3 Ways to Become a Millionaire in the Next 10 Years

As you guys know, I'm trying to become a millionaire in the next 10 years. How? Here's my action plan!

There are hundreds, or even millions of articles on how to become a millionaire. Most of them are flashy and attention-catching, but how many are actually feasible?

I've read quite a few of such articles as I'm sure many of you have, pouncing onto them as soon as it appears in my search results or Flipboard(or whatever I use to read), hoping it'll trigger something or help me find my 'big break'. Here, I'll share the information which I have gathered, and share some of my opinions on the way.

1. Saving AND Investing

Saving is something we've been taught from young. It's so heavily emphasized and yet it doesn't feel that effective. Ever heard of the '70/30 rule'? Basically, it states that you should spend 70% of your income and save AND invest 30% of that. My opinion? Screw that! 

Get familiar with this capitalist pig, you're gonna be seeing him a lot..I wasn't talking about the image

Although I agree that saving/investing 30% of your income may be a difficult task for most people, I think it's more than possible. Hence, I'm introducing a new rule, the 'Don't be an idiot' rule. The 'Don't be a idiot' rule goes as such. If you want to be a millionaire, don't go spending all your money on worthless crap, spoiling yourself with gaming consoles, computers, handbags and shoes. Each dollar you spend brings you further away from having 7-figures in your bank account.

Of course, this doesn't mean you should abandon your responsibilities and save/invest all your money either. It's important to strike a balance and spend frugally.

However, saving alone won't make you a millionaire, at least not in the next 10 years(unless you poop money). Enter investment. There are so many ways and means for us to invest, real estate, the stock market, businesses, but the simplest way in my opinion is to invest in the S&P 500. The S&P 500 has had an average of 9.8% in annualized returns in the past 90 years. Using these numbers, we would need to invest roughly $57,700 every year to become a millionaire in 10 years. That amounts to roughly $4,800 a month! 

2. Get a job/side hustle

As frustrating it is for aspiring entrepreneurs to hear, it couldn't be more true. Use the skills which you have to apply for a job. Be it a 9 to 5 or a freelancing job, we will need a lot of cash to start any form of investing. As stated earlier, a monthly investment of $4,800 each month would be needed to become a millionaire in the next 10 years(If you invest in the S&P 500)

Some jobs may not even pay that much, hence I would suggest getting a side hustle too. Do keep in mind that the $4,800 a month doesn't include paying your bills, buying your groceries and going to your emergency savings account. So a more reasonable income would be about $8,000 or $9,000 a month(depending on how much you spend). 

A side hustle can be anything that makes you money. For example, selling handmade crafts, reselling shoes, flipping items or freelancing. Anything that isn't classified as a 'job' would be a side hustle.

3. Starting a Business

A word of warning, this is a risky one. The world of business as massive and highly competitive. It's not as easy as most 'gurus' make it out to be. Speaking from experience, it's a difficult and dangerous path, which you will have to walk alone(at least at the beginning). I aim to be as honest as possible while writing my blog so I'll say that starting a business has not been profitable AT ALL for me. 

If you still want to start a business after hearing all that, here are some online business models which you can look up.(Most of my experience is about online businesses)
- E-Commerce
- Affiliate Marketing
- An Agency(selling services)
- A Blog



Starting a business will take a lot of time and money, but if it pays off, you may make yourself a millionaire in even less than 10 years. Do be careful and responsible with your money however, and you'll still need a job to supplement your business expenditure at the beginning, treat it as another form of investment.



Now, I understand that it may seem a little 'holier-than-thou' for me, an 18-year-old to be saying all these things and offering advice like I'm in a higher or better position. The truth is, I'm not. I'm just sharing and documenting what I've learnt and seen, compiling it into a little diary of sorts and sharing it with everyone who's following me on my journey. Feel free to comment and tell me what I should improve on, change and feel free to let me know of some other ways to make money!