What does it take to become a millionaire? Are there any special things that millionaires do to make so much money, or can anyone do it, with the right sort of plan? I know many millionaires, and I can explain some of the things that they did in order to get where they are today.
What does it really take to become a millionaire? Is it so hard these days to become a milionaire, or can anyone do it easily?
Let me start by saying that I'm a quarter of the way there, because I own a house, and if I sit in it for twenty years, I will be a millionaire.
What we're really talking about is being rich, which is different depending on what country you're in, and your definition of the word rich.
Usually people who make more money than anyone else either have a good job that pays well, or they have a business idea that takes off.
What I've learned about people that make a lot of money is that they don't so much care about the money, but about the game.
The money is just a scoring card that shows that they're succeeding in the game they're playing, which I guess when it comes down to it, is the game of life.
I could give you tips on the fastest way to make money from investments, but I talked to my uncle about that, (and he is a millionaire), and he said that almost nobody is making any money from standard investments these days.
I don't know whether to believe him, because it's obvious that some people are making money, but the question is how? To make money from investing, you first have to have some money to invest.
Different Ways To Become A Millionaire
I'll tell you about some of the milionaires I've heard about around town, maybe that will give you a good idea of where to start. There's a guy I play poker with, who works at a high class fish and chip shop, or his father owns about three of them.
The food is good, it doesn't cost much for the ingredients, the shops are in a good location, and they make a good profit. It costs a fair bit to set up a profitable business like that though, and there are lots of risks.
I know another millionaire who made his money by betting on sure things, by using sports arbitrage. That means he has a team of people with brilliant software that finds the exact time to place a bet on both sides of a sports match with different bookies, so that you can't lose.
It takes millions of dollars to make a regular income at this, but you can build it up from nothing if you know what you're doing.
I know another millionaire who is an old man who runs an art gallery. He actually made most of his money by investing in real estate before the boom, which tripled house prices in a couple of years.
I was lucky enough to buy my house before the boom, but those sort of things can't be accurately predicted, and there's even the possibility that the real estate market will crash.
My uncle was an electrical contractor in the UN. He made a lot of money on big contracts from building infrastructure in the Middle East. However, he got short-changed on a deal, and lost about a million dollars or more, he's still doing OK though.
So what is the connection between most of these people? Usually a rich person is someone who has a good business idea, and gets paid well for it.
You can make money online by making a website that does well, but it requires as much knowledge and planning as any off-line business, or probably a lot more. It may be a good way to make extra money after you finish work.
You have to plan your money well, save, budget and invest, even if it seems like you have the money to spend. What does it take to become a millionaire? It takes passion, persistence, brains, a good idea, and saving and investing your money wisely.