How to Become a Millionaire
Five people who started with nothing and are now millionaires
Actually, why stop at millionaires? There are enough people out there who started from nothing and now have more money than you could shake a stick at. We’ll look at some of the world’s most notable self-made billionaires shortly. But first: how does Australia rate in the grand scheme of extreme wealth?
How many millionaires are there in Australia?
According to Credit Suisse (and they should know) Australia now has about 1.1 million millionaires; not bad for a total population of 25 million. And while that might be sour grapes for Aussie battlers barely scraping by, it does show that it can be done and maybe an inspiration to those willing to see past their failings and give it a real go.
Now for five famously, spectacularly rich people who started with nothing.
Guy Laliberte, founder of Cirque du Soleil
And we all know how huge Cirque du Soleil is now. But its creator was far from huge; in fact Guy Laliberte was a fire-eater, a job unlikely to support a steady supply of fire extinguishers, let alone a family.
We mention this one first because Laliberte was basically a circus busker based in Canada before taking the huge punt on a show that would land him a cool $1.2 billion.
Howard Shultz, founder of Starbucks
Whatever your opinion about Starbucks, Howard Shultz is still an inspiring rags-to-riches story having grown up on a housing estate for the poor. He decided to do what everyone was saying he couldn’t do – cross the tracks from nothing to something.
From a football scholarship to a job at Xerox to taking over a small coffee shop chain called Starbucks with 60 stores, Shultz now runs a $2.9 billion coffee empire with a whopping 16,000 outlets worldwide.
Oprah Winfrey, yes, that Oprah Winfrey
Love her or loathe her, Oprah Winfrey is an inspiration to millions for all kinds of reasons that will now be obvious to most. Suffice to say she was born into poverty and faced all manner of hardships, including losing a baby at just 14 years old. Oprah beat the odds to become the first African American TV correspondent in Tennessee at just 19.
$2.9 billion later, we all know who Oprah Winfrey is now.
Jan Koum, founder of WhatsApp
Ukraine native, Jan Koum moved to the USA with his mother at 16 and swept floors at local shops to help make ends meet. And here’s the inspirational bit: Jan taught himself the computer skills that led him to create the $9 billion personal wealth he duly gained through WhatsApp.
Larry Ellison, founder of Oracle
Did you drop out of college? Well, guess what, so did Larry Ellison after his adoptive mother died. However, odd jobs for eight years led to a pretty good one as founder of Oracle, one of the largest technology companies in the world and a pretty decent $60 billion return so far.
So it can be done
Anyone can become insanely wealthy through legitimate pursuits. All you need is a great idea or vision, a lot of luck and an unbreakable work ethic. Well, it’s a good start anyway.
What else do you need to become a millionaire?
Here are some quick-fire tips:
- Use a proper financial planner to set goals and actions you can stick to
- Realise that you can’t save your way to being a millionaire
- Invest in businesses with a generally high return on investment
- Create multiple streams of income so there is always one working even if others aren’t
- Automate your savings so investments and high interest accounts are topped up without any umming and ahing from you
- Listen to success story podcasts
- Be frugal and don’t start living large until you actually are
And here’s one of the best ways aspiring winners become winners.
Associate with millionaires
And that doesn’t mean sitting outside their house night after night in your car. It means networking with successful people. You can start that process on business-centric sites such as LinkedIn.
While many view LinkedIn as a waste of time, it is one of those sites where you have to work a bit harder for your rewards. That starts with being a bit selective with your connections.
Everyone will want to be your friend on LinkedIn and you can soon end up with 500 utterly useless associations that get you nowhere and litter your inbox with offers to turn your website into the world’s largest funnel.
Read the profiles of hugely successful people and focus on who actually makes sense as a connection, particularly if they’ve already got where you want to go in a relevant industry. Then, and only then, connect. If they have a blog, follow it. In time, you can start a dialogue.
Remember, winners associate with winners; that’s how winners grow.
Take a recognised business course
If you want some real business know-how, a nationally recognised business course will certainly do the trick. You’ll find all our courses HERE.