First million-How long it takes to earn?

How long do you think it takes to earn your first million? If you wanted to achieve this with your 9 to 5 work, it probably wouldn’t be soon enough. If you had an average monthly salary of $ 7,900, it would take you 10.5 years. However, you could not spend any money. Anyway, successful people earn millions a year. How long did it take them to make the first million?

Am I not too old to make my first million?

The average age of a person who earned his first million is 36 years. You don’t have to be sad if you’re no longer a student and your bank account is still empty.

But you shouldn’t wait any longer if you’re 40 and you’re not a millionaire yet. Change your life, and you may not have to wait for retirement.

Also read: 3 keys to a successful life

When to start a business and earn the first million?

Most have made their money by doing business. The average age at which millionaires started a business is 27 years. A quarter of them had earned their first million in five years. On average, they succeeded in eight years. But with each passing year of business, the chances of making a million decrease.

The main reason is that if your business has the potential to earn a million, it will earn it right from the start. Some business ideas have no potential to make a million. However, this does not mean these ideas are bad.

The sectors with the fastest earnings are telecommunications and technology, here it takes to earn the first million on average in less than five years. At the other end of the spectrum are manufacturing and construction. Here making a million takes more than 15 years.

Also read: Find your strong personal qualities

Who was the fastest?

It only took a year for Google founders, Larry Page and Sergey Brin. It also took a year for the owner of the Chinese Alibaba, Jack Ma. Mark Zuckerberg earned his first million in two years.

Jeff Bezos is one of these fastest. The richest man in the world and also the owner of Amazon earned his first million in three years. In this example, you can see that the speed at which you earn your first million does not mean that you cannot be the richest person in the world.

It also took Bill Gates six years, but he reached it before he was thirty. Financial magician Warren Buffett achieved it when he was 32 years old.

It’s not about how fast you can do it. Crucial is that you can do it. It can provide you with safety and a higher standard of living.

Don’t wait for a better opportunity and start today

To earn the first million, you need the right business idea. To get inspired, read our articles about small business ideas. Or you can go the safest way by investing just like Warren Buffet. You can also read about how he achieved it in the book Snow Ball.

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