$0 to a millionaire in five years or less? Is this possible? To pull this off you will need to do more than the traditional path of saving and investing over a long period of time. You will need to do something dramatic and take massive action. So, how can you become a millionaire in such a short time frame? Read on to see.
Working
Unless you become the CEO or an upper executive at a large company, then reaching millionaire status through working a job probably won’t happen in five years or less. There is nothing wrong with working for a company with an average compensation, but it won’t get you to seven figures in a short amount of time. You’ll need to do something different.
Entrepreneur
Starting and running a business is hard. A lot of them fail, and many of the ones that have longevity may not ever grow or expand. But, if you can start a business that has a winning idea and provides a great product or service, then you might find vast wealth in a short time frame.
Many multi-millionaires have acquired their wealth because of running a business. This article can’t possibly cover how to start and run a business, but you should look for something that meets market demand and can be scaled.
Real Estate
Real estate is a great place to build incredible wealth in a short time. A few good deals and moves, and you can find yourself at millionaire status quickly. Just beware that to scale a real estate portfolio quickly you will most likely need to use leverage. Debt can be a powerful tool in the real estate world, but many have gotten in trouble by carrying too much debt.
If you are comfortable with going into debt to buy properties, then set some rules beforehand as to how much debt you want to comfortably take on. A sound methodical approach can yield a million-dollar portfolio.
Stocks
Trading stocks can make millionaires overnight. We saw the traders during the pandemic that made millions of dollars in a few months or weeks by picking the right stocks. Just remember that you can lose money just as quickly, and most who try trading will lose. The few who have hit it big are the exception to the rule. But if you are okay with risk and with possibly losing all your money, then a few winning trades can get you to that million-dollar mark.
Social Media
The internet has made it possible for the average person to gain a large following on Social media platforms and make a ton of money in the process. People who have something interesting to say, advice to give, or can resonate with an audience can gain huge popularity and money.
As with other approaches to fast wealth building, you will be in the minority if you are successful at this approach. Most people who attempt to start a following on social media won’t be able to launch or make money.
Wrap Up
$0 to a millionaire in five years or less? It is possible, but it isn’t common. You will need to take on a lot of risk, possibly some debt, and need a laser focus and total dedication.
Read Also:
A no BS Way to Become a Millionaire in Ten Years or Less
How Can You Become a Millionaire With no Money?
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.