Ways to Become a Self Made Millionaire

Money/Finances - Making Money
By: Wasatch    
29-Dec-2010

Introduction:Most of us have a goal to either become wealthy or financially independent. There are a few proven methods that make the majority of self made millionaires.

  • 01

    Real Estate Investing

    Real Estate is the best way I know of to build long term asset based wealth. You can also lose money, so learn all you can and buy well. A property should cash flow from day one to be a good property to pay residual income. Eventually the investment property needs enough equity to hire management and still give you a good return on investment.

  • 02

    Sell a Small Business

    Build and sell a small business. I have several friends who made millions after struggling with a small business for years. The big payout came when they were bought out buy a national competitor who wanted a local presence. Owning the commercial buildings can also pay off big in the long run, but is hard to do for many small businesses.

  • 03

    Write Books

    Most online writers will never make a fortune even with residual income. I do however know a few people who have written books that sell well that have complete financial independence just from book royalties. Some of the books that are profitable are niche market books that still sell 20 years after being first published. The friend I have who teaches at a local university is a millionaire because he has two text books that are used nation wide.

  • 04

    Multi Level Marketing

    Many of us cringe when MLM or multi-level marketing is mentioned. Entrepreneurs have horror stories of garages full of product that had to be bought to keep up sales levels. I do know a number of self made millionaire who have made their fortune in multi-level marketing. Only the top producers reach that dream, but they are set for life with minimal financial capital to begin. Time and bold marketing to anyone and everyone seam to be the key. It is also my personal turn off. I don't want to sell to friends and family unless the product is incredible.

  • 05

    Stock In a Winner

    I know of several stock market millionaires. Most had good knowledge of a small company either as a start-up investor or an employee who saw a company ready to grow huge. They bought and held stock as a business went from a few employees to a few thousand over a decade. They then had stock or stock options worth millions of dollars. The key is to know a company is strong, and well managed, but not well known.




Final Thoughts

While I have not made my millions I do know people who have done that in each of the five areas above. Being a self made millionaire from a modest beginning is a real possibility for those willing to put in what it takes. My priorities are more a carefree happy lifestyle than a fixed amount of money. Time with my family and doing what I love are my goals. Making money is a step towards that freedom.


Supporting Links



Comments

  • hummingbirdee 3/4/2013 Flag This Comment

    Great list.

  • pamperedpen 1/18/2012 Flag This Comment

    Great ideas. H5

  • LarajaneN 3/25/2011 Flag This Comment


    "Kindle Millionaire" Hocking has self-published and sold more than a million ebooks. I found this here: Self-publishing Kindle Millionaire leaves independence behind Self-publishing has turned into more lucrative for Hocking and several other authors than entering a book deal with a publishing house. However in the end, a $2 million advance from a traditional publisher was enough for Amanda Hocking to forsake the world of independent authorship.

  • toymaker 2/1/2011 Flag This Comment

    It would be nice to be financially carefree!

  • jseven 1/4/2011 Flag This Comment

    Very good list and it is possible to achieve this goal for many. High 5!

  • ponchomeg 1/1/2011 Flag This Comment

    Good ideas and information. I definitely want to get into selling books. I am working on a Sci-Fi novel now, but I am about to start on a book about the modern Bohemian life (it's sorta my niche) that I can hopefully sell as well. :) Thanks for sharing this information with us. :)

  • ListMaker 12/29/2010 Flag This Comment

    My folks, both born in the early 1900's swore by investing in real estate. My dad always said that there's only so much earth to be had. Good ideas here for being a self made millionaire!

Post A Comment

Submit Comment



Need a Top Five List Idea?

select one here...

