Is it actually possible to become a millionaire with almost negligible amount of money in hand? The answer will be: Yes! Yes, you can be a millionaire in just five years, that too, not by starting a company, taking it public, and becoming a multi-millionaire. Here we are talking about normal work, obviously clubbed with a combination of hard work, consistent savings and regular investing, any person can do.
Grant Sabatier is a founder of Millennial Money blog. But no, he did not just start from being a blogger. He started with managing Google ads for his clients, which fetched him 15-20 percent of someone’s budget. But he didn’t stop there and began to do side gigs like building WordPress website for law firms.
He initially started with $500, but then one day he got a breakthrough of $50000 from another law firm. This was not just luck, he learned all he could from the people around him and applied the knowledge to his work.
Then from side hustles and investing, he started his own digital marketing agency but abandoned it after a point of time to concentrate on his blog and other ventures.
Millennial Money was an effort which helped others to follow the path Grant was on, to earn money. It is the uniqueness of the blog which makes it interesting as it focuses on entrepreneurship, personal finance, and investing.
Since three years, he is crushing with his blog and it is amazing to know that he has made over $400000 from it in the past year.
According to Grant, investing is the most important key to becoming a millionaire. But alongside, he also says that saving and investing is useless if it is not enough to generate more income. Grant himself invested most of his income, 80-100 percent, in most basic investments, including stocks, bonds, and real estate.
In his book, Financial Freedom, he shared his knowledge about earning money and optimizing your full-time job, creating profitable side hustle and knowing how to invest. The book helps you to make as much money as possible in the shortest amount of time.
Again, yes! It is possible for every person to become a millionaire, but one has to obviously put on that level of interest, dedication, hard work, and focus on saving and investing the maximum.
1. Figure and decide the amount of money you want to make to be financially free.
2. Figure and set the time in which you are planning to reach your goal.
3. Save as much as you can. If the savings are not sufficient, cut off on your living expenditure, the three big ones among them are- housing, transportation and food.
4. If you cannot reach your goal with your current income, look for side hustles.
5. If one side hustle is not enough, scale it up to multiple side hustles. (Grant himself ran multiple side hustles to build his seven-digit portfolio.)
6. The most important thing is to invest the extra income. And nothing fancy, just in basic investments like retirement plans, brokerage accounts, and index funds and stocks.
While Grant Sabatier is the extreme example of becoming a millionaire from scratch, the principles will apply for everyone in general.