Do you want to become a billionaire overnight? I’m not talking about all the random slot machine winners who have been picked out of a hat whilst playing slots in Las Vegas. No, I’m talking about the well rounded individuals who run companies and make well calculated decisions. The ones who have worked hard for decades to reach their goal of becoming a billionaire by 30 or 40 years old. If you’re one of these individuals, congratulations! Read More
Becoming a billionaire by 30, 40, 50… How old are you anyway? Would it be fair to say that you are looking to become a billionaire someday? Well then this is the article for you!
Having a Smart Attitude Toward Risk Taking
Unless something is potentially fatal, it’s okay, even imperative, to take risks. Having the passion for pursuing a business idea and having seen its potential, some industry leaders like Zuckerberg dropped out of college to focus on their business, risking a future without a diploma.
The merits of this move are highly debatable or perhaps too extreme, but the entrepreneur’s willingness to take a significant risk is apparent. Making significant inroads to new, untested markets or considering an unusual merger are also signs of healthy risk-taking.
Having Unbounded Curiosity
You won’t go very far in business without an ample dose of curiosity. Curiosity drives an entrepreneur to observe the world, ask questions, detect problems, and actively look for solutions. Curiosity also keeps her motivated. As a business owner, deep curiosity will drive you to probe existing solutions or user experiences to find customer pain points and develop new solutions.
Airbnb founders Nathan Blecharczyk, Brian Chesky, and Joe Gebbia were curious about whether renting out their mattresses and bed spaces would work as a business model. They decided to test this concept out in their own home, on the cheap by putting up ads on Craigslist, not rushing out to try and get (spend) millions of investor dollars to test a hypothesis.
They embraced their curiosity and worked with what they had to test their business idea without wasting resources. Nearly everybody thought they were nuts, but in less than a decade, they evolved a “silly” idea into a multi-billion dollar service used by 150 million people in thousands of cities around the world.
Having a Clear Focus
Ultra-successful entrepreneurs appear to have an uncanny resistance to distractions. Once they lock on to a goal they want to achieve, there’s nothing (and nobody) that can stop them from getting there somehow, some way.
Smart entrepreneurs are dedicated to their mission but are flexible on how they’ll get there. They also seem to identify which area their business should concentrate on instinctively. In 2012, while developing the Snapchat app, Bobby Murphy worked 18-hour days to build a prototype. To this day, much of Snapchat’s code retains Murphy’s focused imprint.
You won’t become a millionaire overnight.
In fact, even wanting it says a lot about the type of person you are.
We’re talking about becoming a self-made millionaire here, through focused work for years, but which will create the foundation of an abundant lifestyle for decades ahead.
That’s definitely worth hustling and making sacrifices for.
If you aren’t ready to do that, to have it hard for at least 1 year, then you also won’t be ready to handle the responsibility that comes with a million dollars.
You’ll need some sort of Internet business.
To become a millionaire online, you’ll need to be doing something related to the digital economy.
Even if you’re not tech-savvy, even if you think you lack the skills, even if you have no idea where to start, don’t worry. It’s all doable.
Today you can build websites without coding and design knowledge.
You can be a blogger, vlogger and podcaster without actually knowing how to edit all types of content. There are platforms made for each of these and you don’t even have to build your own.
You can directly post content where people who like it already are spending time online. You can even manage most of your business from your phone.
The guides and tutorials for each of the ways we’re going to cover on how to become a millionaire online are out there waiting for you to read/listen/watch to them and put the advice into practice as soon as possible.
The moment you do this, you’re already a step ahead of the complainers who don’t really feel like putting in the work.
The ultimate goal here is creating passive income streams. And what better way than to make money online through blogging.
I’m a big believer in having your own online platform. I started Let’s Reach Success almost 5 years ago when I knew nothing about blogging and making money online, while in university and looking for a way to do something different.
Now, 1700 articles later, it’s the sole reason why I’m able to earn $5,000/month and work just a few hours every other day (although I like to spend a lot of the rest of my time working on other things related to my online business).
Blogging will change your life and I created a free course to show you exactly how to start a blog.
y Heidemann and Nick Noonan, hit it big when the video gained over 68 million views after its upload in April 2011, propelling Karmin to a million dollar deal with label heavyweight Epic Records just a month later. “Brokenhearted,” the lead single from their debut album, has now gone platinum.
