The literal meaning of millionaire is a person, whose net worth is $1 million dollar or more, including his house, cars and other assets? Do you think it is easy to understand how to make a million dollar. Look at the life history of other millionaires and try to understand what they had which you don’t. Some of them born in wealthy family and inherited a fortune, some got high education and made millions out of it, some didn’t have education but invested in a great idea and cashed on it. Few lucky ones won a lottery or became a film star. Whatever is the case, either they were lucky or they had a skill. You just have to find out what you have and work on it. Let’s see some of the ideas which can make you another millionaire of your town…
10. Get adopted in a wealthy family
The easiest way to be a millionaire is to be born in a millionaire household, well that’s not in your hands then try lo be adopted by millionaire parents who are ready to make you their legal heir. Does that sound possible? Yes, it is in trend with many millionaire households and Celebrities. If you are lucky enough, you might get one good family.
9. Marrying a millionaire
The next easy way to be a part of millionaire league is to marry a millionaire. There are many examples in history and in modern world where marrying a rich person change your destiny in an instant. It is mostly common with women marrying a rich man, although few women also married a man who is less wealthy than them.
8. Invest in your children
It might sound irrational and irrelevant but many cultures follow it, especially which follow joint family system. Investing in your children to educate them and make them skilled is another sure way to making sure that what you have made will not go to waste and your children will take your business and empire to a better level than just blowing it off.
7. Start your own business
Starting your own business is the best way to climb the ladder of success and explore your limits. To start a business you don’t need big investment, just need a good idea and plan to implement it. The idea not necessarily meant to be a new one but it can be an old idea with new perspective. That means you can sell an old product in a new style. If you have very less capital to start a business on your own then make the product and patent it and let someone else make it for you.
6. Invest in high quality education
Investing in higher and quality education is one of the surest ways of becoming a millionaire. After doing a master degree in business administration, you can become a CEO of any big company and earn salary of million dollars. Or taking other carreer options such as specialised doctors or lawyers is another way of becoming a millionaire.
5. Make a diverse portfolio
Invest in different areas and different sectors are the safest way, if one sector gets affected due to recession or some other problem; another sector can help you boost. Investing, some money in very safe and risk free way like fixed deposits in a well reputed bank. Some in stocks and mutual funds, some in precious metals and ofcourse some in boosting your own business.
4. Have an emergency plan
Don’t put all your eggs in one basket. Have an emergency fund for their obvious cause. There may be an urgent situation in family or in business, keeping something separately for these types of problems always save you to blow completely.
3. Save more and invest early
Saving and investing in a right portfolio will help your money grow faster. Invest in real estate, stocks or in other safe investments plan will make your money grow. The age old saying of orients is an excellent money advice for healthy and happy path of becoming a millionaire, “spend some, save some and invest some.”
2. Live to your means
When we think of a millionaire, we picture a kingsize lifestyle, luxury cars, big mansion, foreign travels, exotic holidays etc.but many millionaires don’t follow this lifestyle. They live in normal houses and lead a normal lifestyle that’s why they are still millionaires. Living to your means, help you in saving and going towards your goal faster.
1. Be ready to new changes
In the world of globalization and liberalization, things are ever changing so being ready to adapt and explore new opportunities is very important. People who changes with time are the one who survives in the end. If you are innovative and work hard to achieve excellence in your field then nothing can stop you from becoming a millionaire.
Above all these, there is always a new story to be heard of a new millionaire in town, so have your own way and your inspiration. Having a desire to be a millionaire and a question of how to make a million dollars in your mind is the first step towards joining the millionaire group of your country.