) try talking them into pursuing another path. Dreamers also hear the word “no” a lot. A handful of them told me that there were several times when they considered giving up altogether.
Stay Away From Debt
From cars to clothes to houses to jewelry, you can get a loan for pretty much anything nowadays. There’s this idea floating around our culture that you should get what you want whenever you want it. Get it now, pay for it later. (Hint: You’ll actually be paying more later thanks to interest.),
But here’s the thing: Debt is quicksand to your financial dreams. Every time you buy something on credit, you’re digging a deeper hole for yourself. That money you’re sending to lenders is money you could be putting toward your future!
Take the average car loan, which has a monthly payment of $577 and a term length of five years and nine months.1 If you invested $500 a month for five years instead, you could have $40,000. And look at this: If you invested that $40,000 for another 20 years, you could have over $293,000! Now, where’s that car 25 years from now? Probably rusting away in a junkyard somewhere.
Bottom line—avoid debt at all costs. And if you already have some, get rid of it and pay if off (Baby Step 2) as soon as possible.
Work smarter and harder than your competition.
Identify your competition. How hard are they working? What are some differentiators you can bring to your workplace or market?
Start by working smarter. There’s no use in working harder if your work isn’t effective at producing income – you’ll be spinning your wheels.
There’s no sense in selling ice cream cones on your front lawn in the dead of winter. Instead, set up a booth at the park in the sizzling summertime – you get the idea! Simple, commonsense changes can greatly improve your effectiveness.
Work harder than others are willing. We’ve all seen the guy or gal at the office who works harder than anyone else. Maybe they’re a little nerdy or a little too interested in their job – or are they?
Maybe they’re onto something. After all, aren’t they the ones getting the promotions? Aren’t they the ones who become the office linchpins?
I remember when began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people. After completing training a year later, our class was reduced to less than half. My fifth anniversary mark? Only five of us were left.
Most failed. Why? Because they weren’t willing to put in the hard work required.
I beg you to not be afraid of hard work. Not only will your boss feel better about what you’re doing for them – you will too.
I’m not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I’m going to die. It’s really that simple. I’m not going to be outworked. – Will Smith, Actor
Develop a millionaire’s mindset
So, to answer your burning question, “How do I become a millionaire” you need to develop a millionaire’s mindset. Don’t worry; I won’t tell you to make a vision board (unless you want to). But more than anything, wealth is a mental game. If you’re not starting with a solid money mindset, you may struggle to adopt the habits and practices of millionaires that you need.
Determination
Knowing that you’ll face challenges but being prepared to overcome them. It’s important to stay determined on your goal and never give up on your dreams, no matter how big they are!
Invest Early and Consistently
The earlier you start investing, the more likely you are to become a millionaire. Thanks, compound interest!
If you start putting away $300 a month beginning at age 25, assuming a 10% rate of return, you could reach millionaire status by age 60—and be sitting pretty on a $2.3 million nest egg come retirement (age 67). That’s just $300 a month! If you waited until age 35 to start investing, you’d have to put away $800 a month to hit the million-dollar mark by age 60.
Let’s look at it a different way.
If you invested $300 a month for 40 years (age 25 to age 65), assuming a 10% rate of return, you could have almost $1.9 million. But if you waited 10 years and then invested $300 each month, you’d only have $678,145 by the time you turned 65 . . . and you’d have to work an extra four to five years to hit $1 million. Do you want to wait until your 70th birthday to become a millionaire?
So, start investing as much as you can as soon as you can—once you’re debt-free except for your mortgage.
Conclusion
Have you ever wondered if there are ways to become millionaire fast? And I mean really fast. Like, in one day! If you have, I can understand why. It is a desire for many of us to be rich, but sometimes that seems like an impossible task. The goal of most people when they reach adulthood is for them to be able to retire and live the rest of their lives in peace and luxury. But, if you have ever read a book on how to get rich fast you’ll find that most of these books will tell you that living a life of luxury doesn’t have to be a long process. In fact, some of these books teach that a person can be a millionaire within days or months. You just need to know what steps to take and have access to the right tools.