5 Ways to Become a Millionaire

by Shane Murphy

Reporter

Dollar banks note money background
vitma / Shutterstock

Everyone thinks about becoming a millionaire at one point or another, but it’s usually a “what if” scenario.

What if I could pay off all my debts? What if I could afford my own home? What if I could travel the world?

Most people don’t realize that with the right moves, you can become a millionaire — it’s not a question of “if,” it’s a question of “when.”

And getting started is so much easier than you think. As long as you have an internet connection, you’ve got everything you need to be on your way to seven figures.

1. Make a plan with the help of an expert

Like any long-term goal, the first step to becoming a millionaire is to make a plan — ideally with the help of a financial expert. Most, if not all, millionaires have a trusted financial planner to help them manage their money.

Certified planners don’t come cheap, though; most charge between $1,000 and $3,000 per plan, and that doesn’t include management fees.

However, if you’re willing to do all your planning online (which, let’s be honest, is usually more convenient anyway), getting an expert opinion can be a lot more affordable.

A personal finance start-up called Facet Wealth can connect you with a certified financial planner (CFP®) who will talk you through goal-setting and strategies.

The CFP® will then take some time to review your finances and build you a long-term plan to help you get to your first million. If their plan sounds good, you can hire Facet Wealth for a fixed rate based on your needs. If it’s not for you, no problem; there’s no pressure to sign up.

Even if you’re just curious, it’s worth it to set up a free 30-minute call with Facet Wealth and talk to a professional.

2. Invest in iconic paintings by world-famous artists

Young female visitor looking reflective while sitting on a bench and admiring the various paintings on the wall of an art gallery
antoniodiaz / Shutterstock

You might think that investing in fine art by the likes of Banksy and Andy Warhol is only an option for the ultra-rich.

But with an investing platform called Masterworks, you can invest in iconic artworks too, just like Jeff Bezos and Peggy Guggenheim.

On average, contemporary artworks appreciate in value by 14% per year, which is significantly higher than the average returns of 9.5% you’d see with the S&P 500.

And investing with Masterworks lets you bypass a lot of the drawbacks of art investing — you won’t need to scour garage sales looking for a lost work by a master, and you won’t have to scramble to find a buyer if you need to sell your shares fast.

Masterworks is the one of the first art investment platforms, and it’s available by invite only.

If you want to own a piece of art history — and take the next step towards your first million — You can request an invitation by clicking this link.

3. Build a real estate empire

Investing in real estate is another money move that might seem out of reach unless you’re already wealthy.

But Fundrise makes it easy for anyone to get into the real estate game, no matter how big (or small) your budget is.

Using Fundrise is a lot like buying stocks, only instead of getting a piece of a company, you get a share of real estate.

And Fundrise lets you invest in all sorts of properties across the country, from single-family homes in rural Texas to high rise apartments in New York City.

There are no transaction fees or sales commissions, and the standard fees are just 1% a year.

Set up an account in a few minutes, and you can start building your real estate empire with as little as ten bucks.

4. Conquer the gig economy (without stressing about taxes)

Woman enjoying sea air on autumn beach before thunderstorm.
selenitphoto / Twenty20

Starting a side hustle is a great way to supplement your regular income and push yourself closer to that first million.

But joining the gig economy usually makes managing your money a lot more complicated. Doing your taxes, tracking your expenses and even just getting paid can be a serious hassle and lead to a lot of stress.

That is, unless you check out Lili, a totally free online checking account designed exclusively for freelancers.

Lili accounts come with a Visa debit card, and every time you use it you’ll get a push notification to the Lili app asking you to sort the expense as “personal” or “business” by swiping left or right.

This will help you to lower your taxable income and maximize your business expenses when tax time rolls around. Lili can also estimate how much income tax you’ll have to pay, and automatically set aside a bit of each payment you receive for your taxes.

There’s no minimum account balance, and signing up is super easy. If you’re planning to start picking up some side gigs, you definitely want to have Lili in your pocket.

5. Get a free stock worth up to $70

You can invest in big brands like Apple and Tesla without dropping a fortune.

In fact, with Public you can invest in fractional shares for as little as $1.

Instead of spending hundreds on a full share, you have the option to buy slices of a stock with however much money you want to put in.

Public lets you pack your portfolio full of your favorite companies, and it’s completely free to use, with zero commissions.

Download the app today and sign up in just a few minutes. If you refer a friend and they sign up and fund an account as well, you can receive a free stock worth up to $70.