How To Become A Millionaire

By Subodh / May 5, 2013

Becoming a millionaire isn’t as prestigious as it once was, but at the same time, it is still a lot of money. If you are interested in getting to that millionaire threshold, there are an infinite number of ways that you could go about it. Here are five proven ways that you could become a millionaire.

1. Sell a Software Product

One option that you have when it comes to becoming a millionaire is selling some kind of software product. In today’s economy, many people do things online that they previously couldn’t dream of doing. If you come up with a revolutionary or user-friendly software product and sell, you can make a large amount of money in a short period of time. You don’t have to necessarily create the product yourself if you pay someone to do it for you.

2. Rent Property

Clean Your Property Portfolio

One of the most tried and true methods of becoming a millionaire is renting out property. If you are interested in real estate, you can make very large sums of money every single month. Many entrepreneurs by commercial property or residential properties and then rent them out. The nice thing about using property is that you make money through the appreciation in value of the property and from the cash flow itself. You can also use the bank’s money to help you buy the properties.

3. Distribute Products or Services

Millionaire

While creating products can be a good way to get rich, you also can make millions of dollars if you find a better way to deliver them to people. Becoming a distributor makes it possible for you to sell many different products that were not created by you. This can be done by creating your own website and picking the products that you want to sell. You could open a warehouse and hold products to sell for others. There are many different strategies that you could use, but they can all help you become a millionaire if you do them right.

4. Buy A Franchise

Franchise

If you purchase the right franchise, you could become a millionaire in a very short period of time. With a franchise, you buy into a proven business model that has worked in other areas before. If you will take the time to hire the right employees and teach them the system, the business may be able to run itself. This will allow you to stop trading time for money and instead have other people earn it for you. This angle is all about positioning yourself correctly, and leveraging other’s efforts for your own good.

5. Multiple Sources of Income

Multiple Sources of Income

Many millionaires use the strategy of creating multiple sources of income instead of just relying on one to get the job done. When you create multiple sources of income, you diversify your efforts and bring in money regardless of what is happening in the economy. If one source of income fails, you’ve still got the others to chip in. For example, you could write a book and sell it. You could build a website and sell advertising or products. You could run a franchise or start a traditional brick-and-mortar business. It’s not important what the sources are as long as you have multiple sources.

With these strategies, you can get to the millionaire level much faster than you might think.