IamGale here, the psych and marketing guy, and surprisingly I’m not talking to you about psych or marketing… Today we’re talking about money, specifically how you can become a millionaire. No inner game fluff talk. This post gives you all specific industries and tactics where millionaires are created. If you’re in your 20s you’ll find this very interesting. Imagine if you had a million dollars? Yea, we’re going there today.
Why You Should Make as Much Money As Possible
Despite all the bullshit you hear, you should do everything in your power to get as much money as possible.
If there’s one problem you want, it’s too much money. If I had to choose, I’d rather be a rich beta bux than a broke chad. Money buys options.
I hate hearing stories about how rich people are the most miserable people in the world. Are they serious? They can pay for support, when you’re broke you don’t have anything. Being rich means you have the resources to help yourself and to help the world.
Why traditional advice sucks
You know what happens if you Google, “How to become a millionaire”?
You get bullshit results about the 7 habits of millionaires and how you should be reading and waking up at 5am…
But none of that advice is actually helpful in making you a millionaire. And I swear to God, I’ll kill you if you post in the comment that we should do surveys to make money…
We’re talking about real money: Fuck You Money.
I’m talking about building millionaire dollar assets that you can sell one day. Millionaire fastlane style money.
This is the end goal:
You should have enough money to say whatever you want, do whatever you want, all with utter confidence because you know you can financially support yourself through anything.
There are so many benefits to having money. With money you can make other people happy. You can live anywhere you want. You get almost an unlimited number options available to you.
But how do you make Fuck You Money?
Yes, the concept is simple, add value. But it begs the question, what kind of value?
This post is going to be about the biggest opportunities out there for young men to make serious money. Please add your suggestions as well to the comments below for potential careers.
Before we start I want to give you real statistics on millionaires. Yes, it’s very possible for you to become a millionaire if you work. In fact, most millionaires are first generation. Check out these statistics.
- According to the book The Millionaire Next Door, only 20% of millionaires inherited their wealth. The other 80% earned their cash on their own. 1
- Most modern American millionaires today (about 80%) are first-generation millionaires. 1
- The average millionaire goes bankrupt at least 3.5 times 1
- Only 20% of millionaires are retirees. Around 80% still go to work. 1
- Half of all millionaires are self-employed or own a business. 2
Breakdown of Millionaires
In the USA, according to highly successful entrepreneur & best-selling author Brian Tracy, here’s the breakdown of those who earn $1m annually:
- 74% – Entrepreneurs
- 10% – Highly Skilled Professional
- 10% – Corporate Executives
- 5% – Sales Professionals
- 1% – Rock Stars, Athletes, Lottery Winners, etc.
Notice how most millionaires are regular entrepreneur. You’ll see shortly that finance is one of the best and safest industries to make a fortune but most millionaires you’ll see are entrepreneurs.
Now we’re I can show you the really good stuff. I spent a lot of time researching and linking this for you.
Below are industries in which I’ve read or heard of industries where people are making serious income. These are industries that you want to look into. The number one rule is always to follow the money.
Don’t look at how people say they’ve become millionaires. Look at what they’ve created. Normally this would take you hours to research, but I’ve already compiled some the best industries and markets for you to make money below.
How to Make Fuck You Money
1. Selling Courses Online
By far the most common thing I see these days. Guys like Ramit Sethi, Derek Halpern, Brian Dean, Neil Patel, Udemy profs, are killing it in this space. These guys have 7 figure businesses just on selling $2000 courses.
All making millions of dollars. And Courses have some of the best margins of all time. Crazy industry right, especially as more and more millennial lose faith in College. And as relevant courses start to be exclusively online. For instance, there’s no University for SEO. Online is your best source for good information.
- Derek Halpern: How I Built A 7 Figure Business – Social Triggers
- Neil Patel: How I Built a 7 Figure SEO Agency
- Udemy: Alun Hill has a dozen udemy courses bringing him tons of money
- Udemy: Rob Percival hosts the best-selling programming courses
- Nat Eliason: Making 53K from programming for marketers
I believe selling courses online is one of the best-emerging markets out there for those who have something valuable to teach. There are several benefits to courses. You can charge very high price tags like Ramit Sethi ($2000+) and you can keep the same course running for years. So you create a recurring revenue. What the pros do is 4 times a year they open their courses to the public. So they create massive revenues for themselves. Even the pros on Udemy have a constant stream of revenue coming as new students sign up. Udemy takes around 50%, but you’re still making a lot of money.
2. Affiliate Marketing
Affiliate marketing is mostly about your traffic-generation skills. That’s what you have to master as an affiliate. Once you do, you can drive traffic to high paying affiliate programs of your choice.
Here are some great examples:
- Pat Flynn Income Report with 150k a month from affiliate marketing
- Matthew WoodWard Income Report with 12K per month from affiliate marketing
- EoFire Making 36K per month from affiliate marketing
- List of top earning blogs
- Nichesiteazon making 3k/month
Note: I’m having trouble finding public examples, but I know from first-hand experience that there a lot of SEO experts out there making 6 figure incomes from affiliate marketing in the health and gambling experience. It’s all about driving traffic to highly profitable niches like insurance, etc.
