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How to be a millionaire in days? :)

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theratypist Grand Master

theratypist

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A lot of people I know work smarter rather than harder. I also believe in that saying as well but the truth is becoming a millionaire also needs a bit of luck especially when you say “days”. The right opportunity, the right timing, taking advantage of that opportunity, etcetera… 

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fastcopywriter Mentor

fastcopywriter

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A millionaire in days? Come on! Even if you work at a Startup, it will take months, even years, for that company to go public and for you to end up holding stock that’s worth millions.

Even Investment Bankers don’t become millionaires in days, and they work very hard at it.

Very few people become rich easily.

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paulmaplesden Contributor

paulmaplesden

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Unless you are born into a wealthy family, or have extraordinary luck and privilege, becoming a millionaire is extremely difficult. It’s not about hard work, dedication, or good ideas - although those are all important - because if it were down to those things, we would have far more millionaires!

While its true that many people in Western society will earn quite a lot more than a million dollars in their lifetimes, expenses and costs eat up vast portions of that, so much so that the average wealth of an American family is as follows:

image.jpg.6ccaed9cfc2851563922460cff278503.jpg

This is despite fairly high median incomes:

image.jpg.6e08d2606be2b305869f92e2218a331a.jpg

So it’s not about working “smart” or “hard.” If you really want to be wealthy, you need to:

  • Maximize your income, either through charging more, demanding a higher salary, becoming more efficient at what you do, or working longer hours.
  • Minimize your costs and expenses by eliminating luxury spending and budgeting so you only spend the absolute minimum.
  • Paying off all your debts so you don’t pay any interest.
  • Investing for the medium- to long-term, in a diversified portfolio.

That’s it - I am sorry to break it to you, but there are no hacks, short cuts, or other ways to significantly increase wealth. Yes, work smarter, but not because it’s going to make you rich, but because it’s a more pleasurable way to live.

Also, the older I get, I realize it’s not as much about wealth, it’s about quality of life, and the time I spend doing what I love, rather than the number of zeroes on the end of my bank balance.

I also realize that one of the things I love doing, is working as a freelancer, so that’s a reward in and of itself.

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fastcopywriter Mentor

fastcopywriter

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On 5/21/2018 at 2:23 PM, paulmaplesden said:

Unless you are born into a wealthy family, or have extraordinary luck and privilege, becoming a millionaire is extremely difficult.

Oh I wouldn’t be so pessimistic. I have read books like Richistan and The Millionaire Next Door, most millionaires come from middle class families, even poor families.

Many have college degrees in technology, engineering, etc, but some are college dropouts!

What makes millionaires different is that they’re risk takers. Instead of working for the man, they want to be the man!

“So who are the most self-made billionaires? Among those who get a 10 are: Oprah Winfrey; Sheldon Adelson, the casino king who grew up sleeping on the floor of a Dorchester, Massachusetts, tenement house; and Harold Hamm, the fracking tycoon, who grew up in a family of Oklahoma sharecroppers”

Source: How self-made are today’s billionaires? (CNBC)

Also consider their habits:

  1. THEY READ
  2. THEY PURSUE THINGS THAT INTEREST THEM
  3. THEY FIND A MENTOR
  4. THEY USE DREAMS TO SET GOALS
  5. THEY WRITE TO-DO LISTS
  6. THEY CREATE MULTIPLE STREAMS OF INCOME
  7. THEY AVOID TIME WASTERS

    Source: 7 Habits Of Self-Made Millionaires (fast company)

My point is these are very productive people. I read, but I read things that interest me, not things that are gonna make me money someday. You can’t become a millionaire through Steven Saylor novels!

The people that are organized, that are doing their Udemy courses, that are setting goals instead of day-dreaming all the time, those are the ones destined for greatness.

The rest of us we’ll just have to be happy not being millionaires. 

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paulmaplesden Contributor

paulmaplesden

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On 5/21/2018 at 2:31 PM, fastcopywriter said:

Oh I wouldn’t be so pessimistic. I have read books like Richistan and The Millionaire Next Door, most millionaires come from middle class families, even poor families.

While this is true, I still maintain it’s extremely difficult - here are the stats for the US: “In 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million, and 156,000 households with more than $25 million in net worth, the report says.”

This is a total of 10.8 million millionaires in the US, compared to a population of 325 million - which is less than 3.5% of the population. Remember too that this isn’t just people with a million dollars in their bank accounts, this is where combined assets are $1 million or more (so cash, investments, property etc.) I expect if we were just to look at people with $1,000,000 in ready cash and investments, that number would be far lower.

I do agree that people can become self-made millionaires, but they are by far the exception. One needs extraordinary luck and extraordinary effort to make it that big.

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fastcopywriter Mentor

fastcopywriter

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On 5/21/2018 at 4:12 PM, paulmaplesden said:

This is a total of 10.8 million millionaires in the US, compared to a population of 325 million - which is less than 3.5% of the population. Remember too that this isn’t just people with a million dollars in their bank accounts, this is where combined assets are $1 million or more (so cash, investments, property etc.) I expect if we were just to look at people with $1,000,000 in ready cash and investments, that number would be far lower.

I know what you mean. Not everyone in New York or California who owns a million dollar home is a millionaire. Some people bought homes in the 50s, 60s, and 70s for $20,000-$50,000 and have seen their estates increase in value.

Still, property ownership is a characteristic that distinguishes current and potential millionaires from the rest of us. A property owner is responsible for taxes, repairs, assessments (condo owners), etc. A renter isn’t. Those who are lifelong renters are basically wasting their money, with no possibility of ever getting it back.

In “The Millionaire Next Door,” we learn about people who buy used cars, used clothes, clip coupons, they only go big when it comes to accountants, lawyers, and the things where you can’t afford to be cheap.

The book explains how sometimes doctors and lawyers struggle becoming millionaires because their lifestyles demand they join a country club or drive a fancy car just to make a great impression and land clients. To get rich one must eliminate all needless spending.

Is that how most people live? Not quite. Many people simply charge everything on their credit cards, get that new iPhone X, book that trip to New Zealand, go to Burning Man, get another tattoo, eventually the person finds himself broke.

Some will brag that they live within their means, but that’s not good enough. Spending 100% of what you make isn’t the path to wealth. It is those who live beneath their means, who buy a fixer upper instead of a brand new home, that might become millionaires. 

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shmilon Newbie

shmilon

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How can people become a millionaire on a website where services have a starting rate of $5?

Well, that’s just what you think, and probably what everyone thought a few years ago (in around 2014) When some of the sellers, taking it as a joke, made a profile on Fiverr. They started earning more than their regular job. Today, those sellers make a complete living from just Fiverr.

Here is a rough estimate of how much Fiverr earns daily:
The website has daily unique visitors of about 2,518, 092 . That’s too much buyer and seller traffic on a daily basis.

Moreover, the site makes a monthly income of more than $20,000,000 from the profit they earn by buyer fee as well as the seller order percentage they take.

Do you still think you cannot become a millionaire on Fiverr? 

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ellisscotch Newbie

ellisscotch

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And (in the other hand) there are millions of people whom not earn a single penny…

There is a lot of histories of freelancers whom earn millions of $ a year (specially web developers) in many other platforms like Fiverr… you have to think about people that started in the game ten years ago, or more…

But I think in the year 2020 this kind of platforms are flooded of people and to became a millionaire is something harder nowadays.

Don’t you think so?

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