Author 
Last year alone, more than a million people became millionaires in the United States, setting a new record for young people reaching seven figures.
Want to be the next name on this list?
The 6 Best Ways to Become an Internet Millionaire
So how can you stand out, do something unique and interesting, build an online business and make enough money to change your life forever? Continue reading. This entire post will focus on the best way to become a millionaire online.
There are many ways to earn money online. Below are some of the platforms you can use to be successful. Keep in mind that there is no single path that everyone can follow. If that were the case, everyone would have a million dollars from an online business.
Find what works for you, stay focused, work hard and you will find a way to make a million dollars. You don't have to wear an expensive suit or sweat all day to make money, and we'll prove with our list that becoming an online millionaire is still possible.
1. Independent skills
Self-employment will not make you a millionaire overnight. This will give you an idea of the life you can have when you start out on your own. You will build an online business and learn the art of making money online.
Most people start with the freelancing skills they already have as a side job to increase their income. This extra money can be used for vacations, to increase savings, investments or to create liquidity for your business.
Popular freelancing options include graphic design, coding/development, writing and proofreading, social media marketing, and working with a virtual assistant. If you have the required skills or skill set, you can probably work on the side.
Many people, after being bitten by the self-employment bug, quit their day job to pursue other interests, and this is where the magic happens. Now you have the freedom to build an online empire, become an online millionaire and take control of your life.
2. Blog
The average salary for a writer is around $60,000 per year. According to Fit Small Business, professional bloggers claim to earn between $40,000 and $80,000 per year, which is more or less in line with the earnings of various writers.
The difference is that you can and should treat your blog like a business if it makes you money. Turn it into an LLC, which you can do on a site like LegalZoom for a few hundred dollars.
A blog post can also be considered passive income. You write it once, update it once a year and it will continuously bring you money online; for that you need a website where you can drive your audience to read (or get traffic), some of the best website builders on the market where you can do this are Wix, Squarespace, Pixpa or Word Press.
If you want to become an online millionaire through blogging, it's important to think of it as a home. You want to start with a good foundation. This includes your theme and your host. Your fund is not where you want to save money.
If you don't have at least a few hundred dollars of seed capital to get you started on the right foot, put it aside a little earlier.
Once you've laid the foundation, the rest of the house will be built around your content and SEO efforts. This includes on-site and off-site SEO, but it can wait until you have a few blog posts.
If you have never written anything for the web, it would be a good idea to take an online course before starting your online business. This way, you will learn how to write blog posts that convert well. Then you'll need a family so you don't feel lonely.
This is your tribe. Social media marketing is the lifeblood of an online business. Be helpful and make new friends. Show that you are valuable and help people.
How do bloggers make money online? Most start with a combination of advertising income and affiliate sales. As their influence grows in the space, they will be offered sponsored posts by their respective brands and eventually be able to create their own products or courses.
3. e-commerce
There are many different ways to become an online millionaire through e-commerce. Today we will talk about two of them: Amazon FBA Private Label and opening a Shopify store. Both have the potential to go from just another online business to making over a million dollars.
Amazon Fulfillment by Amazon - Private Labeling
Amazon FBA is short for Amazon, which means Fulfillment. This involves setting up a store on Amazon's website where they store your inventory and handle customer service, shipping, returns and more at a significant cost.
Private label is the term used for a brand that puts its logo on products it didn't actually create and then sells them under its own brand. This practice is perfectly legal and is usually achieved by searching for the product on a website like Alibaba and linking to it.
Once you've closed the deal and found out how much your product and shipping will cost on Amazon, you can launch your new online business right on Amazon's website and get started.
There are a few things to keep in mind if you want to use the Amazon FBA method; (trade wizard how to sell on amazon) which is private label mode. First, you want to know how much each sale will cost you as a seller. So you need to find the right margin for this product.
Second, nothing lasts forever. Calculating a product's expiration date has a steep learning curve, and you have to accept the fact that you may encounter some losses along the way. By learning these two important caveats, you will be able to make money online by setting up multiple stores or selling multiple products under one banner.
