In the United States, there are roughly 12 million households that are considered millionaire status. What’s even crazier is that of those 12 million households, about 2 million of them inherited the wealth to become a millionaire. This is a great indication that in order to become a Millionaire you have to work hard and have the discipline in order to achieve this elite status.
A question to ask yourself is,
“Why Do I Want to become a Millionaire?”
Is it to have freedom? Is it to have status? Is it to be able to quit your job?
No matter what your why is, having a lot of resources in your bank account definitely never hurts!
But, how does someone become a Millionaire?
Well, we did a little digging and determined there are 3 main ways that most Americans become a Millionaire!
1. Save Save Save.
Perhaps you’re the kind of person who isn’t a big risk taker. The only way you’re going to become a millionaire is to focus on saving. This is going to take a lot of discipline and even more sacrifice on your part. The secret to becoming a Millionaire under this strategy is to live well below your means.
When it comes to buying a car, you’re going to want to value safety over luxury. When it comes to buying a home, you’re going to want to use a fraction of the amount that you qualify for. I wish there was a silver bullet that would allow a saver to achieve millionaire status, but there is not.
When you’re a saver, more likely than not you’re going to be working for a corporation with a guaranteed salary, healthy benefits, and this will make it less complicated when focusing on your goals.
2. Take HUGE Risks.
The next most common route to take in order to become a millionaire is to be a huge risk taker! These are going to be your small business owners, innovators, and entrepreneurs. People who are willing to sacrifice everything they have in order to become successful.
This strategy is going to be less certain than a saver because when you’re a huge risk taker, nothing is guaranteed. You’re going to have to fight for every dollar and become laser focused on achieving millionaire status.
Millionaire status won’t come overnight as a risk taker, but it will come faster than a saver. However, there will be days that you doubt yourself and it’s vital to your success that your mentality is 100% positive. Well as close as 100% as you can be, we’re only human right?
If you’re currently working in corporate America thinking about taking a leap of faith, make sure that you have adequate savings to endeavor on this journey, pick up a part time gig, and never look back!
3. Corporate Ladder.
Finally, the last way to become a millionaire is to climb that corporate ladder baby! This is a journey that many people dream of growing up. You might have said to yourself,
“I’m going to join this company, make a difference, and bring everyone to new heights!”
This direction isn’t for everyone because climbing the corporate ladder is difficult. Most likely, you’re going to have to change jobs a few times because it’s extremely common for companies to recruit from the outside.
Not only will you have to look for new opportunities, but you also need to ensure that staying in corporate America is the correct choice for the lifestyle you want to live. This is due to the fact that climbing the corporate ladder is going to take lots and lots of TIME!
You’re going to need to stay in the same field so that you can become an industry expert. So if this is the decision that is going to help you become a millionaire faster, then make sure that you’re 10000% certain this is what you want your life to look like.
Additional Reading to Teach You How to Make More Money.
1. Does Marriage Affect Your Money?
2. What to Sell When You Need Money.