There are many paths to becoming a millionaire some are slow and some are faster, which one is the best for you depends on your own risk tolerance and what you are willing to do. Shortcuts save time but many will take a lot of time just less than other options.
Here are the biggest shortcuts to becoming a millionaire.
Decide today what your financial goals are exactly. Many people lose a decade or more before even getting focused on being a millionaire. Starting today is a much bigger shortcut than waiting to start later in life.
Create multiple streams of income, the more the better. Your primary job should not be your only source of income start side hustles, the more the better. In this day and time people can have a job and also real estate rentals, dividends, Turo car rentals, blogs, podcasts, YouTube channels, Amazon stores, book royalties, eCourses, websites, and much more.
Owning your home in a growing area near great jobs, shopping areas, low crime, and great schools. The equity in your home can grow quickly to help boost your overall net worth and shortcut the path to millionaire.
Becoming self-employed and building your own income and business can turn into a million dollar value if done correctly. This is not easy and requires risk but if you do your homework and take the risks you can be rewarded with a million dollar asset in value that you could exit at some point in the future maybe sooner than you would think.
Invest in the right company, if you can pick the right company to invest in instead of diversifying you could end up a millionaire much faster than others who diversify in index funds. This is not easy but people that can project out earnings and sales growth and get in at the right price can grow capital to astounding levels. Finding the right stock and knowing when to exit require a lot of time, effort, and research but could be rewarding with six to seven figures.
Creating a trading system with an edge can enable serious traders to compound capital exponential to reach the million dollar market much quicker than buy and hold investing.
Find a millionaire to mentor you, it can be someone in your family, you know through work, or someone you strike up a correspondence with online through social media or email. The key is to make sure they enjoy talking with you and you know the right questions to ask and not waste their valuable time. Asking a millionaire questions on how to become a millionaire yourself can save you time and money.
Turn your earned income into assets that will grow in value and not consumer goods that go down in value. Make you money work for you instead of only working for money. The faster you convert income to assets the faster you become a millionaire.
Spend your time and energy wisely on becoming a millionaire and stop wasting it on too much entertainment and frivolous pursuits.