Last year, more than a million people in the U.S. alone became millionaires — which set a new record for new people hitting the seven-figure mark.
How would you like to become the next name on that list?
Top 6 Ways To Become an Online Millionaire
So how can you stand out, do something unique and interesting, build an online business, and get paid enough to change your life forever? Keep reading. This whole post is going to be about the best way to become a millionaire online.
There are so many ways to make money online. Below are several platforms you can use to find success. Keep in mind that there is no one path everyone can take. If that were the case, everyone would have a million dollars from an online business.
Find what works for you, stay focused, grind hard, and you’ll find a way to make a million dollars. Making money doesn’t have to involve an expensive suit or sweating all day, and we’re going to prove with our list that it’s still possible to become an internet millionaire.
1. Freelance Your Skills
Freelancing your skills isn’t going to make you a millionaire overnight. What it is going to do is give you a taste of the life you can have once you start working for yourself. You’ll build an online business and learn the art of making money online.
Most people start with freelancing skills they already have as a side hustle to build up income. This extra cash can be used for a vacation, to boost up savings, investing, or build liquidity for your own business.
Popular freelancing options include graphic design, coding/dev work, writing and proofreading, social media marketing, as well as virtual assistant gigs. If you have a high-demand skill or set of skills, you can probably pick up some work on the side.
A lot of people, after being bitten by the self-employment bug, quit their day job to pursue other interests, which is where the magic really takes place. From here, you now have the freedom to build an online empire, become a millionaire online and take your life into your own hands.
2. Blogging
The average pay for a writer is around $60,000 a year. According to Fit Small Business, professional bloggers claim to earn between $40,000 and $80,000 a year, which runs pretty much on par with what various writers make.
The difference is that you can and should treat your blog like a business if it’s making you money. Turn it into an LLC, which you can do on a website like LegalZoom for just a few hundred dollars.
Writing a blog post can also be considered passive income. You write it once, update it once a year, and it will continually earn you money online; for this, you need to have a website where you can get your audience to read (or where you get the traffic), some of the best website builders in the market where you can do this are Wix, Squarespace, Pixpa or Word Press.
If you want to become a millionaire online through blogging, the key is to think of it as a house. You want to start with a good foundation. This includes your theme and your host. Your foundation is not where you want to skimp on spending.
If you don’t have the startup capital, at least a few hundred dollars to get started on the right foot, then save up some money first.
After you get your foundation up, the rest of the house will be built around content and SEO efforts. This includes both on-page and off-page SEO, but this can wait until several blog posts are under your belt.
In the event you’ve never written anything for the web, it’s a good idea to maybe take an online course before you start your online business. This way, you can learn how to write blog posts that convert well. Next, you’ll need a family, so you don’t get lonely.
This is your tribe. Social media marketing is the lifeblood of an online business. Be helpful and make new friends. Prove that you provide value and what to help people.
How do bloggers make money online? Most start off with a combination of ad revenue and affiliate sales. As their influence in the space grows, they’ll be offered sponsored posts from relevant brands and may eventually create their own products or courses.
3. eCommerce
There are many different ways to become a millionaire online using eCommerce. The two we’re going to discuss today are Amazon FBA private labeling and starting a Shopify store. They both have the potential to go from just another internet business to eventually make you over a million dollars.
Amazon FBA – Private Labeling
Amazon FBA is an acronym for fulfillment by Amazon. What this entails is you set up a store on the Amazon website, and they hold your inventory and handle all customer service, shipping, returns, and more for a sizable fee.
Private labeling is a term used for a brand putting its own logo on merchandise it didn’t actually create and then selling it under its brand name. This practice is perfectly legal and usually accomplished by finding a product on a website such as Alibaba and contacting them.
Once you work out a deal and find out how much the product and shipping to Amazon are going to cost, you can set up your new business online right on the Amazon website and get the ball rolling.
There are several things you want to keep in mind if you want to go the Amazon FBA method; (merchantwizard how to sell on Amazon), which is the private labeling route. First, you want to know how much each sale is going to cost you as the seller. Then it’s a matter of finding the right margins for this product.
Secondly, nothing lasts forever. Figuring out the lifespan of a product has a steep learning curve, and you need to accept the fact you may take a few losses along the way. Once you master these two important caveats, you can earn money online by creating multiple stores or selling multiple products under one banner.
