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Jul 25

Top 7 Ways to Become a Millionaire

Top Ways to Become a Millionaire

Top Ways to Become a Millionaire

After several years of interviewing and researching millionaires, I have distilled the top 7 ways to become a millionaire in this post. They are:

  • Develop a business with scalable, million dollar sales

  • Become a “How-To-Guru” by writing, coaching and promoting books, informational programs, how-to books and other IP (Intellectual Property) on the internet

  • Pursue an executive career path

  • Create high demand as a self-employed professional

  • Receive high commission income from your sales ability or by becoming a well-paid sales consultant/trainer for public corporations

  • Attain celebrity status as an actor, entertainer, musician, broadcaster, chef, athlete, author or motivational speaker.

  • Become a knowledgeable investor in stocks, bonds, and real estate

How Millionaires Acquired Their Wealth

Research gathered from Brian Tracy indicates a full 74% of self-made millionaires acquired their wealth by developing their own business which makes business ownership the number one way to become a millionaire. 5% of self-made millionaires acquired their wealth as a result of their sales skills; 10% are top executives in major corporations and 10% have become wealthy by honing their professional skills as a lawyer, doctor, accountant or other professional.

The last group of self-made millionaires is the 1%, who has achieved celebrity status, invested, inherited or won their fortune.  Many in his group made their money on inventions, sports, entertainment, writing books, songs or movies. While some celebrities are notorious for blowing their wealth, others who have made money with their talent diversify into business and investments.  Oprah Winfrey, Rachel Ray, Bill Cosby, J.K. Rowling and John Elway fit this profile.

Start an Online Business

Now you may be thinking that unless you have the athleticism of a Peyton Manning or the acting talent of an Oprah Winfrey, your chances of becoming a millionaire are slim. That’s probably true if you are trying to make a career in sports or entertaining.  But any one can become a millionaire in this day and age by starting a business.

I know some who read this will be quick to think that there are almost 2 million new business start ups each year in the United States alone and nearly as many failures.  Why would anyone want to start their own business?

Actually, that statistic relates to traditional brick and mortar businesses. The main reasons for small business failure are:

  • Lack of capital

  • Poor marketing

  • Lack of planning

  • Poor record keeping

  • Failure to develop  and train a talented support team

But here is some really good news.  You can start your own online business for less than a hundred bucks and maintain it for less than hundred a month. Let me show you how that breaks down:

 

Start-up Cost

Domain Name Registration

$  7-13

Website Design & Build

$  0-300 or Learn how to do it yourself for FREE!!!

Shared Hosting Account

$  10.00  (on-going  monthly charge)

Web Template

$ 0-$99.00

Entity Filing Fee (LLC)

$  0-50.00 (if you choose to incorporate)

Total Start-up Investment

$ 67-472.00

 

The biggest expense to starting an online business is building the actual website.  If you have never built a website you may want to consider hiring an experienced designer to build the site for you.  You can usually get someone to do that for as little a $50 per page.  Of course, you have to supply the written content.

But here is another option. You can choose from among 1,000 free WordPress templates and learn to put up a website like this one in under two minutes!

I was a complete novice before I joined Wealthy Affiliate and learned step by step how to build my own website.  If I can learn to build a website, you can too.

It took me a few years of trial and error before I found a reputable online eLearning community that I could recommend with confidence.  I never like to recommend products or services until I’ve had a chance to try them out and make sure they deliver on their promises. Check out my review of Wealthy Affiliate University here.

   Product Review-Wealthy Affiliate

With an online business, you do not need a large amount of capital to start and you do not need to hire an expensive employee team to manage day to day activities nor do you need an expensive office or retail outlet building.

Businesses that can be operated online allow business owners to market their products and services in a way that is more flexible, immediate and interactive than those used by offline businesses.  Instead of hiring employees to handle the phone calls and walk-ins which is a major drain of business profit, internet products are just a click away from fulfillment.  Product costs, employee costs, shipping and warehouse costs can be reduced by outsourcing. Advertising and marketing are much cheaper than the traditional methods of buying print or TV ads or using direct mail.

I will address additional requirements for an online business in later posts.  For now, take a look at  a couple of my earlier posts:

Building a Website or Building an Online Business? Part 2

How to Become a Millionaire|Top 6 Tips for becoming a Millionaire

Thanks for reading this post. If you found it valuable, please leave your comments in the box below and by all means spread the abundance of your love by sharing it with your friends and colleagues.

Got Questions?

Got Questions?

Got Questions?  Feel free to contact me at:

info@24HourMillionaireCoach.com

 

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