I don’t know anything about you, including your skills, experiences, where you live, or many other things.
All I will say is becoming a millionaire in 5 years is much more difficult than 10 or more years.
You can only get there by:
- Taking calculated risks. Ideally, take loads of these kinds of risks.
- Getting lucky – for example inheriting money or winning the lottery. This isn’t really a sensible strategy to rely on loads of good luck. We can all take advantage of any good luck afforded to us though.
- Building on what you have already achieved if applicable. Going from middle to millionaire is easier of course, than going from A to Z in 5 years.
Taking calculated risks is your best bet if number three isn’t applicable.
Some examples. Are you doing well in your day job? Well, consider starting your own business, or at least a side hustle in that area.
Do you make a lot of money on paper, but most goes to taxes and cost of living?
Try emigrating. I know countless people who 5x how much they could save and invest from simply changing their residency.
That one decision saved them a fortune in taxes and/or cost of living.
Of course, it only applies to people who can work, or do business, remotely.
Those are just two examples of hundreds I could have used.
The point is, if you take loads of calculated risks over a decade, you are playing the numbers game.
Twenty calculated, relatively small, risks a year is hundreds over a decade.
One or two will likely pay off, and the rets won’t “ruin” you if you fail, because by definition they are sensible risks.
Another alternative is to invest productively, but for most people, that leads to big wealth at middle age.
You will probably personally know, even within your own network, plenty of “everyday multi-millionaires”.
Most of these people starting investing young and compounded for at least two decades.
A decade in investing might not make you “rich” per see, but it will set you up for it if you contribute consistently.
