How to become a multi-millionaire

Many of us dream of the beautiful house in a fantastic location, endless glamorous holidays and fast cars, oh and the millions in the bank too. This life can often seem like a distant pipe dream, unattainable and something you should probably forget about, but what if there were, in fact, ways that you could turn it around and actually make those dreams a reality? Admittedly, money doesn’t maketh the man (or woman) but it would certainly make life somewhat more enjoyable if there happened to be a few million in the bank.

So, how do you do it? Well, it’s not easy, of course; sometimes gaining multimillionaire status involves investing some capital in the first place but there are other options if you don’t have a lump sum lying around for a rainy day. Read on for our top four ways on how you could possibly achieve multimillionaire status.

Invest or trade

Providing you have a substantial sum ready to use and willing to lose, investing or trading what you have in the hopes of generating a considerable return on investment is the most accessible way of gaining big money fast.

CFD (contract for difference) trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, one of them being foreign exchange. Forex trading involves being constantly involved in the currency market, which is why there is a growing trend for forex VPS (virtual private server) – a virtual computer that functions independently, offering security, flexibility and a permanent connection to the Internet.

Consider that this is a high-risk option as you could potentially lose everything you started with, and rapidly, without proper understanding of how CFD’s work. However, with a sufficient amount of research and understanding of the market, you could be one of the 27% that succeed.

If trading seems a little too risky for you then seek advice from a financial advisor on where is best to invest.

*LLM are not financial experts – seek professional financial advice before investing or trading any money.

It’s the eyes-on-the-prize of every property developer: a vacant plot which could a take a small block of apartments, or a couple of executive homes, with exciting profit potential

Property developing

We know how the story goes – buy a property, renovate and redecorate it then sell it on for a profit, and repeat, leaving cash in the bank at the end of the day. Of course, you’ll need to start with some money in the first place in order to purchase said property, pay for materials and work to be carried out, solicitors fees and the like, but if you fancy being creative in design, maybe getting your hands dirty to save on some cash, achieving a beautiful house and, ideally, ending up with money in the bank after a successful sale, then this could be for you. An understanding of the property market, building work, regulations etc would obviously come in handy here, though professionals in the industry will know what they are doing.

Start your own business

Taking your existing skills and starting up a business could be a great way to earn the big bucks while doing something you (hopefully!) enjoy too. Of course, having a skill or talent doesn’t mean that you will be an instant success; it’s imperative that you understand the basics of business, how to work the financial side of things, your target market, the economy and all other aspects involved in bringing a new business onto the market. Do your research, learn, seek advice and make sure that you are willing to put in the hard work that goes with it and, you never know, you could be a success in your own right.

Inventing a new product, method or device is not easy but the rewards can be potentally massive

Invent something

This may seem like an unusual or unlikely option but how many times have you sat there and thought that it would be really handy to have a certain gadget and then brushed off the idea without a second thought? Well, it’s time to let your imagination run wild!

No one is saying you have to be the next Tim Berners-Lee, Steve Jobs or James Dyson, though people to heavily aspire to, consider actually creating a prototype of that random product that would be useful to you. If it would be handy or fun for you to have around then it will surely benefit others too and something that may seem entirely random may be used in homes for years to come – someone had to invent the masking tape and cling film!

Get your ideas down on paper, do your research and go for it – it could be the next big thing and, remember, a lot of inventions happen by accident so don’t dismiss any of your weird and wonderful ideas!

 

via luxurylifestylemag

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