MANY PEOPLE DREAM of one day reaching the monetary rank of millionaire. Most of them, however, don’t have any idea where to start; they simply focus on the end-result: yachts, mansions, cash bursting out of everywhere, European exotic sports cars, seasonal homes, etc. This hindrance of not knowing in which direction to take the first step is especially more prevalent to the people who have not had college education. However, it is still possible to make millions even if you have never stepped in college as long as you are ready to invest the effort and dedication required to get you there.
Before moving on, allow me to list a few self-made millionaires (even a few billionaires!) without degrees that made their fortunes through hard work and dedication: Mary Kay Ash (Mary Kay Cosmetics), Sir Richard Branson, Coco Chanel, Simon Cowell, Michael Dell, Barry Diller (Chairman of Expedia), Walt Disney, Debbi Fields (Mrs. Fields Cookies), Henry Ford, Bill Gates (later awarded honorary doctorate from Harvard), Milton Hershey (Hershey Chocolate), Steve Jobs, Rachael Ray, and Frank Lloyd Wright.
Although prospering in a wide variety of industries, the above listed business leaders (and millionaires) all have one thing in common: they worked like crazy, made wise business decisions, and never gave up their dream until they held it in their hands. Below are other traits that will help you achieve success into the millions.
Have a good understanding of money. Every self-made millionaire has a good understanding of every penny they’ve earned and will therefore never spend it on frivolous items unless they stand to have long-term benefit from the investment. In case you’ve been overspending on things that you really don’t need or that are adding no value to your life, consider redrafting your priorities. Start saving from the unnecessary expenses you’ve been making and you will be on your way to becoming a millionaire.
Investing in the stock market is another smart way to get your investments growing. You don’t necessarily have to be rich to invest in the stock market. Acquire the basic knowledge on how to get started from online sources. There are several websites that specialize in training newcomers on how to play their cards right in investing in stocks. From there, start with the day trading of penny stocks. After all, even pennies exponentiate beautifully over time.
Many millionaires started in real estate. Cheap real estate. You can purchase property for almost nothing and wait for it to appreciate before selling it. From there, get another cheap place, and another cheap place, and another cheap place. People who buy and sell skyscrapers didn’t start there. Purchase property at the lowest price possible; remodel the estate and then sell it at a higher profit. There are many banks that offer financing without down payment, hence you will not even need a very large sum of money to get started. If you have some skills on how to play your rope and have a small amount of cash, you are ready to get started. If you have a desire but zero knowledge, do yourself a favor and do some reading and research before you go diving into real estate.
Establish your own business. The fact remains that there are few millionaires who are employed by somebody else. If you are looking to become a millionaire fast, consider establishing your own business. The niche of the business doesn’t matter as long as you choose an under developed or in-high-demand by your community concept. Reading the stories of millionaires and how they made it is another smart way to attain your millionaire goal.