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How to Become A Millionaire
You want to get ahead financially and the pace seems so slow, what are you going to do to become a millionaire?
- Stay Motivated To Become A Millionaire
- Investments To Become A Millionaire
- Real Estate To Become A Millionaire
- Website/Blog To Become A Millionaire
- Start A Business To Become A Millionaire
- Family Inheritance To Become A Millionaire
Making extra money as a side hustle can be difficult for some. Trying to juggle a schedule of working a full-time job, spending time with family and incorporating a side hustle can be a challenging task to do. Keeping your head up high and moving forward is all that you can do.
Stay Motivated To Become A Millionaire
Sometime along the way we hit a snag. A time that we become discouraged and lose sight of our goal for financial independence. Of course, you surf the internet or read books on improving your finances. You’re going to work your butt off so that you can move forward to attain that financial goal in the near term.
Do what you can to get the most money. You can even do things like maxing out your 401K at work every year to get our employer’s matching contribution.
But when you hit a plateau on this journey to a better financial future, your motivation begins to wane. What happens when you begin to lose sight of your goals?
This period of discouragement leads you to look for answers. When surfing for answers on the internet, there are so many different viewpoints on becoming financially independent. Instead of the internet helping you find answers, the internet can cloud up your goals or vision.
There is a lot of information about becoming wealthy on the internet. You’ve seen these articles yourself! They talk about saving every month and earning a minimum percentage for 50 years and then you may have an opportunity to become a millionaire.
The problem is that it’s a LONG time! What if you don’t have thirty years or you want to be a millionaire as soon as possible? When your hope is bleak, keep pushing yourself, stay motivated and move forward.
Investments To Become A Millionaire
Make money buying and selling stocks. Buy low and sell high is basically what you always hear about when the topic is about stocks. Buy stocks and hold on to it while the price goes up. If you start young, it’s a good way to build wealth….buy and hold stocks.
A lot of you may think that buying and holding stocks takes too long. There are other techniques of making money on stocks that you can look into. These other techniques are more riskier and you could lose some or all of your investment.
One of the popular ways of making money in stocks is through trading stock options. You can buy call or put options, write covered calls, sell puts and trade spreads.
You’ll need to take the time and study these different techniques. Some techniques will be riskier than the others. Take responsibility. Learn and know what you’re getting into including the risk/rewards of stock options. If done correctly, there’s a possibility to create wealth with this vehicle.
Real Estate To Become A Millionaire
When it comes to real estate, we think about flipping and making a decent profit. Buy real estate at a low price and sell high! Is that the only way of making money with real estate? Yes, you can make an income by renovating the property and flipping the house in a few weeks.
Other than flipping homes, you can make money through real estate by rentals. Rent out the home or a condo. I once met an individual who owns a condo in Hawaii. He goes to Hawaii frequently to visit. He mentioned that he makes over $6K a month on his small condo. Can you imagine the type of income you can make if you had multiple properties?
Buy a property at a low price, fix it and hold it until the real estate prices goes up in your area. While waiting for prices to go up, you can continue to do improvements and you can rent out the home.
Website/Blog To Become A Millionaire
Build a website or blog. If you build a website, it’s possible to make an income through advertisement. You can also make money from your website with affiliate marketing, selling your own digital products. You could even build your own e-commerce store and sell products online.
Start a dropship business. You create a business relationship with a dropshipper who processes & ships the products on your behalf.
Your website promotes and sells the products. When a buyer buys something, you pay your dropshipper for the product. Your dropshipper will ship the product for you. You keep the difference between your dropshipper’s cost and your selling price.
You create a website or blog and post content on a topic or niche that you’re knowledgeable about. You share your knowledge about that topic and niche. Bring traffic to your website.
At a point in time, the website you built can be sold for a profit. Yes, building a website takes time as well as getting a ton of traffic to your website. Your website needs to make money and draw a lot of traffic to get the attention of buyers.
Start A Business To Become A Millionaire
Start a business and build it. You may be asking what kind of business I should start? I recommend that you start a business that you can operate from home.
Starting a business can be a very rewarding experience for you. Yes, it will take commitment,time and dedication. If you’re starting your business as a second income, dedicate yourself to building it.
Take some time to create a basic plan for your business to succeed. Create projections of the income you can make per month. A simple plan consisting of doing “x” amount of services will generate you “x” amount of dollars per week or month. From there, map out the different tasks or jobs you will need per week to get the income you desire. Plan and scale your business to succeed. Hire helpers along the way to get your business going and generate income. Build your business right and your business has the potential to replace your full time job income. I hope that sounds good to you.
Family Inheritance To Become A Millionaire
Do you have family that are wealthy or multi millionaires? That’s something that many of us wish we had! Are you one of those fortunate individuals?
What if you come from a family with a low annual income? That’s a challenge. However, if that’s the case, make it a goal to be the first in your family to accomplish this feat.
Make it a point to have an open mind. You can never learn enough to better yourself. Set goals financially that are reachable. Scale your way to wealth so that your children and your family can have a future inheritance.