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How To Become a Millionaire

Becoming a millionaire is not easy. You can apply to participate in Kaun Banega Crorepati. If luck favors, then you will also get a chance to sit on the hot seat. After this, if you have gone with extraordinary preparation then chances are you will get one crore. Well…a good enough way of becoming a multi-millionaire.

You have to deduct tax out of one crore and use the remaining amount to fulfill your dreams. No one knows how long it will take for all this to happen. Some people wait as long as 10 years to reach the hot seat. Some maybe even more.

Is there any other way to become a millionaire? The answer is yes. It is possible that you may become a millionaire. Read and think about the facts mentioned here.

After a lot of patience and hard work, you expect to win 1 crore in Kaun Banega Crorepati. In this too, there is only one in a million chance to get this money. With so much patience and hard work, you will surely become a millionaire. The simple and only answer is saving and investing.

Becoming a millionaire is not difficult if you have thought of investing at the right time. Time is of great importance to reap qualitative returns in investments. The sooner you invest, the higher the profit you will get.

Start investing at an early age

You can see this in the picture shown below. Your investment increases qualitatively as time progresses.

The green columns in this picture represent the return you get on your investment. The blue columns represent your investments. After a time, without increasing the investment, the return on it starts manifold.

The last column should convince you how easy it is to become a millionaire. It is important that you start investing at the right time. To invest, you have to save. You should develop the habit of saving early.

Let’s take an example. Suppose you have 34 years to invest and profit from it. You started investing. For the first 24 years, you are investing patiently. Your net worth has not increased much. But after that? In the next ten years, it becomes five times.

This example is enough to show the importance of time. If you want to take advantage of investment, start investing at an early age.

How much to invest

Can you become a millionaire quickly by investing more money? The answer is not a straight Yes or No. It is clear as a mirror of the concepts of the importance of time. You can become a millionaire by investing more money. How will it be if you become a millionaire by investing one million? Sounds funny?

I believe that no matter how much you earn, you have to plan for saving. This is why investing time is important. You cannot easily achieve your goal by investing too much. You can easily achieve your goal by investing very early.

The goal is how to become a millionaire with your normal earnings. Family expenses are also to be met with your earnings. You have to save from that and invest. If you make a lot more than you spend then the goal is easy for you. These two rules can make you a saving master:

  1. Make it a habit to save as much as you can.
  2. Follow this habit strictly.

where to invest

Investing time. Investment amount. Both are important factors. The next important factor is the return on investment. If the returns are not correct, then the effect of time is also reduced. There are many investment instruments like stocks, gold, real estate, bonds. Recurring and fixed deposits are more popular but inflation is also important to keep in mind.

If you want to get the right returns by investing, then invest in Mutual Fund SIP. If you take interest in the stock market learning on your own and invest by gathering information, then you can get 20% or even more return. Well, this is also an assessment. If you invest wisely then this return can be 25 or even 30 percent.

One investment you must make to improve your knowledge. I would advise you to read good books on investing and keep your financial knowledge up to date. So that you can protect your investments from market fluctuations.

Take Away

Savings and Investing. You have to learn two things. Neither waiting for luck nor preparing for GK. The most important thing is that you will always be a millionaire when you follow this path. Otherwise, the millionaires of KBC come back to where they were after some time. Being a millionaire is more important and difficult than becoming a millionaire.

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