According to Business insiders There are a total of 36 Million Millionaires in the world as of 2017 with over 1million added just last year (2017).
That’s a crazy number when you think of it. That is literally 0.5% of the current population. Who would have imagined that there are these many rich people in this world.
But how to become a millionaire?
There are several things that you could do in order to become a millionaire but becoming a millionaire isn’t an easy task.
You have to put all your time and effort in whatever that you want to do for atleast 3 years or more to become a millionaire and those years will be the will be very hard or try out your luck on a lottery.
How To Become A Millionaire
To become a millionaire and stay a millionaire you will have to know how to manage your money.
If you lack financial knowledge, Even if you become a millionaire you will soon get bankrupt again, Most of the lottery winners who won millionaires went bankrupt just because they didn’t know how to manage all the money that they got.
So it is more important for you to learn how to manage your money well even If you are not a millionaire. I would recommend you to read Dave Ramsey’s The Total Money Make Over or Tony Robbins Unshakable you can get these books for free as audiobooks if you sign up with audible with these link.
Now to become a millionaire you need to understand that there are two types income sources one is Active Income and other is Passive Income.
Active income is where you trade your time and skills in exchange for money.
This is what most people do. They Find a job and spend their rest of the life doing the same thing over and over again.
But there are also different types of Active Incomes, one which requires you to be at the office at 9 to do your job and some jobs could be done on a beach with a laptop.
Those jobs are good if you want to be your own boss and work at whatever time you want but you need to be extremely good at something for people to pay hefty amount of money to you to become a millionaire.
Passive income is something which brings in money each month with little to no effort.
It basically translates to “Make Money While You Sleep”
This is what makes someone a Millionaire because these income sources are extremely scalable.
But creating a passive income stream can be quite challenging as it involves a lot of time and effort at the beginning and loss of money if you don’t have enough knowledge.
You need to learn how to do it before starting.
There is learning curve involved even if you decide to invest in a course (Which I highly recommend) but it will drastically decrease the time needed to learn.
1 .Become an Expert at One particular Thing
To become a millionaire you need to be an expert at whatever you want to do.
Expert Lawyers, Engineers, Doctors, Managers, Sales person etc. gets paid 6 figure salary each year just because they are very good at what they do and people always wants to get the job done by them.
All these people are good at just one particular thing which is in demand and that’s what makes them valuable and earns them more money.
Although it is not easy to become an expert in your field but if you want to earn a lot you need to work a lot.
This is prime example of Active income. But as you can see it will take at least 10-15 years for someone to reach 1 million mark, if you are ready to wait that long then sure this route is for you.
2. Invest In Index Funds
There are various index funds but I am going to talk about S&P 500 Index funds because they are the best and have very low risk.
An S&P 500 is a mutual fund which is investing in the top 500 Companies thus there is very low risk involved in it with a possibility of huge returns.
Although it will take you a very long time to become a millionaire but its passive income you don’t have to work for it and when you hit 1M mark but still keep investing you could be generating thousands of dollars per year just by sitting on your couch.
Index funds is the most talked topic by the richest investor Warren Buffet, he has advised young people to start investing in index funds as there is very low risk as it diversifies your investment and it has the potential to make you millions.
It is one of the most trending business right now because of how easy it is to setup.
Dropshipping is when a supplier packages and delivers a product on your behalf and your job is to bring in the sales.
You will need an online store fully built where you will list all the product that the supplier supplies at a higher rate than what he is charging you and bring in people to your site.
When someone buys the product from your store than you just have to transfer the order to the supplier and he will deliver the product for you while you keep remaining money.
Sounds easy right? The real struggle is to find the product that sells and also getting people on to your site. You will have to learn some marketing skills first and then get step in the game if you jump straight in without any knowledge you will end up losing all of your money.
They both are the one of the firsts to get into this business and are now generating millions every year selling products online.
4. Write Several E-Books
There is plenty of money to be made selling eBooks on places like amazon kindle.
Many people fall into the trap of thinking that they need to write the next harry potter to make millions of dollars.
All you need to do is write several small books on a broad topic which has an audience. Although it is very though to sell them due to the rise in competition but you can still try, maybe one of your book takes off.
To write several book you need to choose a topic you like and break it into several parts and write a 50 -70 page book on each part or combining 2-3 parts together.
This will take a long time but if you manage to get some successful book you could generate millions.
The Best Example is Amanda Hocking, She went to many publishers but got rejected by all so she decided to put her books up at kindle and a few months later she was a millionaire.
It’s not just the selling of books that can make you money but also there are some in book purchases which will make you even more money.
