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.
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.
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.
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.
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.
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.
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.
Great ideas. H5
"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.
It would be nice to be financially carefree!
Very good list and it is possible to achieve this goal for many. High 5!
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. :)
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!
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