Blog (MP) You don’t need to wait until you’re almost dead to become a millionaire. There are lots of people sharing get rich road maps but, most are told by people who aren’t millionaires at all. In my experience, most millionaire’s won’t tell you exactly how they became rich. But if asked in person, they’ll usually give you a broad outlined of the story. However, sharing with you the exact blueprint is a thing they often won’t and don’t do. If you’re like me, you’ve paid for “how to become a millionaire” courses and attended seminars only find out later you’ve wasted your hard-earned money. Enough of that nonsense. Until I met my first mentor, I too was on the road to mediocrity.
My mentor Mr. Kasper once told me: “Don, I’ll point you in the right direction but, you’re going to have to do the work. I wouldn’t deny you the experience and gratification of knowing you became rich through hard work, commitment and due diligence.” Today, I’m grateful Kasper didn’t hold my hand, and so I won’t hold yours either. He knew a LAZY person will rarely become a wealthy. So, I will do for you only what Mr. Kasper did for me and that points you in the right direction. The way is already laid out right before you. You only have to choose your course, do your due diligence and act. I also recommend reading Grant Cardone’s “You Deserve to Be a Millionaire” for more concrete tips. Cordone’s style and viewpoint are somewhat similar to MoneyPacers, so do yourself a favor and read it. Below is my road map to becoming wealthy in 5 years. Believe it and you will achieve it!
A Road map to Become a Millionaire
1. Save Money – You can achieve wealth by saving money or better still, being a cheap skate. Start early and get a good paying job. Save your cash in the bank and invest it in becoming a millionaire. But first, you’ll have to…
2. Develop a Plan – I never met a self-made millionaire who didn’t get there without developing a personal investment or business plan. You’ve got to know where you’re going and a plan will not only give you direction but a measurement.
3. Build a Business – You can become rich by being a business owner. Or you can get rich by being an entrepreneur or simply by being self-employed like an online stock trader, or creator of new products. This was exactly how I made my money. To achieve this, you need initiative, skills and knowledge of the business you are venturing into. Afterwards, check out structure your business.
4. Become an Investor – One road to wealth is being an investor. Your choice of investment vehicles may be stocks, real estate, IPOs, startups, etc. Also, you can choose to be an angel investor, Venture capitalist, or finance predator (buy and sell companies). To do this, you’ll need to be financially intelligent. Adequate knowledge, a good team, access to information, analytic skills and most importantly; having Money helps you with this vehicle! Other People Money can help you here.
5. Develop Content – Selling content is just a shiny way of saying, “I sell information.” Selling information could mean you run an online newspaper or perhaps a magazine or a blog. It may also mean that you’re a publisher, author or blogger. Ever heard of eBooks?
6. Become Famous – You can achieve wealth by being a super star. Maybe an athlete, actor, musician, or celebrity blogger, etc. But it takes years of consistency, hard work, a good deal of fans with plenty of media power and a bit of luck to become a celebrity.
7. Marry a Rich Person – It’s possible to marry someone rich and achieve wealth. Most people marry for money these days away, so it’s not a problem anymore. Being an actor might help you here, because that what it takes to live with somebody you really don’t love. You just have to vacation at the places found in our travel section, where plenty of rich widowers can be found. Good luck!
8. Develop Software – Software systems generate money with code, and nowadays they normally do it over the Internet. This could be anything from a piece of financial software to an iPhone applications –or Android App. The primary benefit of software systems is that they scale automatically. Anyone with an Internet connection can get access to your asset, which is very powerful. Once created, your assets can be scaled and sold to millions of people with very few employees.
9. Rent Stuff – There are money-generating activities that allow you to earn money from others renting out goods. One example is the real estate. If you rent out a home, apartment, or commercial real estate, your clients pay you to rent each month. However, there are actually other ways to rent property. Developers license Apps. Artists can license their photos, music, or artistic work. Inventors can license their patents and inventions to corporations for a nice fee. Owning the rights to any desirable asset and renting it out to others is a superb way to become a super-rich.
10. Other People’s Money – Borrowed money is a major force behind virtually every successful business empire. Borrow money and use it for leverage in investing (whether buying stocks, buying a franchise or developing software) in a business that can rapidly magnify your wealth.
Certainly, every tactic here won’t help you become a millionaire in five years. If you’ve guessed which points will get you there then you’re smarter than most. To give you a super boost read: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by T.J. Stanley, it identifies seven common traits that show up again and again among those who have accumulated wealth.