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What is the best way to become a millionaire in five years or less?

Updated on February 12, 2008

Simple but not easy

The first step in achieving any goal is clarity about the goal. Wanting to be a millionaire in five years is not the proper goal. Decide to create a business that will provide an asset worth a million is a better goal. You must get clear about that business and what services you will offer.

You need to understand what money really is. It is simply a method of exchange. So for you to become a millionaire in five years, you will need to provide services worth that much to others who will in turn provide you with the money or other assets. You need to have a clear idea of the services you intend to provide.

Once you are clear about the services you intend to provide, you need to become an expert in that field. To do that, you will need to devote about two hours per day to truly immerse yourself in obtaining all the knowledge and skills you can acquire about that field. You must be constantly learning everything you can about that field. You do not become a millionaire by being average. Most people are not willing to work hard to become a millionaire. If you are willing to put in the extra effort, you will separate yourself from the average.

Syrus, the first centruy BC philosopher said, "It is no profit to have learned well if you neglect to do well." It does not matter how much you know, if you do not take action on what you know, it will not make you money. So you must become a person of action. Far too many people are waiting for the right time, for some extra bit of information, for the moon to align with the stars ... you cannot wait until everything is just right. You must be a person of action. Adopt the mantra, ready, fire, aim. Take action, measure the results and then adjust. Then take more action.

You will never become a millionaire by yourself. You will need lots of help. Learn to leverage your time, knowledge and skills by building an effective team. Do what you do best and outsource those areas where you are weak. Trying to overcome your weakness can take lots of time and energy and produce very little results. You must look for others that can help you.

It has been said that you will never earn more money than your five closest friends. There is some truth to that. If you hang around poor or even middle income people, they will have a significant impact on you and your ability to earn money. You need to upgrade your friends. Join a crowd that will hold you accountable. That will expect more and bigger things from you. That will not throw cold water on your ideas and dreams.

Seek out like minded individuals and join in mastermind groups. Find a mentor. Learn from others. Spend the time and money learning from those who have done what you want to do. You have neither the time or the money to learn it all on your own.

And the last bit of advice is to stick with it. Most people jump around too much. They try real estate for a few months, then jump to MLM, then jump to another business. You must have a plan and stick with it. Jumping around will never result in long term success. So when you start out on a path make sure that the path you start on is one you are willing to stay with.

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  • lrwhite profile image

    lrwhite 9 years ago

    "It has been said that you will never earn more money than your five closest friends." I've never heard that quote before but it is interesting. I'm sure glad I'm not friends with Bill Gates.

    Thanks for the advice!

  • John Chancellor profile image
    Author

    John Chancellor 9 years ago from Tennessee

    The point of the quote is that your immeidate friends have a significant influence on you and your potential for success. Learn to associate with people who will lift you up, encourage you and help you succeed.

    Thanks for the comment.

  • profile image

    theking2020 5 years ago

    Action is key to success, thoughts feeling, and action will create the ultimate result. Great article

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