Not the Game ! Real Life Information
Did you start an online business with the intention of becoming an overnight millionaire? Many people go online to find fame and fortune.
The Internet is the Great Equalizer and truly a GameChanger for individuals who want to start a business without the expense and headache of a traditional brick and mortar business.
The Internet provides the vehicle that many regular folks migrate to in hopes of finding the golden ticket and their dream of becoming a millionaire.
The dream is possible because of the unfettered access the internet gives us to billions of potential customers. MORE THAN HALF OF THE PEOPLE ON EARTH NOW USE SOCIAL MEDIA (per Hootsuite)
How to Become A Millionaire – Suggestions from the Experts
To find the secret formula for becoming a millionaire, we researched the opinions and suggestions offered by seasoned Financial Advisors.
According to key statistics published by Earth Web, the world has as many as 56.1 million millionaires as of the end of 2020, with the United States alone boasting 20.2 million millionaires. The US has about 724 billionaires with data showing that 1.5 million households have a net worth of a minimum of $1 million. Aug 30, 2022
Online marketers will notice that these experts are not suggesting any specific program or method to get to that 7 figure income but sage advice on getting the basics of your financial house in order using, budgint, savings and some suggest investing. But there is a consensus from all that millionaires are not fools with their money, but have a solid financial plan that they follow.
The advice from Forbes Editors Rob Berger and Benjamin Curry in their article “How To Become A Millionaire” explains the power of compound interest.
“The vast majority of wealth comes from compounding. early returns lead to greater later returns. If you earn 10% on $1,000, you’d have $1,100 at the end of the first year, a gain of $100. If you earned that same 10% return on your money the next year, you’d have $1,210, a gain of $110.“
Albert Einstein is rumored to have said “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it”. May 28, 2021
Many people question whether the quote was in fact from Einstein, But, no one denies that compound interest is a smart way to increase investments.
Understanding the power of compound interest is important but if cash flow is low, I tend to side with Grant Cardone who states “”Until you reach 100K don’t invest in anything but yourself. Investment advice is a little premature for the person just starting the path toward a million dollars.
From Dave Ramsey’s article – 8 Tips for “Becoming a Millionaire” offers his insights from a survey conducted by The National Study of Millionaires, the largest survey of millionaires ever done where 10,000 millionaires were questioned to discover the habits and traits that got them to the status of millionaire. The following tips were culled from those discussions:
- Stay Away From Debt
- Invest Early and Consistently
- Make Savings a Priority
- Increase Your Income to Reach Your Goal Faster
- Cut Unnecessary Expenses
- Keep Your Millionaire Goal Front and Center
- Work With an Investing Professional
- Put Your Plan on Repeat
Actionable Steps on “How to Save Money in 2022”
These tips are aligned with the information we found in the article “How To Become A Millionaire (It’s Simpler Than You Think!)” By Kate Braun. Updated on August 4, 2022.
In the article, Kate Braun discusses “How to become a Millionaire with no Money” explains first that wealth is a mental game. The article shows ways to start with no cash at all but becoming wealthy is completely possible”. The seven tips she provides starting roadmap that anyone can follow:
1. Develop a millionaire’s mindset
- Plan ahead
- Patience and delayed gratification
The next step after developing the millionaire mindset, is to maximize future potential with the following suggestions.
2. Watch your expenses (big and small) To become a millionaire fast, watch all of your expenses, big and small.
3. Max out retirement investment accounts
“401(k) millionaires” and “IRA millionaires,” are people who become millionaires by maximizing their contribution limits. For 2022, you can contribute a maximum of $20,500 to a 401(k) and $6,000 to an IRA, according to the IRS.
4. Increase your income to become a millionaire faster
If you do not have the extra $2,000 per month to fund your retirement investment account, the solution is to make more money.
Advice on how to earn more money:
- Ask your boss for a raise or a promotion.
- Get a higher paying job.
- Get a marketable skill.
- Get a side hustle.
- Start a business and work to scale it.
Martin Zhel’s article “How to Make a Million Dollars with Your Online Business” September 9, 2022, give us an inspirational quote from multi-millionaire Grant Cardone
“Everybody can make a million dollars if he or she follows the right process. People just need to believe in the possibility, and why wouldn’t they?”
“In today’s economic environment you cannot save your way to millionaire status,” wrote Grant Cardone, who went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30. “The first step is to focus on increasing your income in increments and repeating that,” Cardone said.
In the article Martin Zhel provides the Million Dollar Math formula shown below:
Million Dollar Math Formula
What steps are you taking to fulfil your dreams of becoming a million in your online business. Th experts have spoken. These experts outline the exact steps that each aspiring millionaire must take to continue down the road to financial independence.
If there are over 3.96 Billion people on Social Media, why isn’t everyone with an online business already rich? The difference between the winners and losers is the skil;s you must learn to engage and follow-through with potential customers. In the early days of the Internet, you could throw up a website and make money quickly and rather easily. Those days are over. There is a process and a path to engage your audience.
But this is the best time in history to start a homebased business. There are hundreds of thousands of individuals flocking to the Internet to carve out their unique place on this ultimate communications planet.
The most important lesson I have learned on my journey toward becomng a millionaire is there is a right way and very wrong way to get there. I finally found solid group and solid training that will help me reach my goal sooner. There are some basic strategies and training available for anyone who wants to take that leap toward financial freedom.
“If you have any feedback about How to Become a Millionaire that you have tried or if you have any questions about the articles that I have included or want to know the “Golden Nugget I finally found to help me reach my goals , please leave your comments below!”