How to Become a Millionaire with Less than $500 in 3 Years
The first step to becoming a millionaire is to get our mindset right. We need to ask ourselves why we want to become a millionaire in the first place. Is it because we want to prove somebody wrong? Do we want a better lifestyle? Do we want our families to have better options? We also have to feel like we deserve it. Only then will we go full force towards it. We also have to be willing to work for it. We have to be willing to grind, put in the hours and outwork everyone else.
We also need to follow a blueprint. The best practice is to follow people who have already done it. Having the opposite or different mindset than our friends, colleagues, or other people in our life helps too, who may have limiting beliefs about what can be achieved in life.
Method and The Math
There are basically five methods that are talked about the most. The first method is to become a CEO of a company, an athlete or an entertainer. But it may be difficult for a majority of people to achieve success in these professions as they may not have a good formal education or the necessary skills.
The second way is that we can simply get lucky. We could win a lottery or marry the right person or one of the other things. But luck is unpredictable and it is totally a game of chance.
The third way is to become a net-worth millionaire. This means that we have illiquid assets, which is also what is called being a ‘paper millionaire’.
The fourth way is to rely on capital gains. We can buy stocks, real estate, rare collectibles or cryptocurrencies. Basically, anything that we can buy low and sell high in the shortest period of time.
The last method is to become a cash flow millionaire. It can be done individually or by building a team and putting in the time and effort. If there is a product or service that we can sell on commission, then over time, we can make a lot of money.
The first strategy is to get started. This involves three steps, the first of which is putting in the capital. This can be in a corporation, or a business, or stocks, depending on the method we chose in the previous section.
The second step is to start the process of cash flow. If we’re investing capital, we should have a mindset of ‘return on investment’. The third step is to leverage our contacts. We never know who among our friends or family can end up supporting us on our journey.
The third strategy is to choose the right industry. We have to choose a wealthy industry where there is a higher chance of making a lot of money. Follow a set of moves like following people who have already done it, finding a blueprint to follow, seeking mentors, going to networking events, acquiring new skills and so on.