3 Proven strategies you could use to become a millionaire

Schematic chart with three entry points

The desire is obviously there. I'd be willing to bet that even 90% of people who say they "never want to be rich" really long for a life where they don't have to worry about money. Luck can't be bought with money, but it can buy almost everything else.

The problem is that most people don't know how to get rich. You need a roadmap to wealth. Once they have the basic strategy, it's just a matter of repeating it until they become millionaires.

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Here are three proven strategies that many have used to achieve seven-figure wealth. Would you like to join them?

The boring way

Becoming a millionaire is simply maximizing your income and investing your ample savings wisely.

The strategy follows a simple two-pronged approach. First, you need to earn enough money to make sure you have enough to cover all your needs while saving generously. Then you need to invest those savings well enough to get a good return. 10% per year should be enough.

The results will not be visible overnight, but in a few decades something amazing will happen. You'll slowly become wealthy without anyone noticing.

Increasing your savings may involve some short-term sacrifices. You may be forced to study to get a higher paying job. Or you will have to take a stressful management job that comes with a big salary increase.

Very few people have been able to use their own savings to get rich quick. Even if you can really save an enormous amount, you will still move at a snail's pace to your goal in a decade or two.

Real estate

Thousands of real estate moguls have created mini-empires of rental properties – assets that create juicy monthly cash flows while the value of the property slowly increases.

The key to success is using debt to your advantage. A bank is far more willing to lend to a landlord than to a business owner. Most people only need a down payment, a decent credit score and a suitable property to get in the game.

The old mantra of "location, location, location," really applies to real estate. Properties located near public transportation or in a desirable neighborhood are usually a better investment than a cheaper house in an unfavorable neighborhood.

The thing that many real estate experts agree on is making sure that the property generates more net profit than you pay to the bank for the mortgage. This cash flow can then be used to generate a down payment for the next property. Repeat this a few times and you will quickly have a real estate empire worth at least one million.

Start a business

Many people dream of starting their own business where they will no longer have a boss over them.

This is a great dream, but keep one thing in mind. You will never get rich if you build a business that is not scalable. You need to find something that offers enough expansion opportunities.

There is no need to reinvent the wheel. Just copy what other successful entrepreneurs have done. Maybe you'll buy a fast food franchise. Maybe you acquire a portfolio of profitable websites. You can do pretty much anything as long as it has the opportunity to get much bigger.

I'm not going to sugarcoat it; owning a big business is nothing but a headache, even if you have competent people doing the real work. But it also offers the greatest opportunities.

The bottom line

All three options are great ways to get rich. But ultimately, the easiest (and least stressful) way for the average person to conscientiously save their money and invest those savings in quality stocks. It's by no means a sexy method, but it has a great chance of long-term success.

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This article was written by nelson smith in english and published on 27.08.2019 on fool.Ca published. It has been translated so that our german readers can participate in the discussion.

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