Finding ways to become a millionaire online will not happen overnight. This is the first idea on the list that requires a significant investment and can lead to huge losses. Get ready to get rich little by little with this idea. But once you get it right, it can be replicated endlessly, helping you fulfill your dream of becoming an internet millionaire.
Shopify
Shopify stores are not much different from Amazon FBA branded stores. The main difference is that you have your own website.
With this online business model, it's all yours. Your website and products come from any source you choose and are 100% your responsibility. Traditionally, most people promote their websites with Facebook ads. Many are unaware of how powerful their content can be. Shopify allows stores to have their own blog and is notorious for underutilizing this resource.
Advertising on Facebook and other social platforms can help brands make a lot of money, but never underestimate the power of search engine optimization. A million dollars is great, but if you want to go further and grow your online store in the long run, SEO should be at the center of attention.
4. YouTube/social media influencer
Influential people are usually from the younger generation. Those with the largest presence soon move to the online platform, connect with the audience, and then grow exponentially as the platform grows.
You don't have to be a Kardashian or have a million followers to make a million dollars. The average salary of micro-influencers is between $40,000 and $100,000 per year. These influencers only have 10-50k followers.
Creating a YouTube channel is useful for people who want to be in front of the camera. But the key to having a great YouTube channel, or an influencer in general, is editing skills. Video editing itself can probably help you become a millionaire.
All you really need to start a YouTube channel or become an influencer is a smartphone and a laptop. Just like blogging, success doesn't come overnight. Focus on creating great content and building a tribe.
Youtubers earn just like bloggers. Affiliate marketing combined with Google AdSense if you qualify, brand sponsorships and offers, and their newest feature, subscriptions. People can join your channel as a member and get privileges not available to non-members.
How much money do youtubers make? It depends on the niche, opinions and many other factors. The platform also has its own type of SEO that you should master.
As a starting point, look for channels in profitable niches that create content similar to what you want to do, and then find them on sites like Social Blade. There, you can get an idea of how much advertising revenue each of these channels brings. Please note that there are multiple ways to make money on YouTube and Social Blade cannot track affiliate sales and other streams.
5. Investment
There is no better way to earn passive income than investing. Making money is not easy anymore. Investments can be in real estate, stocks or even cryptocurrencies. While trading is fun, it's usually best to take a "set it and forget it" investing attitude.
When it comes to investing, you will need to do your research and more. Start with the products and services you already know and dig into your finances.
Stocks and cryptocurrencies rise and fall regularly. Real estate markets experience booms, bubbles, and busts. Investing is a long-term passive income. As tempting as it is to check your stocks and cryptocurrencies every day, it's a bad habit.
Investments in real estate can bring 5% per year, sometimes a little more. The stock market typically returns close to 8%. And cryptocurrency can do whatever you want with you. Keep in mind that cryptocurrencies have very poor security and there are many ways to lose money.
6. Create courses or digital products
Many bloggers and YouTubers create their own products. This is a great way to make money online for people who already exist. Whether you're looking to sell physical or digital products, building an online store on Etsy can be a great resource to help you achieve those goals.
Digital products are what this strategy needs. You are making something that can be downloaded and sold on your online store page. It may need to be updated once a year if it's a planner or calendar, but for the most part it will generate passive income for many years.
An online course is how people make a living and build an empire. If you are an expert in an in-demand skill or service, people will buy your online course. You can start selling and creating online courses today using some of the best online course platforms.
There is no single way to create and sell a course. But some tips for success would be to have an audience that will buy the course and have a list of email addresses to sell the course to your target audience.
Conclusion: The best ways to become a millionaire online
Some people like to use several of these options at the same time to create multiple sources of income. Many of the ideas on our list are great ways that thousands of people have become online millionaires over the past few years.
However, there is also the option to focus on a platform or topic that you know or really want to learn more about. Hyperfocus can also be a double-edged sword. So the best advice is to do what you want. We're talking about your life, your freedom, and your financial future. Take responsibility for it.
Thanks for visiting today's post. If you have any questions feel free to ask below.
Featured Image Credit: Photo Kindel Media; pixel; Thank you!
The post How To Become An Online Millionaire (6 Fast Ways To Do It) appeared first on ReadWrite.