How to be a millionaire? You may be a bum wishing to have a million bucks, or you may be an aspiring young professional who wants to know if you are on the right path. Below are seven ways people become millionaires. Some are by pure luck but there’s no need to worry as others are based much less on chance and more on planning and wits. With some effort, you can have a big fat bank account one day too.
First and the easiest, Win the Lottery – Without a doubt, this is the quickest way to become a millionaire. I was in Vegas the other day, and there are a ton of ways to strike it big as well. The problem? Your chances are one in a billion. Good luck and start rolling the dice!
Be Innovative – Most people believe that the easy inventions are already out in the marketplace but yet, new gadgets come out every day. Ideas are everywhere, so get your thinking caps going. If you aren’t the thinking type, you can always…
Learn from Madoff – Of course, you will also be on the front page of every newspaper and be in jail for 150 years but at least your wife can enjoy a good life with money you stole from other people.
If you take this path btw, let me know so I can report you before you start.
Corporate Slave – Okay, this is the first way to be a millionaire while avoiding the headlines. Many high paid professionals end up with significant wealth built up. Of course, they get beaten up at work daily as they climb the corporate ladder and then pay obscene amounts of government taxes afterward, but hey – nothing is going to stop you from becoming a millionaire right?
Forget Million, I was Born a Billionaire – Parents are rich aint’ a crime right? Even if you aren’t born that way, you might get a second chance. Get adopted!
Marry Rich – If you go to any bars or restaurants that are within close proximity to high end neighborhoods, you will see many very attractive ladies at the bar. There are some fairy tales alright, but most die trying.
Save Your Ass Off Millionaire – You can keep trying, but this is exactly how most of us will become a millionaire. It’s not glamorous like winning the nodel prize but no one will bother you (that’s a good thing when you are wealthy) because no one will ever know you are rich either.
Since this is actually the most probable way of becoming a millionaire, I’ve outlined a few steps you can take.
- Stop Watching TV
But everyone watches TV! Yes, couch potato the third, that’s why so few ever become millionaires. While you are watching TV, your competition, the more successful and the people you envy are all making money. Stop watching TV. In fact, cancel it if you always give in. - Generate Some Income
- Working smarter and harder at work – If you have to choose between the two, please err on the side of being smart. Be friendly and helpful to coworkers, know when you should work hard and when to say no to distractions.
- Getting a Side Job – If you are earning less than $40,000 and trying to feed a family of four, you could probably write a book on money saving advice. Stop reading up on frugal living and write about it instead! Start your own business and earn more money!
- Save Some Dough
Alright, what I said in step one was misleading (it wouldn’t be the first time so stop complaining). After you have decent income coming in every month, you need to save at least some of it. How much? It all depends on how fast you want to become a millionaire. There’s no right or wrong answer. No pain, no gain my friend.
Extra: What a tip? Start by resisting the temptation to improve your standard of living too quickly. It’s fun when you start going to fancier restaurants and living in bigger houses but there’s no going back (or at least without major pain). You can always go later. There’s really no rush. - Investing It in Diversified Index Funds
I keep telling everyone that I’m becoming an index fund convert. No, I’m not those that liked index funds from the get go or someone who lost a bunch of money in the stock market betting on individual securities. In fact, I made a small fortune in the stock market. However, it was risky, tiring, frustrating and stressful. I wanted a life. If you really want to be a millionaire, stick with index funds. You don’t need the crap and you don’t want to buy tissues after you bought Bear Sterns based on rumors that it was good value.
All the rubbish about a penny saved equal two pennies earned is incredibly true because pondering about that all day will save you exactly two pennies. If you ever want to save enough money to make your family proud, start earning some to begin with. This includes:
You are probably thinking right now – Tell me something I don’t know. Well, if you know everything already, why aren’t you a millionaire? Don’t be a smart bum that knows everything. Be a millionaire that got started reading and applying every common sense advice ever written.
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{ 22 comments… read them below or add one }
Nice article…written in an interesting way… I think the best way of turning millionaire is to stick to the golden rule ” Spend less than you earn” or if you find it difficult to save more than ” Earn more than you spend”.
