More Than One Way to Reach the Million Dollar Goal!
I know, I know—you’re ﬁrst thought is that this is just click-bait. It’s not! Decades ago, a million dollars was the impossible magic number. The good news, it’s not impossible for the average person who wants to be a millionaire anymore. Yet, in other respects, a million dollar isn’t what it used to be. However, it’s still pretty good. The following is a realistic analysis of how to reach the coveted million dollar threshold. It doesn’t have to be an impossible dream.
The whole point of schooling, career, and work is to make money, and as much as possible for uses in life. In fact, lifetime ﬁnancial success really comes down to vision, planning, and prudence. That million dollar dream. All it requires is a good dose of well-thought-out and deliberate planning. But it’s still Let’s dive in and tackle a dozen or more tried and true ways to become a millionaire.
100 ways to become a millionaire
DOES YOUR YOUTH MATTER?
For many, youth is the most carefree period—the best time of their lives. Conversely, the foundation of our future is constructed in your youth. It is here where we have the power to choose the optimal course to become a millionaire. The proverbial fork in the road if you go to college
and get a degree or go make your way and develop a business.
I would say this in the special forces in the military they teach them that if they have a problem or tactic they have to achieve make the decision.
It doesn’t what way you choose just choose a direction and commit to it.
if your goal is to be a millionaire then choose your path
In 2017, the nonpartisan Urban-Brookings Tax Policy Center published a study pointing out that for the vast majority, 64% of their ﬁnancial worth will be derived from employment compensation.
This means that the profession you choose out of high school and pursue throughout your academic career plays a signiﬁcant part in being able to reach your million dollar goal. Consider your career salary to be the rock your ﬁnancial house is built on. That means, choose your collegiate major wisely—this decision is likely to deﬁne how quickly and
easily you are able to reach the million dollar goal!
The following is a 2018 list of the 10 highest paying college majors compiled by Glassdoor.
Note that these lists tend to slightly vary year-by-year. However, Glassdoor analyzed over a hundred thousand resumes with corresponding salary reports to determine which college majors compensate best the ﬁrst ﬁve years out of college. Salaries are based on a national average!
The 10 highest-paying college majors are:
- Computer Science: Median Base Salary: $70,000!
Popular Entry-Level Jobs: Software Engineer, Systems Engineer, Web Developer
- Electrical Engineering: Median Base Salary: $68,438!
Popular Entry-Level Jobs: Electrical Engineer, Systems Engineer, Software Developer
- Mechanical Engineering: Median Base Salary: $68,000!
Popular Entry-Level Jobs: Mechanical Engineer, Design Engineer, Project Engineer
- Chemical Engineering! Median Base Salary: $65,000!
Popular Entry-Level Jobs: Chemical Engineer, Process Engineer, Project Engineer.
- Industrial Engineering: Median Base Salary: $64,381!
Popular Entry-Level Jobs: Industrial Engineer, Quality Engineer, Production Planner
- Information Technology: Median Base Salary: $64,008! Popular Entry-Level Jobs: Programmer Analyst, Technical Support, Systems Engineer
- Civil Engineering: Median Base Salary: $61,500!
Popular Entry-Level Jobs: Civil Engineer, Structural Engineer, Field Engineer
- Statistics: Median Base Salary: $60,000!
Popular Entry-Level Jobs: Data Analyst, Statistician, Data Scientist
- Nursing: Median Base Salary: $58,928!
Popular Entry-Level Jobs: Registered Nurse, Licensed Vocational Nurse, Case Manager
- Management Information Systems: Median Base Salary: $58,000!
Popular Entry-Level Jobs: Network Administrator, Help Desk Analyst, Business Analyst.
Conclusion: Consider your major carefully. It is the ﬁrst step of many in your ﬁnancial journey to a million dollars! I do not dig anyone that chooses a journey or carrier but most of my sale people in different companies in all types of industry make more than this without a degree.
So… the goal is a million dollars. According to the above list, if you choose computer science as your major and made $70,000 a year for the ﬁrst ﬁve years, how long, even with raises, would it take you to gross a million dollars after taxes, housing, food, family… Netﬂix subscription?
How about, like forever! So the key of all pointers on this list is investing. Of course, this is probably a no-brainer, but investing isn’t a thing you do, it’s a habit you acquire. Now, let’s dive a little deeper!
The same 2017, Urban-Brookings Tax Policy Center study cited earlier concluded that the top 1% make 24% of their fortune through investment. The best way to develop any good habit is to start early.
