How To Become a Millionaire Over Night

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There isn’t a single student who hasn’t fantasized about having an endless money account. Here’s how to improve your odds of becoming a billionaire!
While we’ve all fantasized about taking many trips to exotic locations and splurging on the things we’ve always desired, chances are you’re resigned to this never becoming more than a fantasy (despite continuing to buy a scratch card every time you go out to buy milk).

However, becoming a billionaire isn’t as tough or impossible as you would believe. Every year, a large number of people demonstrate that you don’t have to be a banker, lottery winner, or born with a silver spoon in your mouth to amass seven figures in fortune. 
So, here’s our ultimate guide to getting your hands on that million by 30. Let’s get rich! 

What’s in this guide? 

what makes you a millionaire
The Millionaire Habits
What to do to become a millionaire as a graduate
What to do before you turn 30
Planning before retirement
Quick ways to become a millionaire 

what makes you a millionaire? 

Let’s start with a disclaimer: a million pounds isn’t exactly what it used to be.
Thanks to factors such as inflation, being a millionaire is becoming simpler by the day. And for many aspiring billionaires, wealth is defined more by a comfortable lifestyle and the absence of financial worries than by the amount of money in the bank.

You don’t need a million pounds in the bank to live like a billionaire; in fact, 99 percent of’ millionaires’ don’t. But, in order to become a billionaire, you’ll need to stay on top of your money and investments! 
Being a millionaire may imply a variety of things, but in this article, we’ll mostly focus on laying up a practical plan for increasing your fortune beyond £1,000,000. 

Let’s take a brief tour over the remainder of your life and see how you may become a millionaire (or perhaps a billionaire!). 

The Millionaire Habits as a Student

Most students have to cut corners to make ends meet, and they can expect to graduate with a significant amount of student debt (if you’re feeling bold today, here’s how much).
So, at this point in your life, becoming a billionaire seems a bit out of reach. If you’re serious about being wealthy in the future, though, now is the time to get your act together. 

Set objectives for yourself and believe in your ability to attain them.

Money is hard to come by — it doesn’t grow on trees. It’s critical to have a clear life plan before you start your millionaire challenge.
You must develop a viable and realistic plan that incorporates your abilities, expertise, and aspirations in order to make your millions.
Setting income objectives will be discussed later, but if you’re serious about it, you’ll need to know how to attain it, not simply dream about it! 

Spending should be done with restraint.

Most millionaires don’t spend all of their time purchasing Lamborghinis and drinking champagne for morning.
In fact, that’s one of the reasons they’re billionaires in the first place: rather than spending their money at every chance, they’ve let it grow.
“A fool and his money are quickly parted,” as the saying goes, and that’s a good philosophy to live by if you want to join the super-rich. 

Every month, make a budget.

Don’t dismiss fundamental budgeting and money-saving abilities as “something you’ll do another day” while you’re still a student; they’ll serve you well for the rest of your life!
Download our free Student Money Cheat Sheet if you haven’t already – it’s full of helpful hints to get you started. 

As soon as possible, begin earning money.

Sorry for stating the obvious, but in order to be affluent, you must have a source of income. Make money with any spare time you have (apart from school and partying). Finding a part-time work is a smart idea, but being more inventive may also pay off.
Check out our list of fast money-making ideas, or start your own small business if you have something to offer. You’ll not only make some extra money, but you’ll also be putting your business abilities to the test before you graduate. 

Start saving money now 

There’s no avoiding the fact that you’ll have student debt, but it’s different from other debt in that you don’t have to pay it all back right away (if ever), so it won’t interfere with your future plans to make a lot of money.
You could discover that you have a little pennies to spare now and again, especially when the loans arrive. Make it a habit to deposit this money into the savings account that makes the most financial sense for you (quick access is preferable at this point) – you’ll be amazed how much interest you can earn on it over your university years. 
At the same time, don’t forget to cut back on your expenditures. Avoid having a car and think twice before spending a lot of money on things you don’t actually need. 

Millionaire Mindset for graduates 

It might be difficult to transition from a life of school to a career. There’s a lot to get used to, and you could still be debating what you want to accomplish with your life, let alone the task of becoming a billionaire in the next few years!
Our advise is to not be concerned about the unknown; things always work out, and there are many things you can do to improve your chances of making it to the top: 

1. Work in a field that you enjoy and pays well.

At this point, the most important thing you can do to increase your income is to get a well-paying graduate employment. Having said that, consider carefully about the job you want to pursue: one that you will like and in which you will be able to advance rapidly.

