How to become a millionaire. There are close to 11 million millionaires in the U.S., according to consulting and research firm Spectrem Group.
The number of millionaires is on the rise, but still, most Americans aren’t part of the millionaire club. Or even close.
In fact, it’s been reported that 63% of Americans don’t even have enough savings to cover a $500 emergency.
Why is this? Perhaps it’s because of attitude towards success or maybe even the general population’s work ethic.
Maybe it’s the rising cost of living paired with the stagnant low rate of pay in most jobs.
Maybe it’s our obsession with buying things we don’t really need, rather than squirreling away savings.
That’s all part of it, for sure. A big part of it also, I believe is mindset.
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Because believing that it is possible to become a millionaire gives you the drive to get out there and work to make it a reality for yourself.
Of course, it’s not just that simple, but it actually isn’t all that hard either.
Before we get started discussing ways for how to become a millionaire, be sure to get your HerPaperRoute Profitable Entrepreneur Toolkit.
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How To Become A Millionaire – 12 Foolproof Steps To Become Wealthy
Last year I hit 7 figures in sales revenue, from my blog. And more recently I reached the 7-figure profit milestone. I officially own a business with a million-dollar-plus valuation!
Although, I wouldn’t say I am personally a millionaire yet, exactly.
Why? Well, they say there are 3 stages of becoming a millionaire:
- You’ve made $1M in sales (revenue)
- You’ve made $1M in profit
- You have $1M in the bank (plus you own other investments that generate income, so you aren’t counting on the savings in your bank account)
Now, I haven’t reached the level 3 milestone yet. But because of my business growing steadily, my good savings habits and my investments, I am on track to officially become a millionaire, myself, eventually.
So before you dismiss my advice because my bank account hasn’t yet hit 7 zeros, know what I am saying here still has weight.
There are certain steps to ensure success at getting rich. Here’s how to become a millionaire in 12 steps.
1- Spend Less
Rich people are cheap and are proud of it! They know that not spending money is the same as earning money.
It is not about how much money you make, but how much money you keep!– Rich Dad, Poor Dad author Robert Kiyosaki
So get really good about being stingy with how you spend your hard-earned money.
Develop the money-saving habit now and you will be leaps and bounds ahead of everyone else who is trying to get rich. read these tips on how to develop the money-saving habit.
When it comes to expenses related to their business, millionaires make smart spending decisions and invest in the tools and people who will help them grow their business.
2. Start Your Business
Even if you ask for a raise, you will not become a millionaire if your only income stream comes from being an employee at some average job working for someone else. Sorry.
Millionaires know that employment is limiting so they start their own businesses to leverage time.
According to AmEx/Harrison survey, half of the millionaires became rich by running their own businesses. And, they use loans wisely to grow their business.
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3. Define Your Financial Freedom
Millionaires look for financial freedom. They know that money is not the only means for happiness.
It can be attained whatever your income is or isn’t but they are usually obsessed with money.
Financial freedom is a state of mind knowing that you are free from bad debt.
Know what it is that means freedom to you personally, and then keep that in the forefront of your mind as you work towards it.
4. Delete money blocking words from your vocabulary
Vow to never again say or think the words “I’m broke.” Words like that carry more weight and damage than you know.
When you say or think words like that, it keeps you in that place. It literally blocks money from coming to you.
Use positive power words instead like:
- “I am open to the possibilities of earning more.”
- “I am grateful for the $50 I have.”
- “Today I am going to sell my unused household items and make $300.”
It’s not about being in denial, it’s about opening yourself up to possibilities and financial self-improvement.
Next time your friend asks you to go for lunch, and your wallet is empty, don’t say “I can’t, I’m broke.” Instead say “Great! I’ll see you there!”
Then eat a sandwich at home to fill up and go to lunch and have a cheap appie.
Stop limiting yourself from fun in life, and stop using negative words that keep you in a bad place.
Being rich is not just about the number in your bank account, it’s about living a happy, fulfilling life you can spend with the people you love.
What comes out of your mouth comes into your life.
― Jen Sincero, You Are a Badass at Making Money: Master the Mindset of Wealth
You Are A Badass At Making Money is such a powerful book.
If you haven’t read it, buy it right now and read every word!
5. Be Aware Of Goal Hinderers
A goal hinderer could be a loved one who tries to tell you “can’t” or “shouldn’t” focus on your business, or a thing like wasting hours watching TV or scrolling aimlessly on Instagram.
A goal hindrance is anything that tries to distract you from your goal of becoming a millionaire. Ash Ambirge calls them Dream Zappers.
