Having a million dollars in the bank is a worthy financial goal. Even better, you will be surprised at the various ways to help you get there. Below are simple steps to join the league of millionaires, even in the middle of the pandemic.
- Work on your career.
It is hard to win the lottery or a reality TV contest with a one million dollar prize. What is easier is to focus on your career and develop your expertise. Many millionaire spent their early years earning degrees, professional designations, and certifications to increase their knowledge. Some even did low-paying internships and apprenticeships to learn their craft as a part of building the foundation to become an expert.
- Save and invest.
The surest way to be wealthy is to spend less than you make. Save diligently and invest appropriately. Most people upsize their lifestyle as their income rises. This is not a millionaire strategy. When your income goes up, the first thing you should increase is the amount you contribute to savings.
- Create intellectual property.
Intellectual property includes stuff like books, trademarks, patents, songs, scripts, seminars, training programs, and art. If you are an expert in something, you can come up with marketable products and materials that people buy to learn from you. Think about what you have mastered, then find a way to create subscriptions, licenses, or franchises to expand on your position in your industry.
- Start a business.
You can either go in the service business or the product business. In the former, you pick an area of your expertise and become the business. The main challenge is in training other people to do what you do so you can work on the business and not be in the business. For the latter, you need to come up with a product and figure out how to market, manufacture, and distribute it profitably.
Both have pros and cons. Consider your strengths and weaknesses when deciding which kind of business to go for. From here, you can apply the simple process of taking your profit, spending less, and saving and investing to become a millionaire.