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 A Self Made Millionaire Online:
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.
Related: 10 Habits Of Millionaires That Will Make You Successful
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.
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6. Go The Whole 9 Yards
If you want to rank a blog post, do one better than the top one for those keywords. If you want to make as much money as a someone, work harder than they do.
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.
Related: 10 Questions To Ask Before Quitting Your Job To Start A Business
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.
Conclusion
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?
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"How To Make $10,000 Per Month Online"
We'll go over exactly how you can copy our simple, online business model that has made $10,000+ per month for countless people.
26 replies to "How To Become A Self Made Millionaire Online In 5 Years"
” If you get a loan from family, a mentor, etc., that is a great way to start out. ” Cuban is saying exactly the opposite. He is saying you should not inject capital into a business that you don’t know is going to work (as most startup businesses fail).
Getting a loan from your family is the worst possible interpretation of this as you may be left with not only a failed business but also you have lost your families money and strained that relationship.
Instead he is advocating starting a business by being scrappy, getting customers etc not by going into debt from day 1.
Great post! It’s hard to follow and stick to these 10 principles but if you do it life rewards you for that!
Hey Alexandru, glad you liked the post. That is very true. It isn’t easy and it usually takes that first year or two to develop into the right version of yourself that can achieve such big goals. But, it is definitely possible and has been done by more people than we may realize. Thanks for commenting!
This is really what I was searching for. Love from India. Keep doing the good work.
Hi Justin,
I believe that this is my first time here. I found your blog on Kingged.
Very motivating post, indeed! 🙂
I agree with you. We must make bigger goals than we wanted. If we do that, of course, we will try to get that goal. If we fail, we will get the results greater than our original goal.
I’m sure a lot of people don’t dare to dream of something big. They fear that if they will fail. Failed will definitely happen, it’s one of the signs that you’re trying. You will never fail if you do not seek anything. 🙂
The essence of a successful life is to do the best you can do. Do not compare yourself with others. Focus on what you can do and do it as best as possible. One day you will realize that people left far from you.
Something that becomes the focus you will grow! 🙂
Thanks for sharing this with us, Justin.
Have a great weekend!
~Nanda
I’m glad you liked the post, Nanda. And I agree. People can accomplish anything and if you look at the most successful people in our world, they aren’t much different from anyone else. They just made different decisions. None of us should sell ourselves short. We all have dreams and the potential to fulfill them. Thanks for commenting!
I know a few persons from my town who become self made millionaires from an online business in less than five years.
One of them managed to reach the $1 million income in only two years, but he is a very gifted writer and a great marketer.
Just more proof that it can be done. It isn’t easy by any means to become a millionaire in 5 years, especially with no business or marketing experience. But, when you want it bad enough, you follow a good plan and take consistent actions daily, you can achieve just about anything. Thanks for the comment, Mary!
Interesting and indeed very motivating!
To become a millionaire online in 5 years, you need to have all the guts, all the motivation, surpasses all the trials or boundaries, go out of your comfort zone, try new things, create bigger goals, follow millionaires and continue learning and use it effectively.
Well, you have to go through a lot and it’s obvious that it is easier said than done since there are temptations. However, with the right mindset and consistent actions, you will prevail and become successful in no time.
Yes, you are totally right that you need to avoid debt. This will help you SAVE MORE. Use your money on important things.
“Only morons start a business on a loan.” is a provoking, but it all makes sense.
Glad you liked the post, Metz. If you want to reach a goal bad enough, you can achieve it by just sticking with it and following the right principles. You’re right. A person’s mindset must be right and consistent action must be taken towards reaching their goals. Thanks for commenting!
Hi Justin,
You sure made some invaluable points on how to be a self made millionaire online in 5 years. I share your points and I agree with lots of them.
Its not easy to become a millionaire even in 10 years.
Once we set goals to then it becomes necessary to put a plan and follow through with it.
Point 9 that talks about automation and consistency is revealing. Indeed, every Internet marketer needs it!
Putting more efforts and working harder will definitely bring about success and progress speedily!
