How to Become a Self-Made Millionaire

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If you ask a large number of entrepreneurs what their dreams are, one of the most obvious ones will be to become a millionaire. They don’t realize that achieving this dream involves far more than having a great idea and making it happen. In fact, much of the success will have nothing to do with money.

After they venture into business with all its challenges, they soon realize that a lot of effort and hard work is needed to achieve their dream of being a millionaire. We will now provide you with the needed tips and tricks to help you achieve your goal of becoming a self-made millionaire.

How do I Become a Self Made Millionaire With no Money?
Money Tips That Will Help You Become A Millionaire
How Much Money do you have to Make to Become a Millionaire?
What are Jobs that will Make you Rich?

How do I Become a Self Made Millionaire With no Money?

So much about success boils down to mindset. People with a positive can-do mindset combined with sharp critical thinking and business skills can go far despite starting at zero. Below are some habit that can help you become a self made millionaire with no money.

1. Have A Vision

Self-made millionaires have a clear vision of their life. A focus on an idea or business defines their life. Instead of waiting around for the universe to do the work, they put in the hard work and take the steps to make their vision come true.

Take a look at your current life and write down what would need to change in order for it to equal your vision. Make small actionable steps every single day to work towards your goal.

2. Surround Yourself With Supporters

Often, we surround ourselves with naysayers and people who keep you down because they’re familiar. But if you’re wanting to become something you aren’t, you need to surround yourself with people who are closer to or on their way there themselves.

These people will be supporters to you instead of discouraging your ideas, no matter how improbable they sound right now. Ambitious people feed off each other’s energy and can help drive you to action.

If you don’t have anyone in your life or near you who fit’s this then do the next best thing – read about them. Reading biographies of people who have done something similar to what you hope to accomplish keeps you motivated and in the right mindset.

You may even pick up glimpses of their business savvy that gives you ideas of your own. Focus on people who had an average life before their success; not someone who was born into wealth and privilege.

3. Be Selective With Your Time

Stop doing the things that won’t make you rich. It’s simple in theory but so much harder to do in practice.

While having hobbies and volunteering is good, if you find that all of your free time goes to these activities, it’s time to reassess. There’s only so many hours in a day and if you don’t leave enough time to work towards your goals, you’ll get nowhere.

Always have an outlet for relaxing but perhaps you don’t need to spend 4 hrs playing video games or leisurely shopping every weekend. By redirecting even a fraction of that time towards something that makes you money, you’ll be much farther ahead.

4. Invest In Yourself

Investing in yourself can mean a few different things from schooling to mentorship. After you’ve made a plan with the steps you need to take to complete your vision and become rich, assess whether you have any gaps in knowledge.

If your vision is to start an online business but you don’t know the first thing about online business, then you’ll need to delve into that realm. While many things can be found for free, it often saves more time and energy to purchase training from an expert in the field.

5. Don’t Look For Quick Fixes

Get rich quick schemes are just that, schemes. If the money was quick to be earned, it’s also probably quick to be lost.

Building generational wealth takes time and is more stable when done with a series of tried and true investments. Stay away from unproven startups and investment “opportunities” from your buddies if you’re serious about building wealth.

Millionaires who started from nothing often found themselves with a passion and clear goal of what they hoped to accomplish. They focused solely on their goal and weren’t looking to take a shortcut.

6. Invest Your Earnings Wisely

Most millionaires invest in either real estate or the stock market, often both. Now before you start throwing your savings into either of these, it’s important to have a complete understanding of what you’re investing in.

Meet with a financial professional or immerse yourself in literature about either of these. Your goal is to gain a complete understanding of the investment vehicle you’re leaning towards. If you don’t understand it, hold off on investing in it until you do.

7. Always Keep Learning

Self-made millionaires never stop learning. Having a true curiosity about life and desire to learn is what made many millionaires successful.

Don’t think this means you have to go to college. In fact, many self-made billionaires dropped out of college before finishing their degree.

No matter what field you want to enter, learn everything you can about it. Follow the experts who have proven success and learn from their early mistakes.

8. Put your skill to work

If your aspiration to start your own business or work is motivated just because you don’t like to work for someone else or are not getting enough pay, then it’s highly likely that you will not go too far in life. To get success, it is crucial to focus on your passion, choose something that you are passionate about and love to do.

To get the success you must have dreams and goals of your own, and being driven to see them through. Self-made millionaires have ambitions and are willing to take risks to make those happen. They are passionate and relentless in their mission to succeed.

Set highly defined short-term and long-term goals with strict deadlines and you have to frame out exactly what you want and how to get there. While most of the common people ultimately want to lead a comfortable life, self-made millionaires push beyond the average, they believe in creating their own opportunities.

