Ending Soon! Save 33% on All Access

3 Actionable Ways to Become a Millionaire Be willing to take action and make strong moves that will actually lead you to become a wealthy person.

By Timothy Sykes Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.


There are so many people today with their sights set on big financial goals for their future. More specifically, there are many individuals today who are looking for ways to become a millionaire. In fact, there is no end to the different types of approaches and suggestions out there that offer "theories" on becoming a millionaire. While theories are great, many aspiring millionaires need real action steps in order to find the success they have been looking for. While it isn't always an easy road to reach this type of financial success, there are some very tangible action steps that individuals can take in order to become a millionaire.


Invest in yourself

The old phrase "knowledge is power" is not one to be ignored. If you want to be a millionaire, then you need to really be able to invest in yourself and to educate yourself. How do you start and what do you educate yourself with? Start by writing down all of your hobbies and favorite things to do. From there, choose two or three that you want to dedicate yourself towards mastering within the next five to 10 years. The mastery of any one given subject is the key to making millions down the road.

Make sure you don't just pick one hobby because you may not like it as much in the future as you do now, so you need to have a couple of safety options as well. As you start to educate yourself, you can then refine your skills based on what subjects you enjoy and what you have the most talent in. Really finding your niche and learning to master it is the key to getting started, and it is a real action step that you can actually take.

Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22

Learning how to budget and manage expenses

If you have this skill early on, you can really go a long way on your road to becoming a millionaire. It isn't a hard task to learn if you are willing to put some time into really honing your management skills. Read up on budget management or take an online course. From there, start tracking all of your spending. It doesn't matter how much you are making, it matters that you are able to control what you are spending and what you are saving. There are so many people today, even celebrities and famous athletes that make hundreds of millions of dollars and they eventually go broke, it is because they don't know how to budget. Learn this skill and you are setting yourself up for success.

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

Commit to learning about the business world

You need to take the time to commit to learning about the business world and about investment opportunities. If you have a base knowledge of these key factors, you can really go far on your quest to become a millionaire. This means a real overall knowledge of real estate, mutual funds and stocks. Take the time to read up on guides likes these from Entrepreneur and ones like this one I created. While it may not be the most interesting thing in the world to learn about, it is important that you take your time to really immerse yourself in this world… think of it as your second job.

Once you have mastered this and learn how to invest conservatively and responsibility, you can have your savings work for you, while you sit back and do nothing. Passive income is really fantastic, and while it may not seem like a lot in the beginning, it can really add up over time.

Related: 5 Essentials to Becoming a Millionaire Before You're 30

If you really want to become a millionaire and want to be able to have the financial freedom you have always wanted, then you need to be willing to take action and make strong moves that will actually lead you towards the financial success you have always wanted.

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.

Business News

Apple iPhone 7 Users May Be Owed a Slice of a $35 Million Settlement — Here's How to Claim Your Share

Previous (and current, no judgment) iPhone 7 users may be entitled to up to $349. The deadline to file a claim is June 3.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Did OpenAI steal Scarlett Johansson's voice? 5 Critical Lessons for Entrepreneurs in The AI Era

Did OpenAI steal Scarlett Johansson's voice? OpenAI has since paused the "Sky" voice feature, but Johansson argues that this is no coincidence. In response, Johansson delivers a masterclass for entrepreneurs on navigating the AI era successfully.


How Corporate Investment Helps Startups Deploy Technology Faster Than Ever

Financial resources, strategic alignment, access to expertise, market validation and operational support make this deployment possible.