How Do I Become a Millionaire?

Let me start by saying it will have nothing to do with jobs, 401ks, mutual funds, or clipping coupons.

The answer is to start a need-based business that has the potential to scale exponentially to the masses. I call it leveraged business assets. Scale is the mathematical metric that gives you the ability to generate wealth/income exponentially. Young millionaires are created by explosive income and/or asset values, not by expense dickery (stop drinking expensive coffee, be cheap, blah blah.) In other words, if you earned $100K/per month, how long would it take you to become a millionaire? About 15 months (assuming taxes.)

Mark Zuckerburg—one of the youngest billionaires got that way via the same method—explosive asset value in a need based business that scaled.

That said, entrepreneurship is central to becoming a millionaire young because the right business implicitly contains control and leverage—two things you desperately will need if you want to become a millionaire young.  And I must stress, it must be “the right business”—a lot of businesses just masquerade as a job—they contain no scale or leverage and will never make the owners wealthy.

Forget “do what you love” “follow your passion” and all other guru BS—create obvious value (one that also drives social sharing to drive an expansion loop) and deliver to the masses.  Mark Cuban also says screw “follow your passion,” you should “follow your effort.”

Now the disclaimer:  I was a millionaire by 31, not by 22.  Unfortunately, it took me nearly 10 years to figure it out.

The other alternative is to listen to the mainstream financial gurus and adopt a lifetime plan of mediocrity, hope and pray, and then one day when you’re 65 years old, you can enjoy your millions.

MJ DeMarco

Read MJ DeMarco’s answer to, “How Do I Become a Millionaire?” on Quora.

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