I always wondered why some people reach the Millionaire Status while many people have financial problems
For this reason, I studied self-made millionaires’ biographies to discover how millionaires achieved financial success.
From their biographies, I realized the 4 main ways to become a million-dollar millionaire.
1.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 became the CEOs of their companies.
Brian Dunn was once paid more than $3 million within three months, while Jack Welch received a contract termination fee of $ 417 million.
Brian Dunn commenced his career as Best Buy’s sales associate, while Jack Welch started as a Junior Engineer.
Climbing the corporate ladder is thus a reliable way to get 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 must enjoy working for your company so much that you work on weekends. Besides this, he teaches that you have to treat the company as if it’s yours, and you always have to be the first to arrive at work and the last to leave.
If you work so hard, you’ll be highly skilled, and your employer will do anything, including promoting you, to retain you.
Many people today hate working hard at their jobs, but they expect to rise to senior positions. If you are one of them, kindly forget this method as a means to millionaire-hood.
2.Investing in Businesses While Working For Another Person
Some individuals became millionaires by investing in various businesses while working for others.
This method is also hard because you’ll have to find time for managing your investments. People who became millionaires through this method seldom slept because they had to work for their bosses and still manage their investments.
3.Starting Your Own Company
You can become a millionaire by starting a company and giving it all you’ve got.
Many millionaires used this formula. For instance, Richard Desmond ($ 1.45 Billion), and Mike Ashley ($ 3.8 Billion) built their million-dollar companies from scratch.
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 lot of time. You have to work day and night.
You might also fail to make good money in the early stages. Jack Ma’s company, Alibaba, never received profits in its first three years.
4.Using Your Talent
Some people have used their talents to get rich. Musicians, like Eminem (Net worth-$190 Million), Dolly Parton (Net worth-$ 500 Million), and Lil-Wayne (Net worth-$150 Million), have earned millions of dollars from their music. Besides musicians, some actors and sportsmen have made millions from their talents.
This path to riches seems easy, but it’s also hard because you’ll have to discover your talent, and work on it. You’ll have to withstand earning few dollars for a long period before you become rich.
This method also requires you to be humble in the early stages of your career. In the early phases of her acting career, the ‘Game of Thrones,’ actress, Emilia Clark, had to accept roles that many beginning actors rejected. She appeared in commercials, and played old ladies and prostitutes.
Besides humility, for you to make good money from your talent, you have to perfect it and become the best of the best.
I believe you’ve noticed that none of the 4 methods is easy. They all require hard work and extraordinary levels of determination.
Riches don’t come easy, and that’s why only 1 percent of the world’s population is above the million-dollar mark.
In the USA only 14,814, 453 people out of 325,000,000 individuals are millionaires ($ 1 Million dollars and above) while in Kenya, around 9,000 people out of 47,000,000 people are millionaires.
I believe we can reach the millionaire status if we are determined, and if we push each other harder. SEE YOU 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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