Becoming a millionaire is about more than a lifestyle. It’s about financial security. Unless you were born into a rich family or you win the lottery, building wealth might seem hard. Ultimately, it depends on the path you choose. A study showed that 45% of millionaires are entrepreneurs, 20% are avid investors, 15% have high paying jobs and 10% of millionaires are virtuosos.
These are the four main paths to becoming a multimillionaire:
Seven out of the 10 richest billionaires in the world, including Jeff Bezos, Bill Gates and Mark Zuckerberg all got rich by starting their own companies. They either found a need and filled it or provided a solution to a problem.
They love what they do for a living, and their passion reflects in their bank accounts. This happens to be the hardest, riskiest and most stressful path. You must be willing to work long hours and able to handle financial stress.
Most people become millionaires – and stay millionaires – because they invest consistently. They put their money where it will grow, usually in income-producing assets like stocks, real estate, bonds and commodities.
You don’t have to be a rocket scientist to start and you don’t have a lot of money to invest right away. Just start with what you have. it is the easiest way to build wealth, But it requires enormous financial discipline and long-term commitment.
3. Company climbers
This is the second-hardest path to becoming a millionaire. Climbers work for a large company and devote all of their time and energy to climbing the corporate ladder until they land a senior executive position that comes with an extremely high salary.
Many high paid professionals end up with significant wealth over time from either stock compensation or a partnership share of profits. To be a Climber, networking and making lasting connections with powerful people in your industry is essential.
Virtuosos are people who are the best at what they do or possess knowledge that sets them apart from the competition. They invest an enormous amount of money and time continuously studying and learning before seeing any payoff at all.
They’re paid a high premium for their knowledge and expertise. Formal education, such as advanced degrees (PhD, Medical Degrees, Law Degrees, etc.), is usually a requirement.
Money is a tool that you can use in order to live a productive life. Out of these 4 paths, investing is the easiest path to building wealth. The other three involve much more risk and luck. Regardless of the specific financial goals, you decide on, your focus should be to save and invest early and consistently, compound returns will take care of the rest.
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Become a millionaire not for the million dollars, but for what it will make of you to achieve it.
– Jim Rohn