Hi David,
This is good advice. Especially about increasing your standard of living slowly. I am almost 30 now and I have spent the larger part of my 20’s increasing my standard of living. While it has been great it has also come with a cost. So I say to everyone, control your spending!
Cheers,
Jeremy
It’s “never too late” and I hope that you’ve learned your lesson. It’s always more important to look in the future and in the past so good luck in fixing your spending!
Haha, great article.
I’m enjoying the lighthearted sarcasm.
The part about finding some side income has been a huge boon to our family’s finances.
I think your side income is soon going to take over as your primary income
It’s a strange but wonderful feeling I’m sure!
Right about not everyone watching TV…. I found it to be the biggest time waster ever invented
There is not time in my life for it. Period!
Hmmm.. I think I’ll just go for the first option
Or I’ll keep dreaming haha
Dreaming isn’t a bad option. I should have thought of that!
According in my situation right now, I prefer first and easiest option (similar as lottery game), that is money game.
It is not so much a big idea that makes it big but how to execute an idea, even a medicore one, well that is the key. I think its a bit misleading to think of an idea to make millions. Many a tech start-up has died terrible deaths with that thinking. A better approach is to take an existing idea or business model and improve on it. After all, MS has made billions being 2nd into the market.
Ning, it’s so true, especially the television stuff, where we can become more productive, if we spent less time on the TV programmes!
“While you are watching TV, your competition, the more successful and the people you envy are all making money.”
I love this. It doesn’t just apply to television. I have to limit the amount of time I spend aimlessly surfing the internet. Time flies when you’re wasting it.
What motivates me is thinking about all the people with seemingly successful businesses who, in my humble opinion, are far less qualified and competent than me. More important than anything else, these people take action. I’m learning to do the same.
Invest in the stock market and gain 4,000% like I’ve done in the last 6 months.
Great post! I did a similar one in the beginning of June. Here is my list:
Be born into it– pure luck of the draw
Marry into it– they say you earn every penny
Win the lottery– better chance of being struck by lightening
Be a celebrity– might end up waiting tables
Be an athlete– don’t bet on it
Steal it– like small spaces with bars?
Earn it– over an entire lifetime
Start saving and investing– from the cradle
Counterfeit it– did I mention small spaces with bars?
Be a business owner . . .
Investing in a well-chosen dividend shares in a diversiferad portpolio is enough and perhaps among the simplest and best way to become a millionaire. But one very important rule that one should re-invest the dividends. Otherwise it like investing in index fonds.
Sincerely
40percent 20years
When it comes to money, there are three types of people. Those who are happy with an average income and a safe, secure job, but ambitious; those who are a bit entrepreneurial and will take some calculated risk in order for the potential to enjoy limitless income; and there are those who have no goals at all and just assume life will take care of itself.
Another way to make money is to play to your strengths and start a very small venture based on it. I knit very well, and instead of starting a shop of my own, i sell the stuff i make to baby boutiques and make a nice profit. You could do the same with baked goods, artwork, or even decorations.
I love the first idea and i think i can make it if i may follow it. Thanks for that,but i don’t like the comment;’’stop watching Tv” notify that you can get information from it.Meanwhile thanks a lot.
T V ? For the last 2 yrs we cut out our cable subscription and found out it was the best thing we had ever did.We spent more time together as a family . I also started to do more things at work and at home .I started to think about investing and staying home to take care of my family .Can investing be a life time stay at home job or a living . ? Can anyone give me a suitable advice .?
I think the ultimate way to become a millionaire is to EARN MORE and DESIRE LESS. Earning more increases your income i.e. (taking a second job, investing your money, buying assets that provide passive income, etc.) while desiring less lessens your spending (i.e. budgeting, frugality, etc.)
Make it a habit and definitely, you would become a millionaire someday
Yes, TV is a time vaccuum… an it’s an addictive habit and not great for your brain.
Ask the question “What will a Million get me?” and you might not need it to get what you really want.
Do what you love and live within your means… Doing that is worth more than a million.
I agree, living within your means and managing your money is important to get ahead financially. Another suggestion for how to become a millionaire is to collect your debts promptly and efficiently. Remember, if someone owes you money, it could be sitting in the bank earning you interest so they are really taking you to the cleaners the longer the debt goes on.