Who wants to be a millionaire? We all do. In fact, children do too. However, only a few of us actually become wealthy. Becoming a decamillionaire in any major currency like euro, pounds sterling, and U.S. dollars is a spectacular feat.
But becoming a multi-millionaire in these currencies, or any currency for that matter, isn’t only a great achievement, it is also something that requires lots of hard work and consistent effort.
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Given the always-increasing number of millionaires worldwide and the influence of inflation on wealth and the economy, wealth measurement has evolved in many different ways. This trend gives rise to the use of terms like `decamillionaire` in wealth measurement spheres.
The word decamillionaire is a term that describes people with a net worth of over 10 million of a given currency. Recently, people use decamillionaire to distinguish between people who have just a few million and high-net-worth or ultra-high-net-worth millionaires.
There are many routes to becoming a millionaire. And as much as we all dream about becoming one tomorrow, we may never travel those routes if we fail to put in the necessary effort. Anyone, even the least successful today, can become wealthy if they’re willing to put in the work. Here are 6 things you should do if you want to become a decamillionaire:
#1 – Start early and get your priorities straight
Without a doubt, it is evident that — judging from the experiences of many wealthy people — starting early can do the magic. Although it is not definite that starting early works all the time, it will surely give you an edge. Most of us have beautiful plans and wonderful ideas. But sometimes, we’re scared of pitching them to others. Sometimes, we think we don’t have all it takes yet, to make it work.
Unfortunately, there will hardly be a time when everything is set, at least not in reality. And that’s where most of us get it wrong. Imagine you started that business 3 years ago, even though you didn’t have more than half the tools. Imagine you created and launched that app. If you fail, you will —like they say — learn better ways of getting things done right.
And if you do succeed, it is a win for you because you learned how to beat the odds on your way up.
So if you want to become a decamillionaire, you’ve got to start early and be sure to define your priorities. Your priorities determine your direction and what should get most of your attention. The truth is that you’ve got to be intentional about bringing about the growth you truly desire.
#2 – Build a financially valuable skill
A financially valuable skill is an important acquisition, especially for someone seeking to become wealthy. There must be a hot skill that you can exchange for real money. This should top the list of things to do as you start. A financially valuable skill may be in the form of formal education or certifications and training.
Interestingly, there are many such skills out there. While you can learn some online, others may cost you a fortune to learn. But before you start honing a skill, you may want to define what it is you want to focus on.
#3 – Become an active investor
Believe it or not, leaving your money in the bank isn’t going to make you wealthy. Instead, you’re making the bank wealthier. In case you didn’t realize, the bank puts your money to use, and so should you.
It is not a bad idea to have a fat bank account or participate in passive investment strategies. As a matter of fact, banks play a major role in your journey to becoming a decamillionaire. Passive investment is good, but you have to play your investor role more actively.
#4 – Set reasonable milestones and follow them
Setting milestones is perhaps one of the best things that you can do to get the ball rolling. It sets you on your toes. For instance, you may say that your profit from sales will be $2.5 million in the first quarter of the year. And for the rest of the year, you may maintain similar targets and milestones to keep you on track.
Setting targets helps you measure your performance. It gives you an overview of areas that need improvement and those that are performing great.
#5 – Use loans wisely
Loans can help bolster your financial standing and give you a well-deserved edge to build over a long period of time. But they can also wreck you quicker than anything you can imagine. Needless to say, anyone who wants to become wealthy must learn how to use loans wisely if you must borrow.
Instead of borrowing to finance projects and things you can do without, use the loan for more important projects.
#6 – Be consistent
If you want to become a decamillionaire, you have to stay the course and go all the way. You can’t quit early, and you can’t quit at all, either. As you’ll find, your journey to wealth is not an easy one, as consistency is crucial for growth.
The difference between those who cross over to being wealthy and others who do not is grit. Successful people learn how to overcome challenges and scale hurdles. If you must attain your financial targets, you need to learn to deal with the odds and keep a forward-looking attitude through discouraging times.
Becoming a millionaire is not an easy task, let alone growing your wealth until you attain the status of a decamillionaire. It is tough, but it is achievable. The 6 steps discussed above are what most multi-millionaires do to take their quest to new levels.
Tycoono Media Inc. and its affiliates do not provide tax, legal, financial or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. You should consult your own tax, legal, financial and accounting advisors before engaging in any transaction. Please refer to our disclaimer for more information.