How can you become a millionaire overnight?
and what is the fastest way to become a millionaire?
At the time of publishing this post this article was taken from an 20 something years old self made millionaire. Being one of those who have done it fast he can surely tell you how to become a millionaire overnight. (see the book How i did it)
The answer to this question is very simple
and what is the fastest way to become a millionaire?
At the time of publishing this post this article was taken from an 20 something years old self made millionaire. Being one of those who have done it fast he can surely tell you how to become a millionaire overnight. (see the book How i did it)
The answer to this question is very simple
Without knowing it, you may live next door to one. Or have one among your Facebook or Google + friends. And with the right strategy, you could become a millionaire, too.
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.
You can never become a millionaire overnight. I hate to deliver bad news but the first thing you must do in order to become a millionaire is to develop the millionaire mentality and believing that its possible to become a millionaire overnight is a way of thinking that is very far from this millionaire mentality.
While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these secrets of multimillionaires.
Why you can't become a millionaire overnight ?
If you want to become a millionaire then certainly you would want to follow a solid plan that will work. Becoming a millionaire overnight cant happen except by depending on a coincidence like for example attempting to win the lottery. After all you don't want to base your financial future and dreams on coincidences right?
What, exactly, does it take to become a millionaire? If you're like me, you may envision Scrooge McDuck swimming the backstroke across a sea of gold coins, the spoils of a charmed life. The reality, however, is that most millionaires have built their wealth through scrappy perseverance and a diverse portfolio.
The only sure way to become a millionaire is to do it slowly but surely. By the way slowly here doesn't mean in 10 years or even 5. If you were dedicated and worked hard enough you might be able to become a millionaire in 2 or 3 years.
The first thing you must do in order to really become a millionaire is to forget about irrational idea of wanting it to happen overnight.
Millionaires are defined in different ways. RBC Wealth Management and consulting firm Capgemini who produce the World Wealth Report say it is someone who has $1 million or more in investible assets -- not including items like your primary home or consumable goods you own. On the other hand, international mega-bank Credit Suisse defines it as someone with a net worth of at least $1 million. This net worth could include the value of your primary residence, money that's been invested in real estate or trust funds (known as non-liquid assets), and cash, stocks or bonds (liquid assets) [source: Frank, Stern].
Using the former definition, there were 11 million millionaires in the world in 2011. Using the latter, you get 28.6 million millionaires on the planet [source: World Wealth Report, Peterson].
If you'd like to see how close you are to becoming a millionaire, figure your own net worth by adding the value of your assets: your home, its furnishings, your cars, bank accounts and investments. After you have a sum total, subtract your liabilities, which include the balance of your mortgage and car loans, credit card balances and other outstanding debts. What's left is your net worth. (Try this online calculator to simplify the math.)
Not a millionaire yet? Don't get discouraged. This level of wealth is attainable within a lifetime. By making smart financial decisions and following a road map that includes a few key strategies, it's entirely possible to become a millionaire. It also means you'll need to live beneath your means, which is a far cry from the millionaire lifestyle many of us have become conditioned to expect.
Becoming a millionaire is not extremely difficult. It takes money, time, discipline, and a little luck. All you need to do is follow these steps:
Get started !
If you want to become a millionaire, you need to decide to do it and get started. If you are not be able to save money right now because of debt or other financial obligations, you should work on those issues first. A good place to start is with Dave Ramsey’s Baby Steps. This is a tried and true method for setting up an emergency fund, paying down debt, and beginning your investments. Once you have that started, you can begin your million dollar journey.
Decide to Be a Multimillionaire
You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"
Get Rid of Poverty Thinking
There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking.
You Need a Source of Income
Unless you are born into riches, inherit wealth, or strike it rich in the lottery, you need to earn money. And as this 78 year old man proves, you don’t need to earn a lot of money to become wealthy; it’s what you do with that money that matters. If you want to increase your odds of becoming a millionaire, then look at some of these methods of making extra money. Just adding a few of these ideas to your lifestyle can increase your wealth.
How are we doing? My wife and I earn a decent living, but along the way we made several lifestyle choices which reduced our income, including the decision for my wife to be a stay at home mom. I firmly believe we will still become millionaires – even in a one income household – and the reason I hold firm in this belief is because we follow the rest of the steps in this article.
Earn More Than You Spend
My wife and I have done fairly well with our finances, primarily because we spend less than we earn. Another, and perhaps better, way to look at this is to earn more than you spend. I am not implying you should yourself from the things you enjoy or live a monk’s lifestyle. My belief is that you should focus on buying value on the the things you enjoy, and you should focus on making big wins to reduce your expenses on non-essentials and things which don’t bring you joy. Above all else, living within your means is the key to financial success. If you can combine both of these principles, earning more and spending less, you will be ahead of 95% of the world. If you want to supercharge your
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.
