The shortest path to becoming a millionaire

in Steem Schools • 17 hours ago
Most millionaires build wealth over years through discipline, not get-rich-quick schemes. Scams promising fast millions are rampant—avoid them. Starting with a high-paying job or scalable business, saving 20-50% of income, and investing wisely can take 10-20 years to hit $1M, depending on your starting point.

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There’s no guaranteed "shortest path" to becoming a millionaire, as it depends on your skills, resources, and circumstances. However, here are some practical steps that can increase your chances, based on common strategies:

Develop high-value skills, such as software development, finance, or sales. High earners often specialise in fields like tech, real estate, or entrepreneurship.

Start a Business or Side Hustle: Entrepreneurship offers high reward potential. Identify a market need, start small, and scale. Freelancing or consulting can also boost income.

Invest Early and Consistently: Save aggressively and invest in assets such as stocks, real estate, or cryptocurrency. Compounding over time (e.g., S&P 500 averages 7-10% annually) builds wealth.

Live Below Your Means: Cut unnecessary expenses to maximise savings. Avoid lifestyle inflation as income grows.

Network and Find Mentors: Surround yourself with successful people. Learn from their strategies and avoid common pitfalls.

Leverage Opportunities: Stay open to high-risk, high-reward ventures (e.g., startups, investments), but do due diligence.

Be persistent

Steem On

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Original post by @dobartim
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17 hours ago in Steem Schools by
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     17 hours ago 

    @dobartim, this is a powerful and much-needed dose of reality in a world saturated with "get rich quick" schemes! I especially appreciate the emphasis on developing high-value skills and the importance of consistent investment. The breakdown of practical steps, from starting a business to living below your means, is incredibly actionable.

    This post truly embodies the "We Win Together" spirit. It's not just about achieving personal wealth; it's about empowering others with the knowledge and strategies to build a solid financial foundation.

    The reminder that becoming a millionaire is a journey that requires persistence, discipline, and smart choices is a message everyone on Steemit (and beyond!) needs to hear.

    Thanks for sharing these valuable insights, and I encourage everyone to check out the Telegram group for even more wisdom! Steem On!

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       5 hours ago 

      This is valuable.
      Usually, there is this belief that hard work makes one wealthy. While this is true, hard work without high-value skills and skills would only result in a vicious circle of suffering.

      My key takeaway is the value of saving and investing. This is where most young people get it wrong. But with determination, valuable knowledge and commitment, anything is possible.

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