How Easy Is It To Become A Millionaire?
How hard is it to make a million dollars? It first starts with one small step: recognizing opportunity and making it happen.
I want to become a millionaire. I’m impatient. You probably are as well.
Sure, we can both try to make a million with the stock market. Most of us want to be rich right now! Well, we can’t get rich right this instant. But let’s look for ways we can get rich in just a few years.
To get things moving, we should look at people who’ve already done what we’re trying to do. We need to look at millionaires. What is their secret?
People who made a fast million have created a product or service which is unparalleled. Elon Musk is a billionaire. He earned it by founding SpaceX and Tesla.
Elon Musk created cheap space transport and electric cars that are actually cool (although definitely not cheap). He brought two companies into existence which mankind had never known. Musk is one of the most brilliant minds of our time.
Now, don’t feel intimidated. Neither you nor I have to match Elon Musk. Remember, he’s a billionaire. We just want to be millionaires. So… instead of creating companies new to the world, what if we just created companies new to a certain market?
Become A Millionaire
Imagine this… you’re from America. The date is 1904. You travel to Italy and eat a delicious, easy to prepare food called pizza. In fact, you love it so much, you ask the chef for the recipe. You go back to New York City and begin making it at home.
You love it. Your friends love it. You decide to monetize your new passion for pizza. You open the first pizza restaurant in America. The year is 1905. Your name is Gennaro Lombardi. You have just started Lombardi’s Pizza. You become a millionaire. Americans love pizza! Your business continues 100 years later…
Gennaro Lombardi is not Elon Musk. He did not create the first successful private spaceship company. He did not create appealing sustainable transport. Instead, he simply saw what others were enjoying in one market and brought it to another. Simple.
Let’s back up for one second. You probably don’t have your own business right now. You’re probably working for others.
When hustling, don’t undervalue your skills.
You may think graphic design, for instance, is easy. With that mindset, you’ll ask a low price. But you should realize there are many people out there who find your skills extremely valuable. Charge appropriately.
So while you’re getting your million dollar enterprise off the ground, make sure to value your skills. Certain market niches will value your skills very highly. Okay, let’s get back to the big picture.
Your Million Dollar Plan Of Attack
Find what is working in one area and bring it to another. Discover why it would work in another market. Is a certain type of restaurant working well in Japan? Bring it to America.
Do American farmers have an innovative way of watering their crops? Perhaps, you can bring that technology to the Middle East. Easier yet, many of these businesses can be run online. It’s just a matter of discovering a need, finding a way to fill that need, and earning an audience.
Let’s assume you want to take an idea that works in America and take it abroad. You first need to know about the top-performing industries. According to a recent Spear’s Wealth Management Survey, these are the following sectors of the American economy which are producing the most millionaires (male or female):
- Financial Services
- Tech and Telecommunications
- Retail, Fashion, and Luxury Goods
- Diversified (multiple income streams)
- Other (off the beaten path ventures)
Use your skills, keep your head down, work hard, save, and you’ll be pleasantly surprised with how your wealth can grow.