How long does it take to become a Millionaire? When I mean a millionaire, I am referring to US Dollars. If you were going to be saving all you earn to become a millionaire, a lot of us might become a millionaire in 5 years but then, you need to put food on the table, shelter, clothing and you cannot work for 24 hours, as you need time to rest and regain lost energy. Now, coming to think of it, what happens if you are about to become a billionaire? becoming a billionaire can be very long as if you were to stay without eating or catching any fun or relaxing while being paid $100 per hour, you would have to work for 1141 years.
If you are going to be working to earn money, then you will be doing it for a long time without becoming a millionaire especially when you are being paid the minimum wage. So how do millionaires and billionaires make their money?
Potential difference. The difference between an employee who isn't a member of the board and an employee (CEO) who is a member of the board is what I call the potential difference. In every company, there is only one CEO, there cannot be a space for two CEO but there can be space for two engineers, 10 secretaries, 100 foremen, and 1000 factory workers. The same thing applies to owners of Business who owns shares in them. Creating solutions to problems is something that only a few people can and when they do, only a few can monetize it. Not all of us can be Bill Gates or Jeff Bezos but we can be Financially free and this comes with a price.
First being the ability to monitor expenses. Every penny counts and the ability to make it matter means a lot.
Value time than money. Never take time to be equal money, make sure you are able to safe time doing what is valuable to you.
Never invest in what you do not understand, money is lost when you are investing in what you do not understand.
Produce more than you consume. Just like it is not healty for a country in import more than they export, so is it not a good thing for a person to prouce more than they consume.
Never make hasty financial decisions, they can be very harmful in all ways.