How to Become a Millionaire in 5 years

Posted On June 30, 2022

How to Become a Millionaire in 5 years

Who doesn’t dream of getting rich quick out of thin air? Contrary to popular belief, anyone can get rich regardless of their circumstances if they are truly motivated.

However, there are no miracle recipes. Therefore, we give you some tips that can help you become financially free and get rich from scratch while avoiding falling into traps and scams.

Ways to Become a Millionaire from scratch

This guide is intended to help you make a fortune in 10 different ways, including through online trading.

• Play crypto games
• Open a business
• Investing in public companies
• buy cryptocurrencies
• Invest in oil
• Bet on gold
• Become a forex trader
• Invest in real estate
• Betting on investment capital
• Focus on the art

10 ways to get rich in 2022

Nowadays there is a whole range of activities that allow anyone to get rich. For the purpose of this article, we’ve selected 10 respectable ways to become really or even practically nothing from the lowest level. Discover with us these 10 ways to get rich in 2022 and how to invest correctly.

Play Cryptocurrency Games: Lucky Block

With a market capitalization of $ 1 billion and over 50,000 holders of its native token, Lucky Block is growing rapidly. It is now the first 3 web design platform.

The draw pool is funded by transaction fees from the sale of its native LBLOCK token.

And because the platform encourages transparency about how it works, all participants can see how big the jackpot is by entering an address on the blockchain.

Lucky Block’s other strength is fairness of the games.

Thanks to the implementation of Chainlink’s VRF service (LINK), based on the use of smart contracts, all players have the chance to win the jackpot. Note that the first draw is scheduled for May 2022.

Lucky Block What Profitability Can You Expect?

On the profit side, participating in the Lucky Block drawing allows you to generate passive income on the one hand. This with the 10% bonus offered to all participants as a reward.

Added to this are the great chances of winning the prize pool, estimated at € 2.2 million.

How to get started

To enter the draws, you must purchase the ticket, which is offered for a minimum price of $ 5. However, players must pay for the ticket in LBLOCK, the platform’s native token.

Those who already have LBLOCK in their wallet will be added directly to the participant list. In fact, they get a free ticket from Lucky Block.

Open a business

Starting a business is undoubtedly one of the most effective ways to get rich very fast, as evidenced by the examples of “success stories” of entrepreneurs who started from scratch and managed to build empires, such as Travis Kalanick with Uber or even Elon Musk with PayPal, then Tesla.

However, to put the odds on your side before starting your business, you should be able to validate the following points:

Have experience in your desired field: It is easier to be successful if you know your field of business.
Sell ​​a product or service that meets demand: When you sell sand in the desert, it becomes difficult to develop your sales.

Constantly Question Yourself: As the business world is constantly changing, you need to regularly review your strategy so you don’t have to constantly adapt.
Know how to manage: to develop successfully, it is necessary to hire quality teams to take the company to the top.

What profits can be expected?

The return on investment varies greatly depending on the company and the economic situation.

But in general it is the option that can prove to be by far the most profitable, since with a few thousand euros it is possible to create a company from scratch that after a few years can be worth several million or even several billion euros as some start-ups demonstrate.

successful ups, famous companies such as Instagram, Twitter, Deliveroo or Just Eat.

Investing in public companies

It is also possible to get rich thanks to the stock market, benefiting for example:

From the success of entrepreneurs who have listed their companies on the financial markets, as in recent years the rise in the share prices of companies such as Facebook, Apple or even Netflix.

This is, for example, the strategy of the American investor Warren Buffett.

I became one of the richest men in the world whose investment firm Berkshire Hathaway, listed on the New York Stock Exchange, is now worth hundreds of billions of dollars.

Berkshire Hathaway stock price history since 1980

To invest in the stock market, we recommend using an online broker like eToro, which offers unbeatable prices (0% commission).

In addition, its financial strength, reputation (more than 10 million clients worldwide), approvals from European regulators (FCA, ASIC and CySEC) and ease of use make it an ideal broker for beginners. .

What profitability can be expected?
The returns from investing in publicly traded stocks vary widely. But historically, the annual return, accounting for dividends received by the shareholder, has ranged between 4% and 8% per year over the long term.

How to invest

Offers all of its clients a copy trading feature that allows investors to view and copy the trading activity of the top traders on the platform.

To open a trading account. All you have to do is follow the steps below.

• Open a trading account
• Verify your account
• credit to your account
• Choose a company to invest in
• Validate your investment

• Invest in stocks
• buy cryptocurrencies

To get rich quick, you can also buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) or Ripple (XRP). In fact, despite the many negative advertisements for these assets, they are still very profitable.

The explosion of cryptocurrencies after the health crisis shows the power of these assets.