Be ruthless with your vision and be clear about what you want to eliminate from your current life, and what you need to add over the next few years.

9. Take calculated risks, and persevere through failures

While the middle class lives in fear of risking too much, often content to stay in their lane, millionaires strive to move out of theirs and know when to go for it.

Ordinary folks do not go beyond their comfort zone so as not to upset the milk bowl, but the fact here is that without taking calculated risks and overcoming fear, you would never become a millionaire.

You need to take calculated risks to be a self-made millionaire. When deciding whether or not to take a risk, ask yourself what is the worst-case scenario? Evaluate the costs versus reward probabilities before jumping in with both feet.

If you can anticipate the worst outcome, you can survive the odds. Millionaires overcome fear with knowledge and educate themselves before taking risks, and then they consider the consequences of failing.

They calculate the intensity of the risk versus the power of the reward. If you can survive the worst that could happen and if the most likely thing to happen will get you closer to your goals, then go for it.

Money Tips That Will Help You Become A Millionaire

Now that you know the habits and general ways millionaires make money, the following tips are ways to manage your money to give you the best outcome for building wealth.

Avoid Inflation

When inflation hits, you automatically spend more for the same things you need. It’s a challenge to overcome this, but it’s possible.

Instead of buying that very expensive house, you might consider a less-expensive option a little farther away. It can still give you the equity you need and provide you with a roof over your head, but it isn’t going to break the bank.

Of course, those who live on minimum wage also have to deal with lifestyle inflation. There might not be a lot you can cut out, but it’s still possible to become a millionaire. It just takes some creativity and extra effort.

For example, you might have gotten a salary increase at your job, but instead of saving all of that, you upgraded your vehicle. Self-made millionaires don’t do that.

Instead, they focus on keeping what they can the same and saving that extra money. When you upgrade everything, you could actually be spending more.

Food is the number one concern for most people. You need to eat, and you probably have particular favorites that may cost more than off-brand. Depending on your income bracket, you might be able to get on EBT or the government food stamp program.

This can help you buy food while you’re starting your savings journey. There are many meal-kit plans out there that are low-cost and help you eat healthily.

Other ways to save money on food are by meal planning and making freezer meals. Yes, becoming a millionaire isn’t easy, but cutting down on expenses is the best way to start.

Prioritize Spending Habits

Please don’t think that you’ve got to scrimp and deprive yourself of basic things. There may be guilty pleasures that you can’t or don’t want to live without.

You can still get your daily coffee-shop coffee or make another type of splurge periodically. Use these as a reward for saving $100, $200, and on and on.

The goal is actually to prioritize what you need or require first, such as rent, food, clothing, and the like. Then, you can see how much you’ve got left after saving your 10 percent and then splurge on whatever is left. To help you break this down, here are recommended household budgeting percentages.

As long as you’re staying on track with your set financial goals and think about lifestyle inflation periodically, it’s not a bad thing to splurge. In fact, you can’t stop living life right now because you’re trying to become a millionaire.

Life isn’t going to wait for you to earn as much money as you feel is necessary. Start living while being frugal and cautious.

Create a Budget/Savings System

If you want to become a millionaire, you’ve got to have a budget in place and an effective way to save money. Within the budget, it might be helpful to have some money set aside for you to spend as fun money. Sinking funds are a good way to factor this in.

That way, you can take out your morning coffee and do other things you want to do. However, it’s essential that you put your savings away and into another account before you start spending anything else.

Devoting yourself to becoming a self-made millionaire is the first step. Once you do that, you take out the money you want to save (10 to 15 percent of your check), and then pay bills with the rest.

You might find it easiest to track finances using a budget binder. Track all of your expenses, including essentials that come out each month. Make a plan to cover bills that only pop up a few times a year or annually (such as car insurance paid quarterly and your license sticker).

Remember, the budget has to be realistic, and it has to allow you to form good habits with time. Of course, you may get sidetracked periodically or have an unexpected expense arise.

That doesn’t mean you can’t become a millionaire. It just means preparing for them from now on and trying not to dip into the fund when you need money.

Boost Earnings

The best way to become a millionaire and increase your net worth is by making more money. Consider starting a blog, freelance writing, and other freelance opportunities.

You’ll find that the journey to success begins when you’re focusing on being an entrepreneur. This means looking for things that are free and focusing on the value you get from what you buy.

It’s also closely related to how well you do online. You can earn money from phone pics, sell photos online, post various streams of videos or podcasts, and come up with other ways to make profits.

