Becoming a millionaire is the culmination of the American dream: work hard, and it will pay off — big time.
The only problem is that hard work isn’t the only way to get to the top, and it’s certainly not the only factor between you and a bank account filled to the brim.
The good news is that there are many more tangible steps to take in becoming a millionaire, all of which you can realistically follow on your path to success and financial freedom.
Here are five of the most tried-and-true ways to make your millionaire dreams a reality:
1. Stay Positive
Perhaps the most critical step of all is the first one: you have to get in the mindset of a millionaire to become one. There are probably very few millionaires out there today who didn’t start by believing in themselves, their ideas and their creations. A negative mindset will only set you back.
Training yourself to be a positive thinker falls somewhere between the realm of rose-colored glasses and the cynical, glass-half-empty side of yourself.
You want to aim high, but you also want to be realistic. Seeing only the positive side of things can be dangerous, too, so stay confident but grounded. Then, push forward.
2. Do the Math
If you think you have a million-dollar product idea, start crunching numbers.
How much will you have to sell your product for? How many units will you have to sell to break even? To turn a profit? To turn a million-dollar profit? Having some milestones in mind will make the process of working toward $1 million seem more doable.
Of course, not every millionaire-to-be is an inventor. Those who hope to make their money from climbing the corporate ladder, for instance, should set some loose salary-increase goal.
Once you have your goals, work toward them with education (more on that later), training and applying for new positions and promotions.
3. Get Smart(er)
As someone planning for the future, you’re clearly pretty wise already. Classroom training will supplement your street smarts and make you an even better candidate for the job you want.
Perhaps your future career path isn’t so clear-cut though. Not every aspiring millionaire knows which profession will take him or her to the top.
If that sounds like you, do some research into the fields known to produce the most millionaires. For example, engineering, architecture, law and business are some of the degrees most likely to earn you seven figures or more.
4. Invest
Another way to millions doesn’t require you to find a lucrative career. Instead, you take money you already have saved and invest it wisely to rake in the big bucks.
One of the best ways to ensure income is to invest in real estate that you rent out for profit.
This requires quite a bit of work in the beginning — purchasing property, renting it, rebuilding your savings to buy more property, etc. — but, down the line, you’ll have more and more leases and renters to your name. This will line your pockets with more and more cash too.
You can also invest in the stock market or play it safe by putting your extra cash in savings that you build over the years. Even if you have to wait until you’re retired, you’ll eventually enjoy that millionaire’s lifestyle that you want.
On the opposite side of the coin, millionaires do not make investments in things that lose value, like cars. They also save their money smartly instead of squandering it on ephemeral goods and experiences. Yes, a vacation is worthwhile now and then, but on the path to millionaire-dom, it’s important to save and invest now and spend later.
5. Surround Yourself With Successful People
Is there a millionaire in your life that you look up to? It might be hard to schedule a job shadow with, say, Bill Gates, but you can find the most successful people you know and start spending more time with them. See how they work, how they spend their money, how they invest — and how they parlay all of that planning into a nicely cushioned bank account.
This is a great way to find funding if you plan to make it to the top through investors in a business or idea you have.
By building connections with people who have already made it, you’ll have built-in investors ready to pay it forward — and able to back it up with their savings too.
How Will You Do It?
Not every millionaire’s path to the top will be identical. And, while these four steps have been proven effective by some of the richest people alive today, they’re not the only ways to achieve your goal.
So, work hard, stay positive, spend smartly, find a role model and educate yourself, but if you see an opportunity outside these parameters, take it.
You could just blaze a new path to big money that no one else saw coming.
Need A Massage? Learn How To Give One To Yourself And Your Loved Ones
Receiving a massage, whether it’s given by someone else or self-administered, can help loosen your muscles and establish a better connection not only with your body but also with the people you love.
