How to Become a Millionaire in 2024 – 8 Best Ways

Introduction

Welcome back to another article. In this article, I will condense a ton of information into a short article explaining how to become a millionaire in 2024. Now, if you are thinking, how can you become a millionaire in the same year you are reading this article? Well, it’s possible. So many people have done it. I’ve become a millionaire multiple times over now, and I will be sharing some keys. Takeaways that’ll help you a lot. Before we get into this, this article has eight different points.

They are all core concepts that you have to understand. You have to put into action if you want to become a millionaire. Suppose you get these concepts wrong, ignore them, or are unaware of them. In that case, it will be tough for you to become a millionaire and to give you some background on where this information comes from.

I have learned this from personal experience, and it’s also coming from an excellent book called The Millionaire Fast Lane. I put into action what I read several years ago; it does work. And then also, there’s a video made by Alex Hormozi that is about an hour long with much of this information. I want to give you a summary of all three of these in one impactful article. Without further ado, let’s jump straight into the first core concept you must understand to become a millionaire.

1- Define What A Millionaire Even Is

This concept of becoming a millionaire defines what a millionaire is. Many people don’t realize that there are two different types of millionaires. The first is a net-worth millionaire. Essentially, they say your assets, minus your liabilities, equals your net worth. To give you a prime example, your primary residence will probably be your largest asset if you have bought your house. However, it could also be your most significant liability. So let’s say that you live in a 1 million dollar house.

However, you have a $500,000 mortgage on that house. That does not make you a millionaire just because your home is worth one million dollars. When you take your one million dollar house, which is your asset minus the $500,000 mortgage you have on that. Your net worth is $500,000. With that being said, if you have another $500,000 in cash in the bank, or if you own your vehicles outright or other considerable assets worth a lot of money.

Then, you can still be a net worth millionaire even with a $500,000 mortgage, which is the debt. It’s lowering your net worth. Now, with that being said, the other type of millionaire is a liquid millionaire. I believe this is the genuine millionaire; when you open your bank account, you have over one million dollars in cash. 

2- What Business Model Should

The second core concept of becoming a millionaire here is fundamental. Using that business model to become a millionaire in 2024 would be best. Before I tell you my suggestion, you need to understand two basic concepts. One of them is coming from The Millionaire Fast Lane book. The other one comes from my personal experience and Alex Hormozi combined. So first, the one coming from the book is that you must be able to sell a product that is making you money that can scale.

It doesn’t matter if your product makes you ten or ten thousand dollars in profit. You have to be able to sell enough of them to make over 1 million dollars. You have to be able to fulfill those orders. Now, you could bring on other employees, and you can bring on a team to meet all of those orders; however, that complicates things. In 2024, making a million dollars in online business is easier than ever.

Doing it all by yourself with no other employees, and trust me when I say there are business models out there where you can fulfill all those orders yourself. Frankly, you can do it all automated, so it’s passively done in the background. I’ll touch on that in a second. But first, you have to understand the concept of being able to scale it and not have a ton of work for every single order that comes in. That key takeaway alone is significant. However, the second key takeaway comes from my personal experience and Alex Hormozi’s.

This is because you only have 100% of your energy daily. You cannot divide that into multiple different businesses that you were all trying to start every single day. For example, if you’re trying to start five different businesses all at the same time. Then, you’re only going to be able to give 20% of your energy to each of those businesses. Trust me when I say no business will make you a million dollars in profit from only 20% of your energy when you start that business.

So know that whatever business model you ultimately go into, put all your energy into that business because that will make it explode quickly and make you a millionaire. So, with that being said, my recommendation for the business model in 2024 to make you a millionaire this year is affiliate marketing with videos. I would love to dive into this business model and break it down for you. In this article, I’m trying to keep it concise and moving along.

3- The Stages that Anyone & Everyone is Going to Go Through When you Starting A New Business

Now, if you understand these stages ahead of time, you can recognize them as you are going through and starting that business, and it’ll make your life a lot easier. You won’t be stressing as much because you know the next stage of becoming a millionaire.

