Many people have the goal of becoming a millionaire in five years. It’s certainly possible, but it’ll take some hard work and dedication to get there.
In this blog post, I’m going to walk you through my journey from a broke college student to a millionaire by sharing what I did right and wrong along the way.
Here are three things you should do if you want to become a millionaire in 5 years:
1) Start saving early so that your money can grow over time
2) Invest wisely because investing is how millionaires get rich
3) Don’t be afraid of failure- sometimes it takes failing before finding success
1) Start saving early so that your money can grow over time
When I was growing up, my parents saved for retirement using a 401k plan. At the time, they couldn’t afford to put me and my brother on the plan because we were too young. That’s okay though- this allowed us to focus on building our own savings.
We found our first job when we were in 8th-grade selling magazines door-to-door. We would walk for miles and miles each day, and we made about $20 per week (which was a lot of money at the time). After saving half of that money, we kept it hidden in a safe place. This money grew over time, and when we turned 18, we opened up our own investment accounts.
This early start made all the difference in the world, allowing me to take advantage of compound interest when I was younger.
Here’s how much that $20 per week started growing when I was young:
It didn’t take too long to grow that $20 into $1,000, and it would only continue to grow over time.
2) Invest wisely because investing is how millionaires get rich
As I mentioned earlier, my brother and I started saving money when we were young. Almost all of our savings came from selling magazines door-to-door. What many people don’t know is that we also invested some of our money. Although we didn’t know it at the time, this was definitely one of the smartest decisions that we ever made.
I started with $100 per month and eventually paid myself $500 per month to invest in whatever I wanted. The goal was to get a bigger return on my money so that I could invest more.
After a while, I realized this wasn’t a great way to grow my investment account.
One of the most important things you should know about investing is that it takes time for your investments to grow. Every month, I was investing $500 into different companies around the world, but I wasn’t growing my account by very much.
Instead of investing in companies around the world, I decided to invest more in myself and go back to school for my MBA. After finishing business school, I started a company called FIREPlan that allowed me to finally start seeing a return on my investment.
By going back to school, I was able to invest in myself and build my own company. That gave me the opportunity to make much more money than I dreamed of as a child.
My first investment account started with $100 per month but eventually grew into over $1 million dollars! My second investment account is now worth well over $2 million dollars because I started investing larger sums of money and learning how to invest better.
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3) Don’t be afraid of failure- sometimes it takes failing before finding success
Most people aren’t willing to take risks because they don’t want to fail. Although I consider myself a very “risk-averse” person, I failed more than most people think. When I started a blog in college to make money online, it failed miserably. So did my first real estate investment!
I didn’t give up though because I knew that failing would teach me how to succeed better. In fact, learning from your past mistakes is one of the best ways to become successful because you’ll know what not to do.
If you’re afraid of failure, good! If not, I’d like you to stop reading because the rest of this post will be irrelevant. You definitely don’t want to read a blog about success if you aren’t willing to fail and make mistakes along the way.
After college, I failed my way up to success because I was willing to take chances no matter how big or small. Eventually, the failures started paying off and it all paid off in the long term.
Don’t stop until you’ve reached your goals
I know that there are people out there who have stopped chasing their dreams before they were able to accomplish them.
You might have even given up on your dreams or been told that you can’t achieve them. I want you to know right now, this is a lie.
I’ve never met anyone who made a lot of money and didn’t have at least one major failure in their life. Success doesn’t happen overnight unless you’re extremely lucky.
You have to keep going even if you fail a few times. One day, it will all pay off and your hard WORK will be the reason you’re finally successful.
Keep following your dreams, take chances on yourself, and don’t let anyone stop you from making your dreams a reality!
I want to hear about your story so feel free to share it with me in the comments below.
A Psychic Artist Draws Your Financial Destiny, it’s MAGICAL! See Now