Can you become a self-made millionaire without money? Of course you can! After all, the whole idea of being self made is that you did it all by yourself, without the help of an inheritance or a rich spouse. The big question is: how do you do it? Hard work, discipline and a head for business are just some of the things you’ll need. Here’s how to become a self-made millionaire without money.
1 / 20
Find ways to earn a passive income
Whether it’s getting business to pay you to advertise on your website or whether it’s investing in real estate or the stock market, there are many ways to earn money while you’re sleeping. Put in the initial effort and you’ll soon earn a passive income without having to lift a finger.
2 / 20
Surround yourself with successful people
One of the secrets self-made millionaires teach their kids is to surround themselves with successful people. This is a strategy that will work for you too. Ditch the people who are holding you back and seek out like-minded people instead. After all, the secret to success isn’t always what you know but who you know.
3 / 20
One of the daily habits that could make you a millionaire is to read. In fact, many self-made rich people are voracious readers. They read for relaxation but they also read for self-improvement. Not sure what to read? Inc. has a handy list of books recommended by Bill Gates, Jeff Bezos and Warren Buffett.
4 / 20
Take care of yourself
It’s very easy to throw yourself so whole-heartedly into getting rich that you burn out. Let’s Reach Success reminds us that you need to take care of your physical, mental and spiritual wellbeing too. Even the most successful people take some time out to unwind. For inspiration, look at the surprising evening rituals of millionaires.
5 / 20
Track your spending
You’ll never get rich if you overspend. Profitable Venture suggests that you track your daily spending to see where you’re spending more than you should. Find ways to cut your expenses and remember to look for the free money you’re missing out on in Canada.
6 / 20
Be clear about your vision
According to Let’s Reach Success, you need to be ruthless with your vision. Get a clear idea of where you want to be and what you need to do to get there. Work out a detailed plan of action to reach your goal.
7 / 20
Look for ways to improve yourself
The most successful people constantly find ways to improve themselves. They work on improving their skills, learning new things and taking easy courses that will look amazing on any resumé. The more you know and the more you can do, the more options you have for making money.
8 / 20
Look for ways to improve your business
Profitable Venture suggests that once you’ve started a small business, you look for ways to double your profits without compromising on quality. For example, maybe you’re walking a few dogs for an extra income. Find ways to increase your number of clients and maybe open a doggie daycare. Always think bigger.
9 / 20
Get a well-paying job
If you’re not really entrepreneurially minded just yet, getting a well-paying job can be a good strategy. There are even jobs that pay over $300k a year! Working your way up to a six-figure salary will improve your self-confidence and skills set and will also help you build a good network of contacts. When you’re ready, you can use this to take the plunge and strike out on your own.
10 / 20
Find a mentor
Who better to learn from than people who started out with nothing and became millionaires? They understand the challenges and can give you advice and inspiration. If you don’t know anybody personally who can be your mentor, Let’s Reach Success suggests that you start following inspiring self-made millionaires and billionaires on social media. To help you get started, remember that most of the world’s richest people are self made.
11 / 20
Build an online presence
These days it’s almost impossible for a business to succeed without some kind of online presence. Start a blog and website that you can monetize. Create social media profiles for your business. Be active online and update your blog and social media profiles regularly. It’s great marketing for your business and can lead to new opportunities.
12 / 20
Take big risks
One of the things that wealthy people have in common is that they’re willing to take big risks. Maybe it’s quitting your job and starting your own business. Maybe it’s branching out into a new area with your existing business. Maybe it’s making a big investment. The fact is that if you don’t take chances, you’ll never get rich. The secret, as Profitable Venture points out, is to know which risks are worth taking.
13 / 20
Be willing to make sacrifices
Very few self-made millionaires found the road to riches an easy one. It takes sacrifice: giving up time, leisure, sleep and extra money in the name of the greater goal. Profitable Venture says that you need to become poor to get rich, meaning that you need to give up instant gratification and focus on the future instead.
14 / 20
Whenever you have extra money, invest it. You can put it back into your business or you can invest it in other ways, such as the stock market. Of course, you’ll need to become financially savvy to invest wisely, so make sure you’re familiar with the financial terms most Canadians don’t know but should.
15 / 20
Even when you’re making good money, a frugal lifestyle will help you save more money than you thought possible. We’re not saying you should give up all luxuries: what’s the point of being rich if you can’t spoil yourself once in a while? But make a point of following the example of the world’s thriftiest millionaires and billionaires and aim for frugality. Every bit that you save adds up, after all.
16 / 20
Stop looking for shortcuts
Very few people get rich overnight. As Let’s Reach Success says, expecting to do so will only lead to disappointment. You need to be in it for the long haul and be patient. Besides, taking shortcuts often leads to disaster. If an opportunity seems too good to be true, it probably is.
17 / 20
Create multiple streams of income
Most of the wealthiest people in the world have made their money from different ventures rather than focusing on only one stream of income. There are even several stars who made more money from business than from their day jobs. Profitable Venture suggests that you look for viable sectors to invest in: technology, stocks, real estate, going into retail, buying other businesses, and so on.
18 / 20
A great way to stay motivated is to aim for what seems just out of your reach, rather than what you can easily achieve. As Profitable Venture says, aiming higher requires you to use your brain and think strategically. The good news is that you probably can do much more than you think you can.
19 / 20
Make your talents work for you
Think about the things you’re good at and are passionate about. Make them work for you and don’t use the excuse that you need money to pursue your dream. Are you a great singer? Then make videos and put them on YouTube, like Justin Bieber and Troye Sivan did to get noticed. Are you a writer with a story to tell? J.K. Rowling wrote most of the first Harry Potter book in a coffee shop while she was dead broke.
20 / 20
Don’t forget the tax man
Getting in trouble with the tax man is a sure way of losing a big chunk of what you’ve worked for, so pay your taxes on time. It’s a good idea to get the help of a reputable financial advisor to see how you can save on your tax bill while still staying on the right side of the law. You may also want to check out the world’s top tax havens.