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Last Updated on July 26, 2021 by Tyler Clark
There are a few things that need to be present for the average person to become a millionaire.
First, you need an interest in making more money.
Many people don’t.
Lots of people are content with the 9 to 5 job. They want to punch in and punch out of their job. Their interests lie elsewhere and they’re content with that.
If you want to become a millionaire, you need to want to go for a little more than the average 9 to 5 person.
If you’re reading this article, that’s a good start.
It shows you’re at least curious and interested in the idea.
You need that initial interest to fuel you to go for more with your career.
The next thing you’re going to need is a little bit of knowledge and some mental shifts in how you approach the working world.
The first shift will come with your chosen vocation.
Many Jobs Just Won’t Cut It
You need to learn which jobs have the compensation levels to make you wealthy. On top of that, you need to know which of those jobs you’ll be able to do well.
Your job should ideally be your dream job and have the potential to make you lots of money.
If you hate selling, you might not do well as a real estate agent. It doesn’t matter if real estate agents make big money if you’re going to hate being one.
So, you must find both a job that pays well and that you will enjoy.
Here’s another thing you want to do..
If you do plan to take the job route to become wealthy, just make sure of one thing:
1. Take an Uncapped Job
In an uncapped job, you get paid more if you do better. Substantially better. You need some kind of salary performance benefit that can boost your income if you want to become a millionaire.
Without this, all the hard work in the world will just make you a little older and probably just as wealthy on the last day of the year as you were on the first day of the year.
Coming from the world of health consultants, I saw this a great deal.
The best personal trainer and the worst personal trainer in the city charged almost the same amount for a session.
I remember a friend of mine starting in the business years after I had established myself as a trainer. He started charging what I was charging right away with almost no qualifications and experience!
Smart on his part but again, he couldn’t charge that much more because both of us were capped by the industry. There’s only so much someone will pay for a personal training session or a massage treatment. This is because the majority of the industry sets the price point. We were both constrained by those parameters.
So though you can use your job to make money, it has to afford you the ability to really make some serious money.
Make sure you make that shift if you want to go from an average person to a millionaire.
2. Start Your Own Business This Way
If you have the entrepreneurial spirit and business sounds attractive to you, business may be a great option to pursue.
If you can shift from a job to starting and running your own business, you’ll improve your odds of going from an average person to becoming wealthy.
Millionaires often work a job or two for a little while and then move into starting their own businesses or teaming up with others who run companies.
They grow these companies and because they’re in positions to garner the lion’s share of the company’s success, they get rich.
If possible, you want to start the company.
Though you may need to really push your learning curve, starting the company and having control has many benefits.
You can decide the direction of the company, control it’s employees and if you ever sell the company, you’ll get the largest payoff. It’s a tall order but if you’re taking a shot at the big leagues, expect the challenges to be congruent.
The Type of Business You Start Matters
As you may have gathered from our consultant example, starting the right kind of business is pivotal. If I had the chance to do it over, I never would’ve gone in to personal training. If I were to enter the field now, I would do it solely online.
If you want to start your own personal training business, make sure it’s scalable. This isn’t an easy thing to come by in the personal training business. Trainers struggle greatly and many of them had entire careers wiped out by Covid.
There are almost no gyms that profit solely from personal trainers. There just aren’t many good models where personal training businesses work well to make lots of money.
Therapy clinics on the other hand, can make really good money.
If you have a space where eight Massage Therapists, three Physical Therapists, two Chiropractors and a Naturopathic doctor can work, now you have a business. Many of these therapies are subsidized by companies as well. This means the clients typically pays a fraction of the total cost of a treatment.
A therapy clinic can be put in 1200 square feet of space whereas that amount of space would only comfortably accommodate 4-5 personal trainers none of which are subsidized.
These business differences can have a huge impact on your success.
Make sure you carefully analyze the type of business you choose to become a millionaire with. Some businesses are far more profitable and stable. These are the kinds of companies that can turn the average person into a millionaire.
3. Don’t Worry About the Extras for Now
All of the other stuff you hear about like real estate and the stock market should be put into the bonus or extra category for now. Making huge money off of real estate investments or investing in stocks tends to be something people who are already rich do.
None of my clients became wealthy from these areas of speculation.
These areas grew their wealth in some cases but they didn’t make them wealthy in the first place.
In fact, many of them discussed the constant pitfalls of dealing with renters and the challenges of the stock market. Their discussions were barely different from those of my friends and I on these topics.
The only difference was the size of the numbers.
The Takeaway
The takeaway for this article is that you must choose your full time vocation carefully. It must afford you the opportunity and format to make a lot of money. That’s how an average person can become a millionaire.
Focus on getting the right job or start your business and go from there. These are the two most common areas where you can give yourself the best shot at making becoming a millionaire.
Best of Wealth,
Tyler.
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