You need to be aware of these distractions so you can avoid them. Be aware of how you spend your time and who with.
Millionaires surround themselves with positive, money-making people, and they don’t waste their time whining in Facebook groups about the Pinterest algorithm changes.
They just put their head down and do the work it takes to make the money, and ignore the things and people who try to get in their way.
6. Pay Yourself First
Millionaires use the money they save to invest. She pays herself first by putting regular payments from her business earnings into her savings or investment accounts, before buying anything.
7. Take Massive Action
If you are wondering how to become a millionaire, the most obvious tip would be to stop procrastinating and just do the work.
But working is sometimes the most overlooked part of becoming rich, ironically.
When it is time to work, millionaires work diligently. They don’t just make a couple of sales calls.
They make thousands. Millionaires keep themselves busy so that they can earn more money and avoid spending.
8. Plan Ahead
How to become a millionaire? You need a plan, friend. Benjamin Franklin once said:
If you fail to plan, you are planning to fail.
Such sound advice! Millionaires know they can hit their targets if they have concrete plans on how to achieve them.
This doesn’t have to be difficult. When you wake up in the morning, simply make a list of things you intend to get done in the day, and then get to work.
9. Think Big And Play The Long Game
Millionaires have significantly larger visions and goals than what they can deliver as of the moment.
Goals are specific, measurable, attainable and have dead-set deadlines. They don’t just wake up in the morning, go to work, make ends meet at the end of the day and hope for things to get better.
They wake up excited because they are working for their greater goals. They have a long-term goal for where they want to be and have actionable plans for how they will get there.
Becoming a millionaire takes thinking big, while not expecting instant results.
10. Take Risks And Invest In What Matters
Millionaires are courageous enough to take the necessary risks to reach their goals, but they are smart enough to make the right judgments at least most of the time.
Millionaires take risks and actions to become successful.
You can’t expect to get rich if you never invest in your business. As mentioned in step #1, make smart spending decisions and invest in the tools and people who will help you take your business to the next level.
- Buy proper web hosting for your business (it’s less than $3 for Pete’s sake!)
- Outsource time-consuming jobs
- Hire people to help you
- Use automation tools like SmarterQueue to run your Facebook/Twitter and Tailwind to run your Pinterest
- Set up your email funnel with a professional email service provider
- Invest in Google ads and promoted pins (don’t just wait around expecting customers to randomly find you)
- and so on.
Investing in the tools it takes to grow your business will set you up for success.
If you don’t spend where it matters, you won’t earn where it matters.
11. Have Multiple Revenue Streams
It has been said that millionaires typically have 7 streams of income. They don’t just put all of their eggs in one basket and depend on one thing to generate revenue.
So think of all the knowledge and interests and skills you possess, and use them to create funnels that money can reach you through.
For example, I:
- have my blogging business
- I flip websites for profit
- build websites for clients
- teach courses on how bloggers can monetize their blogs into profitable businesses
- as well as I wrote a book about Affiliate Marketing
- I have stock market investments
- and I’m also a property developer with my husband, buying, renovating and selling houses.
- He also has a furniture business
- and we also have tenants in our rental property
What interests do you have, that you can turn into revenue?[adsense]
12. Make Billions
According to a study from the Wharton School of Business, higher income is associated with higher standards of satisfaction.
The study’s co-author Betsey Stevenson said it is not about luxurious things, or greed or material goods.
It’s about the freedom that comes with having plenty of money. After making their first million, many millionaires want to make that first billion.
So why not switch your mindset and tell yourself that you intend to make a billion? It may feel crazy to say that now, but pretty soon you’ll start to believe that it’s possible. And honestly, believing you can do it is the first step in making it happen.
How To Become A Millionaire – 12 Steps To Getting Rich
So, you may have come here hoping to find an easy answer for how to become a millionaire, one that wouldn’t take much work.
But honestly, there are no get rich quick schemes in life. You really do need to put in work in order to reap big rewards.
But your path to financial freedom doesn’t have to be a difficult journey.
Start saving, planning, and spending wisely today. Focus on making your business profitable, whatever type of business it may be.
Take small steps forward each day that brings you closer to your big goal and no matter what, you will be successful.
For more business resources, access my Entrepreneur Toolkit below (it’s free!), enroll in one of my premium or free business courses, and stay in touch with me on Pinterest @HerPaperRoute where I share money-making advice and encouragement.
Wishing you all the best on your paper route to millionaire status!
– Chelsea Clarke
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To help you plan your budget so you can become a millionaire in no time, download your free copy of my budget planner! Not only is it jam-packed with helpful budgeting and money management tips, but it also does all the math for you.