They are called affiliate products, You will have to recommend the products inside your book by providing links to the product and every time someone click on the link and buys the product you will get commission from the sale.
The commission could range from 5% all the way up to 60% or even more, you just have to look for the best product and its affiliate program.
5. Start / Buy a Blog
Blogging can make you really great money if you completely focus on growing your blog.
Starting a blog is very easy but maintaining it and constantly growing it requires a lot of strategies, time and effort.
Blogging isn’t a get rich quick kind of stuff, it needs patience and hardwork. You need to constantly create new content and figure out ways to promote your blog.
There are several different ways a blog can make you money, the easiest one is using display ads. Display ads are basically clickable ads which will be shown on your blog, all you have to do is get people on to your blog.
The more visitors you get the more money you will make with your ads.
Another (Best) way is to sell products on your website whether they are affiliate products or your own products.
These products will make you more money than the ads could ever pay you. Although it is hard to sell stuff but it is really worth the effort.
The most known blogger Pat Flynn from smartpassiveincome.com makes over 2M each year from his blogs and all of his income reports are displayed on his blogs for transparency.
6. Create Viral YouTube Videos
YouTube has been running successfully since 2005 and have created several millionaires and celebrities.
The most paid youtuber Daniel (DanTDM) a gamer took a cheque of 16.5M$ in 2017 by creating fun gameplay videos of a famous game Minecraft.
By looking at that you would have understood that youtube users love fun content but if that’s not what you want to do it’s fine you can still make videos on How to’s, List videos, Educational stuff and more.
The best part about this is that it’s totally free and anyone can create videos to make money.
However according to current changes you need to have atleast 1000 subscriber and 4000 hrs watch time inorder to get approved by Adsense (Youtube Ads) which will pay according to your views.
If you don’t want to use the youtube partnership you can choose to make money with Affiliate products or Sponsored videos.
7. Build an App
You can’t even imagine how much these apps companies make by building fun and useful apps.
The popular game Candy Crush has reported to be making around 1M$ per day and several other games and apps make serious money with inapp purchases.
The CEO of Candy Crush have even made an E-Book “How to Build a Billion Dollar App” where the author George Berkowski describes what you need to do to make your next billion dollar app. You can get that book for free on audible if you go through this link.
The game which has taken the world by storm, Fortnite (2018) just launched their mobile version of the game and passed 1B$ mark within 3 months with in app purchases.
So if you are creative and like apps then why don’t you build one yourself and grow it over 1 million$ mark.
If you haven’t already understood, let me clarify it for you. Gaming is a “Gold Mine” Gaming industry is 3 times bigger than Hollywood right now. Where gaming industry’s revenue is 137.9B$ and Hollywood’s revenue is about 40B$
Although I don’t think those numbers are accurate but surely gaming is way bigger than Hollywood.
With this type of exponential growth it’s the best time to get into gaming either as a developer or player. Surely you will need a Shit ton of money to develop a game but as little as 500$ to become a player.
There are around 2.2B active gamers in the world as of 2017 and 73% of them say that they enjoy watching others play games online.
The newest gaming sensation “Ninja” or Tyler Blevins makes half a million a month live streaming Fortnite (Game) on twitch.
So if you love playing video games then you are literally standing on a Gold mine. But keep this in mind you will have put out quality content every day until you make it. Look at Pewdiepie even if he is the biggest youtuber he rarely misses a day where he don’t Upload a Video.
Keep creating fun loving content and youtube will love you back.
The way you make money with gaming is either developing and selling or playing. If you decide to use twitch as your gaming platform then there are 3 different options Donation, Subscription and ad revenue.
If you decide to use Youtube then you can make money with Donation (Live Stream), Ad revenue, Affiliate Games and etc.
Have you ever heard of Bitcoin, Yes it’s one of the thousands Cryotocurrencies listed on the Coin Market Cap.
Crypto currency is like a stock it goes up in value if more and more people buy it and decrease in value if people start to sell it.
Bitcoin has created more millionaire than ever in a really short amount of time, unfortunately the number of millionaires created by crypto can’t be detected because of its untraceable Blockchain technology but I am sure it’s in thousands as it has already created Billionaires.
There are 3 ways you can make money with cryptocurrencies Holding, Trading Frequently, And Mining.
You need to study all the cryptocurrencies inorder to choose which one you should buy and invest your money in. You will also need to thoroughly understand Blockchain and how it works to get a better understanding of the coins rise and fall.
