The best 4 Strategies of Becoming a Self-Made Millionaire
Money. It isn’t everything, but without money you can do nothing.
The number of billionaires alive on the planet now is greater than ever before. It’s not just because there are more people or because, due to inflation, $1 billion today is worth less than $1 billion 20 years ago. Instead, it’s because of opportunity, change–and consolidation.
It’s certainly possible that your company could become a resounding success and net you several million in a sale. But that’s not likely to be the case, even if your business is a consistent earner. So if your dream is to become a self-made millionaire, how do you go about doing it?
Now, a new study claims that there are some ways–some obvious, some not so much–that modern millionaires accumulate their wealth.
There’s nothing like observing how the wealthiest people out there made their money and taking lessons and inspiration from it. Here are the four key strategies to follow :
1.Start your career young (and make money fast).
Some of the most famous names that represent the young entrepreneurs are : Bezos, Zuckerberg, Brin, Page, Gates, Buffett. They all started their businesses early, and they reached the $1 billion threshold before an age when most of us are still trying to figure out what we want our careers to be.
It is interesting the fact that this holds true only in the United States. In Europe, millionaires and their businesses are older–reflecting the fact that in the last 20 years or so, recession or not, America has been the real land of economic opportunity.
2.Follow the money.
The true fact is that many people don’t spend enough time and thought necessary to monitor where their money is going. It is important to understand the full nature of your financial position and obligations.
Often, that means going overseas or finding funds there. China, especially, but also other emerging economies around the world. Billionaire wealth in emerging economies increased from less than $500 billion in 1996 to roughly $2 trillion by 2015, compared to around $3 trillion for advanced nations in 2015
3.Focus on technology
When we think of industries than can made us millionairs technology is the first thought..According to Forbes:“ Technology Is The Fastest Way For 20-Year-Olds To Get Rich”. There are several leaders of tech companies that have follow this pathway : founders of companies from Alphabet to Uber
This is primarily an American phenomenon: “The U.S. has a much greater number of self-made tech billionaires (56 billionaires, or 12 percent) compared to 17 billionaires, or just 5 percent, in Europe.”
There are many small things that business leaders may not know about when it comes to grow their business, such as money you could be losing to taxes,marketing strategies,laws of the countries you are making business and the lastest technology.You may be losing thousand of dollars every month, simply because you are overpaying interest, or you are using an appropriate advertisment.
So it’s better you seek financial and businees or make your own research on internet,magazines or people you know who may be informed.