What are some unconventional paths to becoming a millionaire? Becoming a millionaire can be a huge milestone both financially and psychologically, but how do you get there? There is the tried-and-true method of decades of diligent saving and investing, but if you want to accelerate the process what can you do? Here are a few paths to millionaire status that don’t require a lifetime to achieve.
Real Estate
Real estate creates a lot of millionaires, and it can do so quickly if done right. The quickest path to millionaire status using real estate is to use leverage. While this can be risky it can be rewarding.
The idea is to build a portfolio of properties in a short amount of time using financing options.
Entrepreneur
Owning a business is often more financially rewarding than working for one. If you are working for a company, then you are probably limited by how much you can earn. Trading time for money will only take you so far because there is only so much time.
On the other hand, if you own a product or service that is scalable and repeatable, then you no longer must trade your time for money. This concept can be a powerful and quick path to wealth.
Beware that starting a business is not easy. There is often a lot of upfront work, and there is a good chance that you will fail at least a few times before finding success. Failure rates vary by source, but stats say that half of all small businesses will fail by their fifth year of existence.
High Income Job
Having a job that pays a high salary is another path to millionaire status. Being the CEO of a company, a surgeon, a lawyer, or an entertainer can all command a high salary. This is easier said than done, as these types of jobs aren’t available to just anyone. Most require a high level of intelligence, education, and connections.
If you are fortunate enough and are willing to put in the work however, then you can reach millionaire status much faster than the average wage earner.
Wrap Up
What are some unconventional paths to becoming a millionaire? Most people can achieve millionaire status simply by investing over a long period of time, but if you want to fast track it, then you will need to do something other than working an average job and invest for many decades.
You can invest in real estate, start a business, or try to secure a high paying job. Any of these ideas can get you to millionaire status faster than the average person. Please note that there are countless other ways to achieve millionaire status. These are just meant to give you some ideas and think outside the normal practice of going to work and saving a percentage of your income for most of your adult life. A little creativity and hard work can take you pretty far, including becoming a millionaire and beyond.
Read Also:
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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.