Making a million-dollar these days is not a difficult job, but it takes almost entire life for someone to make a million dollars. The United States got 19 million millionaires out of 47 million millionaires in the world. Around 40% of the total world millionaires are just in the US and around 80% of them are the first generation self-made millionaires and they didn’t inherit their wealth but earned it with their hard work. Most of the current millionaires are in their 60s because of the time it traditionally takes to make a million dollars.
I am going to show you ways to make your first million dollars in just 5 years. This requires a series of smart planning and hard work, but I am laying out all possibilities that will help you to reach a million dollars by 5th year or even before if you follow the general pattern of the below:
- Get a high-income job and increase your income every year with a promotion or a job change. Start following the money and continuously lookout for better opportunities. Shoot for jobs like consultant, copywriter, Programmer, Software engineer, Data Scientist, Machine learning engineer, Data Engineer, Doctor, Dentist, Lawyer, Investment Banker, etc. Except for the professionals like doctor, dentist, lawyer all other skills and requirements can be acquired in a few months through boot camps, online courses, etc., without a specific educational background. The starting pay will be in the $100,000-$200,000/year and have the potential to go up based on learning additional high-income skills or moving around every year to a new company or team.
- Marry someone who has or can get a high-income job just like yours. This will help you share all your housing, transportation, food, entertainment, and other expenses, and double your household income with less time. Also, it is good to have a partner who has the same money goal so having two brains working towards will make things happen in half the time. The combined income will be around $300,000/year with the take-home around $20,000/month. If you spend only $4,000/month you can save 80% of your net income.
- In the early stages of your career, start working during the weekend or evening to get a real estate license, this will help to save thousands of dollars when you start investing in real estate and also buy and sell real…