How to be a Millionaire? | A step-by-step process

How to be a Millionaire? | A step-by-step process

Hi, everyone, welcome to today's video on this weird looking board I'm going to teach you how to become a millionaire. Now, this is not a clickbait. I myself became a millionaire and I became financially free. So I'm going to share some of the tips and strategies that you can start implementing now if you want to be financially free. So this is an interesting video, please watch it till the very end, there are four specific points that I would like to cover

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One, I'm going to give some important disclaimers. Number 2, I'm going to talk about being a millionaire. vs earning one million dollars a year. Those two are very, very different things. Three, I'm going to talk about some strategies that you can use to earn a million dollars per year. And finally, I'm going to share some of the specific points and golden rules that you must keep in mind in your journey towards financial independence. So let's get started and let me first and foremost give some very important disclaimers. 1st point. Am I talking about millionaire in US dollars terms or INR terms, US dollar terms OK that's one, number two. Am I considering inflation, emergency expenses, all that stuff? No, not right now. Just to keep the explanation simple, I'm discounting that Is it going to be hard to become a millionaire? The answer is yes and no, and it really depends. But please don't get bogged down. Please listen to the entire video

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Things will start making sense. Fourth and finally, can you do it? Yes, you can. Right. So let me show you how and let me take you to a very important point that you must understand that what is the difference between being a millionaire and earning a million dollars per year? So being a millionaire is easy. I repeat it again that being a millionaire is easy, earning a million dollars a year, especially in India

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It's very, very tough. So why do I say that? Becoming a millionaire is easy. It is easy. And let me explain you why. So let's understand this via an example. So let's say that your parents or your grandparents bought a house. They bought that house 20- 30 years ago. In tier-2/3 city if they bought that house in a metro, then majority of the houses in Delhi can easily go up to two to three crores 2 crores to 3 crores. So you're already well underway to becoming a millionaire or you probably are already a millionaire. So that is the reason why a lot of people, a lot of people in Gurgaon, when Gurgaon started escalating in terms of its property pricing, became millionaires in a span of three, four years itself So this type of stuff happens very frequently. It happens across asset classes that you bought Bitcoin, that you are sitting on a ton of Bitcoin, then 20 years after you might become a millionaire. Similarly, if have bought a farmland somewhere in tier-2/3 city, acres and acres of farmland, then again, it can grow and it can become really big. And again, you might become a millionaire

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Important point and structure to notice is. You know what you're doing here is very simple, that you're converting your investment, right? into money. Now, is this liquid cash, NO , for example, you're living in the same house in Delhi, which currently is valued at 3Cr. Can you sell it very easily? Yes, you might imagine that you know what, my house is like three crore or four crores or five crores, whatever number you are imagining. But when you go and try to sell it, there will be a lot of taxes and you might struggle to sell it, first and foremost. Second, if you're selling it, you will have to take a lot of hit, in terms of your taxes or whatnot. Number three, you might have a hard time selling it. Even when you sell it. You might sell it some money in black and some money in white in India. And again, it becomes a nightmare. So technically, you might be a millionaire, but that money is not hitting your bank account. So you might have your own definition of being a smart millionaire, so to say. The important point from a learning perspective, and this is what I would want to note down, that if you make smart investments and let those investments grow, you are likely to become a millionaire

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It might happen and you might be going millionaire when you are 30. It might happen that you become a millionaire at 40, 50 and 60. But at some stage that will happen as long as you are making smart, intelligent investments. So I hope this point is clear that earning a million dollars is not super complicated. You can do it via stock markets, real estate, buying gold, whatever. It can happen. You just have to invest. Right, and sit tight. That's it. That's what you need to keep in mind. And that's what you need to work towards. So I hope this point is clear. Let's move on to the next point, which is that how do you make a million dollars a year in India? This is very tough, very, very, very, very, very tough. In fact, this is super complicated to do. Why do I say so? In order to make one million dollars, this roughly translates to seven point three crores/year, right? This is a very big number

