How To Become A Millionaire Overnight
How to become a millionaire overnight? Believe it or not, there are legit ways of becoming a millionaire overnight. Nowadays it is definitely not impossible. There are some easy ways to make money online which can help you advance towards your goal of becoming a millionaire overnight.
In this article, we’re going to look at some of the most common ways that people have become millionaires overnight.
Learn from your mistakes and move on.
Everyone makes them. I do, you do, we all do.
And believe me, I’ve made some pitiful mistakes.
Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.
Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.
The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?
Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.
It’s important to remember that . . . .
Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA
So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice. If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card. This will free you up to hammer down on that debt instead of paying big interest payments.
Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.
Build something new that you would love – and be sure to experiment.
You can read book after book about how to research what your customers will love, and by the time you deliver it, they’ll already be bored with it.
If you’re the entrepreneurial type – I know I am – make sure to work on projects you can get excited about!
Chances are, if you create something that you’d use and love, others will too.
Millionaires understand that some of the best ideas don’t come out of costly research, they come out of a passion for making the world a better place.
Also, remember to experiment. Have fun! Some of my best ideas come out of experimentation.
In 1945, Percy Spencer experimented with a new vacuum tube while doing research for the Raytheon Corporation. He popped popcorn and melted a candy bar, and saw the great potential for this process which eventually culminated into the advent of the microwave.
Tim Cook, the CEO of Apple recently explained in an interview with Charlie Rose that it’s more difficult to edit than it is to create something entirely new. But I’ve learned that sometimes creating something new can be the best way forward to becoming a millionaire.
One of the things that I’ve been most excited about building is my blog. My financial planning practice was growing at a steady rate but after I launched GoodFinancialCents.com in 2008 my practice and revenue have grown significantly. Some of that is a direct result of getting new clients to my practice while the other more surprising revenue source has been directly from the blog.
A combination of advertising revenue and introduction to new business opportunities (because my name and face are all over the web) have been a huge blessing.
Here’s the thing you have to realize though: I KNEW NOTHING ABOUT BLOGGING.
That’s right. The launching of my blog was a total experiment and still is today. I’m always testing different ways to monetize and build my brand. Experimenting is the fun part!
You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs, Former CEO of Apple
Learn to budget – or at least get help doing so.
You know that I hate budgeting. Thankfully, my wife budgets like a pro.
Here’s a tip from one of the financial greats (a millionaire, to say the least):
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett, CEO of Berkshire Hathaway
If you don’t budget, I promise you’ll lose money to overspending.
Want to make yourself sick? Count up how much you’re spending on eating out, clothing, gadgets, and other delights and write it down. Then, start budgeting. After a year, look at how much you’re spending and compare with your initial count.
Yikes. Try not to lose your lunch.
A hugely important part of budgeting is ensuring you’re spending less than you’re making. And the only way to do that friends, is to track everything.
If you’re not a spreadsheets-kind-of-person, that’s okay. Just make sure you have some help.
Start investing – it’s simpler than you think.
Millionaires many times become millionaires – and stay millionaires – because they invest.
The good news? It’s actually pretty simple.
Betterment is a great place to start when you’re new to investing. They believe that investing doesn’t have to be complicated, and that if more people had an easier way to do so, they would. With Betterment, you really only have three decisions to make: how much money to invest, how often you want to invest it, and how you want your asset allocation to look between stocks and bonds.
Boom. You’re done. I like that.
There are other ways to start investing, too. For example, Personal Capital can help you manage your investment accounts as you get more sophisticated.
Here’s my point: You don’t have to be a rocket scientist to start investing.
Just start somewhere. It’s okay if you don’t have a lot of money to invest right away.
I started with investments at a very young age, with a little help from my mom. I dare you to read a little more about my first investments – you’ll soon discover that starting small is totally fine. Start investing a few bucks and I’ll applaud you!
Also, once you start investing, don’t abandon the ship. The stock market has its ups and downs. Just ride the wave. Think long-term!
Lastly, remember that investing doesn’t always have to be in the stock market. Some of the best investments I’ve made have been investing in things outside the stock market. This includes investing in my business, myself through certifications and a business coach, and my blog.
Need some encouragement to get started investing? Join Operation: Invest Now where I’m encouraging 1 million people to invest in themselves.
Don’t believe discouraging people.
As soon as you accept that you’re not going to become a millionaire, you probably won’t – you’ll settle for the ordinary.
Your beliefs about your future matter a whole lot, and will – in part – help determine your future.
After all, your beliefs affect your actions, and your actions affect your outcomes.
When you listen to discouraging people, you’re letting them accomplish their goal – to drag you down and ensure you don’t surpass their success. No good.
Instead, I suggest you prove them wrong – but be humble about it. Your results will speak louder than your words, I promise you.
I just love it when people say I can’t do it, there’s nothing that makes me feel better because all my life, people have said that I wasn’t going to make it. – Ted Turner, Founder of CNN
Save some of your income for a rainy day.
If you’ve lived on this planet for any considerable number of years, you know that bad stuff happens.
Not only that, sometimes several bad things happen all at the same time. Talk about knockout power!
That’s why I recommend that you save some of your income for a rainy day.
Medical emergencies can last years.
Trees go through roofs.
Jobs can be lost.
Don’t get caught without an emergency fund. You hear?
What does this have to do with becoming a millionaire? I’ll tell you.
If you have an emergency and don’t have some liquid cash saved up in a savings account like one from Capital One 360, you’re likely to either go into debt (bad idea) or borrow from family members (very bad idea).
Don’t be the guy that owes his parents.
Don’t be the couple that drowns in debt.
Think of debt as the polar opposite of investing. Instead of you investing in companies, companies are investing in you – looking to make as much profit as possible by pulling it out of your wallet. It’s bad news people.
According to many experts, you should have around three to six months of expenses in your emergency fund – in bad times, I recommend you shoot for eight months.
Being bored is fine. In fact, being bored actually means that you have spare time on your hands, which is a good thing. Aside from stopping you from filling every void with an activity that costs you money, it’s also a great way to focus your efforts on more productive matters.
When you are bored with nothing to do, you could:
- Start meditating to enhance your concentration and clear your mind
- Read a book
- Cook a nice meal at home
The phrase “it’s not what you know, but who you know” couldn’t be truer. You’ll often find that successful people associate with equally as successful peers, whether or not they are in the same field. As a result, it is key that you start networking with people that have the way with which to catapult you to success.
Unfortunately, even if you are the best brain surgeon in the world, nobody will know it unless you tell them, so find out where your industry icons will be, and go and meet them. There are a number of ways you can meet successful people, some of which include:
- Sending a simple email
- Using social media to contact them
- Meeting them at events and conferences
- Subscribing to their newsletter
- Attending their webinars
- Read great finance blogs like Jeff Rose, CFP, Good Financial Cents.
How to become a millionaire overnight has been a question on the minds of many people over the years. The truth is, there are a lot of things you can do to make a million dollars in no time. It’s more of a matter of doing the right things and getting incredibly lucky.