8 ways you can become a millionaire in 5 years

8 ways you can become a millionaire in 5 years

Each year we have millions of millennials entering the workforce which isn't that crazy because everyone needs a job at some point.  But what about the millennial that just wants to grind and make money because they don't have a specific interest they want to follow other than being successful and not have a worry in their lives?  Well, that's what a lot of people want, not just millennials.  So I think that this discussion can actually target anyone who wants to be a millionaire

Everyone wants that nice house, car, boat, clothes, etc. but they aren't always interested in doing the work.  If you're one of the lazy people, you probably won't want to read all of this because there is work involved in these 8 different ways to become a millionaire in 5 years.

Below I will cover the 8 ways anyone, not just a millennial, can become a millionaire in 5 years.


Start Up A Business
When you're wanting to become a millionaire, you will likely have to stat up a business and be successful with it.  Your success in this is not guaranteed at all, and you'll likely fail a lot in your travels, but this is a necessary step to see if working on your own is what you're cut out for.  It's an uphill battle with a lot of obstacles, but if you can achieve success with your own business, you can bootstrap and become wealthy quicker than most methods out there.


Look For A Mentor
Some of the more wealthy people out there will admit that they had a good mentor when they were starting out.  They didn't usually start on their own and take calculated risks and then fail, they had someone showing them the way that works and they copied it with little spins of their own.  It doesn't matter if you're 18 looking to get mentored by a 60 year old or you're the 60 year old trying to get mentored by the 18 year old.  It all depends on what industry you're getting into and who are the top players within said industry.  Age is only one of the many numbers when it comes to being successful, don't overlook someone just because they're young, they might be able to teach you something that a group of older professionals can't.


Develop Your Own Product
Have you ever seen the show Shark Tank?  Well if you haven't, it's a show with investors, or "Sharks", who sit in front of entrepreneurs who pitch their products to them.  If the sharks bite, you could get a nice investment but signing over part of your company in the process.  It's not usually something a lot of people like doing, but if you're in it for the money, it's a good thing to think of.  

Now I'm not saying that you have to go on the show, I'm just saying that if your idea is good enough, people will throw money at you.  Your product doesn't even have to be something 100% unique.  Instead of reinventing the wheel, you simply have to put some nice rims on it, polish it, put some air in it and then sell it.  There are thousands of companies out there that simply make a product better and slap their own logos on it and make millions.


Buy or Take Over an Existing Business
If you choose this route, you might want to have a good amount of money or experience.  You won't be able to just walk into a company and take it over, it doesn't work like that.  You will need to either be hired based on your experience and be placed in a board members position or you need to purchase the company which will automatically place you on the board.

Taking this plan of action allows you to skip all the hard work of starting a business on your own in hopes that it will be successful.  All the guess work has been done for you already and the work was completed.  You just have to basically manage the company now and push it in the right direction in order to keep the profits coming in.


Invest, Invest, Invest
Now this can be tricky, I actually try to stay away from most investments because I don't have time to monitor how they're going.  For some people though, this is what they focus on all the time and it's their full time job.  The main think I don't like about investing is that it's a high risk high reward type of strategy.  You can do all the research in the world when it comes to who or what you're investing in, but you can't predict the future which means you could lose everything overnight.

The best way of investing is to focus on industries you're interested in and not swaying from them.  This way you will usually be up to date on the news and what's going on so that you know when to put more in or when to pull out.  Yes, the news will sway the price of a stock fairly easily because they're publishing content and videos to the masses who are quick to pull their money out when they think they're going to lose it.


Save What You Can
Now this isn't the direct way to become a millionaire within 5 years because if you were to save $200,000 a year then you wouldn't be reading this most likely lol.  When I say to "Save What You Can" I'm talking about a few bucks here and maybe $100 out of every check you get.  After a few months you should have a decent amount of cash that could launch your next business idea which could be your road to millions later on down the path in 5 years time


Think of a Side Hustle
When I talk about a side hustle, it could be anything from getting a bar tending job, working part time for a business, or even starting up your own business.  The side hustle is to focus on bringing in some spare cash so that you don't have to worry about investing in yourself too much.  You can use the side hustle money in order to start up a new business which would not put a strain on your main source of income.

Not everything you do on the side will be successful, you'll have to remember that.  You might start up 3 businesses a year and they will all tank, but that doesn't mean you should stop trying.  Figure out what works and stick with it until you're a millionaire lol


Increase your Salary
Yes, it's possible to do even if you're being negative and think it's not lol.  If you're educated and have good experience within your field of expertise, you can get top dollar for your time.  Never settle for the first position that is offered to you unless it's much higher than the national average for the position.  Of course you'll have to do some research and figure out what those averages are, but that's not too difficult.  Take a class or read some books on how to negotiate your salary position and it will literally pay off in the long run since you'll be getting paid more money

After you land that cozy salary job paying you above the national average, take what you can afford to lose and start a business, invest, buy a business or franchise, etc.  Money makes money, remember that.



In Conclusion:
Making money and becoming a millionaire takes sacrifice.  You can't just start something and instantly get millions deposited into your account overnight unless you win the lottery.  You have to work hard for it, invest and reinvest what you can, never stopping to ponder too much on your failures and eventually becoming successful


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Thanks!

Razzy