Who is a Millionaire?
“Who Wants To Be A Millionaire” is the title of a television quiz show, first aired in 1998, that would allow contestants to win the grand prize of one million dollars.
For me, and possibly many others, watching this show was when we decided to add becoming a millionaire to our list of future ambitions.
I mean it looks like an amazing thing. Being able to afford almost anything that you need? Yes! Sign me up.
But who is a millionaire? A million is somebody whose assets amount to one million dollars or more.
Simply meaning you should have this money either in your savings or checking accounts or have it represented by assets you have invested with a financial institution.
Ways to Become a Millionaire
Many of us want to become millionaires, but do we know our options? How can I become a millionaire?
There are several routes that one can take to become a millionaire. Some people think that the only way, or the best way, to become a millionaire is to land a good job or start a competitive and innovative business.
Once you have done this, they think, then all you have to do is save diligently until you meet the mark.
While that is a very good way of working your way to becoming a millionaire, it definitely is not the only or even the easiest way.
So, let us look at some other ways that you could become a millionaire.
- Winning the Lottery
Feeling lucky? That’s probably the first place you should start before contemplating buying a lottery ticket. Millions of people worldwide spend millions of dollars each year playing the lottery, but only a few ended up winning substantially.
Winning the lottery takes pure luck; there is no art or science to winning. Many people are turned off by how risky playing the lottery is but for others it is the risk that makes it so appealing.
Then chances of winning can be pretty slim depending on which one you play, but if luck happens to be on your side, then there is the possibility that you can be named among the millionaires on earth.
Ever so often, we hear about people around the world who are recipients of millions because they happen to buy the right numbers.
- Marrying into Wealth
Imagine finding the love of your life and being thrilled to spend the rest of your life enjoying him or her.
Then imagine the added bonus if the person that you marry happens to be a millionaire. This happens to be the fate of so many women and men.
Marrying rich is not always as easy nor as lovely as it seems. It is easy for the loved ones of your spouse to question your integrity as to whether or not you married for the right reasons.
While it may not be the intension for some to “marry rich” it definitely accounts for some of the world’s millionaires.
Turns out it is possible to get love and money all in the same place.
- Death Inheritance
While we know and can appreciate that losing a loved one is not an easy plight, we must acknowledge that death inheritance is another way in which individuals can become millionaires.
It is the norm for individuals with large assets, especially those who are older, to ensure that they have properly written wills, in the event that they pass.
When this happens, their loved ones are able to benefit financially once they were recorded on the will.
Again, though this surely cannot be an easy time for the recipient as they mourn, it will undoubtedly help to know that they will be able to sustain themselves and possibly even improve their way of life and that of their families.
This is another way a person can become a millionaire, though sad.
People who choose to allocate their financial resources to invest are among those who are very likely to be added to the list of millionaires.
To invest means to simply means to apportion resources with financial institutions as a means of generating income.
In recent years, many financial institutions have made it their duty to inform and educate the general public about the dos and don’ts of investing.
This is because many people in the past were of the assumption that investing was only for members of the upper-class society.
However, if done properly, a good investment portfolio can be achieved by almost anyone.
Having a successful portfolio has proven for many to be beneficial as it has added millions to their name.
The Richest Millionaires
The world has had the privilege to witness the work of some very talented people and have watched as they made their way to becoming millionaires.
Achieving millionaire status for many was not an easy endeavour. This financial milestone has shown that it requires intense commitment and discipline.
Let us look into the lives of some the world’s richest people.
Elon Musk is a 49-year-old American businessman. He was born in South Africa, then moved to Canada at age 17.
Through his enrolment at the University of Pennsylvania, he made his transition to the United States.
Musk is most popularly known for being the CEO and Chairman of Tesla, a revolutionary automobile brand that marries sustainable innovation with a sleek modern finish.
The automobile brand was made popular because is carried an eco-car that was operated electrically.
This scored major points with consumers as the world has been moving towards developing and using more eco-friendly products.
Musk owns 21% of the company, half of which he has made available for collateral. He is also responsible for the innovation of SpaceX.
SpaceX is an aerospace transportation company. The company currently has a market value of 74 billion dollars.
At 57 years old, Jeff Bezos is an entrepreneur and e-commerce pioneer. Bezos is most popularly known for his title as the founder and CEO of Amazon.
Bezos started the company out of the garage of his home in Seattle, which he quickly had to upgrade to a two-bedroom house.
He also owns the Washington Post and Blue Origin, a daily newspaper and an aerospace company, respectively. According to Forbes Real-Time Billionaire Ranking, Bezos is the richest person in the world.
Amazon is a multinational ecommerce company that offices a myriad of products and services and was started in 1994 and went public in 1997.
Two years later, the company outdid its competitors in the ecommerce industry to become an industry leader, much to the surprise of analysts at the time.
This website is used by people all over the world and explains how Bezos made it to the millionaires list.
FI mean, how could he not?
Bill Gates is a 65-year-old technology entrepreneur and philanthropist. He is a cofounder of the Microsoft Corporation. Gates is also lauded for his achievements being that he was a university dropout.
It does not come as much of a surprise that he would have turn out to be as successful as he is since, fun fact, as a child he was banned from reading at the dinner table by his parents because of how often he would do so.
The Microsoft Corporation is a technological giant and one of the biggest names in the industry.
It is a multinational company that is responsible for developing, manufacturing, licensing, supporting, and selling computer software, electronics, personal computers, and other related services.
Bill Gates also has a successful career in philanthropy. He along with his wife, Melinda, are founders of a foundation that works towards fighting poverty and diseases around the world.
The foundation operates out of offices worldwide and prides itself on spurring innovations, strengthening global corporations, creating market incentives and generating high quality data and evidence.
Mark Zuckerberg is an entrepreneur and philanthropist. He is a cofounder for one of the biggest social media platforms, Facebook.
Zuckerberg, along with some friends, created the platform in 2004, at 19 years old, while he was still a student at Harvard University.
Zuckerberg dropped out of college after his sophomore year to dedicate more time to building the website.
The initial purpose of the site was to assist students match the names of their classmates with their pictures. Facebook is now considered the go-to commination tool.
Whenever our minds randomly think of a high school or college classmate that we have not heard from in a while, our first instinct is to look them up on Facebook. In 2020, the platform recorded 2.7 billion users.
Facebook has since become one of the best and far-reaching marketing tools. Many marketers today have made it their priority to learning the analytics of the site to help propel their company’s marketing strategy.
Many entrepreneurs and business have also begun to operate their businesses solely from the site through online stores and marketplaces.
We’re sure this article was well informed and that you have learnt much. As you can see, there are many avenues to becoming a millionaire. Choose YOUR path, today.
Whether it be creating an app like Mark Zuckerberg, or a software like Bill Gates.
Or engineering like Elon Musk. Maybe it could be an online shopping platform like Jeff Bezos.
Whatever it is, you can do it. Push forth into greatness.