How to Become a Millionaire Fast in Today's Economy - 6 Tips

The majority of today's millionaires are a different breed from those of previous generations, primarily because they have learned how to become a millionaire fast rather than simply inheriting enormous wealth. In 2010 the United States boasted more than 8.4 million households with assets over $1 million, up 8% from the 2009 figures. This figure was still lower than the 2007 high of 9.2 millionaires due to the drop on real estate values, but the steady increase proves you can make your own million even in a struggling economy if you know what you are doing and commit to that. The increasingly numbers of younger entrepreneurs is proof that your first million can be made faster than you might have ever thought possible.


Studying the success stories of these one-generation millionaires shows that they share several common characteristics and strategies that have led them to become financially wealthy and independent. They do not necessarily have the highest IQ, the most important family or political ties or even the most elite education. What they do possess is a drive to succeed at something they are passionate about. This drive pushes them toward their vision with enthusiasm and a positive attitude that draws in the useful support of those around them.

They know both their own strengths and weaknesses and tend to surround themselves with a team that can help them achieve their goals. They are willing to work as long and as hard as it takes because they truly love what they are doing. For example, Mark Zuckerberg, Facebook founder and owner, just recently rented a larger but unexceptional home to be closer to his company offices where he already often works more than 16 hours a day.

The following steps can help you to achieve your financial goals using the same successful strategies millionaires such as Zuckerberg have discovered:

1. Know your own worth. What are you good at and what are you passionate about? What would you love doing all day even if the pay was less than you deserved? The average millionaire makes 17 failed attempts before finding the niche that really works for him/her.

2. Know what you want. Do you want to know the best way to become a millionaire fast? In the United States the average age of achieving this goal is 54, but there are many who are there by age 45 and a growing number of much younger entrepreneurs who are claiming the same success. Be specific about where you want to see yourself in three years, five years and ten years. You might even want to think about when you want to retire or how you want to spend those later years.

3. Develop a strategy. Today's most successful young millionaires have made their money by selling a service or a product. Today's millionaires followed outline and proven steps to become a millionaire fast. It is not impossible, but it often takes longer to build your own wealth while working for someone else and helping them build theirs.

4. Start with a project that you can manage. Build your self-esteem while you build your reputation. Just work harder than anyone else in your field. A strong work ethic is a common factor in becoming a financial superstar. Find ways to differentiate your service or product and market, market, market it.

5. Learn from others. Don't be afraid to study other successful business models and imitate what works. Why waste time re-inventing the wheel when you can benefit from what is already working? Surround yourself with like-minded energetic, positive entrepreneurs but keep your thoughts independent as you follow your own path to success.

6. Manage the money you now have by:

*Paying off outstanding debts as quickly as possible.
*Living below your means so that you can save and invest.
*Setting aside an emergency fund for unexpected bumps in the road.
*Learning to delay gratification by making decisions that support your long term goals.
*Getting sound financial/business advice from experts as needed.
*You can achieve wealth in today's economy, but finding your niche, marketing it successfully and working hard are probably the keys. In spite of the nay-sayers, only about 10% of new businesses fail each year and 65% are still moving forward four years later. Learning how to become a millionaire fast and enjoying the financial rewards is no longer limited to just those from rich families.

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