There’s no direct strategy on how to become a millionaire, but that doesn’t mean we’re going to stop trying to find one, right? After all, imagine a life where you didn’t have to worry about some bullshit TPS report. Or where you didn’t have to fight the masses of people rushing out of the office every single day at 6 p.m. Or where you could have a real shitshow of a weekend, wake up hungover, and still not feel bad about the amount you spent. Yeah, that sounds glorious.
While we all hope to bring in millions someday, it doesn’t just happen by winning the lottery. And, while there’s no guarantee or blueprint to becoming a millionaire, there are ways to improve your skills by investing just a small amount of money to work towards those seven digits.
That’s where advice from nine, self-made millionaires might help. From people like Gary Vaynerchuk to Torben Platzer, some successful (and rich) people offered up some ways to take $100 and turn it into something so much bigger. Take a look below at some of what these folks had to say about how to become a millionaire, per CNBC Make It.
- “Invest in something you love” – Bethanny Frankel. “It’s difficult to acquire wealth. You either have to save diligently, make a lot of money on a business deal or invest. Creating real security requires saving a lot more than you think. It’s also expensive to continue growing a business after it’s successful. That’s why I’d invest. Find a solid group of people you trust and combine your $100 with theirs to make an educated and solid, yet aggressive, investment. Invest in what you know — and have a vision for it. You can even invest emotionally. With real estate, for example, I always pick somewhere I would live if everything went bad. Whatever approach you choose, pick something you love. I believe that if you love something, you’ll be good at it.”
- “Buy and sell items from garage sales.” – Gary Vaynerchuk. “Go to garage sales and look for underpriced items like action figures or stuffed animals. Then search eBay’s ‘sold’ listings to see what they’re worth. If there’s a large enough price difference, buy it and sell it on eBay for a profit. Use the rest of your $100 to cover transportation and shipping costs. (You might be thinking: But Gary, that won’t make $1 million! And you’re probably right. But if you try hard enough, you can make, at the very least, $100,000.) Then comes the hard part. You have to save what you made. When I was in my 20s, I didn’t go on vacation or buy fancy things. I saved my money instead. And by the time I was in my 30s, I had hundreds of thousands of dollars. Then I invested those hundreds of thousands — and they made millions. You just have to be patient. ”
- “Build a personal brand.” – Torben Platzer. “Entrepreneurship is the sexy thing that everyone wants to be involved in today. You can make millions by building your own brand as an influencer or business. But anyone can have a voice, thanks to social media, so it’s not easy to get heard above the noise. With so many brands pushing online offers, building a trustworthy one is the secret to success. To do that, you need a clear statement that defines your mission and how it helps others. This message should be based on how you solved your own problems. People will only follow you if they understand why you do what you do and if they identify with your mission. Film a video explaining your story, then invest $100 in Facebook ads to get it in front of people who are like you and may be in your situation.”
All pretty solid advice on how to become a millionaire from people who lived through it themselves.
Of course, those three aren’t the only ones who gave their two cents, so here are some other suggestions from self-made millionaires who were referenced in the CNBC Make It piece.
- “Improve and invest in yourself.” – Grant Cardone
- “Learn a high-income skill.” – Dan Lok
- “Write an e-book.” – Bryce Welker
- “Buy a multimillion-dollar business with other peoples’ money.” – Moran Pober
- “Start a business on Amazon.” – Matt Clark
- “Launch a coaching business.” – Rudy Mawer
So, wondering the best way on how to become a millionaire? Well, you’ve got a bunch of different ideas, now go out there and start raking in the cash.
To see the full explanations from the above millionaires, head on over to CNBC Make It to read the entire story.