You do not have to be a singer to become a YouTube star. If you are lucky, you could shoot a video of your child, pet, or a double rainbow that strikes a chord and goes viral. YouTube might then get in touch asking you to become a partner, meaning the site will run ads along with your clip and share over 50% of the revenue with you. The father of “David After Dentist” has made more than $100,000 from YouTube ads alone. As well as advertising, viral video celebrities can diversify into TV appearances, merchandise and even iPhone apps, as the creator of “Charlie Bit My Finger” has done.
YouTube is not the only platform to launch the careers of millionaires. Sophia Amoruso, the founder of online clothing store Nasty Gal, started her business by selling vintage finds on eBay. After building a fan-base she outgrew the platform and created her own website. Nasty Gal is now worth $130 million, and is set to do $128 million in sales this year.
These days, there are many more online retail options on which to cash in. Alongside the tried-and-tested web marketplaces of Craigslist and eBay are stylish sites like Threadflip, a place for sellers to turnaround their used women’s apparel. ModCloth, which peddles vintage threads while carefully integrating social and mobile aspects has become increasingly popular, earning its 27-year-old husband-wife founders Eric and Susan Gregg Koger a spot on Forbes 30 Under 30 list.
Bloggers can make it big, too. First, you’ll need to set up a site which will become your platform to write on music, fashion, finance or whatever your interest may be. Build a following and readership, and you could catch the attention of companies looking to acquire your site. In 2008, Johns Wu, the founder of Bankaholic.com, sold the site to Bankrate, Inc. for $14.9 million. Entrepreneurial tech site TechCrunch was acquired by AOL in 2010 for $30 million, making its founder, Michael Arrington, a wealthy man.
Fashion bloggers can also get rich. Just look at Leandra Medine, the woman behind the Man Repeller blog, whose site grew so popular it spawned two jewelry lines with Dannijo and a collaboration with Del Toro on $325 shoes.
Other ways to monetize your writing include selling affiliate marketing through programs such as Amazon Affiliates. Bloggers place an affiliate link for the product on their site, and whenever a visitor buys a product by clicking on that link, they will be credited with a sale and make a commission. Bloggers can also sell advertising space, earning higher rates for more visitors.
With a little creativity, you might just become the next Internet millionaire. So power up, log on, and start turning your talents into cash.
Freelance your way to a million dollars.
If you’re a complete newbie to online business, you might want to start with freelancing.
That’s how I began too, with no experience. Through focused work and improving my skills together with building new ones, I started earning more than $4,000 per month blogging and freelancing.
If you’re interested in making your first money online as soon as possible by finding your first freelance client, I created a free course for you.
Enroll in Make Your First Money Online Freelancing for free now.
Back to freelancing your way to a million dollars. Here’s how the beginning looks like:
One way is to do your current job online and on your own, finding clients through platforms like Upwork, Freelancer, Fiverr, Guru, etc.
If you’re ready to start it on the side and soon ditch your 9 to 5, then choose a skill you’re willing to build.
Ghostwriting or copywriting, Internet marketing, coding, web design, video editing, translating, etc. All these are and probably always will be in high demand.
Find untapped niches.
You might be wondering how to become a millionaire online when the competition seems to be fierce in every possible niche. But that’s not necessarily the case.
As technology evolves, people’s desires change, and creative people transform all fields online, it will always be possible to find untapped niches.
Monetizing them once you find one that you’re interested and see potential in can happen in a few ways.
These are called unsaturated markets and there’s little to no competition there, but the demand is present.
For instance, when Instagram came out, it led to the creation of many other software products that offered services related to it. There are plenty of other ways to make money on Instagram too.
Now, some of these companies that came up with more filters, or ways to unfollow people fast, or to automate comments and likes, are businesses for millions of dollars. The same goes for a new physical product like each new iPhone, for instance. That then creates the need for a new case. You see the point.
Entrepreneurship is for the creative individuals willing to take risks, be the first to enter a field, and test new products when they see people might be interested in them.
If you’re willing to be an Internet millionaire, you need to start doing an extensive research to find untapped markets.
Conclusion:
Everybody wants to become a billionaire. So much for that American dream, we want to live like we’re in a rap video! Why? Who knows?! But do you know what doesn’t work at all in the process of becoming a billionaire? The traditional approach of getting a regular job and saving up your pennies. If you want to become a billionaire by the time you’re 40, you will need to adopt an alternative strategy.