🎯 Setting the Destination: The First Step to Becoming a Millionaire
When I was studying computer science at university, I came across a book called "The Secrets of the Millionaire's Mind." On page 73, I filled in a statement that said, "I'm going to be a millionaire by the 1st of January 2023," which is also the time when I'm going to be 25 years old. Since writing that statement, I have generated around 800,000 pounds through all my sources of income, and I'll most likely hit that millionaire status by sometime next year. If you're thinking I got here by pure luck, then you're 10% right, but the other 90% was because of this three-step system which I follow. In today's article, I'm going to share with you guys how I will become a millionaire by 25 using the three-step system.
🚀 Choosing the Fast Lane: The Second Step to Becoming a Millionaire
The second step to becoming a millionaire is choosing the fast lane. This step has been inspired by a book called "The Millionaire Fast Lane," which is one of the top best-selling books in business. In this book, MJ DeMarco, who is the author of the book, explains how there are only three roads to wealth, and only one of the roads leads you to becoming wealthy faster, and that is the fast lane, which is the lane I'm on or the road I'm on in life.
You can take the three financial rules. The first one is the sidewalk. This is the road I was on in the start of my journey when I was working at my I.T job, living a paycheck to paycheck life, and buying things just to impress others, which I couldn't even afford. I feel like the majority of the people in the world are on this road, and with this road, you need to simply forget about becoming a millionaire because there is no way you're becoming a millionaire unless you reach the corporate ladder really high and start getting bonuses or equity in the business and all stuff, but other than that, I don't see you becoming a millionaire with this.
The second route is a slow lane. Now, while sidewalk sacrifices you tomorrow for today with slowly, and you're sacrificing your today for tomorrow, this road does make you a millionaire, but it will probably take you 40 to 50 years, depending on when you start investing in stuff like S P 500. Now, the problem with this road is that you're sacrificing your today just for tomorrow. In other words, you're going to be saving each and every penny just so you can invest, so by the time you reach probably 60 or 50, depending on when you started investing again, you're going to enjoy that money. Now, another problem with this is that yes, you'll become a millionaire by the time you're 60 or 50, but by then, you will have the time, but you won't have the energy, the health, or you could even be dead by that time, so no one knows. Also, the variables which this slow lane relies on is your job, so you're not getting kicked out, the stock market always going up, and the last one is dying, as I just mentioned. The slow lane and the sidewalk are insane because you are simply selling your soul from Monday to Friday just to get two days off, which is Saturday, Sunday, and then repeat the cycle again, basically like you're giving five dollars to someone, and they're giving you two pounds or two dollars in return. You will not do that with your money, so why are you doing that with your time, and time is the most valuable asset you have in your life because that's the only thing you're not getting back. Remember that.
The third and final road is the fast lane. This is the road which can make you a millionaire the quickest, and it's the road which I chose back in 2019. In the fast lane, we basically build and scale a business that will make us millions in 10 years or less. Now, by the way, I know 10 years is not quick, but to become a millionaire, I think a 10-year timeline doesn't overwhelm you because it just helps you to know that okay, I have 10 years to achieve this milestone. I don't know in five years, and some people I know who have done it even less time. It's just that 10 years is a pretty decent timeline for you to say, "I'm going to become a million in 10 years," and is faster than 40 years. The main difference between the fast lane and the other two is that in the fast lane, you are not selling your time working for someone else, just like how I did when I was working for the I.T job. Instead, you are your own boss, and when you're your own boss, you're able to produce wealth with your own business.
💰 Making Your Money Work: The Third Step to Becoming a Millionaire
The third and final step of the three-step system is making your money work. One thing you need to understand is that millionaires don't stay millionaires because they keep working forever or their businesses are generating them thousands and millions every single year. They stay millionaire and grow their wealth because they make their money work. In other words, they invest that money. For example, you made a million, and you invested half of that 500,000 pounds into a savings account which gives you a five percent annual return. Then you will be basically making 25,000 pounds in just holding your money in that savings account, which equivalents to around 2,000 pounds a month, which is what most people make in the UK, well not most, the average UK person makes. You see the power of investing, making your money work.
But the biggest problem I see with people is that they start investing when they have like one thousand pounds in their bank account. The problem is that when you invest a low amount, your returns are low. Investing is only worth it when you are investing a bit. Sorry, let me phrase it better. You can only live off your investments if you're investing a high amount, and if your investment amount is one thousand pounds, in return on five percent, you're going to get what, 50 pounds, which is not going to help you live your daily life or monthly expenses. Once you choose your destination and you choose the fast lane and start a business, and your business starts generating money, then you can use that money to start investing into the stock market or a high-interest savings account. But most importantly, before you start investing in high savings account, invest that money in your business because I feel like in the start, if you don't invest that money in your business, then your business will just stay at the same level. You won't be able to grow it, and if you want to scale it, make it bigger, then you need to kind of use the money from the business again back into the business to bring out more money. And so do that. Once you generate enough money from your business, then you can start investing that.
Following this three-step system, I will definitely become a millionaire by 25, but that came with a lot of sacrifices, sacrifices just spending time with my parents, my relationships with friends, and everyone around me. I was never able to spend enough time, and I was always in this hustle minds which for me was fine, but that's something I want to let you know that if you are going to do or use this system, you might have to sacrifice a few things. So you can take it easy if you can take 10 years to achieve it or 20 years or choose the slow lane and become a millionaire by the time you're 50, whatever works for you. This works for me. This is what I wanted to achieve, and that's the reason why I followed this is the three-step system. By the way, this three-step system is something I came up with because I realized these are the steps I took, and now I'm going to become a millionaire probably sometime next year, as I just mentioned.
🌟 Highlights
- Setting a destination is the first step to becoming a millionaire.
- Choosing the fast lane is the second step to becoming a millionaire.
- Making your money work is the third step to becoming a millionaire.
- Invest in your business before investing in high-interest savings accounts.
- Sacrifices are necessary to achieve your goals.
🤔 FAQ
Q: How long does it take to become a millionaire?
A: It depends on the road you choose. The sidewalk and slow lane can take 40 to 50 years, while the fast lane can make you a millionaire in 10 years or less.
Q: Is investing worth it?
A: Yes, but only if you're investing a high amount. Investing a low amount will give you low returns, which won't help you live your daily life or monthly expenses.
Q: Do I need to sacrifice anything to become a millionaire?
A: Yes, sacrifices are necessary to achieve your goals. You might have to sacrifice spending time with your loved ones or relationships with friends.
Resources:
- [The Millionaire Fast Lane](https://www.amazon.com/Millionaire-Fastlane-Crack-Wealth-Lifetime-ebook/dp/B004BDOUAI) by MJ DeMarco