You can take control of your financial needs with the right investment of your time. Here is some inspiration from income streams that the IRS says millionaires have.

Even if you have no money at all to spend on building a company, there are things you can do every day to help you get wealthy.

Free Money

That’s right; you can get free money. If you’ve got the extra time, invest in using these apps that pay you real money.

It’s not going to earn you a ton of money, but it can help you get started on making extra money without being too limited with time. There are many app games on your smartphone that allow you to earn cash.

You can also answer questionnaires and other things. None of them are secrets, but you should research them all first to ensure that you’re not wasting time.

Turning millionaire is a big proposition and one that is going to require you to be on the ball at every step of the game.

Avoid Debt

If you want to become a millionaire, now is the time to keep debt at bay. Don’t believe that you can really earn a living by using a ton of credit cards.

You’ve gone too far when you think you can be a millionaire without putting in any effort. Those who have debt should work tirelessly to pay their debt off and start off fresh. That way, it is possible to attain millionaire status.

How Much Money do you have to Make to Become a Millionaire?

Long-time personal finance columnist Scott Burns writes that by working for four summers starting at age 16, putting the money in a Roth IRA, investing it wisely, and waiting until age 67, it’s simple to become a millionaire.

That’s the 51-year plan. But what if you’re not that patient—or that young? Lucky for you, there are many ways to hit the million-dollar mark, but the faster you try to get there, the harder it becomes.

$1 Million the Hard Way

Let’s say you want to become a millionaire in five years. If you’re starting from scratch, online millionaire calculators (which return a variety of results given the same inputs) estimate that you’ll need to save anywhere from $13,000 to $15,500 a month and invest it wisely enough to earn an average of 10% a year.

That means taking calculated risks, diversifying, and avoiding investment fees such as loads and broker commissions.

Obviously, in order to regularly save this much money each month, you’ll need to have a fantastic income. At the low end, to meet the $13,000 a month savings goal, you’d probably need to make around $265,000 annually. The specific number will vary considerably depending on your income tax situation, but the point is that it’s high.

According to the salary calculator at PaycheckCity.com, if you make $265,000 a year, are single, claim two exemptions on your federal tax return, and live in one of the nine states with no state income tax, you’d take home around $185,000 a year, or about $15,400 a month.

Saving $13,000 would leave you with $2,400 a month to meet all your expenses—a perfectly reasonable number for many singles, and even some couples.

If you’re willing to be extremely frugal—let’s say you can get by on a mere $700 a month—will it make a big difference? In this case, not really. You’d still need to make almost $250,000 a year.

If you’re in a committed relationship, however, things get a little easier. You can get away with making around $132,500 a year then, as long as your significant other can make up the difference and is on board with your savings plan. Of course, then you’ll have to share your millionaire status.

$1 Million the Harder Way

Of course, $132,500 (or $265,000) might seem attainable (or like pocket change) for some C-level executives, but according to PayScale.com, the median salary for workers with 20 or more years of experience was a mere $71,578 in July 2009.

And it’s still only $125,166 for the average CFO with the same amount of experience. Becoming a millionaire in the short-term, therefore, requires a more ambitious strategy than steadily collecting a well-deserved paycheck.

Alan Corey, author of “A Million Bucks by 30” (2007), claims to have made a million dollars in seven years while earning a salary that more of us can relate to: $40,000 to $50,000 a year.

He happened to put some of the money he saved while living very frugally in New York City in the right place (real estate) at the right time (the expansion of the most recent real-estate bubble).

Of course, he also had some of the most important personality traits of success: determination, a strong work ethic, confidence, and a willingness to make some extreme sacrifices.

$1 Million the Easy Way

A short-term plan for creating wealth certainly includes these personality traits, but it often includes factors such as timing, luck, and/or possessing an incredibly valuable idea and knowing how to implement and market it. If you know you’re closer to average, consider a more traditional, more attainable approach.

The longer-term road to wealth involves such time-honored tactics as avoiding consumer debt, diversifying your investments, minimizing your investment fees, tax planning, minimizing housing expenses, and, for two-earner households, living on one income.

Putting aside someone’s $40,000 in take-home pay every year—and earning that 10% return as described above—will get you to millionaire status in about 15 years. Halve those savings and you’re still only looking at 20 years. It will take more work for sure, but it’s a lot faster than 51.

What are Jobs that will Make you Rich?

If you’re looking for the careers that make the most money, you should consider a college major that will get you on the right track. Certain careers have a higher starting salary that will get you more quickly (or immediately) over the six-figure threshold.

