How Can You Become a Millionaire With no Money?

How can you become a millionaire with no money? It’s not as hard as you may think. A majority of millionaires are self-made and most started from nothing. All you need is discipline and time, and you can become wealthy starting from zero.

Compound Interest

The power of compounding can transform a small sum into a fortune faster than most people think. You can figure out how much compound interest can work in your favor here.

To dive a little deeper, this calculator will tell you how long it will take you to become a millionaire given some criteria. As an example, a person starting from nothing who contributes $500 a month at an 8% return will become a millionaire in 33 years.

That return and savings rate isn’t out of line for most. While 33 years seems like a long time, a person in their early 20s could theoretically be a millionaire by the time they are in their early 50s. And this is without ever raising your savings rate or seeking higher returns from your investments.

Hustling

The above assumes a set-it-and-forget-it investing style. Simply set aside a preset monthly amount into the stock market and go about your life. But what if you hustle, work side gigs, accelerate your career, and dive into other investments such as real estate and running a business?

In this scenario, you could achieve millionaire status in a much shorter period than a few decades. Some real estate investors and business owners find themselves with large fortunes in a few short years, maybe less if they have the right product or deal.

Of course, you will have to be willing to take on some risk and be willing to put in the work if you choose to go this route. If you do choose this path, how do you do it with no money? You could seek financing for real estate or a business, you can also seek partners or investors to help fund your ventures. Many wealthy investors and business owners started with little of their own money. Just be cautious to not become too leveraged and be certain that you do as much research and planning as possible before diving headfirst into any investment.

Thinking Outside the Box

You are truly only limited by your imagination when it comes to investing and wealth building. You can play it safe like in the first example and simply invest slowly over time. Conversely, you can take on some risk and dive into investments outside of traditional market-based ones.

Either approach is fine. It depends on your goals, risk appetite, and preferences. If you want to achieve millionaire status while you are young, then you will almost certainly need to think outside the box and take on risks. Simply saving slowly and steadily won’t get you there. If owning a business, climbing the corporate ladder, or real estate doesn’t appeal to you, then you can still achieve millionaire status starting from nothing. It will just take you longer. Either way, you can and will get there.

So, how can you become a millionaire with no money? Put, all you need is time, discipline, and some drive.

Read Also:

10 Ways to Become a Millionaire

4 Main Ways to Reach Millionaire Status