Content of the material
- What do you need to do to become a millionaire?
- How to become rich online?
- Method #6: Surround Yourself With Other Millionaires
- 7. Start a side hustle
- 4. Consider both aggressive and conservative strategies
- Build Your Own E-commerce Website
- Method #1: Work At A Startup Company That Provides Equity
- What Does Being Rich Mean?
- 4. Become a Millionaire from Blogging
- 2. Instagram
- Freelance Writing
- How do I make money writing online?
- Changes Youll Need To Make To Succeed
- 1. Set A Sleep And Wake Schedule
- 2. Create A Morning Routine
- 3. Be Responsible While Out
- 4. Begin An Exercise Routine
- 5. Start Meditating
- 6. Be Energetic And Motivated
- 7. Don’t Overthink
- 8. Remove Barriers
- 9. Fix Things
- 10. Monitor And Track Your Progress
- 11. Don’t Overdo It
- 12. Plan
- 13. Get To Work
- About Us
What do you need to do to become a millionaire?
The answers to this question are not as exciting as you might expect. Most millionaires do much more than just starting their own businesses that bring them tons of money. They do certain things with that money that helps them reach and maintain their millionaire status.
After all, there is a reason most lucky people who win millions in the lottery end up ruined, and that’s not a lot of money they get together.
The reason is how they live with them and what they do. This is what determines the limit of their success or in most cases failure!
How to become rich online?
How to become rich quickly on the internet? How to become rich fast? how do I become rich overnight? how to get rich on the internet? And How can I become rich? These are the common queries which are getting huge suggestions on the web.
These are questions that arise most bloggers and web entrepreneurs at the beginning stages. You also asked that you are definitely one of these questions a day, is not it?
This article will help you know the easy ways to make money online.
And so far you have not found satisfactory answers, then know that I have good news and bad news for you.
The bad news is that it is just impossible to make quick and easy money on the internet.
And the good news is that you too can get rich on the internet, but first you must learn and be able to do some things.
You must also know and use some tools, tools without which your success will be compromised from the start.
To Making Money With Your Site (monetize), you need to understand the process.
Method #6: Surround Yourself With Other Millionaires
This last method for how to become a millionaire isn’t a strategy per se, but it always leads to lucrative results:)
In general, I’m very selective with who I spend my time with because I want to be surrounded by people who challenge me to try new things. I want to be around people who care about their lives and strive to be the best they can be.
For example, my buddy Lars Hundley convinced me to start selling on Amazon which increased my ecommerce profits by an additional 6 figures practically overnight. Thanks Lars!
Grant Baldwin introduced me to online webinars which I promptly used to generate over 60K in revenue on my first try.
Toni Anderson encouraged me to start my own event. And today, running the Sellers Summit with her is one of the most rewarding activities I take part in every year.
While surrounding yourself with other millionaires may not directly lead to money, you’ll learn a ton just by interacting with people who want to win.
When you hang out with people who are constantly learning and growing, their energy and presence will rub off on you and help you become a millionaire.
7. Start a side hustle
You can make money by working a full-time job or by starting a business. Better yet, you can do both. Over time, your side hustle might turn into a big business that will generate even more income than your full-time job.
In 2009, I launched Financial Samurai as a way to make sense of all the financial chaos. Little did I know that the site would grow so big and so fast. It gave me the confidence to negotiate a severance in 2012 and leave my full-time job for good.
4. Consider both aggressive and conservative strategies
Investing in an S&P 500 index fund is fine, but if you want to get rich fast, I recommend making more high-risk bets. You can land bigger wins for a small portion of your portfolio.
Don't go crazy and blow all your money away, but be willing to experiment with aggressive investment strategies. Like I said, when you're young, you have very little to lose.
When I was 22, I only had about $4,000 to my name. Regardless, I invested 80% of my money in one stock and got a 5,000% return. Part of it was luck. But I did my research, took a big risk and it paid off.
Build Your Own E-commerce Website
If you want to make money online as you see fit, you can create your own e-commerce website. This will take much more effort than other options on the list because you’ll need to consider SEO and customer service, but it also could give you the opportunity to make the most out of your business idea. Plus, with several options for connecting with vendors and distributors, you won’t need inventory space or a shop to be able to run a successful e-commerce site. You can do it all online.
Creating your own company will require certain paperwork and fees, depending on how you want to classify your business. For example, if you decide to run it as a sole proprietor, then you are not required to register your business and will only be necessary to register a “doing business as” (DBA) entity if the name of your company is different from your name. But if you decide to register as a limited liability company (LLC), you’ll gain protection from possible personal liability.