The top career choices for making the most money are being an investment banker or physician. Engineer and pharmacist are good options as well. If you’re looking for other ideas, check out the list below.

These jobs can help you get to a six-figure salary quickly. However, keep in mind that these fields are competitive. Additionally, some of them require extensive schooling.

Six-figure incomes can often mean six figures in student loans. While these may be the best jobs to make top bank, some also require getting a graduate degree. Make sure you weigh the pros and cons of each before deciding on what career to pursue.

1. Investment Banker

If you’re looking for one of the best jobs to get rich, becoming an investment banker is at the top. According to Glassdoor, the average base pay for investment bankers is $79,847 as of the date of this writing.

However, if you look at salary plus bonus, the average associate makes up to $150,000 in the first year, according to WallStreetOasis.com. Salaries for vice presidents top out at $1.5 million and managing partners can make more than $20 million.

It’s by no means easy money, though. Investment banking hours are notoriously long. And while getting an entry-level analyst position requires a bachelor’s degree, many investment bankers pursue graduate degrees. Most finish an MBA program but some get other graduate degrees such as a law degree.

You’ll have better success at getting a high-paying investment banking position if you attend a top-tier school. Many investment banks recruit heavily from Ivy League schools such as Harvard and Columbia. While you can go to a less prestigious institution and still succeed, choosing the right school can give you a leg up on the competition.

What do investment bankers do? Often, they help companies raise capital. They review an organization’s financial health, capital needs, and goals, and recommend the best strategy to achieve them.

2. Physician

If you’re good at science and enjoy helping people, becoming a doctor is a good career option. Salaries vary depending on specialization. However, even on the lower end, you’ll end up with a six-figure income.

According to the Bureau of Labor Statistics, the 2019 median pay for physicians and surgeons was $208,000 per year. However, that doesn’t account for the much higher pay for many physician subspecialties.

The more specialized you are as a physician, the higher your compensation. For example, a heart surgeon will make significantly more than a general practitioner, though they’ll also have to go through more extensive schooling. According to Salary.com, the average compensation for a surgeon is $394,658, while cardiologists make an average of $394,900.

To become a doctor, you’ll need to complete a four-year college degree, then take the Medical College Admission Test (MCAT) and apply for medical schools. Going to medical school takes four years and admission is highly competitive.

After medical school, the minimum residency is three years to become a general practitioner. Specializations such as surgery or cardiology can tack on several more years.

All of this schooling can get very expensive, but you can pay some of your own ways.

3. Orthodontists

If you’re good with both kids and adults, consider becoming an orthodontist. According to Glassdoor, the average pay for an orthodontist is $231,288 a year, putting it at the number three position in the best jobs to get rich. How much you make as an orthodontist greatly depends on where you live geographically.

To become an orthodontist, you first must complete a four-year college degree. Some dental schools accept undergraduates without a bachelor’s degree if they’ve studied in a pre-dental program for at least two years.

Once you’ve graduated from college, you must take the Dental Admission Test (DAT). From there, you’ll need to apply to accredited dental schools and complete a four-year program.

After dental school, an aspiring orthodontist must complete an orthodontics specialty program, which typically takes two years. Some orthodontists also complete a master’s degree program or a doctoral dentistry program in orthodontics.

Before you can begin practicing as an orthodontist, you must pass state licensing exams. This will give you the right to practice as an orthodontist in that particular state.

As an orthodontist, you’ll examine, diagnose and treat misaligned teeth. In addition, you’ll treat health-related orthodontic issues such as misaligned jaws, facial abnormalities, overbites, underbites, open bites and crossbites.

4. Dentist

If you don’t want to go through the additional schooling to become an orthodontist, you can still make six figures as a dentist. Per the Bureau of Labor Statistics, the median pay for dentists is $159,200 a year. Glassdoor.com pegs dentist compensation at an average of $187,601.

Becoming a dentist requires a bachelor’s degree in addition to specialty training. As noted previously, some dental schools accept undergraduates without a four-year degree if they’ve studied in a pre-dental program for at least two years.

To get accepted to dental school, you’ll need to take and pass the DAT. Dental school programs take four years to complete. Just like orthodontists, dentists must be licensed in the state in which they work. This often requires passing written and practical exams.

As a dentist, you’ll diagnose and treat problems with patients’ teeth, gums and other related parts of the mouth. In addition, you’ll counsel patients on how to take care of their teeth and gums.

5. Engineer

One of the best fields to get rich with just a four-year college degree is engineering. Becoming a doctor or orthodontist requires extensive schooling before you can reap the benefits of a six-figure salary.

And even many investment bankers have master’s degrees. Most engineering jobs, on the other hand, only require a bachelor’s degree.

