Who doesn’t want to be a millionaire? As the famous saying goes, ‘money doesn’t buy you happiness, but you can look for it in nicer places.’
For some reason society has decided that having over a million pounds in the bank is the ultimate sign of success, so why not strive for that?
Luckily The Independent has spoken to Steve Siebold who made his money young shared the secrets to his success.
Self-made millionaire Siebold has studied over 1,200 of the world’s wealthiest people and discovered; ‘In a free-market economy, anyone can make as much money as they want.’
Wish I’d thought of that when I was stacking shelves in a supermarket. I wanted to be paid more than £5 an hour. Should have definitely asked for more, where were you when I needed you Steve?
Probably studying 1,200 of the world’s wealthiest people and not really thinking about how the cereal ends up on the shelf in such neat lines.
Another self-made millionaire, Grant Cardone’s most important tip for becoming a millionaire before you have grey hair is to (and I’m not joking) ‘earn more money’.
In today’s economic environment you cannot save your way to millionaire status.
Definitely not if all your money is going on rent and the bus to work, Grant. An excellent point Grant. Seriously has anyone on a normal wage ever saved a million pounds in any ‘economic environment’?
If you managed it I imagine you’d be so bloody miserable that the whole process would be pointless.
Grant goes on to explain how the process of earning more money worked for him:
My income was $3,000 (£2,310) a month and nine years later it was $20,000 (£15,404.76) a month. Start following the money, and it will force you to control revenue and see opportunities.
At first this quote really annoyed me because $3,000 (£2,310) a month sounds like a hell of a lot, but after doing some quick sums, and assuming he’s talking pre-tax, that is actually the UK national average income. Maybe this millionaire thing isn’t so unbelievable after-all.
His tips for earning more is to find high paying work you can do on the side, and try to set up passive income streams. Passive income is where you earn money for not actually doing anything, so like investments with returns.
I’m not sure if scratchcards count as passive income.
Author Thomas C. Corley did a five-year study of self-made millionaires and also found that multiple income streams were key to success. His examples were property rentals, stock market investments, and part-ownership in a side business.
All of those have a pretty high barrier to entry. But I guess they would sort of work scaled down, like renting out a spare bedroom? Gotta start somewhere.
Grant Cardone says that every spare penny you save should be invested in things with returns and left there. He says; ‘to this day, at least twice a year, I am broke because I always invest my surpluses into ventures.’
Not sure how I feel about being a ‘broke millionaire’, but whatever works I guess.
Grant also says:
The key to consistently setting aside money is to make it automatic. That way, you’ll never even see the money you’re contributing and you’ll learn to live without it.
I do kind of agree with Grant on that one, I recently paid off a hefty credit card that seemed totally insurmountable by just setting up a regular payment that came out on payday so I just got used to being paid less.
I’m kind of warming to Grant now, his advice seems less totally unattainable than when I first read it.
This next tip seems especially sound:
I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income. I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.
That makes a lot of sense to me. Although again, it does mean being a millionaire but still living like when you were poor, which sort of defeats the object?
I guess a lot of Grant’s tips are about delayed gratification.
Tucker Hughes became a millionaire at just 22 and he atrributes his success to something quite unexpected – reading.
Hughes claims the secret to success is:
Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously. Consume knowledge like air and put your pursuit of learning above all else.
According to The Independent lots of incredibly successful people are big readers. Warren Buffett, who according to Forbes is worth $74.7 billion (£57.5 billion), estimates that 80% of his working day is dedicated to reading.
The best thing about this tip is that even if you don’t become a millionaire, you’ll be a smarter more interesting person with a load of cool knowledge.
Which is a wealth all of its own, at least I hope so, because I can afford it.