Can You Become a Millionaire From Scratch in One Year?
Written by
Cindy Lamothe
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Elizabeth Constantineau
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If you’ve ever asked yourself whether it’s possible to amass significant wealth in little time, you’re not alone. Many people with average incomes fantasize about starting their own million-dollar venture that produces big results within a year.
But the reality, according to experts, doesn’t quite look like that.
“It’s very difficult to become a millionaire in one year, even under ideal circumstances,” said Jake Hill, finance expert and CEO of DebtHammer. “Building wealth is a time-consuming process that involves careful planning and a solid strategy.”
Below are more answers to the big question of whether you can become a millionaire from scratch within a year.
It’s Possible — If You Improve Your Income
In her experience as the general manager at Coupon Snake, Mafe Aclado learned that it’s possible to become wealthy in a year’s time. The key, she said, “is to grow and improve your income sources.”
Aclado explained the more money you have coming in, the more you are able to take on and accomplish financially, and the more you have to spare after offsetting all of your financial burdens. And in fact, the more luxuries you are able to afford to make your lifestyle more comfortable.
However, she warned if the plan is to grow a million within a year, then you would have to become deliberate and intentional about it. Sometimes, this means adopting a more minimalist lifestyle.
“Twelve months is really a realistic timeline…, especially if you live alone and don’t have many financial responsibilities,” said Aclado.
“Truth is, you can take calculated moves to ensure that the time committed to growing your wealth eventually pays off, because hard work matched with efficient financial planning, will make it even easier to become a millionaire.”
It’s Almost Impossible
While some experts believe it’s an achievable feat, others aren’t so optimistic.
“It is almost impossible for most people to become millionaires within just one year,” said Loretta Kilday, attorney and spokesperson for Debt Consolidation Care.
“More often than not, luck also plays a role,” she explained. “Wealth accumulation usually demands time, disciplined saving and savvy investing, like starting up something of one’s own.”
She added that many millionaires accumulated wealth on their own, often with diverse income streams. She said, “The typical millionaire does not reach this stage using risky quick ventures but rather later in life.”
According to Kilday, a realistic timeline to achieve the status of a millionaire would likely stretch over several years, encompassing consistent saving plus prudent spending and wise investments.
Luck Plays a Big Role
As acknowledged by Kilday above, many experts say it takes a lot of luck to build wealth that quickly.
“In my experience, you can’t become a millionaire in a year,” said Syed Lateef, business coach and CEO of SyedBNB. “At least, there isn’t a guaranteed way to achieve it.”
He explained it all boils down to luck and circumstance. Not even exceptional talent or hard work can guarantee such rapid financial success. And most get-rich-quick ventures are high-risk, high-reward scenarios, which Lateef doesn’t recommend.
“Someone who wants to become a millionaire in a year will likely end up in prison within a year!” warned Lateef. “I mean, yes, it’s technically possible through legitimate means, but it’s more of a risky gamble and dependent on luck like winning the lottery or inheriting a million-dollar business.”
In his experience, “millionaires usually don’t accumulate their wealth in a year from a single business venture.” It’s more about consistently growing their wealth over several years and diversifying into various income streams.
“Motivation is the initial spark, but it’s patience and determination that keep the engine running until reaching the ultimate goal.”
It’s Highly Unrealistic
According to Alec Kellzi, a Certified Public Accountant (CPA) at FileSmart.Tax, going from zero to millionaire in just 12 months is unachievable for many people.
“Amassing such wealth requires building and scaling a business at an extremely rapid and unprecedented pace,” explained Kellzi.
“The challenges of ideating an innovative product, mobilizing major startup capital, hiring an all-star team and capturing substantial market share make it highly improbable to create a 7-figure company in one year.”
As he explained, even top founders with every advantage will likely fall short of $1 million in annual profit within 12 months.
“Beyond entrepreneurship, no conventional career path — even medicine, law, or engineering — generates a million-dollar income for a newcomer in only a year.”
So, aside from a lucky crypto investment or a windfall of some sort, Kellzi said becoming a millionaire is highly improbable.
Rather, he said, “it’s possible to reach millionaire status in a more realistic three- to 10-year timeline through persistence and the culmination of a lifetime of work, savings and smart investments.”
A Longer Timeline Is More Realistic
All of our experts agree that accumulating wealth takes time.
“We’re talking about becoming a self-made millionaire through focused, consistent effort over several years, laying the foundation for a prosperous life in the decades to come,” said Lateef.
Lateef emphasized that if you’re not prepared to endure a year of hard work, you might not be ready to handle the responsibilities that come with a million dollars.
“Personally,” he added, “it took me 3 years to earn my first million from my Airbnb business. Since I started the business in 2017, I have already earned more than $30,000,000.”
Because significant wealth accumulation requires hard work, continuous learning and perseverance, Lateef, like Kellzi above, recommends something closer to a 10-year timeline instead.
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