Everybody wants to become a millionaire. I mean, why not? Financial freedom is one thing that everybody strives for. Being your own boss, quitting the 9–5 grind, and having the freedom to travel across the world is one heck of a deal.
I’ve done a lot of reading and research into finding the value in where millionaires’ heads lie. It’s been a goal of mine for a long time (nice rhyme JP). I’m not in it for the money. I am in it for the freedom.
You’ll see a lot of information out there on how to become rich, and truthfully, a lot of it is a joke. You’ll see the get rich quick schemes, and the headlines of how to “make money while laying on the beach”. If I’m being 100% honest, these are complete and utter bullshit.
To make that money and become a millionaire, it is going to require a ton of work. It will take a lot of work for me to get to that point. I eventually want to turn 21st Finance into a income-producing business. I also understand that it will require a shit ton of work.
Either way, through all of the research that I’ve compiled over the last couple of months, I’ve found one major commonality that all of these millionaires have stated as a must for financial freedom.
Have Multiple Income Streams.
The average millionaire has nearly seven different sources of income. These sources come from so many different things.
- Real Estate Investments
- Side Businesses
- Dividends and Capital Gains from Stocks
- Sales of Information Products
- Blogging/Internet Businesses
In generating their wealth, they have followed various avenues in wealth creation. By having multiple income streams, these millionaires are able to pay off debts/bills with the one stream, and then are able to use excess funds from separate streams to use for external investments. That is also another important point to note about these millionaires.
They view “purchases” as investments.
By this I mean that they always consider the money making potential of the things that they buy. They view their car as an investment that gets them to their primary job (primary income). They view their computer as a tool needed to generate income from their blog (secondary income). The list is endless in the things that a millionaire will buy as a investment purchase.
By understanding how multiple income streams can affect wealth generation, aspiring millionaires get a better idea of how make that dream a reality.
One last note for you aspiring millionaires.
The less time that is required to produce a finite income, the higher the probability of becoming a millionaire.
Now, let’s go become millionaires 21st Finance team!