How to Become a Millionaire or Billionaire

Money How to Become a Millionaire or Billionaire

Very few people in the world become millionaires, and even fewer people become billionaires. Obtaining such a large amount of money is rarely possible in the traditional salary system, even after a life's worth of working.

For example, to reach a million dollars in 20 years, a person would have to SAVE (not earn, but save) at least $50,000 per year. Certainly, earning interest on this savings can quicken the goal of a million dollars, but not by very much.

Certain jobs, such as physicians, lawyers, and top-level executives may earn enough to eventually make it to the million dollar mark, but only after a lifetime of hard work. To become a billionaire, it is virtually impossible to achieve such a lofty goal within the traditional salary system. Only some business owners and long-term investors reach the point where they are worth hundreds of millions of dollars, or even billions.

However, becoming a millionaire is both possible and a worthwhile pursuit. The following are some of the best ways to become a millionaire.

Skip to Option 2 if you aren't interested in working for the rest of your life.

Option 1: Aim for a High Paying Job

Education and salary go hand-in-hand. Generally, the higher a person's level of education, the more money they are paid. This is especially true for some of the top paying jobs available, including physicians and lawyers. Certainly there are exceptions to this rule, but these are exceptions rather than the rule.

Physicians go to school for a minimum of 8 years with an additional 3 years for residency, although residents generally are paid about $70,000 on average until they begin earning their doctor's salary. In exchange for their knowledge and skills, physicians are paid at least $160,000 for general medicine and over $200,000 for certain specialties.

Regarding work schedules, doctors who work in clinics generally follow more traditional hours (40-50 hours per week), whereas doctors who work in hospitals and earn on the higher-end (as Surgeons, Specialists, or Unit doctors) typically have heavy work schedules (60-70 hours per week). Some hospitals require doctors to work 70-80 hours per week, but their schedules rotate so they have every other week off. Essentially, they put two weeks worth of work into one week and get the other week off. This type of schedule is meant to benefit patient care. Less change-over means less mistakes.

Pharmacists earn roughly $120,000 per year starting out. Schooling is generally 6 to 8 years long. They generally follow normal work hours, but becoming a millionaire is further out of their reach due to a lower income range.

Lawyers require a minimum of 7 years of school. The salary of lawyers varies heavily depending on where they work, who they work for, and how much they work. They can earn as little as $60,000 per year or as much as $200,000 per year. Furthermore, many lawyers complain of high levels of stress, although this stress can be reduced by successfully starting and marketing their own firm. Many politicians began their careers as lawyers.

Top-Level Executives can earn significant salaries (sometimes over $200,000 per year), but they suffer from one major problem: job availability. Unlike physicians and lawyers, where finding a job is relatively easy due to their large and growing fields, high-paying business executive jobs are more difficult to find. Furthermore, for every high-paying executive job there are thousands or more applying who are qualified applicants.

In addition, while education is a necessity, it is experience that generally wins the job, causing many CEO's, CFO's, and COO's to be over the age of 50. Earning big money for 5 to 10 years might be nice when you're 50 or older, and maybe you will reach millionaire status, but many would-be executive end their careers as well-paid managers due to low job availability. These individuals may live nicely on their incomes, but they will never become a millionaire.

Real Estate Agents can sometimes earn large incomes, but the real estate market is overpopulated with agents. More competition means each individual person is less likely to be successful. Furthermore, the housing market heavily affects their year-to-year income.

Option 2: Start Your Own Business

Anyone who desires to become a millionaire will be required to either: work for someone else, or go into business on their own. Anyone who desires to become a billionaire will be required to either: go into business on their own, or be the founder of a successful business.

Entrepreneurs assume all the business risk of a startup, while simultaneously assuming all the rewards, if it is successful. Most millionaires and essentially all billionaires, who didn't inherit their fortunes, are business owners or investors.

The above mentioned occupations give the necessary skills to start a successful business (e.g. start private firm, open clinic, etc.), but these routes are not for everyone. For the everyday entrepreneur, there are other alternatives to many years of education.

The following is a short list of ideas for starting your own business:

List of Good Business Ideas

In order to start your own business you need to be able to provide a product or service to other people. This list of good business ideas are things that basically anyone can do at minimal cost.

Build a Website - Earn Passive Income from Visitors

Building a website is cheap compared to many other business startup options. While other startups may cost you thousands of dollars or more, a website can be built at a low cost of $30 per month for web hosting. You might see lower prices advertised for web hosting, but it is important to remember that these sites are businesses too. They have promotions to get you to buy their product, only for you to end up paying the same as everywhere else after the promotional period ends.

If you want to build an income-generating website, you will end up paying roughly $20 to $30 per month in order to build a site that doesn't have web hosting restrictions, such as: limits to storage space, limits to number of pages/sites, limits to number of emails, and sometimes limits to bandwidth, as well as paying extra for back-up options (in the case of system failure).

Some of this language might seem foreign to you if you aren't computer savvy, but even those foreign to computers can build a successful online business given the right hosting company.

