How to Become a Billionaire: 7 Doable Ways

While becoming a millionaire sounds fairly doable through hard work and some luck, going to the next level is often considered nothing more than a pipe dream. But what if it were possible? If you’ve ever wondered how to become a billionaire, this article lists several ways that could make it happen. While becoming a billionaire might still seem like a long shot, these strategies are all perfectly doable, so read on!

What Does it Take to be a Billionaire?

Naturally, it takes a lot of money to become a billionaire — $1 billion at the very least. The average billionaire meanwhile has a net worth of $3.1 billion. To put this into perspective, the median net worth of Americans is $97,300. So, how do people amass such vast fortunes?

Unless you have the fortune to have inherited that wealth or have won the lottery (in which case you are unlikely to be reading this article), let’s take a look at several ways that can still get you to that coveted amount and beyond.

7 Doable Ways to Become a Billionaire

1. Invest in stocks and mutual funds

Many people become billionaires by investing which gives them the potential for massive rewards, provided they know what they are doing.

The downside to this strategy is that there is always a risk involved when you invest in stocks and mutual funds. You could lose all of your money if the stock market crashes. Therefore, it is important to do your research, understand the risks before you invest your money, and preferably, diversify your portfolio to include both safe haven and riskier assets.

2. Start your own business

While not necessarily the fastest way to become a billionaire, a steadier and less volatile strategy than investing is to start your own business and, of course, make it successful. While many factors contribute to success, one of the most important is a clear vision for your company.

3. Purchase property in high-value areas and rent it out

If you’re wondering how to become a billionaire in real estate, the answer is to purchase a property in a high-value area and make money off renting it. This can be a lucrative investment, as the rental income can quickly add up. In addition, the value of the property is likely to appreciate over time, providing an even greater return on investment.

The downsides to this strategy are that you would still need upfront capital and the risk that the property could lose value over time. Still, if the property is carefully chosen and well-managed, it can be a sound investment that generates wealth.

4. Create a product or service that is in high demand and has low competition

Creating a product or service that is in high demand and has low competition is a surefire way to become a billionaire. Naturally, this would hinge on your education, experience, and inventiveness. If you do succeed in coming up with such an idea though, it’s important to protect your position by building up a loyal customer base and consistently delivering excellence.

5. Create opportunities

Anyone who wishes to become a billionaire by creating their own opportunities should study diligently, save regularly, pay off debts as quickly as possible, and have a short-term plan that includes investing in themselves and their education. Speaking of education, it’s unavoidable to ask what to study to become a billionaire.

6. Find a high-paying and stable job

Becoming a billionaire is no easy feat, but it is possible with the right job. But what jobs make you a billionaire? There are several options. For example, jobs in the medical field such as surgeons and doctors have the potential to earn a high salary. These positions also typically require years of experience and training.

7. Maintain your wealth

Saving and investing is vital to building wealth, but maintaining your fortune is equally important. While it may seem like common sense, many people make the mistake of not consulting professionals when it comes to their finances.