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How to Become a Millionaire

How Can You Become a Millionaire in the Next Five Years?

In this journey of becoming a millionaire, it is important that you embrace all the lessons you've learned, do not let any low point hit you hard enough that you give up or any high point that makes you go bonkers
How Can You Become a Millionaire in the Next Five Years?
Image credit: Shutterstock
Co-founder & CEO, Hush
5 min read
Opinions expressed by Entrepreneur contributors are their own.

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Wanting to become a self-made millionaire is every millennial’s dream. And why shouldn't it be? The perks and the contentment from having built an empire all by yourself far outweigh the roadblocks or the disappointments you faced from not trying at all. To become a millionaire, it requires a great deal of ambition and determination. It does not matter where you start.

Some strategies may work better than others. Here are some ways that will surely make you a millionaire in the next five years to come:

Develop Patience and Discipline

Know that for every first generation millionaire, patience and discipline are the key virtues. Self-made millionaires are disciplined and resist any impulse to cave in. Being disciplined means that you have a set of habits that you follow without fail. With simple daily habits that are regularly practised, it is easier to focus on a single goal without going off-track. You procrastinate less, and your productivity is maximized. What makes a difference is not the number of hours you put in, but what you put in those hours.

While discipline and both smart and hard work are important, patience is just as important. Rome was not built in a day. Great things take their own course of time. When it comes to taking important decisions, a calm mind will be your most powerful resource.

Set Goals

Setting the goal means concretizing all your ideas on paper. Write down both long term and short term goals and the specific actions that you will need to take for their achievement. It will be better if you create a mood-board or stick up your goals somewhere frequently visible to your eyes. Make a daily checklist and go through it every day. It is important that you evaluate your weekly progress to ascertain if you need to make alterations in the strategies or the plan itself.

With a fixed goal, a strategic plan, and constant evaluation, you will definitely move up the ladder, progressing closer to success.

Become an Entrepreneur

Unless you have an exceptional salary package, either by being just a cog in the wheel of another company, it will not provide you assurance to enter the millionaire’s club in the next five years to come.  Once your goal is clear and you have charted out a plan for next five years, you can pack all the skills learned from different jobs over the years and create your own product or service to be launched in the market. You can develop a business from what you know and absolutely love to do.

If you have an idea and a plan, but often get stuck to successfully implementing it due to the paucity of time, scour around for some “frientrepreneurs” and convert your lazy weekends to fun workdays. With a sense of high energy and teamwork, you can escalate your personal effectiveness and consequently execute the ideas you have been dreaming of.

It may take some time for you to completely take off, but once you do, you can take your business to new heights and earn great revenue.

Create Multiple Sources of Income

The income you earn by slogging for hours at a particular job will help you save and have a decent future. But, it might still not be enough for you to save a million. You need to create multiple streams from the money saved from your earned income, and maybe allocate some extra days or weekends to successfully diversify your source of income.

None of the millionaires has, in fact, become millionaires only by relying on their earned incomes.   With investing your savings, you will not only increase your wealth but also beat inflation.

An average millionaire has several streams of income. For example: earned income (salary), profit (from business), interest (from savings), dividend (from investing in several businesses), rental income, capital gains (from the selling of an asset), royalties (from letting someone use your creation for a price—technology, music, brand art, etc.)

Depending on the resources you have garnered, make an early start. You can do this by creating different sources of income, which you can multiply and gradually increase over time.

Network and Refuel Yourself

When there are too many business players, networking becomes incredibly essential your growth and your business. The more people you talk to and get acquainted with, the greater are your chances to increase prospective customers. Moreover, networking will provide you with great opportunities to learn from others. It will help you seek mentorship, and help you build stronger and meaningful relationships.

Do not let pressure drain all your energy. Every once in a while, you will be required to make significant efforts to refuel your levels of energy. Adequate sleep, exercise, savouring dinners, a break with family and friends should be a part of your rituals. Look forward to small things in the everyday lifestyle. These will help you remain pumped up and charged to solve any challenges.

In this journey of becoming a millionaire, it is important that you embrace all the lessons you learned. Do not let any low point hit you hard enough that you give up or any high point that makes you go bonkers. Unless you are born with a silver spoon in your mouth, making your way up to the millionaire’s club can be a roller coaster ride.

But remember, with a plan, right strategy, patience, and perseverance, you can enjoy your self-chosen ride to glory and success!

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