5 Ways to Become a Millionaire

Posted On February 17, 2023

5 Ways to Become a Millionaire

As the price of everything keeps going up, the amount of money we make also needs to go up. Unfortunately, that’s not the case for most Americans. Wouldn’t it be nice if we made enough to not worry about that?

Most Americans live paycheck to paycheck. But not millionaires. They have a nice cushion built up that inflation doesn’t seem to impact them as much as it does lower to middle-income families. According to the careers site Zippia, approximately 8.8% of US adults are millionaires.

If you would like to join that elite group of individuals, here are 5 ways that you too could become a millionaire. Some of these are tongue-in-cheek, but all are legitimate ways to become a millionaire (with little or no business experience).

#1 – Become a Member of Congress

Even though the average salary for members of congress is $174,000, the majority of them are multi-millionaires. And the vast majority of those were not that way when they entered congress.

Although only 9% of US adults are members of that group, roughly 40% of the members of congress are millionaires. That percentage is far beyond the national average.

Some have said that many of those members were millionaires before they entered congress. But it would be a far cry from the majority.

And if you don’t make it to millionaire status while in congress, according to an older article from CBS News’ “Why is Congress a millionaires club?”, many members leave congress for cushy lobbyist jobs. (with starting salaries in the multimillions). Though, becoming a lobbyist without being elected to congress doesn’t pay nearly as much.

Related articles: How to Become a Lobbyist and How to Become a Member of Congress

#2 – Become a Hedge Fund Portfolio Manager

Pretty much all high-level positions in the world of finance and insurance make bank. But a hedge fund portfolio manager (or hedge fund manager) could make between $300,000 – $500,000 in their first year out of business school. Junior managers can make between $300,000 – $3 million per year. By the time they become a partner, they should be making well over $1 million per year.

Though some business skills are required, it’s not much. Typically 3-5 years is enough to move through the corporate ladder (read the article below for more information on that).

Related article: How to Become a Hedge Fund Manager

#3 – Become a Professional Athlete

When I say, “become a professional athlete” I’m referring to athletes (i.e., football, baseball, basketball, and hockey). I’m not referring to pastime activities like curling, bowling, pool/billiards, etc. Soccer is an exhausting sport. But it doesn’t have a large enough following in the US to command salaries like overseas teams. Though with the right sponsorships, I’m sure all of the above could make well over $1 million a year.

In 2022, according to NBC Sports, the National Football League (NFL) actually has the lowest minimum salary of the four listed above. The minimum salary is $705,000 with the average NFL salary of $2.7 million per year. At the same time, the National Basketball Association (NBA) paid significantly more. Their minimum NBA salary was just over $1 million per year and the average was closer to $10 million per year. Less physical contact but more games.

Major League Baseball (MLB) pays a minimum of $770,000 annually. But the average MLB salary is $4.4 million. And the National Hockey League (NHL) has a minimum of $750,000 per year. Slightly less than the MLB, the average NHL salary is $3 million per year.

Becoming a professional athlete has a lot of benefits. Unfortunately, only a small percentage of all wannabes will ever make it to the big leagues. But don’t give up – if that’s your desire.

#4 – Become a NASCAR Driver

NASCAR, or driving sports in general, isn’t for everyone. A mile-long track with a lot of left turns. Although, there can be some pretty good excitement – even without an accident. But there’s a lot more that goes into racing than just making turns.

Here are a few things you might not know about NASCAR racing.

• It gets hot inside those cars. The average temperature in the cabin can range between 130°F and 160°F. Because of this, drivers have to wear special clothing (and helmet) to help keep them from overheating.
• NASCAR races typically last 3-4 hours. Driving at speeds of nearly 200 mph, a lot of concentration and focus is required. There’s no time to daydream.
• Practicing for a race isn’t as easy as one might think. The race might last 3-4 hours, but their practice sessions aren’t as long. On Friday, they get 2 practice sessions that are 1 hour each. And then another 2 1-hour sessions on Saturday, before the race. Therefore, most of their preparation time isn’t actually spent driving.

Of the 33 drivers in the 2022 Sprint Cup series, 25 of them made at least $1.2 million. According to the site, Kyle Bush is the highest-paid driver. He makes $16.9 million per year. At $200,000, even the lowest-paid driver makes a pretty good living.

Related articles: How Do You Become a NASCAR Driver? and How to Become a NASCAR Driver: Where to Start, Sponsors, and More

#5 – Beat a Mr. Beast’s $1 Million Challenge

Of the options listed thus far, this would probably be the easiest option. That is if you live in North Carolina. For those who don’t, it might be a bit more challenging since that’s where he lives – and where the majority of his videos take place.

If you’ve never heard of Mr. Beast, either you’ve never watched YouTube or have been living under a rock. His real name is Jimmy Donaldson. He makes videos on gaming, video reactions (where they react to other videos), games, and much more. And he loves giving away money and merchandise. He also has his own clothing line and even his own line of food (MrBeast Burger).

People from all over love watching his videos. At the time of the writing of this article, his main channel had over 134 million subscribers.

A lot of his MrBeast videos are based on games. In that, he creates these different games that the participants must navigate. Some are extraordinarily easy while others are a bit more challenging. Either way, they’re usually pretty entertaining. Below are just a few videos of him giving away $1,000,000.

Related videos: Last To Take Hand Off $1,000,000 Keeps It, Extreme $1,000,000 Hide And Seek, and Last To Fall Wins $1,000,000 (Part 1). And there are plenty more.

These are just five ways that you could become a millionaire with little or no experience in business. But whether you remain a millionaire depends on you.

Related articles: 20 High Paid Athletes Who Went Completely Broke – Money Inc and Famous Athletes Who Are Broke – Ranker