1. The first stage is called uninformed optimism. It’s the stage of discovering all these opportunities without knowing anything about the business. It looks like a perfect way to make money quickly.
2. The second stage that comes after the first is called informed pessimism. This is when you start to do your research. You started watching tutorials on how to do this business and discovered it’s much more complicated than you thought. Now, this is the first stage where people begin to quit. They say, wow, this is much harder than I thought. May go back to the drawing board and try to find another opportunity. However, some people go on to make it to the third stage.
3. The third stage is the valley of despair, which is figuring out. Wow, this is extremely hard. There is so much more to this; I don’t think I can do it. I don’t have the skills for it, so I’m just going to quit here. So, between the second and third stages, this is where the vast majority of people leave the business idea.
4. Now, for the people who didn’t quit at the third stage, it brings you into the fourth stage, informed optimism. Now, in this stage, you are learning from the right people. You’re learning the right tutorials, starting to piece this business together, and figuring out that you can do it if you can learn from the right mentor—the right person teaching you, the right person instructing you. You are going to get through those first three stages, and you are going to make it to the informed optimism because you’re going to have the right—honest person teaching you how to do it.
5. Reaching this point and pushing onto the fifth stage brings you achievement or success. This is where you had the right tutorials; you kept working hard on them, and now you have succeeded in that business. But the only way to get there is by going through those first couple of steps, which I think aren’t hard and where most people quit.

4- Find A Hungry Crowd

The fourth core concept of becoming a millionaire comes from the Millionaire Fast Lane book and Alex Hormozi’s To Find a Hungry Crowd. These chapters are important, but this may be one of the most essential concepts if you want to become a millionaire in 2024. So you want to do this quickly. This concept is finding a market where you can sell something while looking for a product. You can’t just come up with a good idea and say once I build it, people will come because you don’t know what that market is.

You don’t know if people are craving and don’t just want, but they need that product. Now, to give you a perfect example of this to make sense. Alex Romozi uses an ideal metaphor and he says if you have a hot dog cart. You are selling them. The number one thing that you could ask for that business to do exceptionally well is to put that hot dog stand in a place where a starving crowd is coming out, and they need food. They don’t care what it is. They need to eat food right now.

It doesn’t matter how much the hot dogs cost, and it doesn’t count anything else. People are going to flood you, and you’re going to sell out every single day. So that is the same. You need to think about what kind of business idea you’re looking for when you’re looking for your niche or market.

When you are thinking about your market, think about three things:

1. Does that market have a problem? Do they have something painful for them that they need a solution to?
2. Does that market have purchasing power? If they have the pain and you have this solution for it, are they able to even buy it?
3. The third way to help you is to determine if the market is easy to target.

So quickly, the business model I told you about before is affiliate marketing with videos. It solves all three of these and doesn’t do exceptionally well. That’s why it can make you a million dollars in 2024. 

5- One Avatar, One Product, One Channel

The fifth core concept of becoming a millionaire comes from the book and Alex Hormozi. This is one avatar, one product, and one channel. To get through this, when starting your business and creating any content for your business, always think about one avatar: your ideal customer. Think of who that would be in your mind. When you make any content for your business, imagine that you are always creating that content for that specific person by doing this.

It puts your mindset in the way of talking to that particular person who represents an entire market of people with that exact problem. This is a mindset shift that helps you a lot when you are creating any content for your business. Now, the second part of this is one product. So, when starting your business, promote one product as the solution. As we said before, imagine you were talking to a specific person with a problem. You are offering a particular solution.

Now, by providing them with one solution, not four or five different solutions. You are taking all the opportunity to overthink things off the table and creating a straightforward path to go down. That will get them the solution they need. Lastly, there is one channel. So, when making any content for your business, pick one channel to create content on. Again, we are going back to affiliate marketing with videos. I recommend doing this just on YouTube.

If you create videos and upload them to YouTube, you don’t need to worry about uploading them to Instagram or any other social media platform. This goes back to our initial concept: you only have 100% energy. So, focus all that energy on that one channel. That way, you’re going to crush it on that channel. You won’t make a little impact on all the different channels, and no one will notice you. 

6- $1M Offer

The sixth core concept of becoming a millionaire is understanding, which is having an offer that will allow you to make a million dollars. Now, when many people go into making money, they’re thinking about what the product is. What are the profit margins on that? How much money are they going to make? Ultimately, you have to believe, in reverse, think from the customer’s perspective: what is the offer? Is the offer better than the other offers that are out there? I’m not talking about the product; I’m talking about how much-perceived value the customers will get.

