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8 ways you can become a millionaire in 5 years



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8 ways you can become a millionaire in 5 years

Each year we have millions of millennials entering the workforce which isn't that crazy because everyone needs a job at some point.  But what about the millennial that just wants to grind and make money because they don't have a specific interest they want to follow other than being successful and not have a worry in their lives?  Well, that's what a lot of people want, not just millennials.  So I think that this discussion can actually target anyone who wants to be a millionaire 8 ways you can become a millionaire in 5 years

Everyone wants that nice house, car, boat, clothes, etc. but they aren't always interested in doing the work.  If you're one of the lazy people, you probably won't want to read all of this because there is work involved in these 8 different ways to become a millionaire in 5 years.

Below I will cover the 8 ways anyone, not just a millennial, can become a millionaire in 5 years.


Start Up A Business
When you're wanting to become a millionaire, you will likely have to stat up a business and be successful with it.  Your success in this is not guaranteed at all, and you'll likely fail a lot in your travels, but this is a necessary step to see if working on your own is what you're cut out for.  It's an uphill battle with a lot of obstacles, but if you can achieve success with your own business, you can bootstrap and become wealthy quicker than most methods out there.


Look For A Mentor
Some of the more wealthy people out there will admit that they had a good mentor when they were starting out.  They didn't usually start on their own and take calculated risks and then fail, they had someone showing them the way that works and they copied it with little spins of their own.  It doesn't matter if you're 18 looking to get mentored by a 60 year old or you're the 60 year old trying to get mentored by the 18 year old.  It all depends on what industry you're getting into and who are the top players within said industry.  Age is only one of the many numbers when it comes to being successful, don't overlook someone just because they're young, they might be able to teach you something that a group of older professionals can't.


Develop Your Own Product
Have you ever seen the show Shark Tank?  Well if you haven't, it's a show with investors, or "Sharks", who sit in front of entrepreneurs who pitch their products to them.  If the sharks bite, you could get a nice investment but signing over part of your company in the process.  It's not usually something a lot of people like doing, but if you're in it for the money, it's a good thing to think of.  

Now I'm not saying that you have to go on the show, I'm just saying that if your idea is good enough, people will throw money at you.  Your product doesn't even have to be something 100% unique.  Instead of reinventing the wheel, you simply have to put some nice rims on it, polish it, put some air in it and then sell it.  There are thousands of companies out there that simply make a product better and slap their own logos on it and make millions.


Buy or Take Over an Existing Business
If you choose this route, you might want to have a good amount of money or experience.  You won't be able to just walk into a company and take it over, it doesn't work like that.  You will need to either be hired based on your experience and be placed in a board members position or you need to purchase the company which will automatically place you on the board.

Taking this plan of action allows you to skip all the hard work of starting a business on your own in hopes that it will be successful.  All the guess work has been done for you already and the work was completed.  You just have to basically manage the company now and push it in the right direction in order to keep the profits coming in.


Invest, Invest, Invest
Now this can be tricky, I actually try to stay away from most investments because I don't have time to monitor how they're going.  For some people though, this is what they focus on all the time and it's their full time job.  The main think I don't like about investing is that it's a high risk high reward type of strategy.  You can do all the research in the world when it comes to who or what you're investing in, but you can't predict the future which means you could lose everything overnight.

The best way of investing is to focus on industries you're interested in and not swaying from them.  This way you will usually be up to date on the news and what's going on so that you know when to put more in or when to pull out.  Yes, the news will sway the price of a stock fairly easily because they're publishing content and videos to the masses who are quick to pull their money out when they think they're going to lose it.


Save What You Can
Now this isn't the direct way to become a millionaire within 5 years because if you were to save $300,000 a year then you wouldn't be reading this most likely lol.  When I say to "Save What You Can" I'm talking about a few bucks here and maybe $150 out of every check you get.  After a few months you should have a decent amount of cash that could launch your next business idea which could be your road to millions later on down the path in 5 years time 8 ways you can become a millionaire in 5 years


Think of a Side Hustle
When I talk about a side hustle, it could be anything from getting a bar tending job, working part time for a business, or even starting up your own business.  The side hustle is to focus on bringing in some spare cash so that you don't have to worry about investing in yourself too much.  You can use the side hustle money in order to start up a new business which would not put a strain on your main source of income.

