By Our Editor
Becoming a millionaire takes a lot of thinking, planning and discipline to achieve, but it is possible. Some of the wealthiest people on earth may not be better in terms of education, family background or any other criteria but are regular people who took advantage of opportunities to make a fortune. This requires the ability to see things the way other people don’t because not everyone sees opportunities when they come. In this article, I am going to show you ways that you can become a millionaire in less than 5 years wherever you are. So read on.
Ways to become a millionaire
One of the easiest ways to become a millionaire is to have something you want to sell. Money answers to goods or services and not any other thing. If you have some goods or services that solve people’s problems then you can sell them to make money. For instance Coca Cola sells Coke as one of its product and it is said there is no corner of the earth where coke is not sold. Why? Coke is a wonderful drink that has such a refreshing property everyone enjoys.
So people pay for coke to get refreshment. As for services, examples are banking services on which almost every transaction including payment of workers’ salaries depends. It is literally impossible to operate in this modern world without having a bank account because banks facilitate many things and make it easy. Therefore sell something or render a problem solving service and you are on your way to becoming a millionaire.
One discipline rich people have that the poor don’t have is the culture of saving. You can never make money by spending exactly what you earn. If you earn 10,000 Naira for instance, try to save at least 50% which is 5,000 Naira every time the money comes in.
This will take a lot of discipline but if you sustain this practice then you will be amazed at how much you have at the end of one year. No matter how little your income is, you can still save from it and make something of yourself so learn to save from your regular income and you will be on your way to becoming a millionaire. Without saving, it is impossible to make money and if care is not taken you will begin to borrow and that is the highway down. Your net worth starts to read in negative values and that is what kills many people and puts them in bondage so discipline yourself to save. You may struggle today because of your decision to save but you will smile in the future trust me.
If you learn how to save from your income, you will soon have money to invest. Investment can take any form e.g. shares, real estate and many other options. What is the idea behind investing? The idea is to multiply the money you have saved in geometric progression not arithmetic progression like when you were saving. Investments are meant to give you rapid multiplication of your investment capital.
Some investments take a long time to yield e.g. shares while some take just a short while to yield results. Let me make it clear that keeping money in your bank account is not investment. It is a waste of time and money. I know a friend who got 300 Naira interest after one year on a million Naira sitting in the bank. That’s is not investment! Find out good investment opportunities that will yield you good returns and put your money there instead of the bank if you are serious about becoming a millionaire. Banks still use your money to invest and make profit which they don’t give you.
This is important. Someone would ask why I didn’t just mention in the preceding point but I separated it so that you will know the weight of the matter. Investing is not enough, you need to re-invest your capital with the interest. One temptation that people experience after gaining some interest on their capital is to spend the interest and sometimes the capital but that is one thing millionaires don’t do. This is where discipline comes in. if you go ahead and spend the money then you are done but if you close your eyes and re-invest, first your returns will double, and then your money will grow much faster than when you first invested it. The more you roll over your money, the more it grows and faster too so re-invest. Wait patiently until your money has grown substantially and then you can spend it on anything you want and still have more left to invest. But never stop investing.
Diversify your source of income
As you make more money from one investment, begin to diversify your investments. Invest in other aspects that are more long term such as buying of lands so that you have long term investments on ground. When you do this, your income will be flowing like many rivers leading to one place and if one investment should have a problem, there are others to complement it so you wouldn’t have anything to fear. This is the secret of the world’s billionaires. Is Dangote focused on one business type? No! Neither is any other billionaire.
They all have at least five different investment types that ensure a constant flow of money into their pockets. They invest as opportunity presents itself in fact some of them have shares in many other companies in which they have identified potential gain. Such method is what will make you a millionaire in less than five years so learn to diversify by the time your income has become really huge so that you will have many money making routes.
Dear potential millionaire, if you seriously want to become a millionaire in less than five years then start inculcating the information provided in this article.
It is tested and proven by many to work and it will work for you if you follow it diligently. Do not waste your time following what everyone does instead of saving and investing and you will be happy you did in the future. Thanks for reading and good luck.