Finding ways to become a millionaire online isn’t going to happen overnight. This is the first idea on the list that requires a sizable investment and can result in large losses. Prepare to get rich slowly with this idea. But once you find success with it, it can easily be replicated to infinity, helping you to realize your dream of becoming an internet millionaire.
Shopify
Shopify stores aren’t that different from Amazon FBA private labeling stores. The main difference is that you have your own website.
Everything is yours with this internet business model. Your website and your merchandise — are sourced however you want, and it is 100% your responsibility. Traditionally, most people promote their websites with Facebook ads. Many are unaware of how powerful their own content can be. Shopify allows stores to have their own blog and are infamous for underutilizing this asset.
Facebook ads and other social platforms can help brands make a ton of money, but never rule out the superior power of search engine optimization. A million dollars is great, but if you want to go beyond that and into the long-term with your online store, SEO should be a focus.
4. YouTube/Social Media Influencer
Influencers are typically members of younger generations. The ones that have the largest presence get onto an online platform early, connect with an audience, and then grow tremendously as the platform grows.
You don’t need to be a Kardashian or have a million followers to make a million dollars. The average salary of what’s called a micro-influencer is anywhere between $40,000 and $100,000 a year. These influencers only have 10k-50k followers.
Building a YouTube channel is good for people who enjoy being in front of the camera. But the key to having a great YouTube channel, or influencer in general, is editing skills. Video editing itself can probably help you become a millionaire.
All you really need to start a YouTube channel or become an influencer is a smartphone and a laptop. Like blogging, success doesn’t happen overnight. Focus on generating great content and building a tribe.
YouTubers make money much the same way as bloggers. Affiliate marketing paired with Google AdSense, once you meet the criteria, sponsorships, and brand deals, along with their newest feature, which is memberships. People can join your channel as a member and receive perks that non-members cannot receive.
How much money do YouTubers make? It depends on the niche, views, and several other factors. The platform also has its own type of SEO that you’ll need to master.
As a starting point, find channels in profitable niches that create content similar to what you want to make, and then search for them on sites like Social Blade. There you can get a good idea of how much ad revenue each of these channels brings in. Keep in mind there are several ways to make money on YouTube, and social blade cannot track affiliate sales and other streams.
5. Investing
There is no better way to make money passively than investing. Making money doesn’t get any easier. Investing can be real estate, stocks, or even crypto. While trading is fun, you’re usually going to be better off taking a “set it and forget it” investing stance.
When it comes to investing, you’ll need to do your own research and a lot of it. Start with products and services you already understand and take a deeper dive into their financials.
Stocks and crypto go up and down regularly. Housing markets experience booms, bubbles, and busts. Investing is all about long-term passive income. As tempting as it is to check your stocks and crypto numbers every day, that’s a bad habit.
Real estate investments can bring in 5% annually, sometimes a bit more. The stock market typically returns closer to 8%. And crypto can make you anything you want. Keep in mind there is very little protection with cryptocurrencies, and there are a lot of ways to lose money.
6. Create Courses or Digital Products
Many bloggers and YouTubers create their own products. They are great ways to make money online for people who have an existing presence. If you want to sell physical or digital products, building an online store on Etsy can be a great resource for you to accomplish these goals.
Digital products are the way to go with this strategy. You make something that’s downloadable, and you sell it on your online store page. You may need to update it once a year if it’s a planner or calendar, but for the most part, it’ll generate passive income for years.
An online course is how a lot of people make a full-time living and build an empire. If you’re any kind of subject matter expert for an in-demand skill or service, people are going to buy your online course. You can start selling and creating an online course today by using some of the best online course platforms.
There is no one size fits all way to build and market a course. But a couple of tips for finding success will be having an audience already in place that will purchase the course and having an email list to market the course to your target audience.
The Bottom Line – Best Ways to Become a Millionaire Online
Some people like to make a case for doing several of these options all at once to create multiple streams of income. So many of the ideas on our list represent great ways that thousands of people have become a millionaire online over the last several years.
However, there is also a case to stay focused on a single platform or topic you either know or deeply desire to know more about. A hyper-focus can also be a double-edged sword. So, the best advice is to do what you want. It’s your life, freedom, and financial future we’re talking about. Take charge of it.
Thanks for stopping by and reading today’s post. If you have any questions, feel free to leave them below.
Featured Image Credit: Photo by Kindel Media; Pexels; Thank you!