Additionally, some investors have profited extensively, such as the Winklevoss brothers, who bought Bitcoin for around $10 million in 2013, becoming the cryptocurrency’s first billionaires in 2017.

What profitability can be expected?

Although the profitability numbers are impressive, you have to keep in mind that you can get rich afterwards.

But if we take the example of bitcoin, it has gone from $300 in the last 5 years to around $13,000 today, which is a more than increase 4,200%, a return infinitely greater than investing in publicly traded stocks.

And for other cryptocurrencies like Ethereum or Ripple, the increases were even higher over the same period.

how to start

If you too want to benefit and buy cryptocurrencies to get rich, you must have an account on a digital currency exchange platform.

Again, you can turn to the online broker eToro, which allows you to buy cryptocurrencies quickly and easily through its trading interface, where you can find more than 25 popular digital currencies, including Bitcoin, Dogecoin or Ethereum.

To open an account on eToro, the procedure is the same that we presented for buying listed shares, the same as for placing an order.

cryptocurrency trader
You should ask yourself if you can afford to take the high risk of losing your money.
Invest in oil
Oil wells To get rich quick, you can also invest in oil, following in the footsteps of the American John D. Rockefeller, who made his fortune with black gold at the end of the 19th century.

A fortune that is now valued at over $300 billion.

Investing in oil can be done in a number of ways. However, the quickest and easiest solution is to invest in oil online.

This can be done either by buying shares in publicly traded oil companies

E.G. Royal Dutch Shell, BP, Exxon Mobil, Eni, Total SA, Chevron Corporation) or with oil-related ETFs such as Vanguard Energy ETF (VDE), VanEck Vectors Oil Services ETF (OIH), United States Oil Fund (USO).

What profitability can be expected?

The return on investment varies greatly from company to company. If you invest in a small oil company that makes a big discovery overnight, its market price will skyrocket.

The other downside, however, is that this type of investment is riskier than investing in a large oil company, which generally has a stock market-like return, i.e. between 4 and 8% annual total return, including dividends.

Invest in oil Bet on gold

Gold is also an investment to consider for get-rich-quick opportunities. As with oil, this can be done in a number of ways. However, the easiest solution if you are an individual is to invest online.

You can do this either by buying ETFs that track the yellow metal’s price action or by investing in shares of publicly traded mining companies such as Newmont, Agnico Eagle, Gold Fields.

As proof that this is a good investment, billionaire Warren Buffett’s investment firm has invested in the industry’s No. 1: Barrick Gold.

What profitability can be expected?

It is very difficult to answer this question as it all depends on when you buy and sell gold. However, we can give an example with a $100 investment made in early 2020.

Gold started the year at around $1,550 an ounce and is currently trading around the $2,000 an ounce mark, up almost 30% in less than a year.

how to start

All of these investment supports are accessible through the trading interface of the eToro broker without paying commissions, neither on buying nor on selling (0% commission).

And here, too, the whole process does not change, be it creating your account, funding it, but also completing your order.

Become a forex trader

Trading Forex, the foreign exchange market, is also considered to be one of the fastest ways to accumulate financial wealth in a short period of time.

The profit potential offered by the Forex market is practically unlimited, given the possibility of using very high leverage (greater than 100) to increase the amount of your investment.

Some forex traders who brilliantly use this financial technique of leverage managed to make real fortunes in a short period of time, like American billionaire Georges Soros.

However, the foreign exchange market remains a dangerous game as it remains difficult for individuals to accurately predict future exchange rate movements.

If you get it wrong, using leverage can be devastating as it is therefore possible to lose more than your initial stake.

What profitability can be expected?

Profitability is highly variable and depends mostly on the quality of your trades as everything depends on the price at which you buy and resell your currencies. However, we can give an example with a $100 investment made in early 2020 in EUR/USD parity.

EUR/USD started the year around 1.11 and is currently trading around the 1.17 mark, up a little over 5% in less than a year. But if you invested with 10 leverage, you would have seen a 50% increase and even 500% with 100 leverage.

Invest in real estate

To get rich quick, you can also devote yourself to real estate investments. This is the path Donald Trump took to become a billionaire in the US. It’s all the more accessible as you can use the leverage of real estate loans to buy assets without first having all the required capital.

However, for the sake of simplicity, it is easier and faster to invest in rock paper real estate through the stock exchange with broker eToro.

EToro, in fact, offers a very wide range of listed real estate companies whose business consists in the construction and management of a real estate portfolio invested in offices, shops or even apartments, be it in the United States (Real Estate Investment Trusts). – REIT)

These companies include: Equinix, Digital Realty Trust, American Tower Corp, Prologis, Mercialys, Unibail-Rodamco, Argan, Tour Eiffel, Immobiliere Dassault, Covivio and Carmila.

