6 Ways to Make Money: How Regular People are Becoming Millionaires

Have you ever dreamed of becoming a millionaire? Have you ever believed such dreams can be mad into reality? The millionaire club has been growing rapidly and there are numerous ways to become a part of this socio-economic class. Don’t just take my word for it look at the data from statista on the increasing numbers of High Net Worth Individuals (HNWI) from 2008 to 2018.

In this article, you will see how regular people have become millionaires. Below are the 6 ways to make money fast become a millionaire.

 

 

 

 

 

In this article, you will see how regular people have become millionaires. Below are the 6 ways to make money fast become a millionaire.

An interesting statistic shows that 79% self-made millionaires are business owners. This means by becoming a business owner you jump into a higher class of potential future millionaires.

 

 

Have you ever heard people say most businesses fail or throw in your face that 9 out of 10 business start ups fail?

There is some truth to that, but regardless wealthy people have changed their words and thinking. Wealthy people may have responded to that business failure statistic in something of this form “I will be in the 1 of 10 businesses that succeed” or “I expect challenges and may even for the first few times be in the 9 of 10 that fail but ultimately, I will end up successful in business”.

This is optimism which is a key trait in most if not all successful people.

Check out this chart sourced from the U.S. Census Bureau on nonemployer businesses for a 9 year period.

Don’t delay. Join the millions of people who are willing to start a company and take a shot at business. If you choose to take the business routine to wealth then continue reading to learn more about building a business.

1) Build a Business
Building a business is a challenge but it is possible if you want to control your money.

Overcome your fears if you have any about failure and go until business if you desire. Here a few ways to get started.

Step 1: Only look for businesses that yield the potential to generate millions

Step 2: Spend one hour a day at minimum reading about the industry you will enter

Step 3: Take free business courses online and attend seminars and find online communities that contain experts in that industry

Step 4: Incorporate or register your business

Step 5: Make Business Plan

Step 6: Market, sell, and Grow your Business

According to the Small Business Administration, statistics show that average business owner make only about $50,000 a year or less. To avoid being grouped in this category, it is important to learn business skills continuously and apply them fast.

Work all the time until you have reached your goals and put 10 to 15-hour days in if needed. Focus on results and not activity. Offer and concentrate on one product or service that you are the best at before offering other services.

What ever your price for your business offering ensure you know how many you must sell to make a million dollars. For example, a person could sell web development consulting services for 1000. This person would need 1000 gigs to reach a million.

Case Study:

Sabrina Philipp a business owner who made six figures in her first year of starting a business. Forbes mentioned that she validated her idea for a business service offering then found her clients hang out spot and choose to market there.

Sabrina at first took free and low paying gigs to build up testimonials. Not long after that she started securing contracts for social media management and the contract amounts steadily increased.

Sabrina moved into full time business coaching and started pricing at low and high price points to serve as many customers as possible.

Let us her as an example of the possibilities that can occur if we start our own business. Nothing will happen if we don’t at least begin the journey into the business world.

2) Save and Invest in Paper Assets

Saving and investing does take time but if your earning a high income then this can make things shorter. If you’re earning $70,000 a year and after taxes save 50% or income of more then you could invest in paper assets around $30,000 or more a year. In 10 years of compounding at rates of 12% then you will have $1,118,391 in 15 years.

In 10 years of annual compounding with rates of 12% returns then you will have $1,118,391 in 15 years. If you have a low salary, then focus on earning more. Use compound interest calculators, like investor.gov, so you can calculate how much you need to save and invest each month until you have reached a million dollars.

The screen shot below shows you the results of the above information regarding compounding:

 

Large movements of people have started to where people are saving large amounts of their income to retire early. This movement is also name “FIRE” meaning financial independence retire early. I want to caution readers that you should do your due diligence before making any investment decision.

I’m not telling you what to do but merely suggesting to have options for investing. It may be a good to start investing in paper assets to compound but also to invest in other areas like real estate or your own business as a hedge against risk in the market.

Consult your own financial advisor or professional before deciding on what to invest in. Leaders in the FIRE movement and personal finance in general are listed below.

Feel free to check out there content it will help you learn more about personal finance and ways to build wealth and even become a millionaire.

Pete Adeney, Mr. Money Mustache

Sam Dogen, Financial Samurai

Brandon Ganch, Mad Fientist

Liz Gendreau, Chief Mom Officer

Tanja Hester, Our Next Life

Melissa Neacato, Traveling Wallet

Angela Rozmyn, Tread Lightly, Retire Early

Julien and Kiersten Saunders, Rich & REGULAR

Kelan & Brittany Kline, The Savvy Couple

Enoch Omololu, Savvynewcanadians

Next Steps:

Step 1: Explore paper assets and decide if this investment opportunity is right for you

Step 2: Find and open an investment account

Step 3: Choose how much you will contribute each month

Step 4: Automate your investments (At least max out your retirement accounts annually)

3) Real Estate
Raise money for real estate and buy income producing assets. Aim for high cash flow investments but start small. Buy a real estate property for $80,000 with $8,000 down payment. Increase the value by renovating then sell it.

Instead of paying capital gains put money in a 1031 Exchange. This 1031 exchange account is the government letting you defer taxes to by a larger investment property.

Keep buying and trading up for higher cash flow assets and in to 10 to 15 years you could enter the millionaire status class. Manage and record the cash flow so that can make out measurements of your real estate investments and its trajectory toward a million dollars.

If you have 20 real estate investments that pay you $5000 a month then that’s $100,000 a year and in 10 years it is one million.

Next Steps:

Step 1: Read books on how to invest in real estate for 3 to 6 months (20 books or more)

Step: Make Real Estate Business Plan

Step 2: Decide on business legal structure then register business

Step 3: Raise money for real estate

Step 4: Screen and Buy real estate

4) Digital Products

Find a in demand market niche. Create a website and get hosting. Configure an email list sign up for people who visit your site.

Drive traffic to your site and collect emails at least 1000 to 5000. Survey them and find their needs. Create a product around their needs in the form of a digital product. Sell to them and scale this process.

If you created an online course in graphic design with over 300 hours of high quality content and learning materials then if sold for $1000 you would only need 1000 people to buy it to reach a million.

Step 1: Find a high demand digital product

Step 2: Build a community and produce content around the digital product you are selling

Step 3: Sell Products

5) Arbitrage
Find a high demand product. Buy wholesale from places like a manufacturer. Have products ship to and work with a warehouse preferably with fulfillment services like Amazon.

Start a community group around the products you are selling and share content that adds value to your community.

For faster progress consider reaching out to influencers to cut deals that you would like to offer and split the profits on sales.

Step 1: Choose from only high demand products or products with not much competition

Step 2: Make Arbitrage Business Plan

Step 3: Build a community and produce content around the items you plan to sell

Step 4: Sell

6) Freelancing
Develop a skill that is important, and that people are paying for. An example is web development. Learn the skills and join multiple freelance marketplaces to offer services on.

Once starting people sometimes are not going to randomly go to you so set aside a budget for promotion and once you get your first client over perform so you get a high rating and moved closer up on the list of people looking for the service you are offering.

Step 1: Decide what freelancing service you want to offer

Step 2: Learn the freelancing skills you need to make offers for your services

Step 3: Find freelancing marketplaces then sign up and create a offering

Step 4: Charge low prices at first to gain customers and get reviews and as you get better at freelancing increase the cost of your service

For more information and to join the movement that is growing into the largest group of wealth creators to collect your free ebook on Wealthy & Prosperity Secrets along with a BONUS free online course.