How to Be a Millionaire

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How to Be a Millionaire

- by Todd Jensen

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So, you want to be a millionaire.

It’s a big goal, and for most people there are only four
options to make it happen. You can inherit money,
win money, save money or earn money.

In other words, you can inherit money from a rich
relative, win the lottery, save for most of your life,
or earn a million in your own business.

Inherit Money

This one is pretty straightforward. You either come
from money or you don’t. Movies are full of stories
about people inheriting millions unexpectedly from
long-lost relatives, but don’t count on it. Even if
you do have rich relatives, you could wait years and
years before the millions become your own.

Bottom Line: It’s not your money, so don’t waste your
life waiting for it.

Win the Lottery

The odds of winning the lottery in a single state
lottery are about 18 million to one. Looking to win
one of the multi-state Mega-Millions? Your odds of
winning jump as high as 120 million to 1.

Your odds of being struck by lightening are about 2.65
million to one. You are 6 to 45 times more likely to
be struck by lightening than to strike it rich on your
next lottery ticket.

Bottom Line: Buying that lottery ticket is about as
productive for your financial future as striking a
match to that dollar and watching it burn.

Save Money

Finally, a guaranteed way to become a millionaire! If
you discipline yourself to save and safely invest 10%
of your income from the time you are 18, there is
absolutely no doubt in my mind that you will have
accumulated at least a million dollars by the time you
are ready to retire at 65.

That means you need to be sensible and practical your
entire life. No splurge spending on your dream car, or
vacations in paradise. After all you are saving for
your future!

Saving for your future is a great habit. But most of
us just don’t have the self-discipline to be successful
at it. Personally, I would rather earn money fast so I
don’t have to sacrifice to save. I want to spend money
on things that make my current life rewarding.
Patience has never been one of my strong suits. If you
can make the save and invest method happen, I applaud
you.

Bottom Line: You can become a millionaire by saving
wisely. But life is not guaranteed. How do you know
you will be around to benefit from all your scrimping
and saving?

Start Your Own Business

As far as I’m concerned, this is really your own
option. The first three methods are either out of your
control, or take so long that it may not be worth the
wait. Generating extra income through your own
business gives you the best odds of success.

Owning your own business gives you control over your
income. Your success is solely dependent on your
efforts. You don’t have to be dependent on your boss
for your next raise, fate to give you the winning
ticket, decades of time to earn interest and dividends,
or death to take away a family member.

Owning your own business also gives you the opportunity
to spend hundreds or even thousands of dollars on
ineffective marketing programs, training materials, and
overhead expenses. If you have dabbled in business
ownership at all, you know that running a business can
cost big bucks, too.

Bottom Line: The best guarantee of generating income
in a business is finding a product or service that
people want to buy. Forget all that feel good fluff
about “finding something you love”. Get rolling by
starting something that is tried and true, find someone
experienced to help you along, and be willing to work.

Becoming a millionaire is a big goal. But there are
more millionaires now than at any other time in
history. If millionaire status is your dream, there is
absolutely no reason why you can’t achieve it.

At the same time, positive mental attitude and luck
does not create millionaires. You have to have a plan
and work your plan in order to make your dream a
reality. Most importantly, expect that you will make
mistakes, have to backtrack, and sometimes even have to
start over.

Start researching your options now. Your best bet is
to find a business you can start part-time. Keeping
your day job limits your financial risk. Give yourself
time to start making sales and generating income. If
you don’t need the business income to survive, you can
invest everything back into your business at the
beginning. This will give your business extra capital
to grow more quickly.

It all starts with your vision. If you want it bad
enough, and are willing to do more than want and dream,
your vision can become your reality. Earning extra
income is not dependent on luck or being born into the
right family. You need to be willing to do whatever it
takes, and stop settling for less.

Set aside just one hour a day to work on your business.
I challenge you to schedule one hour each day as your
Millionaire Hour. Start with research, but as soon as
possible, find a product or service you can market, and
start selling! Quit dreaming about being a
millionaire, and start doing.

Where will you be one year from today if you have
invested 365 hours into starting and running your own
business? In five years, you would have worked a total
of 1825 hours in your business, simply by spending just
one hour a day, or seven hours each week on your
business rather than the next prime time TV show.

Or, you can keep dreaming and keep on buying next week’s
lottery ticket…..

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Todd Jensen, “The Profit Engineer”, has helped hundreds
of business owners make their business more successful
and profitable. For tips and strategies on how to
boost your business success as well as increase your
profits, visit
http://www.theprofitengineer.com or
http://www.freebusinessstartupinfo.com
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