Here are some steps to follow in order to start your journey towards becoming a millionaire.
1. Focus on profiting from boring niches.
So many people today think that if they want to become a millionaire, then they need to do so by following boring, widely accepted niches. It will take ages for you to become a millionaire through traditional occupations like becoming a lawyer, doctor or banker (in fact, these occupations usually have earnings limits that are very difficult to break through). Push past these pre-conceived notions of what it takes in order to become a millionaire. You don’t need to spend years in school to be a millionaire.
2. Sacrifice your social life to study.
It can be really hard to want to sacrifice your social life, especially when you are in your early twenties. However, if you want to truly become a millionaire, you need to be willing to sacrifice your social life in order to focus on your career. Spend this time studying, perfecting your talent or working on your skills, product or developing your company. The more you can focus on working on your talents instead of being out socializing, the better your time will be spent on becoming a millionaire.
3. Accept defeats and mistakes along the way.
No matter where you are looking to go with your career, chances are you are going to face a number of defeats and setbacks. These mistakes are completely normal. What is important is how you handle them. My first millionaire student Tim Grittani actually lost a lot trading stocks for the first few months until he got the hang of it. Mistakes are normal. How you handle them is what sets you apart.
4. Aim higher than one million.
Money shouldn’t be your endgame. Rather, you should focus on making the best product or service possible, and the money will come as a result from that. Your goals should always be growing and you should never feel like you are done working towards your goals. If you want to make $1 million, the second you reach that goal, you should be looking to your next one.
5. Don’t scam people.
The key to making millions is patience and honesty. You need to be forthright when it comes to working with others, or you will never make as much money as you want to. Criminal or unethical money never lasts and it will never give you the type of professional reputation that you can use to create millions.
6. Take advantage of hot sectors.
When certain sectors are really hot, you need to get in early to make your money. Take advantage of these hot sectors to start making your millions. Right now one of these hot sectors is social media, specifically Instagram, Snapchat and Periscope. These hot sectors can lead you to the millions you want to make.
7. You don’t need to focus on next generation technology.
Many aspiring millionaires — especially young aspiring millionaires — think that they need to focus on next-generation technology in order to make their fortunes — this isn’t the case. Even merging something old and boring with a fresh take is what led to the creation of eBay.
8. It doesn’t matter where you live.
One of the great things about the Internet is that it allows for sales, commerce and profits to come from anywhere. You can run your business anywhere that you have an Internet connection; you don’t need to physically live in a big market to make money. This is a great opportunity to live somewhere you actually want to live while still making a great deal of money.
9. Your business doesn’t need to profit for you to succeed.
So many people are only focused on creating a business that has profits. Businesses don’t need to have profits — they just need growth, users and some edge. Many businesses are acquired just for their attributes other than profit margins (just look at how many Internet startups get sold). Focus on user growth rather than raw profits. No one pays for a good idea that’s lacking in users.