Did you know that there are 24.5 million millionaires in the United States? That means every 7 out of 100 people have millions in wealth at their disposal. How can you become one of them?
You might think that to amass a million dollars, you have to go to the right schools, take the right internships and get in on the ground floor somewhere right after college. That’s one path, but it’s not one that everyone takes. Some millionaires never take one business course at a university and still end up with a fortune.
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“I’m a self-made millionaire who received no financial training,” Stan Dzhishkaryani said. Despite no financial training, Dzhishkaryani is the founder and CEO of DZ Moving, a moving and logistics management company. “My financial acumen was based a lot on making lifestyle adjustments such as living a minimalist lifestyle and prioritizing health, which made a big difference.”
Here are the ways Dzhishkaryani and others made millions without formal financial training:
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1. Read Financial Texts
If you’re looking to grow your net worth, you don’t necessarily need to enroll at a business school. Your path to wealth can be as simple as going to the library.
Arvind Rongala didn’t have any financial education in a formal setting, but he is now the CEO of Edstellar, a company that provides corporate training solutions. Rongala said that he expanded his business knowledge by reading financial texts.
“When I first started, I lacked official financial knowledge, but I used several tools to learn. Personal financial, investment and entrepreneurial books were gems. For instance, reading books like ‘Rich Dad Poor Dad’ by Robert Kiyosaki and ‘The Intelligent Investor’ by Benjamin Graham taught me a lot.”
Other popular books for financial literacy include ‘The Richest Man in Babylon’ by George S. Clason, ‘Your Money or Your Life’ by Vicki Robin & Joe Dominguez, and ‘The Simple Path to Wealth’ by J.L. Collins.
Though Rongala didn’t knock formal schooling, he says teaching yourself offers the freedom you might not have in a school setting. “Self-teaching gives flexibility and [you can] be just as successful if one is dedicated and creative.”
You can focus on growing your business while absorbing the essential information to improve.
2. Check Out Online Courses
Even if you don’t have the money to enroll in college courses, you can still get so much from taking an online class. Kevin McLaughlin started his own contracting business Heritage Exteriors LLC. To do that, he looked for resources online that catered to his line of work to learn everything he could.
“Online resources and industry publications became critical as my business grew. For instance, to stay updated on best practices and new products, I frequently visited websites like the National Roofing Contractors Association (NRCA). I also spent many hours reading trade magazines such as ‘Roofing Contractor’ and ‘Qualified Remodeler,’ which provided actionable insights and real-world case studies.”
Rongala agreed with McLaughlin, saying there are plenty of websites now that offer courses in pretty much any field you’re looking to learn more about. “Websites like Coursera provide excellent free courses on company management and financial literacy.”
Other websites that offer training programs like Coursera include Khan Academy, Udemy and Lynda. Khan Academy courses are always free, which is great news for someone wanting to learn more in their field.
Even at their most expensive, online courses are much cheaper than going to school full-time to get a business or finance degree. Lynda is subscription-based. For $25 a month, you get access to all the courses on the website, and for $37.50 a month, you get supplemental material for those courses. Coursera courses range from $9.99 to $300, but as Rongala pointed out, they also have free courses.
3. Learn On the Job
“I never had any formal financial education; instead, I learned everything on the job,” McLaughlin said. “Starting with hands-on training from my father fresh out of high school, I gradually built my own company, Heritage Exteriors LLC. My initial learning resources were primarily trial and error, learning directly from the field and experienced craftsmen around me. Practical experience has been invaluable for me.”
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If you’re passionate about something, you can start at the bottom of that company and soak up everything you can. If you work hard enough, you can make waves in that field, as McLaughlin did.
4. Obtain Certifications
Formal education isn’t the only way to prove you’re good at something. McLaughlin said a certification can go a very long way.
“In my role now, I always recommend new hires to balance field training with industry certifications, such as those from the NRCA, to instill both practical skills and theoretical knowledge.”
Look into what certifications are available in your field and work toward receiving those. Some might be available on learning platforms like Coursera, but others might involve in-person training.
Certification programs offer training in specialized skills that can be easily applied to what you want to do. When you’re looking for employment, those hiring you will see you’re serious and informed about what you’re doing and most likely consider you more qualified for a job than someone who does not have that certification.
5. Embrace a Minimalist Lifestyle
Dzhishkaryani said he’s saved a lot of money by reducing personal life costs.
“By embracing a minimalist lifestyle, I could focus on aspects I need, eliminating useless expenditures. This allowed me to maximize savings and improve my financial cushion.”
Dzhishkaryani said this also helped keep his eye on the prize when it came to his business.
“Another major benefit of minimalism is that it keeps you laser-focused on your goals because you’re not handling too many things. This, in turn, helps a lot with maintaining financial discipline,” he said.
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire but Received No Formal Financial Education – 5 Resources I Used To Teach Myself
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