3.Selling a Product to a Loyal Customer Base
People either have great products or if they’re popular bloggers they leverage their fanbase and sell them stuff. Most famous bloggers are able to cash in on their fanbase with a product.
- Chris from Good Looking Loser on making 3 million in sales from his e-commerce business. If he sold that company he’d easily be a millionaire.
- Victor Pride Making 10k/month 2013 that was 3 years ago, I wouldn’t be surprised if he’s making 5x that now.
- Eofire making 500k from their freedom journal
Most bloggers will sell information products, they’re high margin and don’t require updates like software. The biggest challenge is building a loyal audience and getting good traffic from Google.
4. Sales for products of $5K to $500K value
Selling medical equipment, industrial farming equipment, manufacturing equipment. Anything with a big price tag means you can get a big commission. Sales Salaries can be vary high and if you save well you can become a millionaire.
Selling yachts and other expensive luxury/equipment items will net you great cash. I’d love if someone could post specific industries that are great for sales. Selling Solar Panels is also a great market to get into.
Most programmers per se aren’t millionaires, but a lot of them who’ve created SAAS companies have become so. You also get an amazing salary if you work for a big tech company.
6.Finance (banking, Hedge Funds)
This is the BIGGEST source of Millionaires according to Wealth Insights. If you want to make do Finance. Despite the long hours, it’s your best bet.
If you make it to a senior position as an investment banker you’ll be set for life. Out of all the options in this thread, this is where the most millionaires have been made in History.
7. Virtual Reality Development
VR is an emerging market. It’s a risk to jump in, but you might just make your millions here. For example, Palmer Lucky is worth 700M and he’s only 23… Obviously, it’s high risk, but if you’re into tech this might be the place for you to focus on.
I’m sure we’ll see more millionaires come from this market in the next couple years.
8. E-commerce (Selling on Amazon or your own product on Shopify)
There are tons of high earners from Amazon and selling products. When you get the #1 ranking spot on Amazon, as long you get 500+ reviews you can do really well.
- Theamazingseller making 12k profit per month
- Stephen Somers selling on Ebay and Amazon making 7 figure in revenue
9. Real Estate
Real estate has always been a place where people have made their fortune. Obviously, everyone thinks of Donald Trump, who’s now a billionaire from his real estate entrepreneurship. There’s also a lot of other brokers out there that are doing great:
- Donald Trump with a net worth of 4-10 Billion
- Frederik Edlund, New York’s #1 Realtor worth 30M
- Robert Ringer was making 1M/year through real estate, he outlines it in his amazing book
10. Flipping Land
I’ve read that buying vacant land, splitting it and selling it a decent way to make money. There’s a good Reddit post on it here.
Not sure if there have been millionaires, but I’ve read that it’s pretty good money. This part needs more information, though.
11. SAAS Businesses
Create a software as a service for a specific industry. Basically, most big tech companies are SAAS. Think of PayPal, Facebook, Twitter, Kickstarter, all the unicorns all started software businesses. But I want to focus on niche software, like lead pages, mail chimp, etc. There are also a ton of niche software that you don’t know about that make a lot of revenue.
- Brightedge making 50M revenue
- Hollis Carter selling software to school making $2M in revenue
- Wufoo selling for 35M
- Marketo earning 210M/year
So many millionaires have been made me in this sector. That’s why everyone always tells you to learn to program.
I have a family member who became a millionaire in manufacturing. It’s niche but he started his own window frame manufacturing company. Had really great timing in the economy and now he’s one major window frame suppliers in North America. However, I think most manufacturing these days comes from China so I’d be weary of this industry.
13. Garbage and trash recycling.
I can think of Brian Scudamore of 1-800 got junk. It’s a boring but necessary industry that no one wants to do. That’s usually a good sign. He’s worth 150M.
Extremely difficult, but many founders of Zara and H&M have all become billionaires. Clothing is pretty high margin. However, a lot of entrepreneurs have tapped in niches to make really great revenues.
15. Mining and oil
Start a fracking company. Sell it. Make Millions. In 2010, the fracking industry generated $76 billion in revenues for the USA.
Energy is a very lucrative but risky business. Oil prices are doing awful right now, so it’s not the best time to start your fracking company.
EDIT: As everyone is mentioning in the comments, starting a fracking company is shitty way to make money right now…
Go out and enter an industry where Millionaires are actually made! It comes down to building million dollar assets that you can sell. For those interested in hearing more business case studies a great podcast to listen to is Mixergy. Andrew Warner often interviews very high earners and talks specifically about business, revenue, strategy. A lot of the examples from here are from Mixergy interviews.
I want to hear from you! What industries do you think are the most lucrative for young guys? Can you add an example?
I’ll be updating this post to include good comments. Everyone reading wants to hear your thoughts so post a comment now.
Source for Millionaire Statistics:
- Stanley, Thomas J. and William D. Danko. 1996. The Millionaire Next Door: The Surprising Secrets of American’s Wealthy. Lanham, MD: Taylor Trade Publishing.
- Ellsberg, Michael. 2011. The Education of Millionaires: Everything You Won’t Learn in College about How to Be Successful. New York, NY: Penguin.