How to Become a Millionaire in 2021 – Whether you want to earn one million dollars or earn a million dollars, you’ve got to take the right approach and fulfill the necessary steps. I’ve been writing on this website for almost two years now, and in that time, I’ve had the opportunity to speak with lots of millionaires and people that would like to become millionaires. I know what it takes and in my recent interviews with some big millionaires in my city, they told me how to become a millionaire in a year is truly possible!
Want to learn about the how to become a millionaire fast? Or about the how can I become a millionaire in a year? Check out these how to become millionaire in a year… There are many ways to earn money for it. Whether you are employed or run your own business, there are different strategies to make more money for you. The main thing that determines whether you become a millionaire is the amount of money that you earn.
Table of Contents
Have Urge of Getting Successful and Believe In Yourself
Visualize that you are getting close to your dream of becoming a millionaire. Visualizing will help you to think about all the possible ways you can try. Without the urge, it will not be possible to become one.
You have to think that all the tasks you perform in the beginning for a couple of months or years may not get you many impressive results. However, you have to keep trying as giving up is not the option. If you keep trying something, as soon as you get the right opportunity, grab it, and you will definitely succeed.
There are numerous examples of ultra-rich people who used to live below their means and are now self-made millionaires. Naming a few of those personalities to include Bobby Murphy, John Collison, Evan Spiegel, Elizabeth Holmes, etc. All these people have incredible wealth.
The question is,
‘Were they born rich’? No.
‘Were these people special or did anything that you cannot do’? No.
‘Can you do all the hard work just like they did and become a millionaire’? Yes. So, go for it. Never say never and keep an optimistic approach.
If you think that you will become a millionaire in the future, you will ensure you are making all your efforts to move towards the right direction to reach your end goal. Remember, it is important to see those visions as till the time you won’t use them, they will never get true, and you won’t make extra efforts to achieve them.
Invest Your Money
Millionaires didn’t acquire their financial wealth by keeping only savings. They were wise with their money and investments. If you want to be a millionaire yourself, you also have to learn to invest your money in various asset types. Do not just focus on one category. The more you diversify, the higher the chances you might achieve higher returns on your investments.
You can choose from assets like:
- Stocks;
- Real estate;
- Bonds;
- Mutual funds.
Start early, even when you’re still young. By doing so, you’re giving your asset investments a higher chance to grow and earn returns. If a beginner, you may feel intimidated by the prospect of investing as perhaps you may not have a lot of knowledge about it yet. Don’t be. Millionaires were once in that position too. But they were not afraid to give investments a try and keep learning. If you want to be on the safe side, you can always ask for tips and advice from a financial advisor who can guide you more on understanding the different investment types.
Build Multiple Income Streams
Millionaires get rich not so much because of their commitment to 1 job and 1 income stream.
They get rich because of multiple income streams
You don’t have to have 7 income streams by tomorrow – but it also wouldn’t hurt you to begin building up your income streams starting today.
| Income Type | Sample Source |
|---|---|
| W2 Income | Primary Job |
| Dividends & Interest | Stock Market Investments |
| Rental Income | Renting out a Home |
| REIT Dividends | Real Estate Investment Trust |
| Peer to Peer Lending | Interest Payments from Lenders |
| Affiliate Income | Blog |
There are so many different strategies to earn multiple sources of income.
Allow me to describe some of the best strategies, below.
| Income Type | Example |
|---|---|
| Dividends & Interest | Micro-Investing: Acorns |
| Rental Income | Become your own landlord: RentRedi Passive Rental Income: RoofStock |
| Peer to Peer Lending | Passive Income through Crowd Funding: Groundfloor |
| Blogging | Passive Income through a website with: HostGator |
| Affiliate Marketing | Generate Passive Income by Learning Affiliate Marketing Basics: Making Sense of Affiliate Marketing |
The point is this: In today’s world with the internet and information literally at your fingertips, there are no more excuses.
Money is everywhere – you just have to create your opportunity and go get that income to build your wealth.
Become a Social Media Influencer
Are you looking forward to turning yourself into becoming a social media influencer? It is not that easy if you want to become a millionaire through this sweet-sounding option as you need to gain the attention of the mass audience through your posts, blogs, mission, and vision of your company’s website. Once you have the attention and customer’s recognition, it becomes quite easy to monetize it.
Several platforms are available today from where you can make a massive amount of money, including social networking sites such as Facebook, Instagram, Snapchat, and many others. You need to ensure that you post customer engaging content.
There is a comprehensive scope turning this idea into becoming a millionaire as you can work as a freelance blogger or blogger. If you have a keen interest in makeup or cooking, you can share beauty tutorials or recipe feed with attractive quotes that behold the eyes of the readers. You can make immense money through Youtube business by uploading your videos only if your video is good enough, and it goes viral.
This option is lucrative in the current scenario as online businesses are booming globally. You need the authentic and appropriate approach to become a successful entrepreneur in this industry.
Use Conscious Spending
Conscious spending means when you start making expenditures purposefully.
Conscious spending does not encourage you to strenuously put an end to the expenditures on things that make you feel happy and joyful such as it is totally acceptable to spend on things like eating outside, travelling, or buying contemporary clothes. But keeping a specific share on those spendings is essential as it is fine if you spend 25-35% of your income into guilt-free fun things.
The only thing that you should be concerned about is to avoid the mindless spending that may come from disorganized finances.
Practising conscious spending will minimize useless expenditures, which will further remove the obstacles to help to achieve your end goal. If you spend unconsciously, it will not let you become rich as you will not be able to have complete control of the financial situation.
For instance, you may need to invest some amount into the stock market. However, if you are facing the lack of funds due to the expenditure incurred on useless or low-value activities, you did not let you purchase those significant shares because of which you might have missed the opportunity to grow your money.
Create Intellectual Property
All of you would be inherited with a unique intellectual property. You need to explore your inborn talent or develop expertise in whatever you are keenly interested in. It could be related to any field, including songs, book writing, reading, playing sports, trademarks, patents, scripts, and art.
Some may be proficient in design seminars, training programs, workshops where they sell their detailed guide or other material. While some may be skilled in writing books, and provide a brief consultation in their field. It could be related to anything; you need to know how to sell your knowledge most effectively. You can do this online as well as offline.
Various people involved in the profession as electricians, masons, plumbers, carpenters, doctors, singers, or other craftspeople can also launch and establish new tools or technology to be used in their respective industries. This will not only make them gain recognition but will be a stepping stone for their career.
Many people are earning enormously by providing digital education to their clients over the internet. As you know, the e-commerce industry is one of the booming sectors not only in India but all over the world. Hence there is a vast scope of making bountiful money by providing valuable information and education online. You can get involved in any of the following tasks to become a millionaire in the digital education sector-
- Build a membership site and keep a nominal subscription. Share a premium content to all your premium customers.
- Start providing consultation in your area of expertise.
- Provide language classes, be it English, French, German, or any other depending upon the client’s requirement and the language you are proficient in
- Create an online course, write guides for beginners and sell it on your website
- Create an engaging blog or articles on the current/trending topic, which you think will allure more traffic. Write an ebook on the same subject and sell it on online platforms such as Amazon Kindle, Flipkart, etc.
Conclusion:
The main thing that determines whether you become a millionaire is the amount of money that you earn. While some people save their entire lives until they become millionaires, others do it without making much effort.