Proven Ways to Become a Millionaire

These are 5 ways anyone can become a millionaire

1. Start a Business

There’s no doubt that starting a business is one of the best ways to become a millionaire as 24% of millionaires are made through owning a business followed by real estate at 16%. However this comes with significant risk and effort to achieve a successful business.

2. Real Estate

Owning real estate, particularly rental properties, can build significant wealth over years, and there are many ways to get into your first property with little to no money. Once you've accumulated one property it becomes easier and easier to scale and accumulate more through things like a 1031 exchange and home equity loans.

3. Stock Market

Investing money in stocks and bonds can grow wealth through compound interest over decades. This is how Warren Buffet now worth over 121 Billion accumulated his wealth. The key is to dollar cost average and never panic sell even through economic stress.

4. Develop a High Income Skill

Developing a high income skill is a great way to increase your income so that you can invest and grow your business even faster. It is said that learning a high income skill is 10x more profitable than a degree. Some high income skill recommendations are trading, editing, copywriting, and sales.

5. Live Below Your Means

The less you can spend on designer clothes, nice cars, and liabilities. The faster you will be able to achieve wealth. Its better to focus that money early on into building your business, real estate portfolios, and skills first, and then later on once you’ve established these passives sources of income you can then justify buying that Lamborghini that you’ve always wanted.