BECOMING A MILLIONAIRE: 4 PATHS TO REACH YOUR GOAL

Practically everybody wants to be a millionaire – with a seven-figure balance, the world is your oyster, and you have much more prospects of achieving your dreams. Though people fantasize about how their life could be, many believe that such a reality is unattainable unless you are born with a silver spoon or miraculously win a jackpot in a lottery.

But the stories of self-made entrepreneurs like Bill Gates and Jeff Bezos or famous YouTubers like PewDiePie prove it is possible to become a part of that 1.1% of the wealthiest people in the world. They have shown us that you can reach your financial goals as long as you have the right attitude and knowledge.

But there remains the question of how exactly you should earn all that money. There is more than one path, and you have to choose where to focus your efforts on concrete action. Whether you want to sell your products and services, climb the corporate ladder or invest your savings, the dream is within your reach. Here is how to become a millionaire.

When describing a self-made man, a lot of people would picture an entrepreneur who started with an idea only to grow their business into a successful company. Indeed, selling things should make your money, and the main rule here is simple – whether you offer products or services, it must be something of value to other people. 

It is an incredibly hard path that requires a mix of creativity and discipline. With the rapid growth of the business world, many new or similar products are released on the market, creating fierce competition among entrepreneurs. As the U.S. Census Bureau reported, 5.4 million new business applications were filed in 2021 alone, fueling the contest for potential customers.

Most of them will, unfortunately, fail. To avoid such a fate, you need to create a comprehensive business strategy, including such elements as:

• Value Creation – Discovering what people need or want by studying the market and then creating it. For example, if you want to open up a garage repair service in Phoenix, Arizona, you should look at already existing establishments there, such as like a1garage.com and alike, and then decide whether your place has a chance.
• Marketing – Attracting the attention of the potential customers with a complete strategy that is suitable for your product/service and the target audience. That means building a brand for yourself and using such means as social media, email marketing, content marketing, SEO, and more.
• Sales – Converting prospective customers into buyers by gaining their trust and helping them understand why your offer is worth paying for. You should maintain a two-way conversation with your clients since it is much more engaging and increases the chances of making a sale.
• Value Delivery – Giving your clients what you have promised and keeping them satisfied. That includes streamlining your business operations: inventory management, order processing, delivery/fulfillment, troubleshooting, customer support, etc.
• Finance – Managing the money that goes in and out of your business and deciding whether it is enough to keep your business afloat. That means keeping complete and accurate data that will allow you to determine your return on investment (ROI) rate.

To figure out everything, you will need money, time, and expertise of other people, though all of these things won’t guarantee your success. Still, this risky path can yield excellent results, so if you have a brilliant idea for a business, it would be a shame not to turn your vision into reality.

Social media have redefined the way we communicate and have made it easier for people from all over the world to interact with each other. They have also become a platform where people can easily make money by sharing their content with an entertainment-hungry audience.

Nowadays, influencers are not just culture icons but also skilled entrepreneurs who gather millions with advertising on their platforms or lucrative sponsorship deals from big companies. All thanks to their ability to reach and influence potential customers to make a purchase. 

Though the richest influencers are celebrities like the Kardashians or athletes like Cristiano Ronaldo, at this point, the success stories about seemingly ordinary people becoming YouTube or TikTok sensations are prevalent in the media as well. For example, a young personality Charli D’Amelio has an estimated net worth of $17.5M, which she has earned after she started posting her dance videos on TikTok in June 2019.

Becoming a blogger or influencer with a decent following is not an easy task, especially since the industry is incredibly competitive. It requires time and dedication, sometimes even incredible luck with your content going viral. To retain your audience, you will also have to choose a niche and be regular with your content, constantly coming up with new creative ideas.

Investing your savings is the easiest and most popular road to riches that has brought many people prosperity. You see, millionaires are not always people who bring home six-number salaries. Instead, they set aside a percentage of their income each month, allocate it to a savings account, and wait until the money increases due to compound interest.

Still, it is not an approach for everyone because it requires enormous financial discipline and long-term commitment. For best results, you should start putting away 20% or more of your salary and invest it as soon as possible. Thus, you might have to live very frugally, forgoing spending money on needles.

To illustrate, the median household income in the U.S. was around $68,000 in 2020, and 20% of that you have dedicated to your savings – that gives you $13,600 set aside annually or $1,134 monthly. Assuming an 11% rate of return, if you start investing at the age of 25, you should earn your first million at the age of 47. This scenario assumes that you have the same income your whole life, which is not very probable since you could get a raise at work.

When you have enough savings, you may choose to invest them further to generate even more income. You can try your hand at stocks or help a promising start-up, though real estate might be a safer option. After all, people will always need a place to live, which is why real estate remains a very solid path to becoming a millionaire. If you decide to rent an apartment, you will gain a valuable source of passive income that will increase your bank balance each month.

Unlike self-made millionaires who started their careers from the ground up, many corporate workers became wealthy because of the enormous effort they put into climbing the corporate ladder. Of course, not everyone will be able to land a senior executive position at their company, and only the best will reach the top.

Though you need to excel in your field, you also should work on your relationship-building skills. Networking and making connections with powerful people in the industry are crucial to increasing your value for the company. As they say, work smarter, not harder.

Still, this is an incredibly challenging path that often requires self-sacrifice. Arriving before anyone else, staying after hours, or dedicating your vacation time for work is common. You might also have to leave on frequent business trips. You might become a workaholic who struggles to balance your job and family life.

Another problem with this strategy is that staying on top does not always guarantee a steady income. If your company starts losing profits, for example, then your earnings might decrease even though you continue doing your best at work.

No matter what path you choose to become a millionaire, you need to remember one thing: it will take hard work and determination. If you are serious about your financial goals and want to reach them, then you will push yourself to do whatever it takes to get the job done. And even if you do everything right, it might take years to reach your destination.

But it will be worth it. After all, reaching the goal of being a millionaire gives you more options in life. You can spend more time with your family and friends, traveling, or pursuing a dream that is more important than money. Of course, you can also use that wealth to make the world a better place.

One thing is certain: if you want to reach your goal, you should never stop working towards it. As the famous saying goes: “Where there is a will, there is a way.”