Do you dream of making six figures or even becoming a millionaire? You are not alone. There are plenty of people who want to start their journey into becoming a millionaire. It doesn’t mean you’ll become a millionaire overnight. There is an important step you need to take before you can make your million dollars. You have to set out a blueprint to become a successful person and create your millionaire mindset.
I know most people say they want to come to the US for education, sports, Hollywood movies, or whatever; actually, I’m here for business. I don’t know about you guys but one of my dreams is to become a millionaire in 5 years or less. So what I will like to do now is share with you the tips that will help me to become a millionaire in 5 years or less.
Focus on results, not habits or processes
“In polite conversation, most of us will say we admire successful people for their hard work, positive habits, and ironclad principles. That’s not really true. It doesn’t take much digging to uncover a major disconnect between what most of us say we respect and how most of the icons of our age actually behave… Keep in mind that the only thing most people really care about is the score on the board. Everything else is hype.” — Forbes
It’s quite hilarious. Nowadays, you hear people talking about how goals and results don’t matter.
This is nonsense.
It’s also a lie.
It’s not about habits or processes. It’s about results.
The reason we admire certain people is because of the results they get. Countless other people have habits that are just as inspiring,” but who fail to produce powerful results.
Tim Ferriss, in his book “The 4-Hour Body,” defines what he calls “minimum viable dose.” This is the minimum amount of effort to produce the desired result. 212 degrees is all that is needed to boil an egg. Anything beyond that is wasted effort.
Therefore, what result do you desire?
What is the most effective way to get that result?
Rather than obsessing about the habits and processes, you want to gain clarity on the result you want and then reverse-engineer how to achieve it.
It is the goal that determines the process, not the other way around. Moreover, it’s the results that also determine the process. If you’re not getting the desired result, then you need to adjust your process. Don’t be insane, doing the same things over and over and expecting different results.
Even still, we live in a culture that is obsessed with habits, hacks, and processes. None of these things make any sense in and of themselves. They only make sense in the context of a specific goal.
My process won’t look like your process, because my goals aren’t the same as your goals. My goals are what determine my process.
My habits won’t look like your habits, because my goals aren’t the same as your goals. My goals are what determine my habits.
When you get serious about big results, you stop obsessing about the process altogether. Big and bold goals require ingenuity. They require courage to attempt stuff that might not work. They require going above and beyond anything you’ve ever done.
In reality, your goal is the process. You set a goal and that goal organizes your life. Once you hit it, you then set a new goal that re-organizes your life.
Goals are the means, not the end. They are means to growth and progress. Once you hit a goal, you take what you’ve learned and continue expanding.
Monitor your net worth
“I look at my net worth every day when I wake up in the morning and have my morning coffee,” Grant writes. “There are few greater motivations than seeing this number rise over time. No matter where you start from. I have been tracking my net worth for the past five years and my first balance was $2.26.”
He monitors his net worth using Mint.com, which allows you to link all of your financial accounts and displays your assets and liabilities. (Personal Capital does something similar.) Plus, it tracks your spending. “At the end of each year I take a deeper dive into this data and track what I have spent the past year on everything so I can work to improve my spending,” he writes.
If bad habits are holding you back, don’t fret. Even the Millennial Millionaire is human: “In 2012 I discovered that I had spent over $3,000 on Mexican take-out food in one year, which is insane and taught me a lesson,” Grant writes.
Businesses That Will Make You a Millionaire in 5 Years
There will always be a need for legal services, which includes everything from lawyers, notaries, title search agents, and settlement officers. Legal services aren’t cheap, which is great when you’re the business owner, and operating costs are typically low. And, if you excel at your job, you’ll have a steady stream of recurring clients.
Mobile Restaurant/Food Delivery
This industry has been booming for the last couple of years as customers are looking for affordable and quality food while on the go or delivered to their homes or office. For those who have always wanted to start their restaurant, this is a more profitable business since it eliminates the high cost of starting and maintaining a restaurant. FYI, the average food truck can generate close to $300,000 in one year.
As mentioned previously, we live in a global marketplace where you can purchase goods or services from anywhere in the world. Add to that fact the low cost of building an online storefront the decreasing cost of transaction rates, and you can easily see why eCommerce websites are thriving. Pixpa’s e-commerce store builder gives you everything you need to sell online.
Web Design Agency
Having a website isn’t a luxury anymore. It’s a necessity. While there are plenty of free website templates, organizations still want a website that fits their brand – which is why they’re willing to invest in a web designer. If you want to make some cash, though, consider targeting emerging markets where the competition isn’t as high, but the demand is steadily growing.
With the uptick in security breaches, businesses – both small and enterprise-level – are making cybersecurity a priority. As S. Kumar states in Fortune, “This presents a promising opportunity for vendors who can educate and help smaller firms in cyber security defensive measures, such as setting up firewalls, intrusion prevention and management tools, user roles and policies, and communication and data encryption—at an affordable price.”
Mobile App Developer
With almost 5 billion mobile users in the world, mobile app development can be a profitable business venture since demand has been skyrocketing for years – whether if it’s a game or an app that provides a useful function, such as a budgeting tool. And, as mobile usage continues to grow, this is a business that should be profitable for years to come.
Did you know that Americans spend close to $60 billion a year on their pets? Regardless of the economy, pet services is an extremely profitable business that includes everything from pet sitting, grooming, boarding, training, and distributing gourmet pet food.
You’ve probably heard of social media stars like PewDiePie, who raked in $15 million in 2016, and Instagram celebrity Jen Selter. Through these social media channels, these individuals have been able to earn a large gathering of fans, which in turn has led to them becoming influencers. As influencers, they can make money from ad space or endorsement deals.
As I mentioned in an article for Entrepreneur, one of the most overlooked, and profitable, business ideas is by purchasing a franchise like Jimmy John’s, Anytime Fitness, or MaidPro. Unlike starting from scratch, you already have a proven, brand-name business with all of the research and customer base built-in.
Thanks to the growing freelance generation and opportunities for remote workers, there’s serious money to be in the communications industry. Whether if it’s building a tool like Slack, selling or repairing smartphones, or starting a call center, there is a wide range of communication business ideas.
Automotive Rental and Leasing
With the emergence of ride-sharing and on-demand services like Uber, Lyft, and Zipcar, more and more people are looking to rent and lease vehicles instead of purchasing them.
Press Release/Copywriter Service
Organizations of all sizes need talented writers to either compose press releases or content like blog posts. If you have these skills and a strong portfolio, writers can make a very comfortable living.
Exporting and Importing
As we live in an increasingly global marketplace, an importing/exporting business can be extremely profitable and fairly easy to start if you’re aware of regulations and global markets. Anything from produce to vehicles to clothing can be a successful import/export business.
Consumers are more eco-friendly than ever. And, they want to support environmental-friendly businesses. Ideas can range from a retail business that only sells eco-friendly and organic products, repairing bicycles, cleaning air ducts, or a local produce stand.
A lot of people wonder how to be a millionaire in 5 years or less, or what business can they start that can get them there. One of the fastest ways to build wealth is with passive income streams. Passive income is money you are being paid just for existing with no additional work required.