Let me ask you a question: If I gave you a penny that doubled every day for 30 days, or $1 million dollars today, which would you take? If you know the old tale, you would take the penny. Let me break it down for you. After 30 days, your penny would be worth $5.3 million dollars. That's more than 5x of the other $1 million dollar offer! This is just one of the many ways, in which lies a concept that can help you become a millionaire in the next 5 years.
1.)Save
Saving is the old tale on how to get rich, and it's not far from the truth. If you made $50,000/yr and saved half of each paycheck, you would have $125,000 saved up after 5 years. Now, most would think this is crazy. It's not. If you want to save 10% of your income a month, more power to ya! But I'm not waiting until my balls touch my toes when I'm 85 to be a millionaire, I want to be a millionaire today. Well, in 5 years at least. I can already hear the haters and the doubter screaming “but Parker, $125k isn't $1 million!” I know, I know, this is why we made step 2 ;)
2.) Invest
You have to know the right things to invest in. If you're reading this on Steemit, you likely know that the stock market is dead. If you're investing in the stock market, you're a dinosaur. I say this because the amount of ROI (return on investment for all the noobs) is terrible in the stock market, but AMAZING in crypto. I have a friend who is 16, and has over $90,000 in crypto. He had $30,000 in his account about 3 months ago. That's the power of investing right; Invest in crypto, or be a dinosaur.
Real quick, for the haters, let's say we invested, hmmm I don't know, the $125k you saved above. If you bought Steem at about $1, and then held until it was at, let's say $10, you would have $1.25 million in the bank. That's over $1 million dollars!!! And NEWS FLASH! STEEM WILL LIKELY BE 10X+ THAT! Let's not forget how Bitcoin was $1 once, and is now worth, hmm, $2,500 a coin. Yeah. If you would of bought $125k of Bitcoin at $1, you would have just about $312 million dollars today. Suddenly saving 50% of your pay for 5 years, and investing doesn't sound half bad huh? And in case you don't know HOW MUCH money $312 million is. That's $3.1 million a year income for 100 years. Essentially you could live an amazing lifestyle for an entire lifetime, how's that for retirement?
3.) Live under your means
Yes, in order to get rich you cannot spend everything you earn today. You have to sacrifice part of today for a greater tomorrow. Now I know this is very similar to saving, but is just as vital to your success as an entrepreneur.
Look at this example:
Jeff- He earns $100k/yr
He spends $110k/yr
He gets $10k in debt every year
Jim- He earns $50k/yr
He spends $25k/yr
He keeps $25k/yr
Be like Jim. Jim is the millionaire.
Why? Because Jim understands that he must live under his means by sacrificing today for a greater tomorrow. He may not have as much coming in as Jeff, but at the end Jim is far richer than Jeff.
4.) Create an Influence
One amazing way to bring in even more money is through creating an influence online. If you're on Steemit, you are witnessing the greatest online venture since Facebook, NO EXAGGERATION!!!!! When you create a following online, you then can then leverage that following to make money basically on demand.
One way you can do this is through affiliate links. For example: if you wanted to make some extra cash, you could partner with a company who sells a product (aka become an affiliate with them) and promote their product to your audience, and make a commission.
Lets say you made 20% commission on a $100 product, and you had 20,000 followers. If 1,000 followers bought the $100 product, you'd be walking away with $20,000 without doing anything more than posting to your fans. Do this multiple times in a year, and you can easily pull in over $1 million dollars.
5.) Create a Business
The last and final way to become a millionaire in the next 5 years (or quicker) is to start your own business. Specifically an online business. An online business is better than starting a brick and mortar business due to the fact that an online business takes almost $0 upfront, and can make 10x what a physical store could ever dream of. This is because the internet gives you access to literally everyone on the face of the Earth who has a credit card.
The best online business to start is probably a Drop Shipping business because it's nearly 100% automated, and can bring in anywhere from $0/mo-$200k+/mo. Literally, do a quick Google search of the highest earning Drop Shipping store and you'll see countless mind-blowing testimonials. If you want more information on how to start an online business, and want to know how I made a quick $1,500 selling my website on Flippa, go check out my other blog post here: https://steemit.com/money/@parkermorris/how-i-made-usd1-500-from-selling-my-website-on-flippa
I hope this helps! :) And to all who read this, I truly hope you become a Millionaire. Follow my page for more investment and money tips, and upvote/resteem to help others get rich as well!