Graduate programmes are usually the greatest method to get a high-paying job early in your career, since many firms give graduate wages of approximately £40,000 a year (if not more)!
If you’re having trouble climbing the corporate ladder, consider taking up a part-time work while you look for a full-time position. If you’re having trouble finding paid employment, don’t be afraid to sign up for a job at the Job Centre for a limited time. 

2. Start your own business and work for yourself.

Starting a high-growth, high-return firm with a strategy to exit in five years or less is the fastest way to become super-wealthy in your twenties.
However, there’s no assurance you’ll make any money, and the danger might sometimes exceed your other choices for generating long-term revenue.

Before you start, make sure you have a well-researched concept and a good business strategy, as well as a clear vision of how you’ll sustain yourself if you don’t make any money.

Having said that, there may never be a better moment to enter the corporate world than when you are a recent graduate. Your duties are minor, and even if everything goes Pete Tong, you’ll have a lot of expertise to draw upon and carry forward. Ben Lebus founded MOB Kitchen just after graduating from university and is a huge popularity with students, with over 200,000 Instagram followers! 

3. Invest in a tax-free ISA.

People will never become millionaires for a variety of reasons, one of which is a lack of knowledge.
There are many competing choices out there vying for your money, but you must think wisely and do your study to determine what is accessible to you and what will provide you with the highest return.
Cash that is not subject to taxes ISAs are one of the most effective methods to save money over time. Get an ISA immediately if you don’t already have one. 

Why should you invest in a tax-free cash ISA?

Every individual over the age of 16 in the UK has a yearly amount of money (£20,000 maximum from April 2017) that they may put into a tax-free savings account known as an ISA. Once your money is in the account, it is tax-free for the rest of your life.

If you don’t spend all of your ISA allotment in a given year, you’ll miss out on the opportunity.
So, if you have a little extra cash hanging around, you should absolutely, positively, 100% invest it in an ISA.
If you want to, you may switch ISA providers every year, so look around for the best deal. 

Right now, the maximum interest rate available is around 2%, which means that if you invest £20,000 in one of the finest ISAs, you’ll earn £400 in tax-free interest over the course of the year.
You may argue that because basic-rate taxpayers earn £1,000 in tax-free interest each year, there’s no reason to create an ISA right now. Indeed, a basic-rate taxpayer would earn £400 if they invested £20,000 in a 2% savings account rather than an ISA with the same return rate.

But this suggestion isn’t for the now; it’s for the future. Let’s say you sell your company or earn a big raise at work. Your tax-free interest limit reduces to £500 or zero, depending on your wages, if you’re no longer a basic-rate taxpayer. All of that interest you’re generating will be heavily taxed.

We’d say it’s a no-brainer, considering that there are no real downsides to putting your money in an ISA rather than a standard savings account, and some rather big benefits. 

Things to do before you’re 30 to be a millionaire

After a few years, you should have a reasonable amount of money coming in on a regular basis.
Now is the moment to get serious about your finances – knowing how to manage your money wisely is what separates the average Joe from the billionaire. 

Get on the property ladder 

It’s easy to feel like you’re squandering money every month when you rent a house.
Of course, there are many advantages to renting, but by this time, you should be more financially secure and have a better idea of where you want to live in the long run.

Why continue to line the coffers of a landlord with your hard-earned money when you might be making monthly payments toward your own home?

You may be content to live with your parents for a few years after graduation (even if they aren’t thrilled about it!) and build up your financial reserves (don’t forget to look into the LISA), but once you’ve saved enough to put down a deposit, you’ll want to move away (the minimum is usually 5 percent of a property value), it’s time to start house hunting! 

What are the benefits of buying a property? 

You’ll probably be spending considerably less in mortgage payments each month than you were paying in rent once you’ve purchased your own home or apartment, plus you’ll have a place of your own at the end of it.

Property prices have a significant rising tendency in the past, so you are truly investing in your future.
If you’re in a solid financial situation, a buy-to-let venture might be the next step toward financial independence.
If you can save enough money for a down payment and get a mortgage that is less than the rental income, you’ll be well on your way to being wealthy. 

You’ll also benefit from an increase in general property values, which means you may make a lot of money by selling at the top and purchasing at the bottom. Of course, there’s the matter of putting together a deposit, which is a lot easier said than done.

But, using the budgeting skills you learned as a student, you may devise a strategy for accumulating the required funds. Typically, you’ll need 10% of the property’s worth. 

2. Invest in stock markets using index-trackers 

It might all seem a little intimidating if you’re unfamiliar with the stock market. Index-tracking funds are simple to understand and, more importantly, routinely outperform the great majority of actively managed hedge funds over time.
To put it another way, these funds are a type of collective investment that tracks the fluctuations of the whole financial market (e.g. the FTSE 100). 

