Being a Secret Millionaire. Just by thinking about it, I get a chill. A feeling of being excited, I think you understand. You work as a normal employee in the day and you earn an average middle class salary.You buy simple and average products and drive a scooter to your office. Or you use public transportation. You can afford to spend more on luxury items and you can take exotic vacations. But you lead a very simple and below average lifestyle. But deep down inside you are more than that. You are a Secret Millionaire . Does that ring a bell in your ears? Don’t you yearn to become a Secret Millionaire? Sounds like a familiar dream. You want to be one of them, don’t you? For a long time you have wanted to become a Secret Millionaire. But till now, you could not understand how to be that. But do not worry. This article is going to show you the way to your dream and the path of turning your dream into reality . But before that, have you though of any way to reach this destination? Do you know of a way to reach there? Regardless of what you know or not, we are presenting in front of you a way to be a secret millionaire. Behold.
The Secret Millionaire Idea:
The idea here is to become a secret millionaire. So, not many or may be most people don’t have to to know about your financial situation. Pretty sweet ha. So, it is not possible that you own the big showroom of jewelleries down the corner of your street. It has to be small or big but not easily recognizable. Something that helps you grow without letting you come in the limelight. What can it be?? Think!
It can be a small business or an online portal. Or it can be that you are an aggressive saver and investor. But it has two very clear cut aspects to it.
Two Clear Aspects Of Becoming A Secret Millionaire:
If you want to become a member of millionaire club minus the limelight, you have to start something in the boring arena. Businesses in the boring sectors tend not to attract lots of eyes. They are perceived as not much profitable and not many people are going to enter in the field. Also, not many people are going to disturb you. With eventually you succeeding and earning money, you become a secret millionaire.
On the contrary, if you are thinking of something in the exciting areas, it will attract many eyes on you. With enough hard and smart work, you are going to become a millionaire. But it is not going to be a secret. Like if you start a night club and after enough of marketing and advertising you are going to make great bucks, it is very difficult to not get a publicity.
Or what about an exciting startup in the technology sector or the financial services industry. Or even better, a fintech startup. Very hot these days.
These industries make for the exciting news. You are going to be very popular. You are successful or not is a different story.
So What Do You Do?
You work hard. Also,You take advantage of the Internet. Then You start playing the local card. You start the next generation Home Cleaning Company, a laundry business, a garage, an online consulting firm, a medicine shop, a retail outlet, a food stall or other low attraction business that are required everyday or on regular basis but is so simple that people don’t pay attention to. These businesses are so common that people have become habitual of their existence. But these businesses are not going to be the next sensation in the media. So, no disturbance and no interviews. And probably no billion dollars.
Small businesses have some advantages one being that your business expenses are deductible and no income tax is required for that. This helps keep the expenses in check and legally you can save some taxes.Other being that anyone can start a business and you don’t have to spend huge amount on it.You can start with your own money and keep the ball rolling. Online businesses don’t even need a brick and mortar shop. You can start selling online.With time, you can hire employees. This also keeps the expenses under control.Also, people know as much about you as much you disclose. This helps in becoming a secret millionaire.
Some Employees Become Secret Millionaire:
So I said some employees. Isn’t it obvious. CEO’s, CFO’s and other partners of big firms become millionaires and multi millionaires.( Hello! What is new to that? Hold on please)
I said secret millionaire. Didn’t you hear. Ok read on.
I meant that most people who could save some money and invest them wisely are going to be rich and most probably millionaires. You don’t need to save a fortune. You can start slow and small. But keep it regular. You could save half of it in a safer instruments like bank deposits and other half in good index mutual funds.Mutual funds help grow your money with compound interest. It is market based and is safer than the individual share purchases as you need not purchase it by timing the market. Although, mutual fund investments are subject to market risks, over the long period it’s risk is greatly minimized and it is a great way to build wealth over time.
Choosing Professions To Become Secret Millionaire:
Some of the professions are also generally seen as a gateway to riches. Professionals such as Doctors, Lawyer , Chartered Accountants are perceived to have potential to earn huge sums over time. If you are lucky to be in any of the professions mentioned above, you can start saving and investing and maintain a below average or average lifestyle.You don’t have to keep buying a new car every season just because you can.Because if you keep doing that, you are probably going to be a millionaire but not a secret millionaire.
Almost Every Millionaire or Rich Person Is A Saver:
As I have observed over the years, any Rich person who stays rich, has one thing very common. Their expenses are almost always less than their income. You earn $100.00 and you spend $80.00. You add $20.00 to your net worth. Some people save more and others save some less amount. But almost every rich person saves some percent of their income. But with all these glamorous and tempting items available in the market, how you are going to save anything. You grab that $20.00 and get the items that you can buy. Or you can always avail it on credit. Sweet. May be you can. But, then your net worth is going to be lower by $20.00.But, don’t you think that $20.00 is such a small amount that you wouldn’t care about it. Hey! You forgot that you are earning $100.00 only in this example. How was that?
If You Buy What You Don’t Need, You May Soon Have To Sell What You Need:
The line above is an old saying about our spending habits. And it is very true. Most people who are on track of becoming millionaires resist the purchase of items that are not required. They keep reminding themselves that it is not required.
And if you don’t need it, it makes a perfect sense. You are not going to use it after the initial sheen is lost. And you should not purchase it if you purchased it to show others as there is no end or limit to that. Everyone has different choices and want different things.If you keep comparing and buying, it will lead to a financial disaster.
The Secret Millionaire Lifestyle:
So now you became a secret millionaire. You have a million dollars. Now what. A new BMW? Or new Rolex watch?
Well, according to the authors of “The Millionaire Next Door“, it is exactly opposite. Most of the rich people live a very simple lifestyle. No new BMW’s, no new Rolex watches or no extravagant lifestyle. Most millionaires and multi millionaires live a very simple lifestyle and spend less than the average people around them. Their percent spending in comparison to their income is also less than the average people spending.So please don’t think that if you don’t show off, you are not the millionaire. In fact it is the exact opposite. Most millionaire or rich people reached that status because they avoided the comparison buying trap and avoided the show off trap. This Book “The Millionaire Next Door” is a good read by the way.
So the solution is simple.You think about something you want to do.Think that you want to work as an employer or an employee as per your personal preference. If you think that you are an employee material, you work hard and you save and invest your pay check. On the other hand, if you think that you are an employer material, a businessman, you need to pick up the less attractive avenues that are boring and continue with it for a long time. You will see yourself there sooner or later. Also, you can start a small side hustle along with your job. This will keep you very busy for very long, but generally involves no risk and hence peace of mind.You can slowly and steadily build a small revenue that overtime generates enough for you to become a secret millionaire.
So you now have a plan for yourself for becoming a secret millionaire. But remember to take action. Just creating a plan is not enough. Execution of the plan is also important. Happy Millionaire-ship.