How to be a millionaire (STEP by STEP)

[secretentourage]

I figured there is a lot of talk out there about how people made their money etc and it often VERY vague. I decided to not play that same game when I wrote this article. I hope you guys enjoy it.

How To Become a Millionaire - How I Made $1,324,132 by Age 27

 

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[1PercentStreet]

Making the first million is a lot easier than keeping the first million from my experience. Still extremely difficult!
Great article.

 

[GuestUser8117]

Thank you.

 

[fsna.hartley]

Thanks for a great article. I don't have a million yet so I think that article will be a big help in changing my mindset. Becoming a millionaire depends on the discipline of a certain individual so I think there really are no steps getting to the top. Discipline and determination is the key.

 

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[LamboMP]

Some around here really look down on having a job, which is understandable. However, sometimes it's needed to give that boost into the fastlane. Great article!

 

[CommonCents]

The currency guy was averaging 10-20% a month? Was that a short term lucky period or longer term sustainable numbers?

 

[InMotion]

Making the first million is a lot easier than keeping the first million from my experience.

They are two mutual skill sets IMO. The first one is the most difficult for the majority.

 

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[secretentourage]

The currency guy was averaging 10-20% a month? Was that a short term lucky period or longer term sustainable numbers?

Short term calculated luck from what i understood. Honestly there was a lot of grey there as to what and how he exactly did it...Just being honest.

 

[tido]

Very inspiring read, I'm always fascinated by the "process" of some of the millionaires on this forum. It doesn't help anyone if you're just bragging about your multi-million fortune and fast lifestyle. But, someone will benefit if you chronicle your feat, either they will pick up a clue on why they stop short or inspire them to stick to it and work even harder at it. Again, great article!

I hope I can follow your footstep and chronicle my process when I join the elite on this forum.

 

[1PercentStreet]

They are two mutual skill sets IMO. The first one is the most difficult for the majority.

I'm not saying it's easy. I'm just saying that a huge percentage of people do not know how to manage any amount of money. It's taken me several times over to learn how to really manage my money.

 

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[craig1928]

You can’t become and remain a millionaire doing only one thing. Most of us have our hands in more than 2-3 industries.

That's just not true at all.

 

[InMotion]

I'm not saying it's easy. I'm just saying that a huge percentage of people do not know how to manage any amount of money. It's taken me several times over to learn how to really manage my money.

I understand what your saying. Most of the great money makers could make 50 million quickly and lose it just as fast. They are not even keel in that regard. They are way up or way down.

 

[Maxjohan]

That's just not true at all.

Yeah, I agree, that statement is quite amazing. Especially coming from someone who had the ability to step outside of the bubble and think logically/analyze things. That's the statement I read in the Third Circle Theory free report.

All for all, the story is great. The best is that this story can be backed up with proof and proved looking at the stock market and the real esate market at the times. Seems like you got the midas touch! Keep it up.

If you had been smart(and it's not too late) you could have had that story as your first post to your blog to build instant credibility.

$50,000 each into the 2 most likely banks to crash in 2008

So you invested in the banks before they had crashed. Wouldn't it be smarter to let them crash and then invest?

 

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[Maxjohan]

The greater the risk, the greater the reward.

The greater the risk, the greater you can fall too.
More risk doesn't mean more reward. But I bet you already knows that?

Instant gratification is bullshit, don’t fall for it. Anyone who tells you they made a million selling someone else’s product or service and now is selling their own is on crack. The one that made the system is the millionaire because he learned how to make others work for him for free.

The greater the greed, the less fulfilled you feel.

Don’t be greedy, be emotionally disconnected from money.

These three things that I quoted, those have nothing to do with your story about your first million. And they seem to be more like opinions than rules to success? Or am I wrong?

Sorry if you feel like I'm craping on you.

But you said in another thread that you learned a lot from people
who weren't just like you. So I hope you don't feel offended.

 

[secretentourage]

The greater the risk, the greater you can fall too.
More risk doesn't mean more reward. But I bet you already knows that?







