As time goes on the path to becoming a millionaire is becoming easier. More opportunities are being created for individuals who chose to educate themselves beyond the norm. Millionaire status can be achieved in many different ways such as real estate, stocks, owning a business or any other form of investment. The path to millionaire status has to be a specific plan in place.
Millionaire status through real estate
Achieving millionaire status through real estate is by far the fastest way to increase your net worth for as long as you have the income to maintain the property. Buying real estate in a recession is a guaranteed way of knowing you will be a millionaire. I.E Buying in the recession shows the true value of the home since inflation is low. If you purchase a multimillion dollar home in a recession, when the economy is booming the value of your home is going to appreciate. Millionaire status through real estate should not be taken lightly because real estate is a hard asset which can be difficult to liquidate.
Millionaire status through stocks
Achieving millionaire status through stocks is another avenue which is not the easiest but it is easier to liquidate. Millionaire status through stocks is not guaranteed like real estate. When buying stocks one must anticipate the future of the company and even then there is no guarantee. Stocks are often risky investment to an amateur investor, but with the proper research, millionaire status can be achieved.
Millionaire status through business ownership
Achieving millionaire status through business ownership offers the most control out of all investment next to savings or 401K. Business ownership is not a guaranteed path to millionaire status but offers a clear path to where your investment is going. Business ownership is the most favored option towards achieving millionaire status due to the impact of a recession.
Millionaire status through savings or 401K
Individuals who are not comfortable buying property, buying stocks or starting a business usually take the slow but guaranteed path to millionaire status. In order to achieve millionaire status through this method one must start at young age, preferrably early 20’s. When chasing millionaire status using this method one must live below their means and make wise purchasing decisions in order to achieve millionaire status. There are many factors such as income one must take account for, but if you constantly check for the best interest rates you will compound your money at a faster rate.
There are many paths to becoming a millionaire. It is up to you to want to be a millionaire. Good luck!