Things Nobody Warns You About Being a Millionaire You would think at least you wouldn't have money problems but, for some, not even that is true.

By Timothy Sykes

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

D-Keine | Getty Images

Being a millionaire is a dream for many people, and is seemingly unattainable for some. The fact is that you only ever hear about these millionaires popping champagne and having full financial freedom. They don't talk about the challenges that come with being a millionaire, and the treacherous road that comes along with it.

Although the journey can be rough, the payoff is magnificent. Because of my sacrifice and hard work, I have the ability to work from the most exotic places around the world. Here are the five things that no one will tell you about being a millionaire.

Related: 9 Everyday Habits of the Average Millionaire

You need to pinch pennies.

It can appear as thought successful millionaires were either born into money or have just always been rich. In my case, and in the case of thousands of others, that's just not true. It takes years of sacrificing and penny-pinching to save up enough money and invest wisely so that it pays off in the long run. It's imperative to remember that it's a process!

Related: How to Become a Millionaire by Age 30

It can be boring.

A lot of young millionaires make the amount of money they do because they didn't party every night and they didn't take four overseas vacations per year. You are going to have to make sacrifices, and that can make life not-so-lavish at times.When you hit low points, remember your long-term vision. Yes, you need to keep a social life going to keep your connections close and gain support from loved ones, but you will have to miss nights out and vacations in order to reach the long-term success you strive for.

Related: The Top 10 Current Highest Paid Hollywood Actors and Actresses

Millionaires don't have just one job.

Most millionaires realize that their conventional day jobs won't make them into millionaires. So they develop side hustles that bolster their incomes. And if you haven't, I suggest you do. A side job could mean selling second-hand goods on eBay, taking up freelance work online or just accepting a second job.

Hustle hard, and multiple streams of income will set you up to reach long-term financial freedom.

Related: 10 Ways to Become a Millionaire in Your 20s

You will be tempted to quit.

Sometimes you'll wonder whether it's all worth it. Sometimes you'll want to splurge but know that you'll blow your entire savings plan. It can be hard to resist the urge to quit. Even when you get there, those feelings won't change. Expectations are high, but your determination to reach success will be even higher! Again, remember your long-term vision. Low points will come, but the high points will outweigh them completely.

Related: 5 Habits That Lead to Millionaire Business Success

You need friends.

Sacrifices will be necessary, but you need a close social circle. You need friends that understand what you're doing and support you every step of the way, even when you can't attend every social gathering. There's nothing more frustrating than a friend who constantly busts your chops because you don't go out to the club every single weekend.

You need friends who are going to support you, so you can learn from each other.

Some of these points may seem discouraging, but trust me, it's all worth it. Try your best to shift your focus to see the path to success as a journey, not a destination. You won't necessarily "make it"; you will continue growing, your passions will change and develop. But I will tell you that not only will you have a blast doing it, but the payoff will be worth every hour worked and penny saved.

Timothy Sykes

Entrepreneur and Penny Stock Expert

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more. Watch his media appearances and speeches on Youtube here.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics


How Learning to Take Care of Myself Helps Me Take Care of My Business

For entrepreneurs, particularly women, balancing the myriad responsibilities of business ownership can be all-consuming. You can't pour from an empty cup — here's how I started putting myself first and how it made my business more successful, too.


SMART Goals May Be Holding You Back — Try This Effective Goal-Setting Technique Instead

Everyone suggests SMART goals, but this framework is flawed. Learn why and how to create goals properly — ones that you can actually achieve.

Business News

A Billion Dollar Startup Is Trying To Resurrect A Woolly Mammoth — And You Can Watch It Happen

Filmmakers will go behind the scenes of billion-dollar startup Colossal Biosciences, which uses genetic engineering for de-extinction projects.

Business News

Want to Start a Billion-Dollar Business? Look to These Two Industries, Which Have the Most Unicorn Growth

During a tough fundraising year overall last year, the value of cybersecurity and AI unicorns saw double-digit growth.

Business News

Woman Allegedly Fired for 'Theft' After Eating a Sandwich That Was Leftover From a Meeting

Gabriela Rodriguez worked as a cleaner at Devonshires Solicitors in London for two years.