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If you take a per day calculation, this comes out to be roughly to be at least 2 lakh per day. This is a very big number number to achieve; not super easy, very tough. Do I make a million dollars a year? I will leave that to your imagination. Please comment. DO I make one million dollars a year? I will not disclose the answer. But here are a few points that you must remember. There are two, three things that you can do to make a million dollars a year. Number one, you can do this via jobs. So that is the first route in which you can make one million dollars a year every single year. Can you do that in India? Very unlikely. Maybe if you are a partner at a massive consulting firm or an investment bank, and if you have had a very, very profitable year, it will happen. But that usually happens at the age of 50, 60. Tough to do that in India are very, very difficult to do so through jobs. That's one of the routes that one of the options, but it's very difficult to achieve

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So I will leave the discussion there if you want to become a millionaire by doing jobs in India. Very tough. Your best bet is to move outside India and get a high paying job in a foreign market. Now, if you're looking as a partner at McKinsey, New York; or if you are working as a partner at BCG, Germany. You might be making more than million. Right. So that is possible outside India. But in India, the salaries are deflated because there is something called this PPP So it becomes a problem that the salaries in India are paid in PPP terms even by top corporations

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So therefore, making a million dollars in India via jobs is very, very tough. This brings us to the second point, that, hey, what can you do? You can do businesses right now. What type of businesses can you. So there are essentially two types of businesses you can do what was our target? we were targeting to make 2L rupees per day Right? now either you're running a very big business, you have taken over your family business. You have inheritance in that respect. Every structure or everything is established for you, you just have to step in

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You have to just accelerate the operation. You have to work hard of course, for example, Ambanis, sons and daughters, they are doing that and they are making billions. Similarly, your grandparents, your parents might have a very hard to establish businesses. You are getting that inheritance. You have built a big business already and you are benefiting out of that. So that is one way. But not all of us have that luxury. Do I have it? No, absolutely not. I have built all my businesses in a small business fashion and I have made it profitable. So this brings us to the second part of your business that you can think about having small businesses. That is very important these days. The world is going digital, so you can start your YouTube, you can start your own consulting services, you can start your own product or education related services. So this is something that I have done over time and I have branched out into multiple streams of income

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I will talk about what all income streams do I have when I hit two hundred thousand subscriber mark. So help me reach there fast And I will disclose that But for the time being, you need to understand that you have to think about building small businesses. Now, what are the challenges that you will face in terms of building small businesses? Number one, your time becomes extremely, extremely, extremely, extremely important

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Your time becomes the most important component for you, why? because if you're managing, let's say, five or six small businesses. Which are mounting to this right, that you are making literally 2L rupees a day, through these five or six businesses, then the demand for running those 5-6 businesses can be huge: You have to handle everything, right, from operations, marketing, sales. You have to hire a few people. You have to make hiring decisions also. So what is the thing that you must remember and understand? You must remember and understand people management

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You must focus on your own learning because you can't create five, six businesses which amount to 2L if you don't know enough stuff on your own. So therefore watch my channel, try to learn new things, discuss it with people, spread positivity. That's the message. But bottom line is that you must focus if you have no inheritance. If you are no one backing you up, then focusing on creating small businesses can become a very powerful tool for you to make one million dollars a year

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OK, so this is where I will start summarizing some of the key rules. Rule number one is that you must learn very important for you to understand that learning becomes extremely important if you don't have a very big business. If you are trying to become a millionaire by either going abroad and working, you need immense knowledge. If you are trying to start a bunch of small businesses, what you need, you need to learn and be very, very effective and efficient. Please keep that in mind. So learning becomes a very important skill to have. That's A number two must be entrepreneurial and you must be able to take calculated risks. Majority of us get scared. Starting a small business right We should not be scared. We should not be scared We should at least try it out then. Subsequently, what we should do if we get a scale of opportunity or if we get an opportunity to scale up, scale up that business, invest in new businesses, learn to invest, learn to create passive sources of income, you have to take risks to make money, that is that is to try to discover some passive sources of income

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For me, lots of sources of income would be something like stock markets. I advocate learning about stock markets. There are so many videos that I released on the channel. Please go and watch it. Learn more about stock market than passive income. Could be youtubing, copywriting, writing, books, whatnot. So figure out what these passive income sources could be. So all these will help you create these small businesses, a bunch of small businesses, and you can make money out of it. Final skill that I would like to share on the final nugget of wisdom that I would like to share with us. That'd be nice to people cultivate good skills because the network that you will build will help you build those small businesses and scale up those small businesses that help you make a million dollars a year

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So I hope you found this video to be useful and insightful. Give me your comments; do Give me your feedback and I will see you then next time..