How long does it take to become a Millionaire? When I mean a millionaire, I am referring to US Dollars. If you were going to be saving all you earn to become a millionaire, a lot of us might become a millionaire in 5 years but then, you need to put food on the table, shelter, clothing and you cannot work for 24 hours, as you need time to rest and regain lost energy. Now, coming to think of it, what happens if you are about to become a billionaire? becoming a billionaire can be very long as if you were to stay without eating or catching any fun or relaxing while being paid $100 per hour, you would have to work for 1141 years.
If you are going to be working to earn money, then you will be doing it for a long time without becoming a millionaire especially when you are being paid the minimum wage. So how do millionaires and billionaires make their money?
Potential difference. The difference between an employee who isn't a member of the board and an employee (CEO) who is a member of the board is what I call the potential difference. In every company, there is only one CEO, there cannot be a space for two CEO but there can be space for two engineers, 10 secretaries, 100 foremen, and 1000 factory workers. The same thing applies to owners of Business who owns shares in them. Creating solutions to problems is something that only a few people can and when they do, only a few can monetize it. Not all of us can be Bill Gates or Jeff Bezos but we can be Financially free and this comes with a price.
First being the ability to monitor expenses. Every penny counts and the ability to make it matter means a lot.
Value time than money. Never take time to be equal money, make sure you are able to safe time doing what is valuable to you.
Never invest in what you do not understand, money is lost when you are investing in what you do not understand.
Produce more than you consume. Just like it is not healty for a country in import more than they export, so is it not a good thing for a person to prouce more than they consume.
Never make hasty financial decisions, they can be very harmful in all ways.
Hi @ajewa
Being financially free means always having the conviction that we can do it, and also working hard at that goal. Because it's not enough to just want to do something, if you don't work on it, you simply won't achieve it.
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I never thought about being a multimillionaire, not even having extravagant things, when you have too much money you become a slave to it, "it always happens that the one who wants the most", I prefer to have what it takes to give myself one or another taste and to survive nothing
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One can't be a millionaire just by saving (even with assumptions of not putting food on the table).
The formula is to let money work for you and let it make more money for you by not putting in in bank or your closet. Let it be invested, let it compound, and let it work its magic.
A large group of people always think it is possible for them to exchange their time for money while in the real sense it is better to love time to money, with the love of time it is very possible to channel our energy make more money as we are consistent with time.
First, I must say that this statement is very funny. It got me laughing. Yet that statement is very true. Becoming a billionaire is no small thing, and you can't do that by working physically all day and night. It comes with really understanding time and money, and creating real value to people. I really enjoyed reading this article. Thanks for sharing!
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