However, not all engineering specialties pay the same. According to data from the Bureau of Labor Statistics, petroleum engineers are the highest paid, with a median annual salary of $137,720. Glassdoor.com shows the average compensation a bit lower at $104,917.

Petroleum engineers focus on figuring out the best methods for extracting oil and gas from deposits below the earth’s surface. They also focus on how to maximize oil and gas production from older wells.

Another option if you’re good with technology is becoming a computer hardware engineer. The median salary for this engineering specialty is $115,120 per the BLM. You’ll need a four-year college degree from an accredited program.

6. Air Traffic Controller

Looking for one of the best jobs to get rich without a four-year degree? That honor goes to air traffic controllers. The median pay for this job in 2019 was $122,990 according to the Bureau of Labor Statistics. Glassdoor.com reports higher average earnings at $137,187.

To become an air traffic controller, you’ll need an associate’s degree, although some programs may require a bachelor’s degree. You’ll need to attend an accredited Air Traffic Collegiate Initiative school and pursue a non-engineering aviation degree.

Additionally, you must be a U.S. citizen, pass all medical and background checks, and take exams and courses at the Federal Aviation Administration Academy.

What do air traffic controllers do? They are responsible for coordinating the movement of aircraft to maintain safe distances between planes. Air traffic controllers work in control towers, approach control facilities, or route centers. This can be a stressful job since maximum concentration is required at all times.

7. Pharmacist

If you’re looking for a career in the medical field but don’t want to be a doctor, becoming a pharmacist may be a good option. Pharmacists fill medication prescriptions and offer advice on their safe use and side effects.

You may also advise patients on general health topics like diet, exercise, managing stress and health conditions, and so on.

The median annual salary for pharmacists in 2019 was $128,090 per the Bureau of Labor Statistics. Glassdoor.com reports a slightly lower average compensation at $119,057. The aging baby boomer population will ensure demand continues for this career field.

Becoming a pharmacist requires first completing at least three years of college and, in many cases, getting a bachelor’s degree. All pharmacists must earn a Doctor of Pharmacy (PharmD) degree from an accredited school to practice.

You must also pass the Pharmacy College Admission Test (PCAT) and apply it to PharmD programs, which take four years to complete. Upon graduation, you’ll need to get licensed to practice pharmacy by passing the North American Pharmacist Licensure Examination (NAPLEX).

8. Lawyer

Becoming a lawyer is also on the list of best careers that can make you rich. Lawyers work in a variety of settings from corporate law to private law firms. Geography and specialization can also greatly impact your income prospects.

Per the most recent data from the BLM, the median pay for lawyers was $122,960 in 2019, while Glassdoor.com reports a similar number at $117,188. General counsel salaries average $149,115, according to Glassdoor.com. Lawyers who specialize in certain types of law such as pharmaceutical patents can expect higher compensation.

Becoming a lawyer requires a four-year college degree and additional higher education. After college, you’ll need to take the Law School Admission Test (LSAT) and apply for law schools.

Just getting into law school is highly competitive, and then it takes three years to complete. Upon graduating from law school, you’ll need to take the bar exam for the state where you plan to practice law.

If you want to specialize in a certain area of law that will result in higher earnings, you’ll likely need even more school. For example, becoming a pharmaceutical patents lawyer would require getting a graduate degree in biochemistry in addition to law school.

9. Airline Pilot

Are you interested in airplanes? Becoming an airline or commercial pilot may be a good option for you. According to the BLS, the median pay for pilots in 2019 was $121,430 per year, while Glassdoor.com reports a slightly lower figure at $100,000. Glassdoor says that first officers can expect to make an average of $125,718.

Airline pilots typically begin their careers as flight instructors or commercial pilots. To become a commercial pilot, you’ll need a high school diploma or equivalent and a commercial pilot’s license from the FAA. Becoming an airline pilot requires a four-year degree as well as an FAA-issued Airline Transport Pilot (ATP) certificate.

The job of airline and commercial pilots involves navigating airplanes, helicopters and other aircraft. Pilots usually work variable schedules, with overnight layovers being more common for airline pilots than commercial pilots.

Finally

To summarize, having a lot of money to start with is not a pre-requisite to become successful or extremely wealthy. The only way to become successful and have that success translate into wealth is sheer hard work and grit, the ability to take risks and make the most out of opportunities that come one’s way.

This is what separates the normal folk from the extremely successful persons. It is important to remember that all the successful, self-made millionaires had something special in them that set them apart from others. Either they were gifted with that talent or they acquired it through sheer hard work! What you do depends on you!