I always wonder how some folks manage to reach the Millionaire Status while a large percentage of the world’s population struggles with financial difficulties.
For this reason, I usually spend a large part of my time studying the self-made millionaires’ biographies to check how these individuals reached massive levels of financial success.
From their biographies, I realized the 4 main ways to become a million-dollar millionaire.
- Climbing the Corporate Ladder
You can become rich by climbing the corporate ladder. Millionaires such as Brian Dunn (Best Buy’s CEO), and Jack Welch (General Electric CEO) were once junior employees, but they became the CEOs of their companies.
Brian Dunn commenced his career as Best Buy’s sales associate, while Jack Welch started as a Junior Engineer.
Climbing the corporate ladder is, therefore, one good way to become rich. However, it’s not easy to climb the corporate ladder because you have to work extremely hard for you to do so.
Brian Tracy teaches that for you to climb the corporate ladder and reach executive level positions, you have to enjoy working for your company so much that you use your free days working. Besides this, he teaches that you have to treat the company as if it’s yours, and you always have to be the first one to arrive and the last to leave.
If you work so hard, you’ll be highly skilled in whatever you do, and your firm will do anything, including promoting you so that it retains you.
I wonder how today many people hate working hard for their employers, and still expect to rise to high positions. If you are one of them, kindly forget this method as a means to ‘millionare-hood.’
- Investing in Businesses While Still Working For Another Person
Some individuals have become millionaires by investing a large percentage of their incomes in various businesses.
If you can’t climb the corporate ladder, you can, therefore, invest your income in businesses or stocks.
However, this method is also hard because you’ll always have to find time for managing your investments. People who became millionaires through this method rarely slept because they had to work for both their bosses and still manage their investments.
It’s hard to work on different things. However, it’s not impossible because there are some people out there doing it. If they can do it, why not us? Why? I don’t see why.
- Starting Your Own Company
You can become a millionaire by starting a company and giving it all you got.
The hard part of this method is that it will eventually require you to quit your job if you have one because starting a million-dollar company from scratch requires a large part of your time. You have to work for the company day and night.
Also, you might fail to receive profits in the first few years. For instance, Jack Ma’s company, Alibaba, never received profits in its first three years.
You have to have high levels of confidence in your company for you to dedicate all your efforts to it without realizing profits in its early stages.
- Using Your Talent
Some people have used their talents to enter millionaire-hood. Musicians, like Eminem (Net worth-$190 Million), Dolly Parton (Net worth-$ 500 Million), and Lil-Wayne (Net worth-$150 Million), have earned millions of dollars from their music. Besides musicians, some actors and sportsmen have also made millions from their talents.
This path to riches often seems easy, but it’s also a hard method. You’ll have to find your talent, and start working on it. And, you’ll have to withstand earning few or no dollars for a long period before you become rich and famous.
This method also requires you to be very humble in the beginning stages of your career. For example, in the beginning phases of her acting career, the ‘Game of Thrones,’ actress, Emilia Clark had to accept roles that many beginning actors would have rejected. She appeared in commercials, and she also played old ladies and prostitutes.
Besides humility, for you to earn huge money from your talent, you have to work very hard on perfecting it. You have to become the best of the best for you to get noticed.
For this reason, many people give up on this method because of the amount of hard work, and humility it requires.
I believe you have noticed that none of the 4 methods is easy. They all require hard work and extraordinary levels of determination.
Riches don’t come easily, and that’s why only 1 percent of the world’s population is above the million-dollar mark.
In the USA only 14,814, 453 people out of 325,000,000 individuals are millionaires ($ 1 Million dollars and above) while in Kenya, around 9,000 people out of 47,000,000 people are millionaires.
However, I believe that we too can reach the millionaire status if we are determined, and if we decide not to discourage each other, but to push each other harder. I hope we’ll meet at the top.
Thank You for reading.
If you have any other methods of becoming rich, you are free to list them in the comment box below. Feel free to disagree.
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5 Powerful Success Lessons We Can Learn From Benjamin Franklin
I admire Benjamin Franklin because he succeeded in many fields. He was a successful politician, author, inventor, scientist
After studying his life for a while, I realized powerful success lessons we can learn from this Great Man
‘From a child I was fond of reading, and all the little money that came into my hands was ever laid out in books.’ – Benjamin Franklin
Many successful people believe that reading breeds success because it leads to the accumulation of knowledge useful for succeeding. Maybe Benjamin Franklin knew this because he read a lot. He loved reading so much that he read his father’s religious texts because they were the main books his father possessed. His obsession with reading forced his father, Josiah Franklin, to apprentice him to a printer. Many scholars agree that his reading habit played a great role in making him a great man.