“The only diﬀ
erence between a rich person and a poor person
is how they use their time.” —Robert Kiyosaki
If you learn the ropes and start investing early, it generates three factors that will undoubtedly make you ﬁnancially richer throughout your life.
1) Time saved. You never want to start the good things in your life too late.
2) Early low-risk learning prevents later high-risk mistakes.
3) The sooner you start investing, the more quickly your investments will pay oﬀ.
Becoming a millionaire is not all about the salary. The salary is the capital for the multifaceted a business which is YOU so you need to sell
THINKING OUT OF THE BOX
Let me tell you a little story. When I was in college, I had a friend. I told him that housing, tuition, books, all the normal expenses of higher education were killing me. That’s when he informed me that he got a great ﬁve-ﬁgure grant. Now, I knew how wealthy his family was, so I was surprised.
As he told it, one day he was looking through grant books (shows how old I am) and there was some far-out grant for people with a small amount of Asian Heritage sponsored by some far-out group.
He walked into the oﬃce and as it turned out, he was the only one that ever applied. He got the grant immediately. Wow! The lesson of this story is that there are grants, tax-breaks, programs, employer-sponsored 401k, all kinds of ways to get free money! I don’t just mean in college, I mean throughout your life—especially your 401k.!
Always search out ways to get free money, from coupons to discounts. The more free money you get, the more your actual money can work for you.!
BEST BETS & A NICE LITTLE SECRET
Returning to the theme of investing—most people when they hear “Investing” they immediately jump to stocks and bonds. Well, of course, that’s true. However, when it comes to passive investment, nothing is more secure, safe, and foolproof than real estate.
Now, let me let you in on a nice little secret. When it comes to real estate, these days there are more ways than one to skin a cat. Who says the only way to make money in properties is by buying a house and renting it? Who says you have to thousands upon thousands to get into the market? Have you ever earned of Roofstock or Fundraiser? Let me quote from Fundraise and Roofstock’s websites…!
“Fundraise is the ﬁrst investment platform to create a simple, low-cost way for anyone to access real estate’s historically consistent, exceptional returns.”
“Earn passive income by purchasing rental homes with tenants from Roofstock. Our certiﬁed properties are inspected and come with a 30-day money-back guarantee.”
What are Fundraise and Roofstock?
New and diﬀerent platforms, ways to enter the lucrative real
estate market and generate passive income without the traditional 20% down on a second home or development. In some respects, think of them is real estate hedge funds that the average person can buy into. Yet, there is also so much more. I highly recommend checking them out.
The core objective is a secure passive income. Making money
even while you sleep will have you one day wake up a millionaire.
As the old saying goes, “There is good debt and there is bad debt.” Fear not debt but respect debt, be mindful of debt. Debt is all about how you use it, handle it, and do with it.
SMARTER THAN THE AVERAGE BEAR
Donald Trump calls himself the “King of Debt.” Regardless of your political leanings, this isn’t a political statement or a blemish on his character. Donald Trump understands how to use debt as leverage, maybe better than anyone else in history. You see, good debt transforms into leverage. Leverage equals power. The greater the amount of power you have, the more guaranteed your million dollar goal will be brilliantly reached.!
Before we discuss “Good Debt,” let’s take a look at “Bad Debt.” What is bad debt? I probably don’t have to tell you what it is. Nevertheless, it can be characterized and summed up as using your credit card like almost-free money under the auspices that you’re only required to pay a small amount back on it each month. Otherwise, it’s impulse shopping beyond your immediate ﬁnancial means.
It’s fast food! It’s unscheduled trips to Vegas! It’s buying everyone a round of drinks because you were recently approved by American Express—you get the picture. None of those things are inherently bad, as long as they’re not putting you into unwarranted debt. Remember, the goal is to become a millionaire. Let’s keep our eye on the prize!
“Good debt.” Simply put, good debt is borrowing within your means on things that will pay oﬀ in the future. For example, student loans or a condo, maybe even a car—depending on the circumstances. The more reasonable debt you pay on time, the more lenders are likely to loan you more money. Getting into debt should be a plan, not only how to get out of it, but to have it be the leverage to greater investments and better interest rates.
Debt should be handled smartly. It’s a contract but it’s also a dauntless game of strategizing. The ﬁnancial world is a game of investing, ﬁnancing, reﬁnancing, etc. There are numerous tricks to paying oﬀ loans from reﬁnancing at a better rate to the old-fashion act of sending separate checks for the interest and the principle (because extra money sent in one check will all be applied to the interest).