Not everything you do on the side will be successful, you'll have to remember that.  You might start up 3 businesses a year and they will all tank, but that doesn't mean you should stop trying.  Figure out what works and stick with it until you're a millionaire lol 8 ways you can become a millionaire in 5 years


Increase your Salary
Yes, it's possible to do even if you're being negative and think it's not lol.  If you're educated and have good experience within your field of expertise, you can get top dollar for your time.  Never settle for the first position that is offered to you unless it's much higher than the national average for the position.  Of course you'll have to do some research and figure out what those averages are, but that's not too difficult.  Take a class or read some books on how to negotiate your salary position and it will literally pay off in the long run since you'll be getting paid more money 8 ways you can become a millionaire in 5 years

After you land that cozy salary job paying you above the national average, take what you can afford to lose and start a business, invest, buy a business or franchise, etc.  Money makes money, remember that.



In Conclusion:
Making money and becoming a millionaire takes sacrifice.  You can't just start something and instantly get millions deposited into your account overnight unless you win the lottery.  You have to work hard for it, invest and reinvest what you can, never stopping to ponder too much on your failures and eventually becoming successful 8 ways you can become a millionaire in 5 years


Remember to follow me!
https://www.seocheckout.com/user/Razzy


Thanks!

Razzy

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JoeMilford
I think that, for me, the best way to go about this would to be able to come up with a new product. For example, this spinners craze baffles me, but God knows someone is making a lot of money off of that little machine. I have see Shark Tank, and I agree with you that there are probably a lot of willing investors out there who are looking to throw money at an interesting or useful product as long as it is marketable. You mention the "side hustle"--I am definitely always juggling several paying gigs at once to finance the dreams that I have which have not yet come into fruition.



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vinaya
Developing your own product is a great way to make money. However, in order to develop a product you need to be very creative as well as skilled. I developed the children book. I published on Amazon and manage to recover the cost in producing the book (payment to the illustraror and book designer), however, I did not earn enough from the book. I pitched the book to a local publisher. Since the book was already available on Amazon, it make a great impression on the publisher, however, he offered such a small payment that I rejected. If my product gets investment, it can be marketed to a large audience and hopefully I make a good money. However, it is really difficult to find investors.



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JoeMilford
I like that you focused on a specific genre or niche and then went after it and accomplished your goal. I know that you would have liked to have received more return for your effort, but either way, producing this product was an accomplishment which you should be proud of, I think. I think it is good to hold out for a better investment in your work, but I hope you get the book out one way or the other because otherwise no one can enjoy it!



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vinaya
Sometimes you make the wrong decision in life. I know a writer who accepted publisher's term and published the book. The book sold 500,000 copies and earned almost 10 million, however, the writer earned only 100,000. If you get the investor on your product or project, you should also check the conditions.



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Corzhens
With your mention of a new product, it is very difficult to promote it because it is not established yet in the market. But once you hit the nail on the head that your product goes viral and trending in the social media then you can become rich. We have a new product in mind but it is an herbal concoction to treat kidney stones. However we need so many things and right now we don’t have the resources to set up the business.



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DarthHazard
There is no guaranteed way to becoming a millionaire. It all depends on your work ethic. You could become a millionaire in a day if you did a particular strategy correctly. Investing is probably the best way to become a millionaire extremely fast but it has a lot of risks and it's also quite expensive to start investing in different things in the first place. Like you said, you have to work extremely hard for it. You cannot expect to just become a millionaire by sitting around and not doing anything. If you work hard enough then you will be rewarded.



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linkbuilders
Thanks for sharing most informative issues and appreciate this. People they have try to success there own ways. and different people they have so many different ways.



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kgord
I think there are some good points made in this article. If you work hard you can make your own luck in a large part, but you have to market what people are selling, you could have the best idea in the world, but if it doesn't appeal to people for whatever reason, your efforts are down the drain. I think the mentor idea is a good one though.



