3 Ways To Become A Millionaire

so in this video I'm gonna share four different strategies or routes that people take in order to become a millionaire and between these four different ideas or strategies that you can implement they make up about 99% of all millionaires today so most millionaires are taking one of these different strategies one of these different routes to reach that million dollar mark so hopefully you can find some value in this video if you do make sure you subscribe drop a like and let's just get started with this but what I'm also gonna do in this video is share some of my ideas behind this some ways that I'm working towards these goals but also you know if you do want to actually become a millionaire you'll want to put you know potentially set that goal higher than just a million dollars based off the fact that good old Uncle Sam is probably on take about half of the money that you make so you might want to set that for closer to two million dollars if you want to become a millionaire there's certainly a difference between becoming a millionaire and making a million dollars because you can make a million dollars but your net worth might still only be 500,000 or 600,000 depending on what state you live in and whatnot but it's so you want to set that goal a little bit higher but let's talk about these four different routes that you could potentially take in order to become a millionaire and the first one we're just going to touch on it ever so slightly but I think it's actually quite important and that's actually inheriting money now if you're watching this video it might not be a trust-fund baby I'm not a trust-fund baby so we're in the same boat here but that's okay what I want to prove here this this point that I want to prove and the reason why we're mentioning this is because contrary to what popular belief is that most millionaires are have inherited their money or most billionaires have inherited their money if you actually look at the numbers you look at the statistics Chris Hogan ran a study on this interviewed about 10,000 different millionaires found that only about 21 percent of them actually inherited any money whatsoever so a lot of millionaires are self-made a good amount of them are self-made and that goes for billionaires as well I believe it was a study that found about 60 some percent of billionaires are considered self-made so because of that look there's a lot of room for people to build wealth over their lifetime you don't have to be born with a silver spoon in your mouth in order to reach that million dollar status or reaps even in that billion dollar status now it's much more difficult it's definitely a setback when you're born with zero dollars actually I think I I got a fifty dollar bond for my uncle when I was born so I don't know if that counts as inheriting wealth but either way you know most of us didn't have silver spoon in our mouths no mere boy so if you're in that boat it's okay and and most people are actually not inheriting that money to get to that million dollar mark so let's talk about the three ways the real three ways that you can actually get to this million dollar mark and the first one and I believe this is really the fastest way to do this see between these three one of them is arguably the fastest way the second one that I share with you is something that might take some time to build up might take a decade it might take two decades but it's definitely something that could be worth of a while and then the third one is one that is probably the most surefire most likely most probable way for you to become a millionaire so all three of these right now but the first one is buy a building a business see this is how people go from zero dollars to a billion dollars it's how people go from zero to a hundred billion dollars it's by building a business and there's really no faster way to actually become a millionaire than doing this now you could certainly invest in the stock market you could certainly do various other types of investments or maybe real estate and you can build wealth certainly over time with those different things but building your own business if you look simply just look at the charts and look at the richest people in the world and how they actually got there most of them started their own company started their own business and grew it to that billion dollar mark or higher and so if you want to grow as fast as possible we're talking potentially a couple of months we're talking a couple of years potentially now the downside of this is that it's not as probable as some of these other ones I'm going to share with you in this list and that certainly is a downside but I think it really does have so much upside to it so you know so some people have been messaging me or leaving comments or emailing or deeming me on Instagram asking you know maybe they're a teenager they want to make some money they want to build some wealth and and increase their wealth and they ask what's the best option should they invest in stocks should they get into like some other type of investments how do they start and what I would like to say and sometimes I just don't get the time to respond to everybody individually on an individual case-by-case situation because it just takes a lot of time I hope you understand that so if you've sent me a message and I haven't responded I've probably read it but just haven't had the time to respond and I apologize for that but look if you're in a position where maybe you don't have a lot of money maybe have only $100 or $200 to spare and you want to find a way to increase your income or build wealth I think the best strategy I really do believe this is to start your own business and look you don't have to be the next Mark Zuckerberg you don't have to start snapchat or create your own MySpace or Facebook you don't to go you'd like that right you can create a simple cash business like a lawn care business I've talked about it so many times but this is what I did when I was a teenager and it worked out very well - just get from maybe a couple hundred dollars to twenty thirty or forty thousand dollars at which point and then it could make more sense to maybe look into real estate maybe look into investing in the stock market but I'll give you a primary reason for why you want to start a business or something that can really generate a lot of cash upfront when you're younger when you're starting with a smaller amount of money see if you try to build wealth and become a millionaire starting with a hundred dollars now if you go the business round you have put potential of huge upside with very little potential of losing because it the most you're gonna lose is a hundred dollars if you start your business with a hundred dollars but imagine if you took this hundred dollars and put it into say in the stock market and you could get say a 10% return maybe you can get a 15% return per year average that because you're a stock market wizard you're very smart and you can get a 15% annual return on that money well after a year of investing $100 you're gonna have made probably about $15 that's barely enough to buy a couple big macs at mcdonald's so you see the problem there where when you're starting with a smaller amount of money it's hard to actually invest that you can't buy a house with the