How To Build Sustainable Wealth Like A Billionaire

A report by Forbes shows that there are almost 15 million millionaires ($) in the world and an additional 1,826 billionaires($) living their lives in the same planet as you. This may have kept you thinking of how these successful investors and entrepreneurs create their wealth.  This article will discuss extensively what you can do to join the list of the world’s millionaires ($).

DOLLAR BILL


How To Become A Millionaire ($)

There are some practical steps you can take to increase your income and gradually work your way towards earning 7-figure income or creating a multi-million asset. Follow these tested and proven formulas by successful entrepreneurs to increase your income:

Avoid extravagant spending

If you read motivational books by successful businessmen, you will always come across this useful tip in different forms. Ironically, millionaires do not spend money the way others do. Their spending is limited to what is absolutely necessary such as reinvesting their money in other lucrative business ideas.

In order to achieve your desired financial success, avoid spending your money extravagantly on fads and latest electronic gadgets (unless you necessarily have to). Why will you go for the latest mobile device when you have a functional one that meets all your needs? You should never allow your expenses to dwarf your income, that is an invitation to poverty.
On the other hand, you should find an effective way to cut down on your expenses without reducing the quality of your life. For instance, buying food stuff in bulk has been proven to be more economical than in bits. You can also take public transport to work if the cost of maintaining your vehicle is eating deep into your income without any appreciable economic contribution to your life.
In a nutshell, conduct a personal appraisal of your expenses and consider areas where you can cut down on your expenses. If you can do this, you will be able to save some money to invest in your business or other sources of income that will increase your income.

Invest in yourself

Millionaires are investors. They can invest in whatever will bring value to their lives and businesses. No wonder you see them investing in self-development programs, buy motivational and entrepreneurship books, attend seminars and workshops, all in an attempt to put themselves in line for greater achievements that will literally translate to increased income.
Now ask yourself when last you invested in yourself. When last did you attend any seminar or workshop to increase your knowledge?  If you want to make extra income and you feel you don’t have marketable skills, you can take tutorials to acquire the necessary skills you can easily leverage to improve your financial status.
Sometimes, you may need to acquire a degree to actualize your dream, don’t hesitate to go for it. That’s an investment. What you really need may be to learn some marketable skills that will increase your chances of getting increased income. Look out for opportunities to invest in yourself. Read motivational books. Read entrepreneurship books. Attend seminars and workshops. The more you know, the better your chances of breaking free from a financial crisis and make your way to becoming another celebrated successful entrepreneur. While people keep to the basic knowledge they have, millionaires take that knowledge to the next level by improving it.

Invest in business opportunities

Millionaires did not become millionaires accidentally, they worked for it. Many of them are diversified investors, the likes of Alinko Dangote, Femi Otedola, and Mike Adenuga, to mention just a few. They depend on different sources of income to ensure a constant passive income that will improve their financial status. It is customary for people to safely keep their money in banks, an anomaly with the wealthy. Instead of keeping their money in banks with low interest rates, they will rather invest in business opportunities that promise better returns on investment. This is a sure way to climb the financial and social ladder.
The world is filled with different business opportunities. If you are computer literate, you can take advantage of business opportunities such as blogging, Vloggin, freelance writing, and other internet business ideas. Does that mean you are a loser if you are not a computer/internet freak? Absolutely no.

You may also like this article: Online businesses that can make you a multimillionaire in less than 6 months

The country abounds with business opportunities that will give you good income for years, passively. Have you given a thought to renting services, any of the different farming ideas such as poultry farming, snail farming, and the rest? With a little capital, you can start any of these businesses and gradually build your business empire that will take you to the club of the 7-figure earners. I will soon write a comprehensive article on each of the different business ideas you can tap into to give you the financial freedom you have always dreamed of.


Venture into entrepreneurship

I will start this discussion by defining what entrepreneurship is and who is an entrepreneur with a view to making the idea clear and without ambiguity.
  “Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire, and the people who do so are called 'entrepreneurs'” - Wikipedia
This comprehensive definition has definitely shed more light on what entrepreneurship is. The process involves starting a small business and nurturing it into maturity, the stage where you receive passive income for your efforts for as long as you are alive.
The basic principle here is what you want to offer, which could be a product or service that evidently has the potential to change your income level and give you the platform to become rich and successful. What do you have to offer? Your services or products. The difference between being an investor and an entrepreneur is the controller of the business. As an investor, you are investing in other businesses that are owned by others while you make some extra bucks. As an entrepreneur, you run your business. You make your decisions, face the challenges, and if you are determined and don’t give up easily, you will achieve your financial breakthrough.

Solve a problem


This is one of the best money-making tips. To become rich, you must solve a particular problem, and people are ready to pay for a solution to a frustrating problem.
If you go through the history of most wealthy people, they solved a particular problem at a stage in their lives. Bill Gates solved the computer issue to make his billions, Mark Zuckerberg created Facebook to solve communication problem between people, and Mike Adenuga established GLO to ease the financial burden imposed on people by the first communication companies. The rest is history as these individuals have made enough money to last them a lifetime by solving a problem.
The world is full of problems. People need solutions to their problems. Think about a problem that you can proffer a solution to and turn the solution into a money-making machine. With a good eye for spotting problems and the skills for solving them, the sky is your limit, financially. Look for opportunities to do this always and you will break free from your financial yoke soon.

Turn your hobby into money


What are you passionate about? Are you humorous? Can you sing/dance? Is writing your second nature? Perhaps you can act. These are good skills you can monetize. The list of rich and successful individuals who made it from monetizing their skills is endless. Permit me to mention a few. Basketmouth turned his hilarious hubby into a multi-million dollar business empire. The likes of 2Face, Davido, Whiz kid, and Don Jazzy are renowned singers who have gained wealth and fame from their hobbies. What of the likes of Genevieve Nnaji, Funke Akindele, and the likes? They are passionate about acting and they have equally made something out of their passions. You can learn from this. Hone your hobby and stop wasting it. Perfect your acts and monetize it. You may become the next poster boy or girl of the entertainment industry if that is what you really desire.
If you are not passionate about the entertainment industry, what other skills do you have? If you write for fun, turn that skill into a book or novel. Chances are your income will increase, and you can afford to invest in other business opportunities.
There are tons of ways you can gradually build your wealth into a multi-million empire. Since circumstances and individual differences play a significant role in the choice of a business opportunity to invest in, it is imperative that you study your environment and circumstances to find out what will work for you. The earlier you carry out your visibility study and identify your strength, the earlier you will start the journey of making your millions. Don’t forget that the earlier you start, the higher your chances of achieving your dreams.
Whatever your decision, don’t give up on your dreams no matter the challenges you face in life. You have to turn those challenges into opportunity to improve your skills. Dream big, work hard, create your luck. The cliché is still true: “Quitters never win, winners never quit”

Cheers



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