5 Benefits of Investing in Index Trackers

• Requires minimal market expertise 

• Removes emotion and the need to choose the proper stocks 

• Easy to manage online 

• Can be kept in a Stocks and Shares ISA for tax-free profits 

• Maximises the power of compound interest (where interest is made on interest) 

Think of this type of investment as a long-term investment rather than a get-rich-quick plan since it works best when allowed several years to appreciate and develop.
Read our guide to index-tracker investments, and if you’re serious about making millions with this technique, Andrew Hallam’s Millionaire Teacher is a must-read (highly recommended). Of course, if you’re a total rookie, you should read our guide to the stock market for novices. 

3. Get to grips with your pension 

Although retirement may seem far away, setting up a pension savings before you turn 30 is a good decision.
The advantages of pensions in terms of building your wealth are comparable to those of index-tracker investments. Even a little contribution to a pension fund now can have a significant impact in the future.
The key, like with many of the other suggestions on this page, is to broaden your understanding of the various sorts of investment options accessible to you.
If you work, you may be eligible for a workplace pension. If that’s the case, inquire about the supplier, since you may be able to find a better or cheaper package elsewhere. 

How to become a millionaire by retirement 

When you retire, you’ll still need money to pay not just your basic living expenses, but also to continue enjoying the wealthy lifestyle you’ve worked so hard to acquire!
Being a rich OAP takes years of planning prior to retirement. 

1. Set an income goal  

The majority of retirees are referred to as “pensioners” since they rely on their pension to meet their living expenses. But don’t you want to live the life of a millionaire?
To get this amount of income without working, you’ll need a sizable pension, as well as a slew of additional monthly passive income streams from your capital assets.
It’s critical to set an income target before you retire that doesn’t require you to work anymore if you want to truly enjoy life after work. 
This number will differ for each person, but choose one and stick to it. Instead of retiring at 70, you may find that you may retire at 58 if you’ve met your goal.
When you stop working, your investment portfolio transforms into an income portfolio. So, in order to preserve your savings, you must diversify… 

2.Diversify your income and investments 

Make sure you’re not putting all of your eggs in one basket. Over time, you should strive to build up a portfolio of sound assets that will prepare you for retirement.

A solid income portfolio should have a combination of the following:

• Cash and stock ISAs 

• Government bonds 

• A private or public pension 

• Index-tracker funds 

• Buy-to-let property (in the UK or abroad) 

• Cash

All of them are reliable sources of income. With a well-balanced portfolio, you’ll be able to enjoy your retirement rather than worrying about how you’ll pay for it.
And, with the state pension in the UK deteriorating year after year, that’s a really excellent situation to be in! 

3.Make a will

Whatever occurs, keep in mind that you won’t be able to take it all with you when you die. You want your money to fall into the right hands after a lifetime of saving and building it up.
It may be worthwhile to obtain expert legal and tax counsel to ensure that your will’s beneficiaries are maximized. And don’t wait till you’re grey to start — the sooner you start, the better! 

Quick ways to become a millionaire legally 

If the long but surefire path to millionairedom (scrimping and saving as a student and developing a well-balanced and long-term investment portfolio in your 30s and beyond) doesn’t appeal to you, there are alternative, more creative methods to get filthy rich in a shorter time period. 

Lifestyle hacks for millionaires

  • Cryptocurrencies – There are no guarantees, but the enormous surge in the price of Bitcoin has made many children billionaires.
  • Move overseas – With a strong bank account, you may live like a king or queen in exotic locations like India, Mexico, and Thailand.
  • Lotteries, game shows, and contests — This approach, of course, is based on luck, but it has paid out handsomely for a (very) tiny group of individuals.
  • Career decision — While this book has mostly focused on investment, if you work in a high-paying sector or career, you may find yourself driving the flash vehicle sooner than you expect. 
  • Selling a firm — We touched on this before, but there’s still a lot to be said about creating a business, adding value, making sales, and then selling it.
  • Matched betting — While we don’t advocate gambling because the majority of gamblers end up in debt, for some people, matched betting may be a quick method to make a lot of money. Check out our matched betting advice for a risk-free profit.
  • Property development – You’ve seen the daytime TV shows, and increasing the value of a home is an excellent method to create money rapidly.
  • Inheritance — You probably don’t have much of a say in this one, but just in case, send a Christmas card to long-lost affluent relatives. 

A million dollars isn’t as much as it used to be, but it’s still more than enough to live comfortably. Making good investing decisions will help your money last a long time (a.k.a. inflation, your biggest wealth enemy).
Give some serious thought to what you should do with it, whether you have a couple of tenner’s spare or a couple of thousand…

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