Who Wants To Be A Millionaire?

Much like the hit show that aired back in the late 90s, there really are only 4 ways that you can become a millionaire. It is down to A, B, C or D.

Whilst phoning a friend, asking the audience or splitting 50:50 might help you gather expertise, get feedback from those around you and reduce the amount of things you prioritise; fundamentally, unless you work on one of the four options described below, you have more chance of becoming a millionaire by wangling your way on to the show. Which, may I add, has not been aired in its original format since 2013 when Chris Tarrant left the show.

If you really want to know, “How do I become a millionaire?”, let’s take a look at the 4 possible answers.

A. Sell your business

Building a business from the start, to then sell it in the future, is definitely a very rewarding (emotionally as well as financially), if not immensely difficult and time-consuming way to become a millionaire. Realistically this is a route that only a very small percentage of us can take.

Remember, there are only ever two ways that a business can end. It is either sold to another buyer, at which point you can walk away and count your money, or it eventually fails and closes down. Most businesses follow the latter route, even those that have been hugely successful for many, many decades. **Thomas Cook, cough, cough**

B. Inherit some money from somewhere

The so-called baby boomer generation is sitting on billions of pounds worth of property and investments, which will eventually be inherited by the next generation, and then the generation after that, and so on and so on.

Inheriting money from a loved one, either during their lifetime as a generous gift, or whilst splitting up their estate upon their demise, can result in large cash injections that can help you clear off debts, add to your pension pot or give you some extra breathing room to do the things you’ve always wanted to do.

Some people will find themselves in the situation where they inherit a very large sum of money, making them overnight millionaires. This, therefore, is very much one of the four options, although it is almost impossible to rely on and very difficult to plan for. Unless of course you’re a real sinister b@stard.

C. Invest your surplus income

It really doesn’t matter how much you earn in one year or throughout your life, be it £12,000 or £1million per annum, as long as you are spending less than is coming in (Financial Planning Rule 101) then you can become a millionaire by investing in the right way.

If you invest your surplus income on a monthly basis into the global stock market (which comprises the finest and most established businesses of this world); let this investment pot grow over the long term (I’m talking many decades) embracing compound interest as your trusted pal; ensure good investor behaviour; do not listen to the media noise and stick the course of investing in globally diversified passive equity funds, then you can become a Millionaire.

I promise you now that this is by far the easiest of all the options - albeit the longest and most drawn out - so unless you’re planning on shuffling off this mortal coil while you’re in your 50s, then it’s reasonable to assume that you’re gonna make it to your mid-to-late 80s, in which case there is no reason not to implement this behaviour right now. Whatever your age.

D. Get real lucky

Like plenty of people have in the past, you can just get real damn lucky and win the lottery or big money at the bookies.

You could have even been super lucky and backed a start-up early on in its life-cycle, which has subsequently turned out to be a Unicorn and landed you big money. Some of us might have seen the page describing the early backers of Uber and the kind of returns they were rewarded with from the IPO back in May this year.

I am not saying that all of those Venture Capitalist and Private Equity investors are always lucky, there is an awful lot of skill involved, but to most of us, pulling something like this off would have been down to pure luck.

Absolutely you can become a millionaire by having some real luck. However, you can also be the luckiest person alive and still be really skint.


I wonder, what’s your final answer?

Hint… it should be C.


Alfie Mullan, September 2019