How to become a millionaire fast with no money? It is easy but 99% will fail. Trust me

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How to become a millionaire fast with no money? It is easy but 99% will fail. Trust me

Yes you want to become a millionaire so how do you become one? For most people becoming a millionaire seems like a distant dream

In this article I would like to assure you that it is possible but the road to a millionaire status is tough and many of you will not reach it

This is not to discourage you but to show you all you need to make sure that you attain your goal in the nearby future

If you’re willing to invest your time, work, dedication and patience, your dream tom becoming a millionaire will come to reality

There 7 basic steps included in this article, if you feel that you have completed one of those steps you can skip to another one because I wrote this with a perspective of someone starting from zero

So let’s start with this question

Who is a millionaire?

A millionaire is someone with a net worth of $1 million regardless of the inflation level

Someone whose assets-liabilities equates to a million or over a million is a millionaire

The inflation level will make it more than that but for this purpose we will not consider it

So let this x represent one million, Jeff bezos the founder of amazon has a net worth of 117 billion which is equivalent to 117,000 million

There you’re thinking what can you do to become a millionaire, you thought that by getting good quality education and grade is a path to becoming a millionaire but to release that this is a rigid game

You’re their stuck in the job which you hate, the truth is that the school system doesn’t teach you this, it trains you to become an employee

You’re thinking that those who become millionaires inherit wealth from their parents, they stole money, they won the rotary, and the truth is that over 60% of all millionaires are self made

You’re following a wrong equation, to become a millionaire using this equation you need to work, save and invest until you reach 60 years

Money=salary from a job

But how is it that some people become a millionaire at a young age?

Mark Zuckerberg, Larry page, Jack Ma become millionaires and billionaires before reaching the age of 35

What did they do different?

The truth is that to become a millionaire you need to do things differently compared to norms and beliefs of the society where you come from

So before we go further if you’re interested in becoming a millionaire I recommend that you read the following books

Must read books on how to become a millionaire

  1. The simple path to wealth by J.L Collins
  2. The millionaire fastlane by M.J.DeMarco
  3. The intelligent investor by Benjamin Graham
  4. Secrets of the millionaire mind by T.Harv Eker
  5. Poor Dad Rich Dab by Robert Kiyosaki

Without further ado, let’s get started on how to become a millionaire fast step by step

Step 1: Get out of debt

Getting out of debt is the first step to becoming a millionaire because if you’re a borrower your are a slave to the lender

Your working tireless to pay money which someone gave you at an interest rate

Debt will consume all your earnings

So to get out of debt you can either use the debt snow ball or debt avalanche method

Once you’re out of debt now it is the time to start thinking of becoming a millionaire fast

Step II: Change your mindset

Believe that becoming a millionaire is possible, if others have attained it why not you?

In this stage you need to change all your limiting beliefs that you have

Put aside all the myth that have been said about money like money is a root cause of evil, money does not bring happiness,

All these are beliefs for poor people

They give excuses to justify their reasons for being poor or the reasons for not having enough money to cover their basic needs

Believing in yourself regardless of your outside peers is very important

In a study that was carried out over 60% of all billionaires and millionaires are self made

Do you know that you attract what you think is true in your mind? If you think you cannot become a millionaire, it develops into your mind and this is what you become

Step IV: Get a job

In the first place we said that becoming a millionaire by getting a job is difficult, it will take all your lifetime

So we need a job to get started with income

Our goal is to become a millionaire, getting a job is just a stepping stone towards our goal

As you’re on the job you need to be thinking of your exit route

You need to have some money flowing into your pocket to cover your basic needs, saving and investments

As your on the job you need to be looking at what is the problem that is affecting a large number of people in your society or the globe

Step V: Create multiple streams of income

In a study that was carried out on millionaires, it was found out that all millionaires had multiple streams of income

You need to diversify where your money is, invest in things which are profitable in a long run

You should invest with a long run in your mind

The best investments to become a millionaire include:

  • Real estates
  • Stocks
  • Health transport
  • Education

Creating multiple income streams is a priority if your interested in becoming a millionaire

You cannot rely on a single income stream and think of becoming a millionaire one time

Step V1: Save and invest

Saving is that money which is left after you spent your income, it is the difference become you income and expenditure

So if you spent more of your income, your savings will be low and verse verse

Saving alone won’t make you a millionaire, in fact saving money will make you lose your money when it comes to inflation

So what you need to do is to put your saving into something that will generate profits in a long run

You need to leverage the power of compound interest rate, your money should be able to produce more money in a long run

So where should you invest your money?

  • Stocks
  • Real estate
  • Index funds
  • Agriculture

Step VII: Start your own business

This the most important stage to becoming a millionaire, what problems do your people in society face?

Getting the best answer to the above question will help you become a millionaire

The truth is that money is in solving problems, if you solve a million dollar problem you will become a millionaire but if you solve a billion dollar problem you will become a billionaire

Look at the hustle that Amazon and Alibaaba solves, the problem of going to a grocery store and delivering the products

That has made those companies to be billion dollar businesses

Look at facebook and google the problem of communicating with people from different destination

This made these companies to become billion dollar problems

So the question is

Should you create the next facebook, google, amazon or alibaaba?

The answer is no

Look at what problems are affecting a large multitude of people and start a business around that problem

What problems do people speak that they need solutions for?

Is it a health problem? If yes start a hospital or a clinic

Is it an education problem? Start a school or university

Is it a transport problem? Start a transportation company

Is it a recreation problem? Start a lodge, theatre or club

So the truth is that money is in solving problems, stop chasing money, chase problems and money will flow

Once you have started a business around that problem, you don’t need to be there full time, you can leverage other people to work for you

In this your are buying people’s time to make more profits

N;B the truth is that almost all millionaires and billionaires start their own business, there are few of them who become millionaires from a job

The path to a millionaire status while working a 9 to 5 job seem impossible because your personal expenses and taxes

Step VII: Acquisition stage

Now you have your business, what should you do with it? Should you sell it or stay with it for a long time

This is where instagram was acquired by facebook for $1 billion or PayPal where over $150 million went to Elon Mask

In other words what was it for? Was it to solve problems or to make money?

Things to focus on if you want to become a millionaire

  1. Focus on solving problems, money will flow
  2. Create multiple income streams
  3. Save to invest
  4. Leverage the power of compound interest rate
  5. Change your mindset and believe you can
  6. Start with an end goal in mind
  7. Target $10 million not $1 million because of inflation
  8. Keep learning/ invest in your self
  9. Make smart decisions

This is up to you

Conclusion

Are you still with me? This is the truth about becoming a millionaire

To become a millionaire, solve a million dollar problem

Money will come

So the best equation to becoming a millionaire is

Become a millionaire = solving a million dollar problem

Have you been inspired by this article? Feel free to share your opinion with us in the comments below.

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