5 Ways to Become a Millionaire in 2018 (With Proofs)
Think you can’t become a millionaire?
You might be surprised at the various ways you can get there. But before you get too excited, if you think becoming a millionaire means fancy cars, a lavish house, and an upscale lifestyle, think again…
If you had a million and spent it that way, you’d blow through it pretty quick!
You need to understand, a million bucks isn’t what it used to be. Once retired it might buy you an income of $50,000 a year if you carefully invest it using either withdrawal rate rules or a time-segmented approach.
However, a million is darn-well worth aspiring to, and it may be more achievable than you think.
Here are 5 ways to become a millionaire.
Develop Your Career/Expertise
Many millionaires are millionaires because they worked hard and found a way to earn a lot of money.
They earned degrees, invested in early stage startups, and certifications to increase their knowledge, and they were often willing to spend time taking risks and maximising profit. As they became experts, they began to earn more.
Some of them then also spent more, and those types don’t typically become millionaires. The ones who become millionaires make a commitment to save more as they earn more. People who fall in this category might be: doctors, engineers, attorneys, accountants, architects, information technology experts, computer programmers, administrators, and corporate executives.
Create Intellectual Property
Intellectual property includes things like books, trademarks, patents, songs, scripts, art, etc. Many professors use their expertise to write books and consult in their field. Other professionals use their expertise to create seminars, workshops, and training programs where they sell their books and other materials.
Artists such as actors and singers essentially turn themselves and their “image” into a marketable entity. Electricians, plumbers, woodworkers, masons and other craftsmen may create new tools that are used in their industry. The same thing is true for surgeons and dentists who design improved instruments. Software developers turn their ideas and code into intellectual property.
If you have an idea, or get good at what you do, think about ways you might create subscriptions, licenses or franchises to expand what you do.
Build a Business
A business is something that has its own value whether you are involved or not. If you are in a service business creating a duplicatable business model can be challenging; typically the business is in your area of expertise and you are the business. You have to figure out a way to train others to do what you do so you can work on your business rather than in your business.
BitFury is the best-funded mining hardware company in the crypto mining business, raising $20 million (£12.8 million) in July 2015. It was, CoinDesk notes, its third round in two years, and it has now raised $60 million (38.4 million) in total.
Invest in ICO’s
Some of the wealthiest people I know made their money in ICO’s or Initial Coin Offerings.
They got lucky and invested into companies before they were listed on exchanges. They found exciting companies and read everything they could about investing in them.
Crypto millionaires put in a lot of risk early on, but it pays off later in the form of massive returns.
Here is what ETH price was at the time of its pre-sale:
22 July 2014
Price: $0.35
Here is what it’s price is today:
Feb 22, 2018
Price: $941.01
If you had bought 100 ETHs at the time of it’s token sale, the cost would be $35. Fast forward, today you would be owning $94,101.
What if you had 1,000 ETHs?
You would have been a millionaire today!
This is the power of early investing
Keep Learning and Invest for Growth
Anyone can become a millionaire if they keep learning spend time with the right people, and invest appropriately.
The token sale by Ricona’s ICO is filled with opportunities for future millionaires.
How much you need to invest depends on how much you are willing to lose (always invest what you can lose) and what rate of return you will earn. (You can check out a few ICO’s ROI to calculate your own numbers.)
The biggest mistake people make that keeps them from reaching millionaire status is they invest when it’s too late. When the price goes up, the dumb money comes in. You have to be ahead of the crowd to make money, never in the crowd.
Ricona is a cryptocurrency much like Bitcoin or Ethereum. However, it allows its users to trade in multiple Cryptocurrencies with their lending platform
Ricona offers an assured return plan called ‘Staking’, and a flexible interest plan called ‘Lending’(While keeping an option open to use “Hosted Staking” as well via community poll during last round of ICO).
Using one of these plans, your initial investment can be recouped quite soon (in as less as two months). Also, you can use your RCA coins to buy other cryptocurrencies or simply exchange them for other cryptos when our internal exchange opens.
I’ll definitely be keeping an eye on this one.
Check out their live ICO here — https://www.ricona.io/
Disclaimer: The writer is an early investor in Ricona