  • The Top Five Ways to Earn Money Online
  • The Top Five Designer Shoe Brands for Women ...
  • The Top Five Hair Products
  • The Top Five Gaming Consoles
  • The Top Five Tips for Staying Positive
  • The Top Five Online Social Networks
  • The Top Five Tax Mistakes People Commonly M ...
  • The Top Five Ways to Keep Track of Spending ...
  • The Top Five Ways to Improve your Health
  • The Top Five Healthy Meals For Under 5 Doll ...
  • The Top Five Pets you Should Own
  • The Top Five Items you Never want to Lose
  • The Top Five Healthiest Fruits
  • The Top Five States to Live In
  • The Top Five Movies of 2010
  • The Top Five Healthy Recipes
  • The Top Five Steps on How to Get a Date
  • The Top Five Fast Food Restaurants
  • The Top Five Hair Removal Options
  • The Top Five Ways to Keep Unwanted Pests Ou ...
  • The Top Five Books for the Kindle
  • The Top Five Career Moves for Teachers
  • The Top Five Jewelry Stores
  • The Top Five Tips for New Businesses
  • The Top Five Reason to Rent
  • The Top Five Cell Phones Under 50 Dollars
  • The Top Five Sporting Events
  • The Top Five Tips for New Parents
  • The Top Five Ways to Get a Phone Number
  • The Top Five Candle Scents for Winter 
  • The Top Five Video Games
  • The Top Five Places to Find a Job
  • The Top Five Funniest Websites
  • The Top Five Pasta Recipes
  • The Top Five Candle Scents for Summer Time
  • The Top Five Skills Needed for a Career in ...
  • The Top Five Greatest NBA Players of All Ti ...
  • The Top Five Wedding Favors
  • The Top Five Paint Colors for a Home
  • The Top Five Ways to Find Cheap Flights Onl ...
  • The Top Five Ways to Earn Money as a Colleg ...
  • The Top Five Attractions in the USA
  • The Top Five Photo Editing Websites
  • The Top Five Motivational Speakers
  • The Top Five Youtube Videos for 2010 
  • The Top Five Card Games for Four Players
  • The Top Five Most Hated Celebrities
  • The Top Five Causes of Road Rage
  • The Top Five Places for Kids Birthday Parti ...
  • The Top Five Makeup Tips for Teens
  • The Top Five Ways to Workout your Upper Bod ...
  • The Top Five Websites for Kids
  • The Top Five Inventions That Changed the Wo ...
  • The Top Five Steps on How to Avoid Credit C ...
  • The Top Five Home Improvement Tips for Sell ...
  • The Top Five Places to See in the World
  • The Top Five Planets in the Solar System
  • The Top Five Online Flower Delivery Compani ...
  • The Top Five Places to get a Free Credit Re ...
  • The Top Five Must See Events in Las Vegas
  • The Top Five Dog Breeds for Kids
  • The Top Five Simple Smart Phones
  • The Top Five Carpet Cleaning Tips
  • The Top Five Funniest Jokes
  • The Top Five Michael Jackson Songs
  • The Top Five Commercials
  • The Top Five Places to Buy Electronics
  • The Top Five Job Opportunities for People W ...
  • The Top Five Online Gaming Sites
  • The Top Five New York Hotels
  • The Top Five Five Music Genres
  • The Top Five Ideas for Anniversary Gifts
  • The Top Five Quotes to Live by
  • The Top Five Sources for Vitamin D
  • The Top Five Soft Drinks
  • The Top Five Professions
  • The Top Five Ways to Prevent Skin Cancer
  • The Top Five Ways to Get a Grant
  • The Top Five Presidents of the United State ...
  • The Top Five Websites for Artists
  • The Top Five Xbox 360 Kinect Games for Exer ...
  • The Top Five Shampoos
  • The Top Five Safest Cities in America
  • The Top Five Candy Bars With Peanut Butter
  • The Top Five Things you Should Not do in an ...
  • The Top Five Ways to Update your Home Witho ...
  • The Top Five Foods That Help you Lose Weigh ...
  • The Top Five Places to Find Cheap Books
  • The Top Five Unhealthy Foods for Dogs 
  • The Top Five Vacation Spots
  • The Top Five Creative Ways to Ask a Girl to ...
  • The Top Five Prom Dresses
  • The Top Five Outdoor Activities
  • The Top Five HDTV brands
  • The Top Five Superheroes
  • The Top Five Items you Can’t Live Without
  • The Top Five Xbox 360 Games
  • The Top Five Nascar Drivers
  • The Top Five Computers for College Students ...
  • The Top Five Tips for Newlyweds
  • The Top Five Luxury Cars
  • The Top Five Websites for Discount Vacation ...
  • The Top Five Reasons to Invest in Running S ...
  • The Top Five Days During the Year
  • The Top Five Spyware Removal Systems
  • The Top Five Talk Shows on TV
  • The Top Five Facts About the Sun
  • The Top Five Movies of All Time
  • The Top Five Harry Potter Movies
  • The Top Five Steps on How to Save Money
  • The Top Five Most Influential Speeches
