11 People On Reddit Revealed How They Became Millionaires
According to digital marketing company iQuanti, one of the most popular New Year's resolutions this year is to spend less money and save more. It received nearly 16 million Google searches — a 17.47 percent increase from 2016. Money seems to be on everyone's mind; and if you want to make some serious cash, Redditors are sharing how they became millionaires. Fortunately, there are a number of ways to make a boat load of money, these days. You don't have to have a fancy degree. You don't have to have a ton of money to invest up front. Sure, these things might help speed up the process; but they aren't a requirement.
And if you're still thinking that becoming a millionaire is next to impossible, know this: by the end of 2016, a new study from Spectrem Group's Market Insights Report 2017 found there were a record 10.8 million millionaires in the United States — a 400,000-person jump from the previous year, and more than we've ever seen before. This isn't to say it's easy. You still have to work hard and make smarter choices with the money you already have; but at the very least, it should give you a boost of encouragement: if your financial situation is looking a little down right now, it can get better.
Here's how these 11 people did it.
1. Start Your Own Business
When you work for yourself, there's only one person placing limits on how much money you can make: you.
Living purely off interest while leaving the rest ensures you'll always have a nest egg — for yourself, and possibly your children.
3. Write To An Audience
Sounds like a whole lot of nonsense, but this is a strategy utilized by many successful professionals. Pick a niche audience and write a very specific book just for them — how golfers can improve their swing, how to create logos in Photoshop, how to create a blog that makes money.
4. Become An Inventor
Thanks to the world wide web, anyone can create something and sell it online, sometimes to anyone else in the world. Find a hole in the market where people's needs aren't being met, and meet them!
5. Hang Out With Millionaires
I'm not telling you to marry for money. That will most definitely end badly. But if you happen to fall in love with someone, and that someone has a million dollars, well, it doesn't hurt... #JustSaying
*Ahem* Now back to the real advice.
6. Live Below Your Means
Warren Buffet is generally considered one of the most successful investors of all time, but you would never know it looking at the clothes he wears, the car he drives, or the fact that he gets his breakfast at McDonald's every morning. This is no coincidence. One of the reasons Buffet is so wealthy is because he doesn't live like a wealthy person.
7. Invest And Reinvest
Investing is a marathon, not a sprint. Put the money there, and leave it there. And when you think you're done investing, invest some more.
8. Get A 401K
If your employer matches your contributions even only partially, the outcome could mean serious cash for you.
While investing in Bitcoin presently is not as reasonable as it was a few years ago, you still stand to make some money off of it. And if you did invest a few years ago, well, congratulations. Are you keeping an eye on other big up-and-coming opportunities to invest? Because they're there.
10. Don't Take Your Inheritance For Granted
"Free money" doesn't mean you should spend it carelessly. In fact, it might be the best opportunity you'll have to make really smart choices with your personal finances.
11. Buy A Property
As the housing market fluctuates, so too will your profit; but many millionaires and billionaires will agree that real estate is the way to go. This might mean flipping houses or renting out apartments.
For more advice on saving money, try one of these five apps for investing — even a little bit can go a long way over time.