6 Processes To Become A Millionaire As An Employee

Contrary to popular belief, making a steady pay check can be said to be one of the best start to achieving economic security and probably becoming a millionaire. It just depends on how you make use of it.

We all say, or better still, we all believe no one can get rich while working for someone else. Also, many of us believe the best way to becoming rich is taking the risky sole adventurous path of an entrepreneur but still; it is a gamble most of us are too scared to make. We should know that some of us are happier working for someone else, it provides the comfort knowing you have a boss who pays for your medical insurance or provides you with meal or housing allowance or more.

After making a rough estimation due to the difference in everyone’s income and outcome; one would need to make around 40% more than your current salary if you want to replace your day job and become an entrepreneur. Also, some of us are the bread winner of our family and can’t risk leaving the safe position of earning a guaranteed monthly salary even though eventually, it might be worth it.

Millionaire

Even though it is very true that you can’t eat your cake and have it, you can as well eat a portion and have a portion; just saying. If you want to become a millionaire and also want the security of being employed, here are some processes that can help you achieve that.

Check your stock options.

Generally, Stock options are usually negotiated during the job interview process. Find a company that offers stock options, even if the salary is a bit lower. This consideration has become very popular in the start-up world of Yaba. Talented candidates want to know how long it will take their options to vest before they sign on with a company.

All that aside, it’s important to understand the harsh reality that stock options rarely make employees millionaires by themselves. There’s no guarantee the company will ever be acquired or go public, and the odds are that you won’t receive millions in the deal even if it does. Consider this as an investment, among others you might make in the stock market or real estate market.

Work towards earning a partner status.

Contrary to what most people think, Partnerships aren’t just for law firms. Look for a small business or start up where you have a shot at becoming a business partner at some point. Though many business owners either choose to form a partnership or sole ownership from the start, a small business founder can definitely change that as a company grows.

If you work hard, bring certain expertise to the table and show your leadership capabilities, take the opportunity to pitch the idea of joining your boss in running things. That could lead to a much larger share of revenue over the following years; even eventual millionaire status. That kind of thing certainly won’t come as quickly if you shy away from daring to become a leader at your company.

Invest

Looking for something tricky? Try navigating the stock market. It’s also a way to quickly increase your income, provided you know what you’re doing and you have the extra time and energy to devote to becoming good at it.

Many entrepreneurial-minded people are skilled at spotting a solid business concept and putting their money into it. They keep an eagle eye on the performance of a wide range of different stocks and industries, much the same way a football fan might pore over stats and standings of their fantasy team.

If you’re completely clueless about the stock market, put serious time into finding a financial expert who can direct you on the best investments to reach your goals. Once you have the extra income, you can also consider investing in other stuffs such as real estate or rental properties to boost your monthly earnings.

Live below your means.

It is a fact that “The less you spend, the more you have in the bank”. You can’t save money if you’re spending too much of it consistently. The entire theory behind “the millionaire next door” is that many of the wealthiest people live well below their means.

This may amount to years, or even decades, of living in a small house or driving a used car but if it pays off later, isn’t it worth it. In some instance, saving money is actually better than earning more money. Especially when you remember you have to pay taxes in April and it helps to have money in the bank for that.

Become the Boss.

Eventually with time, the business owner will retire or move on to other ventures. You can sieve that opportunity and make something of yourself.

If your business owner isn’t even close to retirement age, look for the possibility that he or she may someday want to set the business aside to work on other ventures. Throughout your tenure with the company, show you have the passion and work ethic necessary to run the business in the current owner’s absence. If you’re a trusted employee, chances are you’ll get more responsibility for leading the company as the years progress. If you can’t imagine wanting to take over the business you currently work for, consider exploring a different field.

Start a side business.

Once your day job ends, your side hustle should begin. With today’s technology, you don’t have to invest in a physical office and a team of employees to start a new business.

Keeping your job and becoming a millionaire may mean toiling away night after night to build your client base to build a steady revenue flow so you can leave your salaried position behind someday. Make sure your side business doesn’t pose a conflict of interest to your day job while you still rely on it to pay your bills.

Few millionaires are made overnight. It takes years of hard work and forethought to reach that type of income level. Like most people, if you want to generate more money, you’ll need to do it while you’re working for someone else; at least at the start. Keep in mind just how much work it is to set up a new business, learn what your customers want as well as create a product or service that matches that.

Sacrifice is the name of the game and it’s not right for everyone. It’s still attainable though, as long as you stay disciplined, think quickly and persevere over the long haul.