When building a brand, you also need to consider intellectual property, such as copyrights and trademarks, depending on your industry. Consider hiring a professional to help you figure out whether these are necessary or beneficial for your business.
Method #1: Work At A Startup Company That Provides Equity
Remember when I said that working a day job will never make you life changing money? There are a few exceptions to this rule.
If you work at a startup company that grants you equity in the form of stock options, then those options have a chance to become a huge windfall of money if the company experiences a liquidation event like going public.
In fact, this was my initial strategy for life changing wealth when I first graduated from Stanford with an electrical engineering degree.
My plan was to work for as many startup companies as possible (for 3 years each), amass a portfolio of stock options from various tech companies and roll the dice.
Unfortunately, I never followed through with my plan and stayed at the same startup company for 17 years. What can I say? I fell in love with the people and the technology:).
Anyway at this company, I lived through 2 major downturns in the early 2000s and 2009, survived multiple layoffs and eventually earned a decent sized windfall of money.
In 2013, my startup company was acquired and I came away with just shy of a million dollars in stock options and retention bonuses.
Now while a million bucks sounds pretty good, I could have made 8X more had I followed my original strategy.
During my 17 year stint at my company, I almost left twice for 2 different startups that today are worth many billions of dollars each. If I had worked for both of these companies, my stock options would be worth a high 7 figures today:).
Don’t get me wrong. I don’t regret working at this company one bit as I developed many great relationships which I continue to cherish today.
But it all comes down to a little bit of luck. The larger stock option portfolio that you can amass, the more chances you have of making it rich.
What Does Being Rich Mean?
So you want to get rich?
What does that really mean?
For some people, being rich means having a lot of money. But for others, it’s about enjoying life and doing what you want when you want to do it.
Ultimately, being rich is relative. If you want to spend money eating out at nice restaurants or traveling the world, most people would say you have to be rich. But if your idea of being wealthy is having a family and home – then you might not need to be rich.Earn up to $50 with the Nielsen Panel 🤑 Looking for free money? With the Nielsen Panel you can get up to $50 per device. Register Now!
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4. Become a Millionaire from Blogging
Blogs are the latest, trendy way of making money. When you read a blog, you’re probably thinking about somebody sharing their views and experiences with you.
How could that get you money, right? That’s a good question. And the answer is collaborative work. Writing blogs is a diverse industry, and there are several ways to make money out of it.
You can do affiliate marketing through your blog, collaborate with brands and companies, write for paying-clients, and even start your own business through blogging.
Developing a reader community is essential if you want to transfer that audience to your business later.
Your blog is how you can create a productive relationship with an audience of your niche and then monetize this relationship to become a millionaire.
I know it sounds horrendously selfish, but you don’t have to manipulate or misguide the audience necessarily. You just want to transfer the traffic to your business, and there’s nothing wrong with that!
If you’re interested in starting a blog, I have a tutorial that will show you how to start a blog on WordPress.Suggested Reads
How to Become a Rich Blogger in 7 Powerful Steps7 Unique Ways You Can Make Money Blogging on SquarespaceHow to Make Money Blogging
Believe it or not, instagram is the next youtube when it comes to earning online. People get paid to have a shoutouts or sponsorships with their posts that gets hundreds of thousands of views each day. This platform in itself is very wide and free of cost too. There are multiple ways to start earning through this as the platform offers tons of opportunities to people.
Freelance writing has been one of the most popular work-from-home businesses for years, and that is just as true today. The best part about freelance writing is you can leverage your existing knowledge and experience and turn it into a writing career. However, you probably won’t make very much with freelance writing if you are just writing articles for clients — especially in the beginning. To really make a lot of money with freelance writing, you must differentiate yourself and offer high-value services. For instance, Amy Suto is a freelance writer who makes $300k as a freelance writer in the Web3 space. “I raised my rates to $350/hr but still find myself constantly booked and busy: this is because I’ve created a reputation as a high-quality, high-end freelancer with specialized services,” Suto says. She has content packages on her website, SutoScience.com, with five-figure price tags. Setting your own rates is one of the beauties of freelance writing. Live Richer Podcast: How To Get Free Rent and Retire Early
How do I make money writing online?
Writers can make money online writing books, blogging, and through many other freelance opportunities. Writers who are self-employed should build a network, gain followers on social media, and become experts in their field by enhancing their skills and gaining industry-specific experience.
Changes Youll Need To Make To Succeed
Now that you know about some of the ways you can earn money on the internet, I want to make sure you are prepared for the lifestyle changes you’ll need to make.
It’s unlikely you’ll become a millionaire without careful planning and intention. Change is inevitable and necessary, so let’s focus on those things first.