hundred dollars you can only buy a couple shares of stock potentially maybe not even one share of stock with a hundred dollars and so because of that it's hard to actually grow because percentage-wise it could be nice but the actual amount of money that you're gaining on those investments those small investments it's just not really worth it in my opinion and that's why if you've been watching this channel for some time you've probably noticed how I've really talked about the stock market a lot in the past especially last year about 18 months ago leading up to maybe a few months ago I've really been discussing the stocks the stock market a lot but I kind of veered off from that a little bit to talk a little bit more about business ideas and business ventures that people who take on because I think it really is the best way for people to start when you're really starting with nothing so that's the first one there and I really do think that's the best option for people to go from zero to a million dollars in matter of years potentially but it's really all what you put into it now there's two more here and they are very much different from starting your own business because not everybody wants to start their own business and that's okay you don't have to there's still some other ways that you can become a millionaire so the next one is quite interesting it's by mastering your craft so what I mean by this is to further your education so that you can move yourself up in the business or corporation that you might be working in at the moment see if you look at the actual cost of college and you think well that's a lot of money and you maybe think about going to graduate school or getting an MBA you want to really look into the hard facts they're in and the numbers but what you might find is that it's still actually very worth it to go to college and to get something like an MBA the average MBA person who graduates with an MBA will see a massive increase in their salary I believe the average salary is about one hundred forty five thousand dollars or more for people who have an MBA so I really do think that this could be a great strategy for really increasing your income very drastically and rather quickly especially once you get past those first few years that's why the average CEO of a large corporation is making about fifteen million dollars per year now it's certainly a lot of tasks that you have to bring on but if you can work your way up through the system you can certainly see a very very large pay increase without having to start your own business but just working your way up through the ranks in a corporation so you know if you're starting off as a janitor somewhere and you want to work your way up to CEO it's certainly possible without schooling but if you really want to be making millions of dollars per year you might want to consider somehow finding a way to reinvest the money that you're making and put it into you in education a formal education to work your way up through the ranks it's it's hard to do that as someone who maybe dropped out of college and trying to work your way up through the ranks in a corporation that's already very well established it's gonna be a little bit difficult so getting that formal education if that's the route that you want to do to climb the corporate ladder it certainly is something that's available to people and something that you may want to consider exploring but a lot of that is self explanatory so we don't think at - into detail with that and the final one here is kind of going back to what I mentioned earlier when I mentioned some types of investments this is one you want to consider you know actually investing money and this is the most probable the most likely way for people to become millionaire this is how the majority of millionaires are made through their own investments maybe this is real estate maybe this is the stock market maybe this is some other type of investment maybe cryptocurrency whatever you can do well with then that certainly could be your other route that you could take but my strategy the way that I've been implementing this so when I was younger I was very much into the stock market and I still do put a lot of money into the markets but the different route that I've been taking a little bit more is is actually the money that I'm making I'm investing it into businesses I'm investing into my own business and and working towards growing it because I think I personally have more control over it but also the ability or at least I believe I have the ability to grow my investment by putting it into myself faster than what the average stock market might grow at about maybe seven to ten percent per year so by doing that and that's my strategy now once you get enough money it makes a lot more sense to throw more money into mutual funds throw more money into stocks and various other types of investments like bonds or CDs or anything else that you could think about but the reason why I'm not going all-in on those at the moment is because when you just look at the numbers here look let's say that you have $100 like we mentioned earlier you have $100 now you can put this hundred dollars into a business or you could put it into an investment say the sp500 right and when you're starting with such a small amount of money look if you make 10% on that through an investment you're gonna get $10 at the end of the year all right and then maybe the year after that you'll get close to $11 at the end of that year right but if you put it into a business and you can quadruple that you can multiply you can 10x it you can multiply by a hundred on you know two or three years in a row that's when you can consider taking that money and then putting into stocks cuz if you can make ten percent on a million dollars that's 100 grand that's a hundred thousand dollars but ten percent on a hundred dollars it's only ten dollars like I said you buy like two-and-a-half Big Macs for that price so that's my strategy I'm gonna put more money into the markets as I gain more money because it just makes more sense from that standpoint that's why Warren Buffett can make billions of dollars per year by investing very basic index funds if you would like to so hopefully you can see the different routes there there's really those four routes but really if you're not inheriting money there's three rounds for becoming a millionaire and all three of them have different ways you can go about them but that's my strategy that's what I've been doing so if you found any value in this video thanks for watching as always thanks for supporting the channel I really do appreciate everything so thank you and I'll see the money next time

Channel: Nate O'Brien

Views: 366,585

Rating: 4.8700199 out of 5

Keywords: become a millionaire, become a millionaire as a teenager, business, how to, how to be a millionaire, how to be rich, how to become a millionaire, how to become a millionaire as a kid, how to become a millionaire as a teenager, how to become a millionaire step by step, how to become rich, how to get rich, how to make money, how to make money online, how to make more money, millions, money, motivation, rich, nate o'brien

Id: QMb5C5-DjrA

Length: 11min 32sec (692 seconds)

Published: Wed Jun 05 2019

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