You can never become a millionaire overnight. I hate to deliver bad news but the first thing you must do in order to become a millionaire is to develop the millionaire mentality and believing that its possible to become a millionaire overnight is a way of thinking that is very far from this millionaire mentality.
While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these secrets of multimillionaires.
Why you can't become a millionaire overnight ?
If you want to become a millionaire then certainly you would want to follow a solid plan that will work. Becoming a millionaire overnight cant happen except by depending on a coincidence like for example attempting to win the lottery. After all you don't want to base your financial future and dreams on coincidences right?
What, exactly, does it take to become a millionaire? If you're like me, you may envision Scrooge McDuck swimming the backstroke across a sea of gold coins, the spoils of a charmed life. The reality, however, is that most millionaires have built their wealth through scrappy perseverance and a diverse portfolio.
The only sure way to become a millionaire is to do it slowly but surely. By the way slowly here doesn't mean in 10 years or even 5. If you were dedicated and worked hard enough you might be able to become a millionaire in 2 or 3 years.
The first thing you must do in order to really become a millionaire is to forget about irrational idea of wanting it to happen overnight.
Millionaires are defined in different ways. RBC Wealth Management and consulting firm Capgemini who produce the World Wealth Report say it is someone who has $1 million or more in investible assets -- not including items like your primary home or consumable goods you own. On the other hand, international mega-bank Credit Suisse defines it as someone with a net worth of at least $1 million. This net worth could include the value of your primary residence, money that's been invested in real estate or trust funds (known as non-liquid assets), and cash, stocks or bonds (liquid assets) [source: Frank, Stern].
Using the former definition, there were 11 million millionaires in the world in 2011. Using the latter, you get 28.6 million millionaires on the planet [source: World Wealth Report, Peterson].
If you'd like to see how close you are to becoming a millionaire, figure your own net worth by adding the value of your assets: your home, its furnishings, your cars, bank accounts and investments. After you have a sum total, subtract your liabilities, which include the balance of your mortgage and car loans, credit card balances and other outstanding debts. What's left is your net worth. (Try this online calculator to simplify the math.)
Not a millionaire yet? Don't get discouraged. This level of wealth is attainable within a lifetime. By making smart financial decisions and following a road map that includes a few key strategies, it's entirely possible to become a millionaire. It also means you'll need to live beneath your means, which is a far cry from the millionaire lifestyle many of us have become conditioned to expect.
Becoming a millionaire is not extremely difficult. It takes money, time, discipline, and a little luck. All you need to do is follow these steps:
Get started !
If you want to become a millionaire, you need to decide to do it and get started. If you are not be able to save money right now because of debt or other financial obligations, you should work on those issues first. A good place to start is with Dave Ramsey’s Baby Steps. This is a tried and true method for setting up an emergency fund, paying down debt, and beginning your investments. Once you have that started, you can begin your million dollar journey.
Decide to Be a Multimillionaire
You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"
Get Rid of Poverty Thinking
There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking.
You Need a Source of Income
Unless you are born into riches, inherit wealth, or strike it rich in the lottery, you need to earn money. And as this 78 year old man proves, you don’t need to earn a lot of money to become wealthy; it’s what you do with that money that matters. If you want to increase your odds of becoming a millionaire, then look at some of these methods of making extra money. Just adding a few of these ideas to your lifestyle can increase your wealth.
How are we doing? My wife and I earn a decent living, but along the way we made several lifestyle choices which reduced our income, including the decision for my wife to be a stay at home mom. I firmly believe we will still become millionaires – even in a one income household – and the reason I hold firm in this belief is because we follow the rest of the steps in this article.
Earn More Than You Spend
My wife and I have done fairly well with our finances, primarily because we spend less than we earn. Another, and perhaps better, way to look at this is to earn more than you spend. I am not implying you should yourself from the things you enjoy or live a monk’s lifestyle. My belief is that you should focus on buying value on the the things you enjoy, and you should focus on making big wins to reduce your expenses on non-essentials and things which don’t bring you joy. Above all else, living within your means is the key to financial success. If you can combine both of these principles, earning more and spending less, you will be ahead of 95% of the world. If you want to supercharge your
Save Some of Your Income
There is a simple fact that many people miss: you will never grow wealthy if you spend everything you earn. Regardless of how much money you earn, you need to put some aside in savings. Having a cash cushion is nice because it helps you prepare for unexpected expenses and helps you avoid debt. But there is another reason that saving money is important – because of taxes and other factors, money saved is worth more than money earned!
Another advantage of having some cash savings is the ability to use the money for investments or other large purchases when you come across a good deal. This could be a something like an investment, property, or just a good deal that saves you thousands of dollars on a major purchase. Take advantage of these principles and save money whenever possible.