They don’t always move in the same direction as the stock market. Additionally, their dividend yield is above the market average.

What profitability can be expected?

According to the IEIF, the profitability of listed real estate companies has increased over the past 10 years to over 11% per year, including dividends, much more than a traditional stock market investment.

To put this in perspective, if we take the example of an investment of €10,000, after 10 years your end capital would now be just over €28,000, multiplying by a ratio close to 3.

To buy REITs and SIICs, the procedure and intermediaries are exactly the same as when buying classic stocks when you go to a broker like eToro where you have the advantage of not paying any commissions at the time of purchase and resale ( 0 % Commission).

Invest in real estate

Another way to get rich is to bet on investment capital, also known as venture capital, which made the fortunes of many American financiers such as Jerome Kohlberg, Henry Kravis, and George Roberts at the origin of KKR’s founding.

Among the world’s leading private equity companies listed on the international financial markets available on eToro, we mention the British companies.

What profitability can be expected?

The return on investment varies greatly depending on the managerial qualities of the managers at the helm of this type of company, but also on the evolution of the economic situation.

But in general, according to a study by the professional organization France Invest, the average annual returns of private equity vary by around 10% in the medium and long term, which corresponds to a doubling of the invested capital every 7 years.

how to start

If you want to get rich together with these financiers, it’s easy.

Only invest through a broker eToro is therefore the reliable broker for private equity. Unfortunately, this investment category is not accessible to everyone.

As mentioned above, private equity allows you to invest in a company and generally the general public does not have access to investment offers.

Focus on the art

Investing in art can also pay off. Some French billionaires have tried it, like the Pinault family, owners of the luxury group Kering

Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen and Brioni, with the auction house Christies, or Patrick Drahi with Sotheby’s.

However, not everyone, not even the richest, can afford such ventures, which are indispensable in the art world.

However, rest assured that it is still possible to invest in art online through the action of companies specializing in online auctions. For example, we can cite Art Price, listed on the Paris Stock Exchange on Euronext, or eBay in the United States on Nasdaq.

What profitability can be expected?

According to the global price index calculated by Artprice, an investment in art can expect an average annual return of around 10% over the long term. Sure, an investment of €10,000 ten years ago would be worth around €26,000 today.

Being rich, what does that mean?

Let’s start by asking what we mean by “rich”. In reality, the notion of wealth is very subjective and we cannot approach this subject without informing you of this subjectivity.

For some it is driving a nice sports car or a vacation lasting several months at the other end of the world, for others it is the opportunity to earn an income and stop working earlier at retirement age comfortably in a large and live in a beautiful house without missing anything.

To determine a person’s wealth, economists usually use the amount of their annual income, but above all they also use the value of their assets without debt.

I.e. the amount of all their financial assets (bank accounts, stocks, bonds, etc.) and non-financial assets (real estate, jewelry, cars, artworks, etc.) from which we derive.

In concrete terms, everyone has their own prosperity goal:

To give you an order of magnitude, in France, the Inequality Observatory sets the income threshold at 3,075 euros per month for a single person, 5,963 euros for a couple and 7,852 euros for a family with two children.

To be in the richest 10% of the French, your wealth must exceed €400,000 and €1.9 million to be in the richest 1%.

Of course, nothing prevents you from aiming much higher than the numbers we’ve just given you, it’s up to you to want to make a lot of money: it’s all a matter of ambition.

How do you get rich from scratch?

Anyone can aspire to become one, but tomorrow will not be a good one. Such an ambitious project must be carried out step by step. So beware of any website, video or blog that promises you to make lots of easy money overnight because it is simply not possible and there is a good chance it is “a scam”.

If you want, you have to observe these 4 following conditions:

• Be honest with yourself and realistic
• Always be focused and never relaxed
• Be patient and think long term
• Don’t be afraid to take risk

Be honest with yourself and realistic
If you really want to get rich, you shouldn’t lie to yourself. We have to set ourselves clear and precise goals in order to know how we get this money and what we do with this money.

Always be focused and never relaxed
When you think about your first attempt at getting rich, think again. On your way you will encounter many difficulties or even disappointments. If you don’t stay focused and let go; it is sure and certain that you will never get rich.

Be patient and think long-term
Getting rich takes time, but anything is possible with patience over time. So you need to give yourself time to be successful in life.

Don’t be afraid to take risks
If you’re someone who doesn’t like to take risks, your chances of getting rich are very slim. To be successful, you need to know how to step out of your comfort zone and take risks in order to maximize your earnings in terms of income and wealth.

