In this article by Self Made Success and Justin Bryant, he discusses How To Become An Online Self Made Millionaire in 5 Years.
There are a lot of different ways to make money in today’s world. Most people think being successful requires a job or an expensive business, but that is no longer the case.
You can become a self made millionaire without even leaving your home using the power of the internet and the right game plan.
Not only is it possible to become very successful very quickly, but it can now be done from the comfort of your home in your pajamas. But, there is no way to scheme your way to a millionaire status.
You have to work hard and use the right approach that almost every millionaire you can think of used to get where they are.
How To Become An Online Self Made Millionaire:
1. Make Bigger Goals
Don’t sell yourself short. You have it better than a lot of today’s most successful people did when they started out. There is never going to be too much competition or not enough money to go around.
What you need to do is shoot for about 10x what you need. If you want to make $1 million, instead shoot for 10. If you want to make $2,000 a month, shoot for 20.
The beauty of challenging yourself to take on bigger goals is you don’t limit the potential of your income and even if you fall a little short, you could still be making 7 or 8x as much as you would have with a smaller goal.
2. Model Other Millionaires
A lot of the most successful people in the world came from middle class or lower class backgrounds. Some of the best advice I’ve ever gotten was to consider the source when learning from someone.
In other words, people will always be trying to give you advice or tell you what to do, but the question is: have they done well in that area themselves?
Would you take financial advice from someone with a low-paying job, barely getting by in a tiny apartment? Would you take basketball lessons from chess player who never played a sport?
I didn’t think so. Model after what works. Study other millionaires and billionaires. Get mentored by them if you want to get results like them.
3. Avoid Debt Like The Plague
Now, if you get in a little debt for the purpose making you more money in the long run, that is the only exception here. Don’t buy a bunch of things you don’t need and get in debt because of them.
And, by all means, don’t start a business on credit. There are way too many uncertainties with starting a business and all the bank will care about is getting their money back from you.
“Only morons start a business on a loan.”
– Mark Cuban
But, let me clarify, Cuban is not saying everyone who starts a business on a loan is a moron and neither am I. If you get a loan from family, a mentor, etc., that is a great way to start out. Just avoid bank loans for starting a business from scratch.
Stay away from credit, debt, loans, or whatever else you want to call it unless you know for sure that it will increase your income. Poor people use debt to buy stuff they don’t need that will make the rich people richer.
Rich people use debt for increasing income and leveraging investments. But, if you can avoid debt altogether, that is the best option.
4. Be Smart And Don’t Give Into Temptations
This kind of goes with the last point of not buying things you don’t need while you are building up your business. You may have to live off just bare necessities and turn down expensive outings with friends or new car deals.
You see some NFL rookies buying $100,000 watches and extravagant suits before they have even signed their contract.
You may see some entrepreneur buy a brand new Mercedes after a good month of sales, only to find out that the profits aren’t yet sustainable and he couldn’t afford to keep paying for it.
Don’t make stupid mistakes out of pure temptation. Make sure your business results are very sustainable before you start showing off.
5. Keep Educating Yourself
Want to stay ahead of the ever-growing competition? You need to keep educating yourself to improve your abilities and stay sharp. I’m not saying you need a college degree to start a successful business.
I’m saying you need to keep learning from other entrepreneurs, going through courses in branding, reading about investing, etc. If you just aim to become a little bit smarter by the end of every day, you will always make progress and keep from losing your edge.
I recommend reading, listening to audios or interviews, going to conference events, staying in touch with other smart entrepreneurs, etc.
6. Go The Whole 9 Yards
As you will find out, the universe rewards people who work hard. When I set out to do something, I try to outdo the best of the competition, instead of just doing the minimum required.
Don’t rely on luck. Instead, make your own luck. Don’t expect to be the smartest person around. Instead, just work harder than the smartest people around. Things WILL go your way, if you keep it up.
7. Save Money For Investments, Not To Keep It Dormant
The poor and the middle class will tell you to save up a lot of money to have around just in case something happens or to give yourself a “good” retirement. But, this is not what the rich do.
The rich save money for investing. They create accounts for the very sake of increasing cash flow and finding new income streams along the way.
The fastest way to multiply your money is to invest, not throwing money into a long-term savings account.
8. Keep Building Your Audience
If you don’t have enough people seeing your business, you will never get the income you want. You need to constantly be building your audience, no matter what you’re selling. Just ask Lewis Howes, another successful internet entrepreneur.
Keep getting more social media followers, keep building a bigger email list and keep driving more traffic to your website. This is how you keep constant sales rolling in and avoid getting your income stuck at a certain level.
9. Automation And Consistency
One thing you’ll learn from people like Tim Ferriss, is that one of the biggest limits for a business is doing everything yourself.
Of course, when you are just getting started, you have to do almost everything yourself, but as soon as you can take yourself out of the equation in different parts of your business, do it.
You may be a little puzzled that I’m telling you this. And it may be hard when the time comes because your business will become your baby. But, trust me, your most important asset is your time.
As you grow your business, learn to use the internet, software, and outsourcing to free up more time for yourself, so you don’t have to waste it on the most tedious tasks.
It is a lot easier to scale up a business and maintain consistent growth when one person isn’t doing everything. Each person has 24 hours a day.
If you can divide tasks between multiple assistants, a few types of computer software and yourself, you no longer have to go days without completing every task that needed to get done.
Your business will grow much faster, you will have more time to do what you enjoy and you won’t have to do as many long, tedious tasks anymore. It’s a win-win.
10. Take Your Brand Seriously
I don’t care what you’re selling or how you’re selling it, if people don’t trust you, they won’t buy. You need to always be building your credibility and create a trustworthy brand.
Don’t screw people over or make promises you can’t keep. Give free value to your audience daily and don’t ignore their needs. Build a trustful, honest brand and prove to people that you know what you’re talking about.
Cutting corners, spamming, and doing anything else that sacrifices credibility or your public image will be the end of you.
If you apply these 10 principles, you will get a lot richer, a lot faster. Don’t worry about what anyone says or thinks. Don’t feel like you have to just go with the flow and do what everyone else does.
You can create any lifestyle that you want in today’s world if you just follow the right path and stick to it. Quitting is the only way you won’t succeed.
What’s keeping you from becoming a self made millionaire online?
Thanks for reading this article on How To Become An Online Self Made Millionaire In 5 Years by Self Made Success and Justin Bryant.