Starting Your Business

5 Simple Ways to Become a Millionaire

Written by Ashwin Satyanarayana for Gaebler Ventures

Way too much has been said about how to become a millionaire. A lot of people have spoken about it, read books and ultimately, take no action. Here are 5 simple ways you can get back on track and just do it.

Unearned wealth is the ultimate seductress -- it can mesmerize you, grab your mindshare completely and bring in a restlessness that can either make you wealthy or dump a heavy dose of frustration on you.

Ironically, there is all the money to be made in the world and all you need to do is to plan to earn it. There is a lot of work you have to do to get there and that's precisely why most people shy away from it.

Here are five simple ways to become a millionaire:

Believe that you are already wealthy: If you read the book called "The Secret" by Rhonda Byrne, you must be sold on the importance of the Law of Attraction. A firm belief that you are already wealthy is the first step you need to take because that's where the super-millionaires started from. The first thing they set-up wasn't a money machine, it was a mind-set. Honestly, what effort do you think switching your mindset takes? Your mental switches are far more effective than you think they are. Why don't you try now and see how you waddle in a pool of miracles happening to you?

Start a business because you need to leverage: No employee ever becomes rich. There are some lucky people who do have salaries that shame some entrepreneurs; but those are rare. Of course, you will also have to take out all those who are incredibly happy with their jobs. Assuming all you want is to build wealth and not dabble in art, theatre or poetry, you will need to start a business. Business employs leverage which allows multiplication of effort and hence revenue.

Save money starting now (the younger, the better): While you are busy making money and bringing in the cash, it is very important to use this money wisely. Advice is in abundance about the importance of saving, but there is almost zero action here. Even if you do realize, it might just be too late. The power of compounding takes time for money to multiply into a sizable corpus. Invest young and invest whatever you can. This step alone can make you a millionaire over due course of time.

Make your money work for you: Starting and running a business is hard work. If you had the money, you could invest in other businesses instead. To get to this stage, you will need to raise cash first (so run your business well) and take some excess cash out to invest in other businesses. This simple trajectory of growth you are taking is the secret the super-rich thrive on. Making your money work for you tirelessly, round-the-clock is the holy-grail you were looking for.

Build recurring streams of income: The beauty of making millions lies in the streams of income that build up that corpus in the first place. Since you run your own business, you could build as many businesses as possible; invest in assets that make money for you in turn; invest your money where it compounds and multiplies. All of these are ways to create recurring streams of income. You were worried about security earlier when you had a job, weren't you? Now, it's time to manage your money and not worry about it.

Ash has an undergraduate degree in engineering and an MBA from Ohio University. Today he is a corporate trainer, business coach and a freelance writer.

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