Become a millionaire

I was thinking about the ways you can become a millionaire recently and thought I would put a list together. I must admit I am not a millionaire yet but I am working on it. When I say millionaire I mean someone who has a million net worth. There net worth is their total assets minus their total liabilities. There are lots of ways of becoming a millionaire but not all of them will allow you to do it in your life time.

  1. You could save £1 or 1$ everyday for one million days or 2739 years chance of success is certain but I do not know of many 2739 year olds so you are unlikely to achieve this in your life time. And also your million would not be worth anywhere as much in 2739 years. But if you could life this long you would definitely become a millionaire.
  2.   You could buy a lottery ticket you can get these for a few pounds or dollars range from odds 1 in 10 million to 1 in 140 million and sometimes even higher odd. In other words you would need to have 10million to 140million goes on the lottery before you would win at least a million. You could be one of the lucky ones but the odds are against you. You may also make more than a million as some of the winnings are significantly more than a million. If you had one lottery ticket a week this would mean you would have to wait 192,397 years before winning more than a million pounds. Again this is very unlikely to happen in your life time.
  3. You could build you own business either buying and selling items or selling some sort of service. You would need to make sure that there is a market for your business and that you can make a profit from your business. You also need to take account that over 60-70% of all businesses close within their first 5-10 years. So it is not always a road to riches. I you do decide to take this route it is very possible there are no real odd on this but I would say you probably have a worst odds than saving your way so I would have to put the chances of success at 4000-5000 years.
  4. You could invest your way to a million. This will involve budgeting and saving as much as you earn as possible and putting it in sound investments such as shares and real estate. As you make more money this will compound and as long as you are saving a good amount of your income you are very likely to become a millionaire even if you only really ever earn an average income. chance of success 90 years. I know a significant number of people do become millionaire eventually but an awful lot of people never become millionaires and I believe this is the most realistic way of most people becoming a millionaire. Unfortunately not many people have got the patience to invest over the long term to become and eventual millionaire and will try and earn their money quickly and will never end up becoming a millionaire.

There will be loads of other ways to become a millionaire but I think these are the most obvious ways that people think they can become a millionaire.

Let me know what you think and if you have any other ideas. Maybe I will try and update the post based on any examples you provide. Also let me know if you think the chance of becoming a millionaire is better than I have given.

The Normal Person

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