Many Individuals aspire to become a millionaire, but only a handful of them push themselves hard enough to achieve this goal. Today, when being a billionaire is the new focus for the wealthy, becoming a millionaire is a possibility for many, and it generally boils down to rational thinking and occasional calculated risks.

Moreover, there are no tricks or scams involved in getting that millionaire tag, just good old-fashioned consistent and disciplined investing. If you are ready to invest smartly to reach your millionaire milestone, here are a few steps to help you get there:

Invent

Inventing is a tough career path to take. But if you’ve got the smarts to successfully create, patent, produce and market a product that people need (and thus, will buy in droves), you can build your future billionaire life on it. Successful inventions aren’t necessarily complicated or high-tech items but can be improvements on existing items. For example, James Dyson invented a better vacuum cleaner, and Gianfranco Zaccai invented a better mop, the Swiffer.

What if you had started investing $10 per week five years ago? Assuming an average return of 8%, you’d have thousands of dollars today— all from investing a little more than $1 per day. Think about that $10 a week. Where did it go, anyway? If you’re like most, you probably spent it on Uber rides and Frappuccinos.

The Dreamers path

This is perhaps the hardest path to building wealth because it requires the pursuit of a dream, such as starting a business, becoming a successful actor, musician, or author.

Approximately 28% of the folks in my study were Dreamers, and they accumulated an average net worth of $7.4 million — for more than any of the other groups — over a period of about 12 years.

All of them told me that pursuing their dreams was one of the most rewarding things they had done in their lives. They loved what they did for a living, and their passion showed up in their bank accounts.

Be an Entrepreneur

The third option for becoming a billionaire is in the time-honored tradition of entrepreneurial pursuits. Starting a business and taking it to success isn’t always easy, but for those with good business sense and the ability to spot start-ups that have the potential to be great, entrepreneurship can be the vehicle to great wealth.

Billionaire entrepreneurs might work in one of two ways: either by coming up with a great idea and taking it all the way, as in the case of Bill Gates and Microsoft, or by spotting someone else’s good idea and investing in it early on. Both are viable ways to reach the success that can get you billions of dollars when it comes to your own net worth.

The Virtuosos path

Roughly 19% of the participants in my study chose this path. Virtuosos are among the best at what they do in their profession. They are paid a high premium for their knowledge and expertise, which sets them apart from the competition.

It took the Virtuosos in my study about 20 years to reach an average net worth of $4 million. Some worked in the medical field, while others worked in law. A handful either worked for large, publicly-held corporations, or they were small business owners with highly profitable enterprises.

Don’t Make Flashy Investments

The latest and greatest investment opportunity may be fun to talk about, but one of the pitfalls of would-be billionaires is to jump in on the “next big thing,” which doesn’t always turn out to be so big. Investors who make billions from their investments avoid flashy, fun, and high-risk picks and instead choose those with long-term potential to provide great returns. Real estate, energy, steel, telecommunications, pharmaceuticals, and energy are among the picks, while high-tech and intriguing but risky options may go either way. 

We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.