1. Set A Sleep And Wake Schedule
The most important bit of advice to take away from this article is to wake up early, be productive throughout your day, and go to bed at a decent time. If you choose to sleep in everyday, you will have pretty much wasted your productive time.
Most businesses are open 9 to 5, though some may use different hours. Make sure you are setting the alarm to be working during regular business hours. And, don’t forget to work on your sleep routine.
If you have have kids at home who take up your mornings, try to wake up even earlier to work or stay up working after they’ve gone to bed. That’s what I did, and still do, building Money Tamer and my other businesses.
2. Create A Morning Routine
Once you wake up, you should set up a routine rather than just getting on the computer or grabbing your phone. Follow the ritual each day.
An example of a good morning routine includes eating breakfast, showering, meditating, getting dressed, and making a to-do list for the day.
Email and social media can be time sucks. If you find yourself getting distracted by these, put them off until later in the day.
3. Be Responsible While Out
I am never going to tell someone to quit drinking or to stop enjoying life. But, there is a way to have fun responsibly. To be successful you do not have time for a hangover on Monday (or any) morning.
Have a few drinks after a long day, but try not to go overboard. That way, you are ready to go for the workday ahead.
4. Begin An Exercise Routine
Exercise can help detox the body and get your blood pumping. It can help you relax so that you’re productive and focused throughout your workday.
Start making time for a walk in the morning or do your favorite exercise routine. You can also consider stretching throughout the day to reduce pain and stress.
Whatever you do to exercise, make sure it’s something you enjoy doing so that you’ll stick with it long-term.
5. Start Meditating
Meditation doesn’t have to be you saying ‘ohm’ and sitting cross-legged. It just means that you relax your body, free the mind, and focus.
You can choose to do it at night before bed or in the morning. Take up to 20 minutes each day, but don’t rush yourself. If you only have five minutes to meditate, that’s enough.
6. Be Energetic And Motivated
Do whatever you must do to stay focused and motivated about your goal. You can read stories from other millionaires, make vision boards, or watch inspiring videos.
If you’re motivated to make money, you will be more productive and energetic.
7. Don’t Overthink
Overthinking can kill motivation quicker than everything else. Stop doing it! I know it’s hard, but it’s probably the only thing preventing you from making those changes to your life and taking the step toward success.
There is a difference between making plans or focusing on pros and cons versus overthinking. Once you’ve decided what you want, work toward attaining it. Don’t continue just thinking about it, you must take action.
8. Remove Barriers
If something is preventing you from changing what must be changed, you must remove that barrier. This could be a personal obstacle, a specific person, or other things.
Get rid of barriers as quickly as you can. I know this isn’t easy, but it’s essential to remove what prevents you from attaining your goals.
9. Fix Things
Similar to removing barriers, you have to fix what doesn’t work. Sometimes, that’s a person or a thought. Often, the only way to deal with such a problem is to remove it.
If the people you surround yourself with aren’t motivated, supportive, and enthusiastic, change your circle. This isn’t selfish or mean. It’s actually beneficial for more than just your business goals.
10. Monitor And Track Your Progress
How do you know if you’re doing things well? You won’t, if you don’t find a way to track and monitor the progress you make.
Use a spreadsheet or journal to document what happens each day. This will help you to stay on track, see your progress, and monitor if you are achieving your goals.
11. Don’t Overdo It
Typically things are good in moderation. You do not want to overdo anything. This includes eating, sleeping, and drinking too much.
These are all toxic things, and you should work toward balance in life. Building a business and building wealth are things that take time. You don’t want to burn out when you’re still in the beginning phases.
Planning is essential. You aren’t going to stumble into becoming rich.
It can help you have less anxiety and stay motivated. Plus, you will be confident about your future with a list of things to do.
Make a list of the tasks you want to complete in your business. Then list them based on whether they need to be done immediately in order to grow or if they’re a longer-term goal.
Focus on the projects that are needed for immediate growth first. Then down the road you can start putting energy into the goals that take more time or needed a larger audience.
13. Get To Work
You might not understand everything there is to know about your niche or goal, but that can’t stop you from starting. Don’t procrastinate or waste time.
Just begin, and things are going to fall into place as you go. If you come to a stumbling point or a knowledge gap, hire someone who can do the task for you or learn how to do it yourself.
The key is to wait until you are at the point of needing that knowledge instead of procrastinating because you think you still don’t know enough.
My name is Liz. Welcome to my personal finance blog! In the last few years, I’ve managed to pay off my student debt and build a passive income empire from scratch. I’m dedicated to teaching you how to make money, get rich & reach financial freedom. I’m not a financial advisor, I’m not an expert; I’m one human being sharing my successes and know-how with you lovely people! So let’s make money together! If you’re new, you can have a look at this complete list of posts I have written.