3 Ways To Become A Millionaire In The Stock Market
The stock market has created many millionaires. While there’s certainly some luck involved, it’s far more likely to become a millionaire in the stock market versus through winning the lottery.
The stock market is also an attractive option because it doesn’t require as much work as real estate. For the stock market, you just read through a lot of articles, do your research, invest in stocks, and not let your short-term emotions get in the way of the long-term plan.
Every millionaire investor followed at least two of these three paths to reach the 7-figure status. Incorporating multiple paths into your investing strategy will help you reach the big goal sooner.
#1: Invest A Lot Of Money
No matter how you slice it, you’ll have to invest considerable money into the stock market to become a millionaire. You’ll have to invest at least 6-figures, so start building up now if you haven’t already.
Pick up a side hustle and build up multiple income streams. You don’t need too many income streams as too many income streams can lead to overwhelm.
However, if you diversify with 5–10 income streams that you continue to grow, you’ll be in a better spot to invest money in pursuit of the million dollar goal.
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#2: Get A High Return On Your Investments
The average market return is 8% per year. If you can beat that return, you’ll become a millionaire sooner. If you can get an annualized 20% return, 30% return, or even higher, your money will grow faster.
Buying Roku 5 years ago would have more than 10Xed your money. That’s far better than the performance of the stock market during that stretch.
To get incredible returns on your investments, you have to do your research. Effective stock market research comprises of 3 steps: Discover stocks you didn’t know about before, look them up, and then make a decision.
Every investor has a different researching method. This is how I approach stock market research:
Step #1: Research “top growth stocks” on Google and go through a bunch of Motley Fool articles to discover new tickers. Motley Fool tends to be bullish based on my research and does present good points, but I prefer to use Motley Fool to find stocks I haven’t heard of yet. When I come across a stock for the first time, it’s usually from a Motley Fool article.
Step #2: Search for each stock on Seeking Alpha. You’ll get compelling bear and bull cases for each stock on Seeking Alpha to paint a better picture. And don’t forget to read through the comments of any Seeking Alpha article. That’s where the real magic is.
Step #3: Put Your Shortlist Into Yahoo! Finance: This is my favorite place to go for financials on a stock. If you combine a few clicks with some browsing on the site, you’ll find annual revenue trends, the EPS for the past 4 quarters, key metrics like the P/S and P/E, and more. I’ll then compare the stock with other companies in the same industry. If I like what I see, it usually ends up on my portfolio soon after.
Your research method may look different from this, but you have to find an approach that best works for you.
#3: Time In The Market
The longer you stay invested in the stock market, the more time your investments have to compound. Let’s say you get the average market return of 8% per year.
In Year 1, your $10,000 would become $10,800. In 30 years, that $10,000 would become over $100,626.57…even if you didn’t invest another penny into the stock market.
This is why it’s so important to invest early and often. Time in the market is where incredible growth can happen.
If you’ve got two of these approaches working for your stock portfolio, you’re in a very solid spot. Most people’s path to success starts by investing a lot of money. You need to invest money to earn high returns and get more time in the market.
Investing more money also allows you to make more investments and learn from your mistakes over time. Then you can learn how to earn high returns that beat the market so you can move further along your journey towards the million dollar portfolio.
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