According to author Kenneth Fisher’s book, there are ten roads of how to become a millionaire. Or, more specifically per the title of his book, there are Ten Roads to Riches. After reading his book and learning how the wealthy got there, I left with an assured feeling of what I’m doing with my real estate investing is the right thing. Not only was investing in real estate one of those roads to riches, it was clearly the easiest road. So, if you’re wondering how to become a millionaire… investing in real estate provides the best odds.
To become a millionaire in real estate investing, there are four stages one must progress through. The first stage is to adopt the “thinking” of a millionaire real estate investor. Perhaps this idea lands for you as a timeless truth or arm-chair rhetoric.
You see… the population can be divided into two groups. You have those that use money, and you have those that of which money uses them. Millionaire real estate investors “think” of money as a resource or a tool to accomplish their goals. They use money.
The other group, well… they give all types of different meaning to money that causes disruption in their lives of which ultimately thwarts their pursuits. Money uses them.
You must have the thoughts of a millionaire real estate investor if you ever expect to become one.
Once you’re thinking like a millionaire real estate investor, it is now time for the second stage of “acquiring” a million dollars of real estate. Contrary to popular belief, this is not the giant hurdle many believe this to be as most millionaire real estate investors reach this mark far before they ever expected that they would.
Acquiring a million dollars of real estate is more about learning the right strategy for you than it is about having enough money to complete your transactions.
After you’ve acquired a million dollars of real estate, you’ll begin to create a million dollar equity position. This is the third stage, “own” a million dollars of real estate.
Owning a million dollars of equity is far different than being on title to real estate valued at a million dollars. It’s during this stage that most realize that they have a real estate business.
This is the stage of which you’ll discover how to become a millionaire, and it will be through management, selling, trading up and exchanging until a million dollars of equity has been created.
The final stage that you’ll move through is the “receiving” of a million dollars a year from your real estate. This is the peak, the place where those that focused on the prize and endured the first three stages land. This is how to become a millionaire, the type of millionaire that can remove themselves from the day-to-day work of their business and enjoy what they created.
Learning how to become a millionaire is like learning anything else.
There was a time when you didn’t know how to tie your shoe, when you didn’t know how to ride a bike and when you didn’t know how to drive a car. I’m going to jump out on a limb here and assume you now know how to do all three of those things without giving them a second thought.
How to become a millionaire investing in real estate is just like that!
Stick to the road that has been traveled by every millionaire real estate investor before you… 1) “Think” a million, 2) “Acquire” a million, 3) “Own” a million and 4) “Receive” a million, and millionaire status will be yours, too.