These three things that I quoted, those have nothing to do with your story about your first million. And they seem to be more like opinions than rules to success? Or am I wrong?

Sorry if you feel like I'm craping on you.

But you said in another thread that you learned a lot from people
who weren't just like you. So I hope you don't feel offended.

Never offended at all. Those are not rules for success but rather my take on things after the fact and my advice based upon my own experience. I love to learn from everything and everyone.

As to the risk, more risk = more reward ALWAYS in my own experience but you are correct and YES you can fall VERY VERY hard.

 

[secretentourage]

Yeah, I agree, that statement is quite amazing. Especially coming from someone who had the ability to step outside of the bubble and think logically/analyze things. That's the statement I read in the Third Circle Theory free report.

All for all, the story is great. The best is that this story can be backed up with proof and proved looking at the stock market and the real esate market at the times. Seems like you got the midas touch! Keep it up.

If you had been smart(and it's not too late) you could have had that story as your first post to your blog to build instant credibility.


So you invested in the banks before they had crashed. Wouldn't it be smarter to let them crash and then invest?

You misunderstood that statement. Banking stocks had crashed when i got in, I was referring to the fact that the media was saying these two banks were most likely going to go out of business, therefore fear consumed most dropping the stock price to record lows.

Even though you could become a millionaire with one thing and one thing only. Most people who have made a few bucks will tell you they are involved in entrepreneurship, investments and in some cases real estate too which means they do more than just one thing.

BTW, how did you like the preview of 3rd circle?

 

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[Maxjohan]

You misunderstood that statement. Banking stocks had crashed when i got in, I was referring to the fact that the media was saying these two banks were most likely going to go out of business, therefore fear consumed most dropping the stock price to record lows.

Okay, I got it. I understand what you mean.

Even though you could become a millionaire with one thing and one thing only. Most people who have made a few bucks will tell you they are involved in entrepreneurship, investments and in some cases real estate too which means they do more than just one thing.

Yes, I guess I just see things as possibilities(making millions from one thing is possible) while you see or speak of things from your own experience. I agree that most people probably make millions from one thing, then they will move to another thing or diversify but it's still possible to make millions from one thing only. And that was kind of my point.

You can’t become and remain a millionaire doing only one thing.Most of us have our hands in more than 2-3 industries.

I guess I focus mostly on the bolded parts. I see things in no absolutes, even if I have personal experience of something. In the second bolding I had used some instead of most. Sorry for seeing red here and questioning your "analytical abilities". But that's the way I am. I used to be way more cynical a few years ago though lol

Most people who have made a few bucks will tell you they are involved in entrepreneurship, investments and in some cases real estate too which means they do more than just one thing.

Yes. That is probably true. I agree but I think the billionaires usually stick with one thing that they master and make/made the majority of money from. Maybe that's only because I see the entreprenuership path as the clear winner from the three you mentioned. Just personal choice maybe so I may be biased. Other than that, it would be interesting with a study of all the billionaires on where they made their money(entreprenuer, investing or real estate) and how they invest their money now. I found one article here about that, when searching google: Billionaire Prokhorov Touts Gold as Trump Embraces Foreclosures - Bloomberg

BTW, how did you like the preview of 3rd circle?

I liked it, but it took me some time to notice the download graphic of the free pages. You could make that clearer with some arrow or something that blinks every 3 second or so. Just a suggestion. I will buy the book in the end of this month(March) if everything goes as planned. It looks very interesting.

 

[Maxjohan]

Never offended at all. Those are not rules for success but rather my take on things after the fact and my advice based upon my own experience. I love to learn from everything and everyone.

Cool, I get it.

As to the risk, more risk = more reward ALWAYS in my own experience but you are correct and YES you can fall VERY VERY hard.

Personally I prefer to say/see it as higher entry = more reward. I guess higher risk doesn't mean that you have to invest higher amounts of money. It can mean that your ideas are completely new to a market and in that case not proven yet to work. I then agree with you that you can get very high rewards if you succeed with your new ideas/concepts or twists. Is this how you see risk too?