  • The Top Five Baby Bags for Moms
  • The Top Five Steps on How to Make a Website ...
  • The Top Five Health Insurance Companies
  • The Top Five Funniest Movies Ever
  • The Top Five Restaurants
  • The Top Five Websites for Music
  • The Top Five Reasons you Should Play Fantas ...
  • The Top Five Things to See in Dallas Texas
  • The Top Five Songs About Love
  • The Top Five Ways to Avoid Unemployment
  • The Top Five Websites for Photographers
  • The Top Five Universities for MBA
  • The Top Five Schools for Business Managemen ...
  • The Top Five Steps on How to Potty Train Yo ...
  • The Top Five Budget Mistakes Most People Ma ...
  • The Top Five Car Maintenance Checklist
  • The Top Five Clothing Lines for Modest Clot ...
  • The Top Five Ways to Invest in Real Estate
  • The Top Five Nuts that go in Salad
  • The Top Five Free Places for Veterans to Ea ...
  • The Top Five Things I've Learned from Britt ...
  • The Top Five Funniest People
  • The Top Five TV Shows of All Time
  • The Top Five Holidays
  • The Top Five Reasons to Vote During Electio ...
  • The Top Five Places to get French Fries
  • The Top Five Books to Read This Year
  • The Top Five Ways to Get a Loan
  • The Top Five Foods for Diabetics
  • The Top Five Board Games for Groups
  • The Top Five Places to Get a Student Loan
  • The Top Five Traditional Thanksgiving Dishe ...
  • The Top Five Movies With a Twist
  • The Top Five Cities to Live in
  • The Top Five Chicken Recipes
  • The Top Five Places to Live
  • The Top Five Overseas Bed and Breakfast Sto ...
  • The Top Five Bedroom Decorating Ideas
  • The Top Five Places to Find Crazy Video Cli ...
  • The Top Five California Landmarks
  • The Top Five Most Trusted Cars
  • The Top Five Funniest Movies For Kids
  • The Top Five Helpful Hints to Get Pregnant  ...
  • The Top Five Wedding Themes
  • The Top Five Rules for a Strong Relationshi ...
  • The Top Five Golfing Tips
  • The Top Five Ways to Save Money
  • The Top Five Five Smart Phones
  • The Top Five Ways to Relieve Stress
  • The Top Five Ways to Turn Down a Job Offer
  • The Top Five Foods to Avoid when Trying to ...
  • The Top Five Most Influential Sports Figure ...
  • The Top Five Book Series for Young Adults
  • The Top Five Quotes From the Movie Elf
  • The Top Five Songs About Texas
  • The Top Five Hair Products Women Must Have
  • The Top Five Designer Handbags
  • The Top Five Mistakes Parents Make With Kid ...
  • The Top Five Steps to Internet Security
  • The Top Five Signs that You are in Love
  • The Top Five Healthiest Snacks
  • The Top Five Cartoons for Toddlers
  • The Top Five Places for Discount Furniture ...
  • The Top Five Foods For an Upset Stomach 
  • The Top Five Car Seat Safety Tips
  • The Top Five Home Air Purifiers
  • The Top Five Clues for Crossword Puzzles
  • The Top Five Steps to Home Security
  • The Top Five Healthiest Choices for Breakfa ...
  • The Top Five Wedding Websites
  • The Top Five Business Marketing Tips
  • The Top Five Ways to Improve your Resume
  • The Top Five Dessert Recipes
  • The Top Five Tips for Healthy Blood Pressur ...
  • The Top Five Things to do Before your 60 Ye ...
  • The Top Five NFL Football Stadiums With A D ...
  • The Top Five Ways to Stay in Shape
  • The Top Five Smart Phones of the Year
  • The Top Five Ways to Stop Smoking
  • The Top Five Stresses of Home Ownership
  • The Top Five Vitamins for Hair Growth
  • The Top Five Google Apps
  • The Top Five Places to Mountain Bike
  • The Top Five Advice for New Moms
  • The Top Five Country Singers of All Time
  • The Top Five Educational Websites for Kids
  • The Top Five Teeth Whitening Tips
  • The Top Five Reasons For Leaving a Job
  • The Top Five Reasons Smoking is Bad
  • The Top Five iPhone Apps
  • The Top Five Tips for Planting a Garden
  • The Top Five Pasta Recipes for Kids
  • The Top Five Tips on How to Make Money Onli ...
  • The Top Five 4th of July Party Ideas
  • The Top Five Ways to Keep your Lawn Green
  • The Top Five Walt Disney Movies
  • The Top Five Ways to Cope With Stress
  • The Top Five Things to do at Disneyland
  • The Top Five People you Would Want to Meet
  • The Top Five Ways to Build Muscle
  • The Top Five Financial Mistakes People Make ...
  • The Top Five Knock Knock Jokes
  • The Top Five Places to Retire
  • The Top Five PGA Golfers
  • The Top Five Wedding Gowns
  • The Top Five Bealtes Songs beatles songs Wr ...
  • The Top Five Creative Ways to Announce a Pr ...
  • The Top Five Auto Insurance Companies
  • The Top Five Diet Pills