Is there a no BS way to become a millionaire in ten years or less? While winning the lottery or becoming an overnight social media sensation are possible, neither are likely for most people. So how can you achieve millionaire status in a short amount of time? It is possible, but you will need to work hard and be laser focused on your goal.
Income
One of your most powerful wealth building tools is your income. The more you earn the more you can invest and save. It stands to reason that you will need a high income if you want to become a millionaire in ten years or less. Earning money can take endless forms, but a good start is to choose a career path that will earn you the most money possible.
You don’t necessarily need to become a doctor or a lawyer, but you should be looking at career fields that command a high salary. Engineering, sales, and marketing are just a few examples. Having side income in the form of a side business or cash flowing assets like a rental property are also good ways to boost your income.
Time is not on your side, so whatever path you choose you will want to scale up as quickly as possible. Look for ways to get promoted at your job. Take advantage of opportunities for side income. If you have rental properties look for deals to keep expanding your portfolio.
Debt
If you want to quickly become a millionaire, then you should eliminate bad debt. What is bad debt? Some will say that all debt is bad, and there is nothing wrong with that mindset. But, in the investing world, bad debt would be any debt that isn’t being used for income producing assets. Debt used to finance a cash flow positive rental property or business would be considered good debt. Bad debt would fall under the category of credit cards, auto loans, student loans, and the like.
The less money that you must pay to the banks and credit card companies, the more you will have for investing and wealth building.
Frugality
Achieving a seven-figure net worth in a short time will most likely require at least some level of frugality and sacrifice. How extremely you embrace this philosophy is dependent on your situation but expect to make some sacrifices along the way.
This could mean sacrificing vacations and luxury purchases. You might have to buy an older car and keep it running for as long as you can. Eating out could be out of the question as you opt for home cooked meals. Bargain shopping and couponing could be the norm. Basically, you will be embracing the FIRE movement.
Caution
A few words of caution as you start your journey. Remember that is more to life than money. Don’t sacrifice relationships or living just to achieve a number in your investment portfolio. Always be sure to have a larger plan or goal in mind. Many will save and invest for the sake of itself. It’s common in the FIRE movement for people to reach the finish line and then not know what to do or be unable to transition to a more normal lifestyle. Lastly, don’t chase hot trends or speculative investments. Stick to a plan and stick to what you understand.
There is a quick-start guide on a no BS way to become a millionaire in ten years or less. Good luck in your journey.
Writer and Investor. Based in the Pittsburgh, PA area, Brian Lesko holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth-building, investing, gardening, and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.