If you're interested in starting your own business that generates income (earning money even while you sleep), then check out SiteSell's Site Build It, which includes a step-by-step guide at no extra cost for turning a website into a successful business.

The idea behind building a website is: content = visitors = money. If you can get people to visit your website, whether it be for a video or for an article you have written, you can potentially earn money from those visitors. It is sort of like owning a store: you first need to get people into your store in order to turn them into a customer. You can then make money from those visitors by using affiliate links like Google Ads, or by selling your own product.

The Hard Truth: Keep in mind that no one is going to hand you success. If you want to be successful, you have to go get it yourself. People can show you the way, but no one can do the work for you.

Individuals who start a successful business have to put in a lot of work, initially with little reward, but it pays off in the end. Persistence is the key to success.

Write a Book

Writing a book is another option for creating a product to start your business. You can also combine book-writing with website-building in order to create a platform for marketing your books (selling them as hardcopies or ebooks). Your website them becomes free content written to attract visitors, while your books are paid content.

Nowadays, it is easy to get your book published without a traditional publisher. You can publish ebooks through companies like, and Amazon even owns a company called that publishes hardcopies of books on-demand (called print-on-demand: they only print a copy when someone buys it).

Start a Business by Learning a Skill

Not much of writer? You can also start a business by first learning a skill that will turn you into a service-provider. You can then provide a service either online or offline.

There are plenty of technical schools that can teach you how to be an electrician, plumber, or how to install certain types of equipment like furnaces or water-heaters in homes. This may not seem like your typical glorified startup, but being a business owner means you get to keep all the profits instead of earning a small cut from your employer as an hourly wage.

Day Trade Stocks

Trading stocks is a unique business option, because you are not providing a product or service to anyone. Instead, you are making money from equity (buying low and selling high) of company shares.

The majority of billionaires are investors, owning large portions of successful corporations. Warren Buffett is a perfect example of a billionaire investor. His primary strategy for investing has been to pick companies that have been experiencing rapid growth and then invest in those companies long-term.

However, you typically need to start off with a lot of money to become a billionaire investor.

Conversely, trading stocks is all about making small gains in equity that add up. There are different types of stock trading, but day trading is an increasingly popular form due to its more reliable short-term gains for experienced traders.

Certainly, reaching the goal of becoming a billionaire may be unattainable for most day traders, but becoming a millionaire by day trading is possible. But keep in mind that day trading typically has a long learning curve for everyone. Don't start trading with your life's savings until you know what you are doing and are repeatedly successful at trading with a gain.

Instead, use this strategy to learn day trading.

Online Business Entrepreneur: Build Your Own Online Business

Types of Business Organizations

Entrepreneur Articles

Enjoy this page? Share it!

Get more great stuff like this delivered to your inbox


  1. How to Survive Your First Year in Business [Infographic]

    How to Survive Your First Year in Business [Infographic] Here's the first thing you should know about your first year as an entrepreneur - it's tough. There will be financial and psychological...

    Read More

  2. 52+ Common Interview Questions and Answers

    Most job interviews consist of only 5 to 20 questions, almost all of which are variations of these 52 common interview questions and answers. The following guide provides suggestions on how best...

    Read More

  3. The Millennial Job Dilemma: Why Does Everyone Want Experience?

    Many job-seeking Millennials find themselves asking the same set of questions: Why Does Everyone Want Experience? How am I supposed to get experience if no one gives me a chance? Often Millennials...

    Read More

  4. 5 Expensive Common Mistakes Made by Millennial Entrepreneurs

    As a millennial entrepreneur, handling the funds of your business can be quite tricky. Our friends over at discuss the expensive common mistakes made by millennial entrepreneurs...

    Read More

  5. Link Exchange and Backlinks for Business Websites: Link Exchange Directory

    Want to exchange links for your business-related website? The following is a list of ways to get backlinks, as well as a list of websites willing to participate in link exchanges. Submitting your...

    Read More

  6. Forex: How Much Money Do You Need to Trade the Daily Timeframe

    The answer might surprise you how much money you need to trade the daily timeframe in forex. If your forex broker uses standard lots, then in order to trade one micro-lot of 1,000 you only need...

    Read More

  7. How to Trade Forex with $100: Turn $100 to $1 Million in 3 Years Realistically

    Not only am I going to show you how to trade forex with $100, but I am also going to show you how to turn $100 to $1 Million in 3 years realistically in forex. Sound impossible? Let me prove it...

    Read More

  8. Forex Trend Trading is How to Win in Forex

    I’m going to prove to you that forex trend trading is how to win in forex. There are some who claim that it is foolish to buy something that is rising in value, but I think they are foolish for...

    Read More

  9. Trading Forex: $1000 to $1 Million in 2 Years Realistically

    Is it possible to turn $1000 into $1 Million in 2 years? Yes, it is possible to turn $1000 into $1 Million in 2 years and it is even realistic with this consistently profitable strategy...

    Read More

  10. What is Leverage in Forex?

    Understanding how leverage works in forex is essential to being successful as a forex trader. The availability of high leverage is the primary reason why making money in forex has so much potential...

    Read More