I would recommend you to read “Truth Machine: Blockchain and Future of Everything” (Free at audible) a book by Paul Vigna and Michale.J.Casey which gives an eagle vision and understanding of blockchain technology and future of cryptocurrency.
10. Stock Market
Stock trading has been there from decades and it’s the first thing that comes in mind if someone says ‘investing”.
It is a lot like crypto currency but the only difference is it cannot be used as currency and also cannot be mined.
Stock market is where you will purchase a company’s share and if the company grows your investment will grow with it. But it is not the only factor that you need to be looking for while investing there are several ways a rapidly growing company can fall and you’ll lose your money.
There are 3 different ways you can make money with Stock market by Holding the shares for long, Day Trading, Dividend Stock.
Tim Sykes does a great job at understanding the stock market, has been doing it for past 20 years. He has been featured on CNN, abc, Forbes, Inc., Bloomberg and many other.
He has written a book on Penny Stock Trading which is available at amazon and he also has a very expensive teaching program available for the people who are willing to learn.
So if you are interested in stock market Tim is your guy I would recommend you to read his book first and see if it’s really for you and then if you like it buy his course.
11. Become Instagram Influencer
With instagram’s rapidly growing popularity more and more brands are getting on instagram and they need people to promote their products.
You can be their guy. But to get brands to pay you, you need to have a good amount of followers.
If you want more and more brands to partner up with you then you need to be creating really good quality content for the companies. If you have a niche specific following then you have better chances of getting more brand sponsorship because brand look for people who are interested in their product.
People like Jay alvarrez, Amanda Cerny and many more get thousands of dollars from brands to promote their products.
If you want to become an influencer, post good quality content and a lot of it 5 times a day atleast.
12. Subscription Services
These are getting more and more popular these days. Many companies have started to package their most popular stuff in one box and ship them every month to their subscribers.
There are also many tool available which work on monthly subscription basis and many people have also started forming Facebook groups where they share their secret of what they are expert in and to get in you need to be on a monthly subscription plan.
If we do the math correct you will roughly need 1000 people paying you 83$ for 12 month to get 1 million dollar in revenue or 1700 people paying 50$ for 12 months you can do the math.
On example of this is Nathan Barry. He is a CEO of a Email Marketing tool Convertkit which i personally use for marketing. Recently he tweeted of achieving his goal of generating 1M/month from convertkit which is Damm Crazy.
13. Flipping Products
If you love going to yard sale or have a dollar store nearby then you can use it to your advantage.
Many people have been making millions flipping houses but there are also many who are making serious money flipping products.
The concept is simple, find a valuable product and buy it lower than its current value and sell it higher than or equal to its current value.
You can find many valuable products at the dollar store or in the yard sale which won’t be valuable for the owner but someone else would be dying to get that.
But you need to have a good eye and also knowledge of what the product is capable of and how much it could profit you at the current selling price.
You can find stuff on ebay and facebook, negotiate the value and buy the product and sell it for a profit. You can even list the same product online after buying to get sales faster.
Aaron LaPedis did the same and now he is a millionaire. He once bought a toy for 12$ and sold it for 1000$ within a week. he has also written a ebook The Garage Sale Millionaire on how he achieved his success and how can you do the same.
14. Real Estate Broker or Investor
As the population of people is growing and set to touch 8.5B in the year 2030 these people will need a place to live and the prices of housing is only going to go up.
With this big opportunity in hand people are neglecting the potential of real estate. You don’t need a lot of money to get into real estate. You can literally start by Zero and build your way up with broking deals.
If you want to invest in real estate the traditional way of doing it was to buy a house and rent it or sell it. But with internet in our hand the possibilities are endless.
There are various ways you can invest in real estate without a lot of money, you can use REITs, Mutual Funds, Real Estate ETF and many more.
There is still a lot of money to be made with the traditional way but it also need a lot of money to get started you need to put atleast 20% down payment and rest with loan if you don’t have money or if you have money then just invest it.
15. Invent Something / Start Up
This is one is the toughest if you don’t have experience in business. Your idea could be the best but if you fail to convince people about how your product can bring value to their lives you will lose your money.
There are a lot of difficulties when it comes to starting a company all by yourself that’s why people get investors on board who knows how to make a business work and help you with funds.
If you have an amazing working idea and don’t want to start a business you can simply patent it and sell it to other companies who might want it and they could pay you millions of dollar if they like it.
Remember Super Soaker, it was invented by an enginner named Lonnie Johnson who patented it and sold it to Nerf Toys for 72M $.
I know you might have got several ideas which are now a reality but if you would have patented them before you could be a multi millionaire.