Becoming a millionaire from the bottom up is not impossible; it’s just very difficult.
So much so that most of those who dream of it entrust the task to systems such as the betting game or the lottery, whose probability of success is quite low.
However, good financial habits help people to spend what is strictly necessary, to save and to reach their financial goals more quickly.
Having control over money means making it work for you. In that sense, some helpful habits are worth considering.
In this article, we’ll show you how some millionaires turned $100 into $1 million.
Habit nº1: Invest in what you know
For Bethenny Frankel, founder of Skinnygirl, a cast member of “The Real Housewives of New York City,” the New York Times best-selling author and guest judge in “Shark Tank” argues that investing in something you really love could be a fundamental key, she says that you should invest in a business in a smart and educated way, she actually suggests finding a solid group of people you trust and combining your $100 with theirs to make a risky but smart investment.
The key? Really invest in what you know how to do.
Habit nº2: Be patient while you save
For his part, Gary Vaynerchuk, founder and CEO of VaynerX, the best-selling author of the New York Times of “Crushing It” recommends buying and selling garage items, it is clear that this will not make him the owner of $1 million but a few hundred, which with good head and patience can become millions.
You can scale up and invest your profits from whatever venture you decide to impart. That’s how real wealth is built. If you’re persistent and good at what you do, you’ll get there.
Habit nº3: Investing in you
For Grant Cardone, a sales expert who built a $750 million real estate empire and the best-selling author of the New York Times to invest in himself will never be a loss, on the contrary, he assures that a more reliable way to get rich with only $100 is to invest it in a course, book, audio program or event that will help him improve and eventually put into practice all the knowledge acquired.
Habit nº4: Build a personal brand
For Torben Platzer, founder and CEO of the personal brand agency TPA Media GmbH, founder of the business education program SELFMADE and presenter of the German podcast “SELFMADE” creating a personal brand is a great alternative, consider that with it you can earn millions, building your own brand as an influence or business. However, he stresses that anyone can have a voice, thanks to social networks, so it is not easy to be heard above the noise.
Now, with so many brands driving online offerings, building one of trust is the secret to success. To do that, you need a clear statement that defines your mission and how you help others.
Habit nº5: Hand in hand with coaching
Rudy Mawer, founder and CEO of ROI Machines and RudyMawer.com, Facebook’s marketing and advertising expert, who created a multi-million dollar business at age 26 says he built two seven-figure businesses out of nothing and helped others achieve similar success. While he had more than $100 to start with, it wasn’t much more.
Consider this model popular for many reasons: it is fast, effective and requires minimal investment because the only cost is your time. When you’ve made money with your business, invest the profits in Facebook ads to get more customers.
If you’re good at what you do, you can increase that investment to tens of thousands of dollars.
Some people prefer not to count their big goals or dreams for fear of not meeting them and failing publicly.
But according to research from the Dominican University of California, people who write their goals and tell it to a friend by giving weekly updates have a 33% greater chance of meeting them. Therefore, setting an economic goal and counting it can add up to fulfilling the purpose.
Being responsible for personal finances depends on how much time is devoted to this purpose and will also lead to being ready to accept when you have a bad day, financially speaking.
Instilling good practices can take time, but accepting mistakes and trying to avoid them is just giving yourself the opportunity to make things better for tomorrow.[ratings]