Elon Musk Did THIS To Become A Millionaire FAST - You Can Too!

29 of americans think that they're going to become millionaires but most don't even know how they're going to do it in fact one third of wannabe millionaires don't have a plan for how they're going to achieve that milestone so in this video i'm going to show you the fastest way to become a millionaire according to data a millionaire is someone whose assets equal a million dollars or more so if you add up everything like the money they have in the bank plus the value of their stocks and all their other assets subtract out any debts and liabilities if the resulting number is a million dollars or more then you are a millionaire now as of 2020 there are over 20 million millionaires in the united states and the one thing that they all had in common was that they gave this video a big thumbs up now you may think that's wrong just like you might think that most millionaires get that way by inheriting their wealth when in fact only about 20 of millionaires actually accomplished that milestone through inheritance the rest of them are self-made millionaires but the question is how well a number of years ago an author named tom corley conducted a rather in-depth study on millionaires and found that there are basically four paths to becoming a millionaire the first path is called the saver investors path the second one is called the company climber's path the third is called the virtuosos path and the fourth is called the dreamers path the savers investors path is without a doubt the easiest path and the most attainable for most people in fact most people in that group though achieved their first 1 million dollars around their mid to late 30s and accumulated about 3. 3 million dollars in assets by their mid 50s people millionaires in this group basically have four things in common one they were typically a middle class income so they weren't extraordinarily high income earning individuals but they were very frugal and saved a lot of their money second thing they had in common was that they had a low cost of living and preferred to save rather than spend lavishly the third thing that they had in common was that they saved at least 20 of their income or more and four they started investing early so this path is all about investing early and being very disciplined as time goes on to continue to invest and be frugal to build up your wealth over time but is certainly not the fastest way to become a millionaire the

second group is called the company climber's path and this is when someone joins or starts working for a very big corporation and slowly works their way up the corporate ladder until they achieve one of those positions that has extremely high salary now this can be very hard to do because it requires a lot of dedication to the company usually a lot of hours being put in to prove yourself so that you do climb up that corporate ladder but if you are able to do it most of these millionaires after 22 years have accumulated a network worth of 3. 4 million dollars or more it also requires you to have a lot of these relationship building skills because it's not just a matter of working at the job it's also about building up the connections that you have so that you do get promoted and raised up to those higher positions most millionaires who took this path say that they arrive at the office early they leave late and they put in a lot of long hours that can be very stressful it can also be a very risky way to become a millionaire because if the company itself doesn't do well then that really destroys your chances of getting a high position with a huge salary

salary now the third path to becoming a millionaire is called the virtuosos path and by the way i didn't come up with the names of these past the author of the book and the study came up with these names but the virtuoso's path is when you develop a set of skills that are in really high demand that people would pay a lot of money for so think of an attorney or a doctor for instance now obviously getting to this point usually requires a lot of education and a lot of time up front before you even make any money so it could be a really long term way to make money but once you get there you are usually highly respected and highly sought after and can charge a premium for your work millionaires in this group after about 20 years reach an average net worth of 4 million dollars now this isn't a way for most people to become a millionaire unless you are super passionate about the skill that you are trying to develop so if you're not invested in becoming a lawyer or doctor for instance then don't try to be one you're just going to make your life miserable and you'll probably quit somewhere along the way

the final path to becoming a millionaire is called the dreamers path and these are people who are so passionate about what they do and they are so hyper focused on the pursuit of their dream and this group includes entrepreneurs now the millionaires in this group in the study had a net worth an average of about 7. 4 million dollars which was a lot more than the net worth of any of the millionaires in the other groups and these individuals were able to accumulate that wealth in as little as 12 years which means that this is the fastest way to become a millionaire

millionaire in fact if you look at seven out of the 10 richest people in the world they are all included in this group of dreamers they're all entrepreneurs we have jeff bezos bill gates mark zuckerberg michael bloomberg they all got rich by starting their own company and they became very but being an entrepreneur is not easy this is without a doubt the hardest way to become a millionaire there's a lot of hurdles risk and a lot of people fail in the pursuit of their dreams but the reward can be really worth it so what do all the successful millionaires who are dreamers have in common well they tend to work long hours they tend to have a very stressful lifestyle and they tend to take on higher risk but more importantly they're willing to push through even when faced with failure they're willing to keep working towards their dreams relentlessly no matter what happens so the dreamer's path is really good for you if you've just decided that you do not want to work for a boss and you are really goal oriented and really set out every day to accomplish certain tasks and are able to get them done for myself personally this is my path to becoming a millionaire i decided long ago that i did want financial freedom i actually went to law school i was on that virtuoso path and it just wasn't for me because i didn't want to work for someone else so i started my own online businesses and that is my new path and i've found that i have faced a lot of difficulty struggle and hurdles but if i'm able to push past that is how i've been able to achieve the success that i have so far you see when most people are faced with some sort of failure or setback most people would just give up and that's because our modern education system just doesn't teach us how to deal with failures like that they teach us you have to do step one step two step three in order to see success go to school then go to college then get a job go to work nine to five monday through friday and then after 40 years or 50 years you can retire and that's your plan so if you're able to kind of take a step back and figure out for yourself what it is that you really want and go after it even if you face the failures then that's when you really see success so if there's one big takeaway from this study from this author it's that the fastest way to become a millionaire is to start your own business to be an entrepreneur and if that interests you then subscribe to my channel because i make a lot of content about making money online and starting your own businesses and becoming an entrepreneur and then check out all the links in the description of this video of links to the articles that i talked about the studies as well as links to ways that i have found to start online businesses and make money online that might really interest you if you want to start on this path to becoming a dreamer or an entrepreneur thanks so much for checking out the video if you like this one then you're really gonna like this video right here so click there and i'll see you there in a few seconds