I want to become a millionaire by tomorrow, Exciting, isn’t it?
Imagine you are watching : who wants to be a millionaire? Last question for a million dollar. Heart beating faster. A final question pops up. 4 options. Contestant locks the answer and voila, it’s correct. “You have won a million dollars”. A person becomes a millionaire overnight with zero investment. What an astounding story to tell. A million dollars and that too by answering just a bunch of questions.
Does this idea excite you? I am sure it does. Obviously, who doesn’t want to be a millionaire quickly. Is it possible? What are the chances? And if it is, why aren’t there more millionaires? How does it feel like if you become one. Pheewww lots of excitement and questions.
Let’s circle back to “Who wants to be a millionaire?” contestant. Do you think it is as easy as it sounds? The real answer is no. It takes years of hard work, persistence, and study to answer 15 questions straight. It takes a diverse knowledge around the globe to achieve that and obviously a bit of luck. But keeping luck aside, how do you think one can become one? Let’s understand
1. It is not as glamorous as it sounds to be
Understanding the notion of being rich overnight with no money is a media propaganda. Social media wants to sell you dreams not ideas. If you google this idea, you will find hundreds of people sharing their experience about how they became rich or millionaires. Don’t trust anyone. Being wealthy is often a combination of persistence, hard work, smart choices, wise investments, entrepreneurial ventures and time. The chances of you becoming wealthy overnight is extremely slim but understanding the principles behind wealth accumulation can pave a pathway for you.
2. High Risk ventures
High risk ventures such as stock market manipulation, real estate manipulation, cryptocurrencies and gambling promise the easy route. But there are some downfalls. For instance.
1. Cryptocurrencies
Cryptocurrencies are highly volatile and unregulated. Unless you don’t understand how the market moves and when people move money to the crypto market vs share market, you will end up buying cryptos at an overvalued price. Also due to its volatility, you will find the value of your funds to go up and down in rapid succession and never know when to enter or exit a market. Fundamentally crypto is decentralized, so no authority is held responsible in case of breach or an exchange going down.
2. Stock market manipulation
More than fundamentals, sentiments move the market. If you have some insider information about government policies, or company decisions then you can make money manipulating stocks. That’s illegal but it can happen. Remember trading on inside information is Illegal and one should refrain from it at any cost. Any geopolitical situation can move the market and it’s hard to predict that.
3. Gambling
Ahh Las Vegas, here I come. How many of us think of entering a casino as broke and with the stroke of luck leave as wealthy as we can be. If that’s what happens to you, congratulations. The more quickly you gain money in gambling, losing money is equally fast. Also, it may become a habit and not a sustainable way to create and maintain wealth.
So, what can you do?
While it is difficult to become a millionaire with no initial capital, it is not impossible. It does take time, patience, skills and strategic risks. But wherever you are, here’s what you can do.
a. Learn high income skills
Do market research of what is trending as high-income skills and try to leverage that.
- Technology
If you are a technical person, learn about technologies which are high in demand (coding/testing/analyst) and what suits you. You can either opt for a job in those technologies or provide high end consulting services.
- Finance
Financial planning, chartered accountancy service, accounting or financial advisor.
Invest in free or low-cost services/channels to develop these skills. There are numerous platforms to learn from ex. Coursera, Udemy, LinkedIn Learning. Also, utilize YouTube, blogs and reddit to gain some practical knowledge.
b. Side hustle/ freelancing
Learn a side hustle and earn extra income. You can do this online or offline. You can learn photography, digital marketing, video marketing, baking and offer services in your spare time.
c. Invest wisely
As you start to earn income, invest wisely. You can read on here to get you started with investing.
Focus on areas with high growth potential like stocks, real estate, crypto and other investing. Start small and keep reinvesting your gains to compound wealth.
d. Start a business
Once you have some cash stacked and emergency fund sorted you can try setting up a business. Most businesses don’t require much capital.
- Innovative startups
If you are a tech savvy person , venture into a tech product which solves a problem for individuals or a product which makes life easy for those who can afford it. Startups are a good idea to make money faster but it does require research, focused group of people and proper planning and funding.
- Hobby Centers
If you are someone interested in arts and crafts or sports, you can open a sports/dance academy and run the centers with the help of professionals. You don’t have to invest all of your time once the business is settled. Hire professionals who can teach and provide quality service to sustain.
- E-Commerce or dropshipping
Set up an ecommerce service or dropshipping business. While it may achieve sales quickly sustaining and scaling it requires careful planning and marketing.
e. Utilize online platforms
Make use of platforms like YouTube, Instagram, blogger to showcase your skills, selling digital products, sponsored content and affiliate marketing. Market demands change rapidly and keeping up with the trends will help you navigate faster to new opportunities.
f. Network with people
Though most of the things you can do online, meeting people and building relationships will never go out of style. Attend conferences, tech meetups, join industry groups.
g. Look for a mentor
Choose a mentor with a similar background as you and have achieved the level of success you would want to. Seek guidance and apply it. Wise people learn from the mistakes of others while novices do it all over again.
h. Live frugally
Lifestyle creep is real. Increase in income should equal an increase in investment and not lifestyle. Just because now, you can afford a 2 BHK apartment doesn’t mean you should get it if living in a condo still as good and you can invest the money for better returns. Living below your means will make sure your wealth compound. Avoid unnecessary debts and look for investing opportunities.
i. Persistence and resilience
Persistence is more important than motivation. Motivation does provide adrenaline rush, but persistence though seems boring and monotonous keep the adrenaline rush alive for long. Stay focused on your goals in adverse situations. Learn from your mistakes and keep pushing forward.
Conclusion:
Success does not come overnight. Often when we see someone become an overnight sensation, we overlook the struggle part. So, setting realistic expectations keeps the disappointment away. If you are starting from scratch it may seem difficult at first, but with proper planning, focus, dedication and hard work, things will start to fall in place. Even if you don’t become a millionaire, you will always be ahead from where you started.