If you want to become a millionaire, learn the tricks of the ﬁnancing trade and become the master of your money. As for credit cards. Remember, they’re best saved for a rainy day, not every event or thing you’d just love to go to or have.
CREDIT SCORES ARE A VERY BIG DEAL
Let me state the obvious. The amount of debt a lender will allow you to borrow is based on your credit score. If you didn’t already know that, then welcome to the way the ﬁnancial world perceives you. You’re cute? You’re smart? You’re artistic? So what?
All ﬁnancial institutions care about is your credit score. Bottom line, the lower the score, the lower the interest rate from borrowing to credit cards. Lower-interest rates, in-turn, they mean the cost of your life is less expensive!
Maybe you’ve seen the funny CreditKarma commercials or your bank signed you up with free credit monitoring. Well, here’s the skinny. There are three major credit reporting agencies that lenders like banks and credit card companies
use and they are Equifax, TransUnion, and Experian. The only way you’re gonna become a millionaire without striking it rich is by being on the higher side of 760. What is 760? That is a high credit score. 800 is a perfect score!
Monitor your credit report monthly, if not even weekly! Be on the lookout for identity theft. Over 31% of people of victims of identity fraud and it destroys your credit rating. Furthermore, be proactive in protecting your credit and repairing your credit in the event of a late payment or some unpaid dental bill. Ultimately, your credit score is your passport to the fantastic millionaire ride.
Obviously, everyone wants more money. However, I think it doesn’t grow on trees. At least not any of the trees in my backyard. In this quest to a million dollars, it’s likely your salary will not be enough to get you there as quickly as you’d like. So, don’t be afraid to take ﬁnd a hustle—
you know a little side hustle. Maybe sell on eBay, work a second job for a while, or even tutor. Whatever you do, do something. If you want to make a lot of money, then make more money.
As Van Coy said, “Do the hustle!”
Now I’m really dating myself.
YOUR WAGES SHOULD NEVER STAGNATE
As mentioned, a large part of this journey is your salary. In the beginning, there isn’t much you can do about your wages. You’re fresh. You’re new. You’re unproven. However, as soon as you start shining in your given profession, don’t ever be afraid to ask for your worth.
Getting a raise is a major factor in this process of becoming a millionaire. Remember, your life won’t be in a vacuum. You’re likely to start your career renting, unmarried, and childless. But as time goes on, your life will change. You earnings to change and increase too. As your life expands, it will
require more personal ﬁnancial investment. The ﬁrst place to address this reality is at your work with increased earnings. That might even mean changing companies. However, know your worth, demand to be paid your worth, and understand that time on the job equals greater worth.
MULTIPLE STREAMS OF INCOME
I submit, anyone who is a millionaire that is not a professional athlete, movie star, or start-up entrepreneur, became a millionaire through having multiple streams of income. Your job isn’t going to do it alone. Investing is one of the most signiﬁcant components to becoming wealthy but what does it take to invest? Money. The more money invested the more money that can be gained.
This takes us back to multiple streams of income. Don’t rely just on your salary. No one should just rely on their salary—life is too complicated and unstable. So what can you do? Can you start your own business? Can you drive Lyft or Uber? Can you start a YouTube Page and monetize interesting content? Whatever it is, do something! Do more than going to work every day, come home, eat, and sleep. You want to be a millionaire, right? We’re gonna get there, but it’s gonna take a concerted eﬀort.
LIVE WITHIN YOUR MEANS
I would venture to say that this is the number one killer of people’s ﬁnancial eﬀorts. In this consumer culture, very few people live within their means anymore. If I must, let me translate. Spend your money wisely! If you don’t absolutely need it, then maybe you shouldn’t buy it until you can truly aﬀord it. Shall we get a little more speciﬁc?
Financial success is not unicorn rainbow magic. Budget. Spend less than what you earn. Need I say more? Okay, I will. Save no less than 10-20% of your wages. Use a budgeting program so you can see exactly where your money is going every
month. There are so many and some are even free. The most popular or Quickbooks, Quicken, and Mint. Lastly on budgeting, if you’re not exactly sure how to allocate your spending, trying using the old, 50/30/20 rule. That’s needs, wants, and savings.
