Everyone wants to be worth at least $1 million dollars someday; at least almost everyone. This determination makes most people put things like “I want to be a millionaire” or “I will be a millionaire” in their everyday phrases. While making positive statements repeatedly to yourself is a good way to gear you up, keep you motivated, and also stay optimistic, it’s not enough to attain a million dollar status or secure your financial future.
How then can a person become a millionaire? What does it take to make a million dollars anywhere in the world?
With the increasing number of legally self-made millionaires in Nigeria, America, and many other places in the world, there’s an endless number of scenarios to pick up from their success stories. What matters most are the universal steps they took towards achieving their goal, and how they overcame their challenges.
See Also: How Aliko Dangote Became The Richest Person In Africa
Here Are 5 Ways You Can Become A Millionaire:
1). Solve A Problem In A Less Saturated Market:
The key to the success of any small business or organisation, is the value they’re able to add to the lives of as many people as possible. Positive impacts on consumers aren’t born directly out of feelings of love, or excitement. Its root comes from solving a problem people experience, and solving it darn well.
Anywhere there’s a problem, there’s an opportunity. If your finances are going to skyrocket, you have to start a business that solves a real problem and has some demand. Whether it’s a construction company, a retail store, a pharmacy, or whatever, ensure your business solves a problem; especially in an environment where there are a few competitors.
Solving a problem exceptionally well in a new market is even better. The young-state of the market will help you attain dominance quickly, and shoot up your finances.
When you solve problems, you’re constantly taking steps in the right direction.
See Also: The One Thing Your Product Needs To Be Successful
2). Save To Invest In Promising Businesses:
The essence of savings shouldn’t be to have more than enough to spend on parties, food, clubs, clothes, and many other vain activities. It should be to majorly save up funds for future investments and/or emergencies.
As you earn income, set aside at least 10% of the total amount every month. When the sum begins to look substantial, you can start a side business with the saved funds, or invest in other people’s businesses.
It’s important you do a thorough market analysis of the businesses you choose to invest in before you release a dime of your hard-earned money. Speak to financial analysts, talk to an experienced entrepreneur, talk to a business coach, even talk to a friend, so you can have a lot more confidence in your investment decisions.
It’s also important that you avoid flashy and high-risk investments. You don’t want your savings going down the drain because of a fallacy. Although some high-risk investments turnout extraordinarily well for a very few individuals, it’s unwise to use all your savings experimenting on such.
See Also: How To Do Market Research For Any Business Idea
3). Master Money Management:
Money management is key to financial longevity. If you don’t learn to manage money well early on, you’d have a big problem attaining and/or maintaining a millionaire status.
Becoming rich involves making the right investments, and putting the income generated in the right places every single time. If you already burn through all your income without thinking of the ramifications, then becoming a millionaire would get incredibly difficult for you.
See Also: 5 African Entrepreneurs That Went From Broke To Billionaire
4). Invest In Yourself:
Knowledge is power, and if you’re not informed, you’re deformed. One keystone quality that separates millionaires from the rest of the pack is their attitude towards knowledge; they just can’t get enough of it!
If you’ll someday become a self-made millionaire, you have to start building your intellectual prowess. As you study various types of books, you’d understand most of what works and doesn’t work, be more open to opportunities and ideas, and know what steps to take, when, and how.
Reading a minimum of one book a month is a good place to start for any aspiring millionaire. No matter how old you are, you can start today.
See Also: The 5 Top Business Books To Read Before And After Starting Your Business
5). Aim For $10 Million Dollars, Not $1 Million Dollars:
Aim for the stars, and you’d land on the moon. If you plan on being a millionaire, you have to aim for at least $10 million dollars, so if you fall, you could land on $1 million dollars or even $500 thousand dollars.
“If you aren’t scared of your dreams, they aren’t big enough.” – Ellen Johnson. It’s important that the size of your goals must always exceed your capacity to achieve them.
If you’re going to become a millionaire, you have to think like a multi-millionaire. So if after smart work, resilience, and several other factors, you don’t land on your goal, where ever you drop off wouldn’t be too far from it.
See Also: The Most Important Skill Every Entrepreneur Needs To Succeed
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What are your thoughts on these powerful ways to become a millionaire? Let me know by leaving a comment below.
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