2.Never Ever Wait For The Right Moment
If you want to do something, do it. Never wait for the universe to perfectly arrange things for you before you take action
In 1721, Benjamin Franklin’s brother founded a newspaper. Benjamin Franklin became highly interested in participating in the newspaper, but he believed his position would prevent his brother from allowing him to write. However, instead of waiting for his brother’s permission, he wrote letters and anonymously placed them in his brother’s print shop. People liked the letters so much that they wanted to know him.
Benjamin Franklin never waited for the right moment. He took action when he had an idea and his audacity paid off.
3.Associate With People With Similar Interests
You can progress quickly if you associate with people with similar interests because these folks will help you learn a lot about your field.
Benjamin Franklin knew this principle because he formed an association of aspiring artists and entrepreneurs when he was 21 years old. The association enabled Benjamin to become a better artist and businessman as its members regularly discussed
4.Failure is Inevitable
All successful people including Benjamin Franklin failed on their way to success. Despite becoming one of America’s founding fathers, some of Benjamin Franklin’s political proposals were ignored. Furthermore, despite becoming a well-known author, some of his publications failed.
Benjamin Franklin understood that failure is part of success, and he continued writing and formulating more political proposals. He eventually became a successful politician and author.
5.Work, Work and Work
It’s said that Benjamin Franklin was obsessed with work. His biography reveals how he woke up early to work long hours. Besides this, some of his famous quotes such as ‘laziness makes things difficult, and hard work makes things easier’ proved he believed in a strong work-ethic.
Benjamin Franklin knew that his strong work-ethic played a huge role in making him succeed. In his famous essay, The Way to Wealth, he wrote, ‘If You Are Hardworking, You Will Never Starve.’
Just like other successful folks, Franklin was an ordinary individual who adopted the features of successful people. We can also adopt these features to guarantee a marvelous future.
You can find me on my insightful facebook community: the unbounded wisdom community where I share powerful quotes and ideas on success, spirituality, mystery, and many more topics.
5 Unbelievable Factors That Make People Work Extremely Hard
Mentors, a strong purpose, and motivational stuff are some of the main factors that have made people work extremely hard. However, there are also unique but not necessarily positive factors that have made people work extremely hard towards their goals. Guess you are ready to know them.
Here are they:
- The Desire to Prove People Wrong
Many people have worked extremely hard towards their goals because they wanted to prove the naysayers wrong. These folks wanted to show the people who doubted them that they can achieve greatness.
An example is Arnold Schwarzenegger. This guy worked extremely hard in his acting career because he wanted to prove wrong the people who told him that he won’t be a successful actor since he had a German accent, and a body that was too big for acting.
Even though I have discouraged competition in my previous posts, I believe that it sometimes makes people work extremely hard. Many bloggers, musicians, and business owners have worked extremely hard because of the fierce competition in their niches. These folks knew that they would fail to secure a sizeable market share if their competitors outworked them.
For this reason, it’s inarguable that competition can force you to work harder whether you like it or not because if you don’t work hard when facing stiff competition, your competitors will become better than you and throw you out of the game.
A large percentage of successful people succeeded because they had faith in their dreams. Faith made them completely sure that they will achieve their dreams if they worked harder, and therefore, it motivated them to work hardest towards their goals.
Recently, I realized that people who believe in the achievement of their dreams often work harder than those who doubt. Doubt drains your energy because it demotivates you, while faith pumps energy in you and motivates you to push yourself harder because you firmly know that success will come if you toil.
People also work harder towards their goals if they believe that achieving them will eliminate some sort of pain. For instance, the pain of living in poverty motivated Eminem to work extremely hard towards a better life. In some of his songs, the rapper reveals how the pain he felt when he realized that his 9-5 salary could not sustain his family forced him to work very hard in music.
All the pain inside amplified by the fact that I can’t get by with my 9-5, and I can’t provide the right type of life for my family – Eminem, Lose Yourself
- The Need to Use Success As Revenge
“Success is the best revenge to pay you back.” – Eminem, Where I’m At.
I know people who are working so hard because they experienced rejection. These folks believe that working harder will make them meet success and make the people who rejected them regret.
Besides faith, the above factors show that you can use negative states of mind to push yourself harder. The main reason we are always encouraged to use positive factors to push ourselves harder is because most of the time, factors such as pain, competition, the need to revenge and prove people wrong, work against us.
What other unique factors do you know that can make people work harder?
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