We should set a goal that will helps us “become” instead of get. The “becoming” part is what we should strive for always!
Yes, the 10 principles make a lot of senses. Its important that steady discipline is applied to achieve the set target!
This comment was left in kingged.com where I found this post!
Hey Sunday, I’m glad you liked the post. You make some valuable points yourself. People must realize that to make this goal achievable, they must follow through more than they plan. A lot of people, including me when I first started, have trouble getting past the information and planning stage and into the actions stage. What you know is useless unless you put it into action. If everyone realized this, we would have a lot more productivity and success in the world. Thanks for the comment!
Becoming a millionaire is pretty hard in general, but like you said the power of the internet is huge and have helped so many people millionaires and financially free in such a short amount of time. Some of the biggest things that you have mentioned here that will help anyone become a millionaire is have a plan, constantly educate yourself, and take CONSISTENT action in achieving your goals. You know the plan to becoming a millionaire is actually not that hard, because like you said, you can just emulate other millionaires. The hard part though, is the consistent hard work over a sustained period of time. Great post!
Glad you liked the post Lawrence. It is definitely not easy, otherwise everyone would be a millionaire. But, it can be done and it has been done. I think the hardest part for most people is not necessarily learning the skills, but just having the mental toughness and discipline to hold themselves accountable and take actions everyday to get them closer to their goals. I look forward to your future comments!
Hi Justin,
I agree to he point number 2, 7 and 8 you mentioned. Following someone who’s already a millionaire makes it easier to succeed. But one thing I must mention here is that not to copycat the business model but walk in the road with something innovative and much more inspiring business model.
Of course, money is not for keeps. I agree to this highly. The more you invest (obviously, wisely), the better will be the growth of your business.
So, a great post and the title is really very interesting!!!
This comment was left in kingged.com where I found this post!
Mainak.
Glad you liked the post Mainak. Thanks for the insight
Some great reminders Justin. And some nice tips.
Funny you mention debt and money. One thing I’ve learned over the years, no matter how much money you make, it will never be enough if you don’t take care of it in the first place. Think many people fall into that trap.
Like the mention of bigger goals, very powerful if used. Seems to many people think negative or have doubts and few think bigger.
Enjoyed the read. Thanks for sharing 🙂
Hi Ron, glad you liked the post. You’re right. Many people make millions of dollars and then end up broke because of poor management. And yes, a lot of people sell themselves short. Every once in a while I like to publish a short post about a quote to try and inspire more people to go after their dreams and not settle for less for this very reason. I want people to see what they can really accomplish if they try. Hope to hear more from you on future posts!
Hi Justin,
I think if you ask people if they want to become a millionaire or not, everyone will say Yes. But becoming a self-made millionaire is tough.
I think calculative investment and ROI is the road to becoming a self-made millionaire. We read many things on the Internet daily but how many of us take the right action?
Action is what sets us apart from the people who have 9-5 regular jobs. We, those who do business, take action (business-based decisions) which help us achieve our goal of becoming a millionaire through every action we take.
BTW, thanks for sharing such a wonderful post. it’s been a great read.
Eugene.
Hi Eugene, I’m glad you liked the post. I agree with you. Too many people are in information overload and don’t act as they learn.
This is so inspiring Justin Bryant. it is awesome too. i liked and love it. you just put into my head what i am looking tirelessly. information, and obviously knowledge is power. it is true that one cannot achieve what they need until self sacrifice is induced. i am starting to work along the principals and i will get back to you. i do not like to be a millionaire, but i want to move away from where i am toward a million achievement.
thank you, God bless you.
Glad you liked the post
i can’t agree with opinion about loan.
if anyone have strong plan they never fail ..
loan will help to earn more…
but loan must be a second option……………..
Wow…really wonderful post bro….I must say am really motivated…..would be working on it soon….
Great tips on making money, thanks for sharing such an amazing view.
That was motivational for me.
Hii,
Really a great hardworking in this article. I was searching for something like this only. God bless you. Keep doing the good work. Love from Goa, India.