DO EVERYTHING YOU CAN TO AVOID FEES
In this day-and-age, we’re paying fees to use our money on almost everything. Nothing is what it appears to cost because of fees. Use your credit card at the gas station, there’s a fee. Withdrawn money from an ATM, there’s a fee. Buy tires or a battery for your car, there’s an added fee. You want to become a millionaire, move hell and high water to avoid paying fees just for simple transactions.
Did you know that it is estimated that the American public forks over approximately $600 billion in fees every year? Talk about money that could be better spent on investing. I recommend always reading the ﬁne print, negotiate your way out of the fees, if possible, and check out the numerous apps like FeeX that keep track of fees your paying.
1st CLASS? FOR NOW, FLY COACH
Ask many self-made millionaires and billionaires and they’ll tell you that they don’t waste money. They don’t upgrade every year on a new phone, they don’t ﬂy ﬁrst class when they can get there just the same in the economy section, and they don’t spend for the sake of spending. If you want to become a millionaire, it is a discipline. It isn’t a freak accident. Live within your means and save where you can instead of upgrading for the thrill!
Awright, so you’ve taken that fork in the road. You’re traveling down the path of trying to become a millionaire. You’ve chosen a good major, you’ve got a high paying job, you’re investing early and often. But, there’s one pitfall always lurking in the shadows.
That danger is called Spending! In the discipline of this journey is the self-control not to simply buy things. We all want things. Hell, we could all go to any store and if bequeathed a million-dollar gift certiﬁcate, come out like one of those old ladies weighed down with bags in Beverly Hills. Everyone wants stuﬀ. However, the trick is not simply to buy fewer things but often do not buy things at all. This path is one of short term sacriﬁce for the long term gain. !
The latest device or coolest car isn’t going to redeﬁne who we are. You are your character in relation to fulﬁlling your life’s dreams and goals. On this sojourn, you are your own parent to yourself.
You’re the one who makes sure you don’t eat too much Halloween candy or stay up all night when you have a test the next day. Be the best of yourself which delays the instant gratiﬁcation for the ultimate contentment, fulﬁllment, and ﬁnancial security.
Hey, if we’re gonna become millionaires, we’re gonna need to cut down on some of the fat, if you know what I mean! No more super-sizing on services, gym memberships, fast food, app subscriptions, blah blah blah. Do we really need to pay an extra $6.99 to get commercial-free music?
A few commercials won’t hurt us. Conversely, $6.99 a month slows down reaching our million dollar goal.
I said don’t buy things, but we do have to buy things! These days there are tons of great apps to help locate the cheapest gas, grocery stores, and so on. There’s Yelp, there are coupons, not to mention an endless amount of portals to assist consumers in saving money. It’s a smart use of your time and technology to use them all the money-saving tools at your disposal. !
The fact of the matter is, shopping smart for the things you need to live, such as food, clothes, medicine, ad inﬁnitum is one of those little things that over time adds up. Shop smart!
HERE’S A BIG ONE
When I was growing up, eating out was a treat reserved for the most special of times. Nowadays everyone is eating out all the time. That’s great I guess, but it’s hell on the pocketbook. I know you have friends and you want to go out. Well, here’s the deal. Use services, such as Seated, which oﬀers gifts cards for participating retailers such as Amazon for using their service. Not to mention, buy coupon books. They’re ﬁlled with tons of restaurant discounts. Avoid making eating out a habit, but when you do, make it pay.
Where you live will determine a to about your ﬁnancial prospects. Once you’ve graduated, your job oﬀerings might predetermine what city you live in. However, if speciﬁc job oﬀers don’t, then be mindful that some cities cost more than others to live in. And it’s not only the city but the state. Consider all variables, including but not limited to average rents, local sales taxes, and transportation costs. All things being equal, it’ll take an aspirant on this journey living in New York or Los Angeles more time to reach the million dollar goal than it will the aspirant living in Tulsa or Orlando.
I was once young like you. I had a dream of becoming a millionaire. I succeeded in my dream. However, I certainly could have gotten there faster if I knew then what I know now. I’ve shared with you what I’ve learned and I promise, if you follow these guidelines, you’ll reach the million-dollar goal. Be that as it may, I’d like to leave you with a little wisdom. There is no one way, no one answer, and no easy trick. The trick is that there is no trick. Life is gonna throw you a lot of curves on this million-dollar journey. Yet, if you keep your eye on the prize, one day soon you’ll look in the mirror and say, “I’m a millionaire!”