Now, the recipe for an outstanding offer breaks down into four things. You first have the outcome. So what is the person trying to solve now? This is going to be essentially the solution to their paint. If you can solve their pain, there’s no question about it. Then you’ve nailed this first one. Now, you multiply that outcome by the likelihood of achievement. So is it guaranteed that it’s going to solve their problem? Or is there just a good chance that it will solve their problem?

The closer you can get to guarantee that it will solve their problem. The better for your offer. Now, the two of those are extremely important, but there are two other things that you have to consider as well. First is the amount of time that is going to take the person to see these results. The second thing is, how much will they have to sacrifice? The most straightforward example is if you want to lose weight, will you have to sacrifice drinking Starbucks coffee?

Are you going to have to sacrifice eating ice cream and drinking alcohol? Or is it just going to continue your lifestyle as usual? But using our product will make you lose weight, so you are a factor in all of these things, and that’s what ultimately makes your offer. There is a shortcut to this: coming up with your business offer is hard. That’s the formula, but you must develop something better than everyone else’s. That’s not very easy to do.

So, go back to the business model I discussed before doing affiliate marketing with videos. The easiest way to do this is to pick out which one of the products you want to promote. That already has the best offer, and people are buying in the market and then just being affiliates. Remember, the easiest thing to sell is someone else’s product. That way, you are not starting from scratch. You already have a proven product for which you can become an affiliate and help sell.

7- Reputation & Goodwill

The seventh concept of how to become a millionaire is reputation and goodwill, another significant topic. What this is, is when you are starting your business, as you start to scale up, your reputation is essential. So, when creating any content for your business, do not lie. If you lie, people are never going to trust your content again. The second part of reputation is never risking your reputation for short-term money. Remember, you only have one reputation, which can take years to build and only seconds to ruin.

The other key takeaway in this concept is excellent. It’s called goodwill. Suppose you can create free content for your business. Once a market consumes that content, they feel they would have paid for it. I would have paid ten dollars to watch that YouTube video because it helped me so much that you didn’t charge them anything when creating this goodwill gap. Watch that video, but they feel like they got ten dollars’ worth of value.

If you can create that kind of gap in your content, your business will do so well because that is the content people will share. They’re going to tell someone else about it. That is the type of mindset that you want to go into creating any content for your business. Ultimately, that will lead to making the best content and help you become a millionaire.

8- Longterm Thinking

The eighth core concept to become a millionaire. This is the last one in this article about thinking long-term. Now, not what you might think. So the only takeaway in this core concept is that the goal at the end of the day, once you’ve become a millionaire, is not to retire and do nothing, trust me. When I say you will get bored very quickly, you will feel like you are not providing value to society after making a million dollars. No matter what business model you were in. You delivered much value to people, resulting in a massive sense of fulfilment.

If you just cut that off cold turkey, you will feel missing something in your life. So, rather than having your goal set to retire after you’ve made a million dollars and do nothing after that, set your goal to have freedom. Now, what I mean by this is the freedom to work on what you want to work on, when you want to work on it, and where you want to work on it, and also the freedom to do what you want where you want and when you want to do it.

This is the ultimate goal because you’re going to find that purpose and happiness come from working on something that you find worthwhile and something that you enjoy doing. Now, if you set your mindset in your goals correctly, you’ll find out that after you’ve made that first million dollars, you still enjoy the business and want to work on it. That’s how you continue to make the second and third million, and things start to scale from there.

Conclusion: How to Become a Millionaire in 2024 by Following These 8 Best Ways

In this article, you have learned the eight best ways to achieve your financial goals and become a millionaire in 2024. These ways are based on proven principles and strategies that have worked for many successful entrepreneurs and business owners. They are not easy, but they are worth it. If you want to become a millionaire, you must adopt these strategies. After that, you’ll see the results and your becoming a millionaire goal achieved within the year.

By defining what a millionaire means to you, choosing a suitable business model, understanding the stages of starting a new business, finding a hungry crowd, focusing on one avatar, one product, and one channel, creating a $1M offer, building reputation and goodwill, and thinking long-term, you will be able to create a profitable and sustainable business that provides you with the lifestyle, the freedom, and the impact that you desire.

The only thing that is stopping you is yourself. So, take action today and make your dreams come true. Good luck! 🍀 If you haven’t read my last article yet, go to the article by clicking here and check the unique passive income ideas.