 

[secretentourage]

personally i prefer to say/see it as higher entry = more reward. I guess higher risk doesn't mean that you have to invest higher amounts of money. It can mean that your ideas are completely new to a market and in that case not proven yet to work. I then agree with you that you can get very high rewards if you succeed with your new ideas/concepts or twists. Is this how you see risk too?

yes!!!!

 

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[Maxjohan]

yes!!!!

Okay, cool.

I just updated one of my posts with some new takes. I think I had it wrong from the beginning.

I tried to analyze myself more deeply lol. Okay, I gonna go sleep now. Keep it up secretentourage.

 

[CEBenz]

Yes. That is probably true. I agree but I think the billionaires usually stick with one thing that they master and make/made the majority of money from. Maybe that's only because I see the entreprenuership path as the clear winner from the three you mentioned. Just personal choice maybe so I may be biased. Other than that, it would be interesting with a study of all the billionaires on where they made their money(entreprenuer, investing or real estate) and how they invest their money now. I found one article here about that, when searching google: Billionaire Prokhorov Touts Gold as Trump Embraces Foreclosures - Bloomberg

I disagree. It's not that cut and dry. Look at Richard Branson. He had multiple avenues. While music centric, it was retail, production, and print.

 

[Maxjohan]

I disagree. It's not that cut and dry. Look at Richard Branson. He had multiple avenues. While music centric, it was retail, production, and print.

Yes, Richard Branson is one. He is kind of the role model(as I see it) for the many avenues. Then there are conglomerate companies too, which have their hands in a little bit of everything.

Some of those conglomerates are huge. Like Berkshire Hathaway. $14.824 billion in net income, 2012.

Most of the top 100 on Forbes billionaire list seems to be or have been involved in a business or a special field/market.

But of course, Forbes don't always tell the full story of how the billionaires has invested or invest their money.

 

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[secretentourage]

Thanks for all the likes and speed posts, I appreciate the love. Part 2 of this article coming shortly....

 

[secretentourage]

Part 2 coming soon for all of those that emailed me. Will be out within 2 weeks, I ll post it here.

 

[Al_MrSuccessful]

That's a great article. I am new to entrepreneurship and from my past experiences of reading self-help books- I like the fact that you are driven to provide other aspiring entrepreneurs tools on how to achieve their goals without all of the fluff. Also, please note that real estate has created more millionaires than any other investment vehicles. It is 'possible' with the right vision and plan to be executed that you can achieve wealth in one industry/field. Nevertheless, keep up the great work and I look forward to learning from your experiences.

 

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[Laverdure]

Nice blog post but I have to disagree with something you said ...

'' You can’t become and remain a millionaire doing only one thing. Most of us have our hands in more than 2-3 industries. ''

 

[secretentourage]

Nice blog post but I have to disagree with something you said ...

'' You can’t become and remain a millionaire doing only one thing. Most of us have our hands in more than 2-3 industries. ''

Disagreements are always awesome...

Most people I know are involved in 2-3 different things, not just businesses but various ways to making money. Even if they have others managing their money in order to make more, it is very rare to find someone who just made it with their first venture.

 

[secretentourage]

Part 2 - Why I’m Not Successful – Even After Making $1,324,132

 

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[JasonR]

Nice article.

You can’t become and remain a millionaire doing only one thing. Most of us have our hands in more than 2-3 industries.

Regarding this statement, there are a handful of people here who have become a millionaire by doing one thing, and most advocate it's better to kill it in on industry/business then spread yourself thin among ten different industries.

That being said, how did you manage to have your hand in multiple businesses and find the time to be successful in most of them?

 

[secretentourage]

Nice article.



Regarding this statement, there are a handful of people here who have become a millionaire by doing one thing, and most advocate it's better to kill it in on industry/business then spread yourself thin among ten different industries.

That being said, how did you manage to have your hand in multiple businesses and find the time to be successful in most of them?

Hire the right people to run and grow your business.