Becoming a millionaire in India is a big dream for a lot of people. And that dream looks impossible to achieve to most of them.
The main reason behind this misconception is that people want to become millionaires overnight.
They seem to think that making a million-dollar is as simple as giving up their jobs and waiting for the money to come from the sky as their payment check as compensation for quitting their jobs.
But to really become a millionaire in India, you need to work hard in the right direction.
Before proceeding, let us know who is a millionaire? So that you can know how big your dream is especially when you are in your 20s or 30s.
Let's find it...
Who is a millionaire?
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency.
It can also be a person who owns more than one million units of currency in a bank account or savings account.
But today we will be talking about 1 Million US Doller (Around 7 Cr Indian Rupees).
Everyone’s idea of being a millionaire is different, but everyone has the same thing in common, they want to be rich. Every millionaire has their own journey to success and it always starts with a DREAM.
1. Focus on earning and spending
To become a millionaire in India, the first thing you have to pay attention to is your earning and spending.
If you are a student or you do not earn anything now, then you can ignore it for now.
If you are currently in a job or doing any business. So you have to figure out how much do you earn in a month right now?
If you keep earning the same amount in the future, how many years will it take you to become a millionaire?
Becoming a millionaire in India with a job can be a bit difficult, so you have to find different ways of earning as well.
2. Develop multiple streams of income
You should develop multiple streams of income. Don’t depend on one source of income.
Author Thomas C. Corley, after researching self-made millionaires for 5 years, found that 65% have 3 income streams, 45% have 4 income streams, and 29% of millionaires have more than 4 income streams.
If you already have more than one income stream, Your chances of becoming a millionaires increase.
If you do not have more than one income stream, then you should try to create them.
“People with more than one source of income are 20% more likely to become millionaires than those with only one source of income,” says Dan Ariely, professor of psychology and behavioral economics at Duke University.
3. Don’t show off – Show Up
You are reading this article now, it means that if you are not a millionaire right now. So think if someone gives you $1 M, what will you do with it?
If you thought I’d buy a big house, a nice car, basically things to show off.
If you have this kind of mindset then your chances of becoming a millionaire in comparison to others are less.
To become a millionaire in india, you should invest your money in building assets and not in buying liabilities.
If you do not have the knowledge of assets and liabilities. Then let us tell you that such assets are those things that make us earn more money. And liabilities are things that force us to spend more.
To understand this in more detail, you can read the book ‘Rich Dad Poor Dad‘ by Robert Kiyosaki.
4. Save to Invest, Don’t save to save
If you’ve met millionaires, you might have found that they don’t have as much money in their bank accounts as we think. This is because they have invested most of their money, not saved in a bank account.
Therefore, if you also want to become a millionaire. Then you have to keep the same amount of money with you or in your bank account, which you may need in the next 3-6 months.
You have to invest the remaining money in another place, be it real estate, stock market, or gold.
If you are still young then you should invest your money at High Risk and High Return, On the other hand, if your age is a little more then you should invest in safe places (Less Risk).
5. Change your mindset about money
It is said that before anything happens in reality, it is made in a dream.
Before becoming a millionaire, you have to prepare your mind to think like a millionaire.
Because becoming rich is not in your control. It is in your control to just think and work hard to make it a reality.
6. 1-2 Hr daily reading
Whenever you read the biography of successful people or you meet them. One thing you will always find in common among all of them is that they never stop learning new things.
You also have to learn something new every day for 1 to 2 hours. You can do this through any medium, you can read a book, newsletter or blog, watch a video documentary, listen podcast or anything.
At the end, you must have to learn something new every day.
Must Read: Top 10 Self-help Books to Read for Students and Businessmen
7. Shot for more than $1 million
We are working so hard so why focus only for $1 million. We will keep the goal of $10 million and work a little harder.
You can take as much money as you want from this universe but you have to work hard for it.
Conclusion: How to become a millionaire in india
If you really want to become a millionaire in India, then you have to first take knowledge about money, it may be slightly different from the knowledge given in your college.
Then you have to control your earning and spending and try to create maximum income stream.
To earn more money from the earned money, you have to invest it in different places.
You should keep as much distance as possible from the show off.
Do not forget to share this post with your friends so that they can also get information about becoming rich in India.