If you want to get rich quick from scratch

you need to apply these tips in your daily life as soon as possible. Even at a young age you can achieve great things and make a fortune, as some examples of extraordinary successes in recent years show:

Mark Zuckenberg, the founder of Facebook, became a millionaire in 2006 at the age of 22. A year later, his group’s initial public offering (IPO) made him one of the youngest billionaires in history.

Bill Gates, the founder of Microsoft, became a millionaire in 1981 at the age of 26, then a billionaire at 31, thanks to the rise in his company’s share price.

Jeff Bezos founded Amazon in 1994, became a millionaire at 33 and two years later at 35 a billionaire.
Larry Page and Sergey Brin, the two founders of Google, also became billionaires in their 30s and are now among the richest men in the world.

Our tip for getting rich

We’ve just presented 10 ways to get rich quick through various possible investments, but you still need to have the financial resources to position yourself on this type of investment.

To do this, we will give you some tips to increase your income and limit your expenses so that you can invest in assets that will add value over time and thus enrich you.

To make money, you need to know how to spend it wisely, but most importantly, spend less than your income and invest the excess.

Increase your salary
This may seem obvious, but if you are an employee, first try to improve your financial resources, through a career advancement that allows you to benefit from a raise, or simply by choosing a better-paying job or occupation.

Multiply your revenue streams
You can, for example, earn money on the Internet in your free time. It will not make you rich, nor will your habit of giving private lessons or doing craft projects in private homes. On the other hand, if you manage to combine these side activities, your monthly income will undoubtedly increase dramatically. And as the saying goes: “Small streams make big rivers”.

Limit your spending

There are many ways to reduce your monthly expenses. The easiest way is to write down all expenses. Identify the source of all debt, then ask yourself if any of it is still relevant.

Next you need to separate essential from non-essential expenses. You should do your shopping according to your basic needs. Limit your spending so that in times of crisis your savings can assuage your worries until the crisis is over.

Fight the urge to spend it all

Logically, when you get rich, you are tempted to treat yourself or give your loved ones even more gifts. Of course it is possible: nothing prevents you from enjoying this higher comfort of life.

However, to really gain purchasing power, sometimes you need to learn to hold and invest the extra money generated by the increased investment returns we recommend.

Save up front as much as possible

One of the secrets of being rich is saving. Especially at the end of each month, when you haven’t spent everything you’ve earned, consider investing the excess.

Do not hesitate to seek expert advice to know the most advantageous solutions to grow your money, because time is your ally, the sooner you succeed and the greater your accumulated capital will be thanks to compound interest.

Be positive and believe in yourself

A lot of people don’t get rich because they don’t believe in themselves. Conversely, people who see things positively will seize opportunities that seem most interesting to them. When you believe in yourself, you increase your chances of success and thus becoming richer.

Learn to be well informed

To get rich you need to make the right decisions, implement the most appropriate strategies and think about the most relevant solutions.

Before investing in financial or non-financial assets and starting your business, systematically make it a habit to be well informed so as not to make hasty decisions.

At the same time, when you surf the Internet, you only consult relevant pages that give you advice, but do not claim to provide a magic recipe that will enrich you effortlessly, like our website.

The 10 traps and scams to avoid

Nowadays it’s a good habit to find dishonest and unscrupulous people on the internet trying to scam people with their weakness.

Sometimes it’s so well put together that it’s hard to tell it’s a scam. There are many people who get rich from the naivety of those who want to get rich on a whim. Always use common sense when opportunities arise.

Even today, many people still participate in get-rich-quick schemes. People who know how to get rich are committed to getting rich.

They don’t advertise to sell rich methods. Among the 10 most common Internet scams and scams we can mention:

The Magic eBook
This book aims to reveal a secret way to get rich before the end of the year. You will learn practically nothing in this wonderful e-book and worst of all you will lose almost 10 euros.

Wonderful investments
In theory, they allow you to earn tens of percent a month in a month, but in reality it’s a ponzi pyramid, with new investors paying the interest of old customers.

False legacies
who one day didn’t get an email in his inbox telling him he’d just inherited from a wealthy uncle in America. And of course, in order to have all the information to claim this inheritance, you must first pay several hundred euros to the person who sent you this email.

Fraud on profitable websites

The sites that promise to earn you €1,000 or even €10,000 a month for reading promotional emails are just scams. You can’t expect at most a few hundred bucks a month if you devote tens of hours a month to it.

Fake Refund Emails
These emails with Social Security or Treasury logos are fake. This is called phishing or phishing in French. In reality, phishing is the phenomenon through which scammers obtain your confidential information, especially that of your bank account, in order to rob you.

Overpaid jobs
This type of offer is often emailed to you. For example, we offer 2 to 3 times higher salary than the SMIC to send the mail.

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