Make Regular Investments
Investing is the best way to grow your wealth. Compound interest has been called the strongest force in the universe, and you want that force working for you! There are many ways to invest, and you can be successful as long as you make wise investment decisions and let time and compound interest work for you. Investing in tax advantaged retirement accounts such as a 401k or Roth IRA can help you grow your wealth more quickly since you won’t have the drag of taxes pulling down your investment portfolio. You can also use retirement accounts to shape your taxes both now and in the future, giving you a powerful tool to help grow your wealth.
Investing can seem intimidating if you haven’t started yet. But it doesn’t have to be. Check out theseinvestment strategies for beginners to get you started on the right path. You can also start by opening a 401k plan with your employer, or opening a Roth IRA.
Monitor and Repeat the Process
The path to becoming a millionaire becomes easier once you get the process started. It all starts at the beginning with small lifestyle changes. For example, making small lifestyle changes to reduce your fixed monthly expenses can go a long way toward helping you spend less than you earn. This in turn makes it easier to save a little money each month. Once you have a little cash saved, small emergencies are no longer emergencies and you are no longer treading water. This makes it easier to invest.
There are other things you can do to make the process easier. You can, for example, set up an automatic savings or investment program so you don’t have to think about it. Out of sight, out of mind is a great motto when it comes to saving.
But you also need to know where your money is going. I recommend using some form of money tracking software to give you an idea of where your money is going. There are a number of excellentfree online money management tools which make it easy to see your income, expenses, and spending patterns in one place. My favorite is a free money management tool called Personal Capital which helps you track income, spending, and your investments.
Once you know your patterns, you can plan your spending and investing around them to help you reach your goals.
Treat it Like a Duty
Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.
Surround Yourself with Multimillionaires
I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?
Work Like a Millionaire
Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.
Shift Focus from Spending to Investing
The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.
Create Multiple Flows of Income
The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
There is a simple fact that many people miss: you will never grow wealthy if you spend everything you earn. Regardless of how much money you earn, you need to put some aside in savings. Having a cash cushion is nice because it helps you prepare for unexpected expenses and helps you avoid debt. But there is another reason that saving money is important – because of taxes and other factors, money saved is worth more than money earned!
Another advantage of having some cash savings is the ability to use the money for investments or other large purchases when you come across a good deal. This could be a something like an investment, property, or just a good deal that saves you thousands of dollars on a major purchase. Take advantage of these principles and save money whenever possible.
Make Regular Investments
Investing is the best way to grow your wealth. Compound interest has been called the strongest force in the universe, and you want that force working for you! There are many ways to invest, and you can be successful as long as you make wise investment decisions and let time and compound interest work for you. Investing in tax advantaged retirement accounts such as a 401k or Roth IRA can help you grow your wealth more quickly since you won’t have the drag of taxes pulling down your investment portfolio. You can also use retirement accounts to shape your taxes both now and in the future, giving you a powerful tool to help grow your wealth.
Investing can seem intimidating if you haven’t started yet. But it doesn’t have to be. Check out theseinvestment strategies for beginners to get you started on the right path. You can also start by opening a 401k plan with your employer, or opening a Roth IRA.
Monitor and Repeat the Process
The path to becoming a millionaire becomes easier once you get the process started. It all starts at the beginning with small lifestyle changes. For example, making small lifestyle changes to reduce your fixed monthly expenses can go a long way toward helping you spend less than you earn. This in turn makes it easier to save a little money each month. Once you have a little cash saved, small emergencies are no longer emergencies and you are no longer treading water. This makes it easier to invest.
There are other things you can do to make the process easier. You can, for example, set up an automatic savings or investment program so you don’t have to think about it. Out of sight, out of mind is a great motto when it comes to saving.
But you also need to know where your money is going. I recommend using some form of money tracking software to give you an idea of where your money is going. There are a number of excellentfree online money management tools which make it easy to see your income, expenses, and spending patterns in one place. My favorite is a free money management tool called Personal Capital which helps you track income, spending, and your investments.
Once you know your patterns, you can plan your spending and investing around them to help you reach your goals.
Treat it Like a Duty
Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.
Surround Yourself with Multimillionaires
I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?
Work Like a Millionaire
Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.
Shift Focus from Spending to Investing
The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.
Create Multiple Flows of Income
The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich -- it's American.
Is Becoming Wealthy Really that Simple?
Earn money, spend less than you earn, save, invest, repeat the process. After that it’s just a matter of time. Even if it takes years or decades, the process really is that simple. Of course, it may not seem as easy as I laid it out here, but it really is. Remember, this is not an overnight get rich quick scheme. It takes time, planning, and a little luck along the way.
Is Becoming Wealthy Really that Simple?
Earn money, spend less than you earn, save, invest, repeat the process. After that it’s just a matter of time. Even if it takes years or decades, the process really is that simple. Of course, it may not seem as easy as I laid it out here, but it really is. Remember, this is not an overnight get rich quick scheme. It takes time, planning, and a little luck along the way.
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