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​The 4 Main Ways People Become Millionaires

Is there a certain formula for creating wealth?  

By and large, there are four main paths to becoming wealthy:


1. The Saver/Investor  

The most common way, but also typically the longest.  

People in this group generally have a day job, but live well below their means to save aggressively. Some might have side gigs or not be hesitant to ask for a raise every 1-2 years or switch jobs to get a pay bump.


2. Rise through the ranks  

For some, they achieve wealth by rising through the ranks of their company, eventually settling in a high management position that makes them a high salary per year.


3. Rare skill sets  

Those who have specialized knowledge in an area can command high salaries because of the strong demand and relative scarcity of their skill set. This can include doctors, lawyers, or even certain types of mechanics.


4. The ‘dreamers’  

These could be business owners or entertainers. These types are passionate about what they do and earn a lot of money in the process.  

The ‘dreamer’ path is nonetheless the hardest to achieve because of the dedication required and the stress that’s often associated with the job. Also, sometimes these types of jobs are inherently limited (ex. NFL quarterbacks).

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