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Authord
Nice article.
But it's easier said than done.
Wealth acquisition is a school of it's own. Which is not mostly knowledge dependent but it's dependent on the individual, I will say it's more of a mindset than a skill set.
Because what worked for you, might not work for another person.
Just keep doing what you love,improve on it, keep your head high and work hard.fortune might smle
on you.



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Pixie06
I have started a new business and I make my own products and sell them. However, my products are not unique. I hope that one day I will be able to develop a very nice product. However, it is not really that easy to develop one and market it. You have provided some very great tips above and I will try to implement some of the ideas.



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cmoneyspinner
When you say "Invest, Invest, Invest", my friend seems to think foreign currency exchange is a good way to make money. You make your money make money. Do you have any knowledge or experience with this? Or even an opinion about it? Would love to see another side of the coin. (Excuse the pun.)



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overcast
Saving money earned from business for initial few years is the key. You have to avoid overspending. You can see that being millionaire takes time. You have to get most out of your spends. In some of the cases you may have to delegate the work. Also you may have to find ways to cut down the process and time. It'd not be reasonable to see how the mentors can be helpful for you to save your time. I have seen some of the mentors cutting your time and letting you focus on what matters. That's how the work can be done.



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augusta
Great workable tips,I need we can make all the money we can if we decide to work smart.Some persons just make money and spend on frivolities,no saving for the rainy days.We hardly invest or hustle along our regular jobs.

I think the main idea about in making money and being successful is taking up jobs that we have passion for,then we save,invest and spend on only what we need(basics) and that's it.



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Baburra
These are great tips. I think there really is no one way to become a millionaire, but I know investing and owning a business will probably make it just a little bit more possible than just regular employment, since that has a ceiling. Perhaps the closest thing to hope for if you are an employee is to hope you will be able to climb the ladder but I think that would take too much time and you'd also still be under the control of whether or not the company will thrive or will allow you to move up. Still, with the salary you get you could just find some good places to invest the money in or use it to start a business of your own.



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vinaya
At this moment, becoming a millionaire just in five years is an impossible dream for me. However, I believe I can multiply my income by many folds in five years.
I have a dropshipping and affiliate marketing business. Currently, my sales are very negligible, however, if I can manage to sell 100 products in a month I will be making more than $1500 in a month.
I also have websites. If I manage to get 10k traffic every day on each website, I will be earning more than $1500 every month.
I also offer various services to clients, for instance SEO service, article writing, website design. If I can get more commissions, I will manage to earn over $1500 in a month.
I also have published books. If I can sell over 100 books in a month, I will earn more than $1500 in a month.
In five years, I will become rich.



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Tronia
I am glad that you mentioned Shark Tank because I love that show. It turned so many great inventors and entrepreneurs into millionaires. Even if the sharks don't invest into your business you get such unbelievable exposure that is FREE. I am sure that getting on the show isn't easy though and that they are very picky with who they show to the people.

But regardless, it is entertaining to watch. My personal goal isn't to become a millionaire but to simple earn enough to be well off.



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jpyy
Buying a winning business or putting a lot of money into something I've already thought out well would be two options upon winning a small lottery, say 10,000 to 100,000 USD. I'm not sure which one I'd choose. However, I don't think I'd want to simply spend all the cash (for non-business things), cause once it's gone, I might just go back to where I was before.



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Corzhens
I have been an employee for more than 30 years and I will be retiring in a few years from now. But I admit that I am far from being a millionaire. With that basis, I agree that it is business that will make you rich. Unfortunately, I have tried an offline business twice already but they both failed. So maybe that is enough business for me and I just have to concentrate on my employment for now, that is until the day I will retire.



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Kakashi2020
I do agree that the surest way of becoming a millionaire in five years time is by creating and opening up your own business. The rest on the list are also feasible like earning a million thru investments but that'll need a lot of capital. Saving money, maybe, that's if you're earning a lot of money. Side Hustles is a good one because you could save your earnings from it, being an additional income.



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