This guide contains all you want to know about digital wealth millionaires.
Wanted to know who are digital wealth millionaires?
How do they become one?
How to get started to become a digital wealth millionaire.
With that let’s get started.
Table of Content
What is a digital wealth millionaire?
A digital wealth millionaire is someone who has more than $1 million in digital assets, excluding their primary residence and any physical goods.
They are also referred to as internet millionaires.
Digital assets are anything that can be stored on a computer or in the cloud or have an online presence only.
Like a youtube channel, it does not have a physical existence but makes hundreds of dollars for someone.
Some people might think that becoming a digital wealth millionaire is impossible because they are not tech-savvy enough to invest in the right technology.
But with research and learning, anyone could become a digital wealth millionaire.
How to become a digital wealth millionaire?
Just like a normal millionaire they all started at Zero. Thinking of a person who started making videos on Youtube and now making millions out of it. He also had started with nothing.
We will dive further into the process by considering a person named “Alex” who wants to start a youtube channel.
Here are the steps you can follow to become an internet millionaire-
Step 1 – Have A Solid Plan in Place
It is important to have a solid plan in place before jumping into the world of internet entrepreneurship.
It is not just about having the right skill set, but also the right mindset and a good plan. Internet requires patience more than you think.
Alex needs to build a plan for what will be his channel name, would he make faceless videos or not.
How he will shoot, edit and do SEO of his videos. Which software will be good for him to make his videos more appealing.
How did he get started with making a video?
One by one when he answers the questions he comes to a solid plan which answers most questions and will improve the plan on the way ahead.
Step 2 – Build a process
Having a solid plan makes no sense when you do not have a process to follow. The process makes things more simple and more achievable.
In our case, Alex will build a process for
- How he will make a video?
- How he will promote the video?
- What will be his approach to growing the channel
Alex will build a process that he will research for the video and make a script for that. After that, he will shoot the video and edit it to make it ready to upload on the internet.
However, he can also script two videos at a time to fasten the process and can even hire someone to edit the videos.
In conclusion, you need to build a process that is
- Time-efficient
- Cost-efficient
- Easy to operate
Step 3 – Stay Focused on Your Goals & Keep A Strong Work Ethic
If you want to be successful and achieve your goals, you need to develop a strong work ethic and be focused on the goal.
Strong work ethics can make you what you can’t even think of.
The most important aspect of building a brand in the modern world is to have a strong work ethic that makes a strong connection with people.
You can build a strong connection with people by being honest with them. Not to promote things you yourself do not want to do.
What our character Alex can do?
Let’s suppose he is in the men’s grooming niche he can recommend people facewashes based on the nature of their skin rather than just promoting a product which pays the most.
Step 4 – Market Your Skills or Business
Marketing is the process of communicating the value of a product or service to potential customers.
It is important to market your skills or business in order to get more clients and customers.
Marketing is not just about advertising. It’s also about building relationships, telling your story and making it easy for people to find you.
The marketing strategy should be planned after creating a short-term and long-term goal for the company or business.
The marketing strategy should include some of these steps:
- Defining what are your goals
- Identifying the target audience
- Create an effective marketing plan
- Implementing that plan
Step 5 – Be Open to New Opportunities & Keep Learning New Skills
There are no more 90s where you can get a job and need to worry about losing it early.
Nowadays if you are not producing anything productive for a company you are just one email away from your termination.
In the age of AI and automation, many people are worried that they will lose their jobs. However, it is not true that all jobs will get replaced by technology.
The new jobs are more creative and require more skills than before. People should be open to new opportunities and keep learning new skills to stay ahead of the curve.
For our Alex, it is important to learn SEO for youtube which changes day by day. What worked a few years ago may not work in 2022.
The following are some of the general skillsets that Alex should have:
- Social Media Marketing
- Search Engine Optimization (SEO)
- Email Marketing
- Paid Advertising (Google Adwords)
How Digital Wealth Millionaire spend their wealth
It’s not been hidden from anyone how difficult is to spend digital crypto wealth in the real world. Well, there are some things for which digital millionaires splash out their cash.
According to a recent survey by CNBC, almost half of millennial millionaires hold 25% or more of their wealth in cryptocurrency.
They also follow some basic rules to maintain their portfolio risk managed rather than just investing whole some into cryptocurrencies.
In recent times companies are happily accepting bitcoin as a way to pay for commodities. Due to this crypto millionaires are splashing their wealth into buying things in the real world.
Yachts
In the first quarter of this year Swiss yacht company “Ocean Independence” announced that they will accept crypto as a payment gateway.
Peter Hürzeler, managing partner of Ocean Independence also mentioned, “Cryptocurrencies have become an integral part of today’s world and will become increasingly important”.
Real Estate
Real Estate has been early on accepting cryptocurrencies for luxury properties. Bithome is one of the rising companies which gives you an option to list down properties for cryptocurrency.
Cars
Buying luxurious cars can be done via crypto as well. High net worth individuals are buying into sportscars.
But cars have been in the spotlight to buy and sell cars via cryptocurrency and operating since 2016.
Tungsten
Not to mention tungsten in the times when crypto millionaires are obsessed with it.
Even some digital wealth millionaires are acquiring cubes of this a little rare and extremely heavy element as a symbol of success.
It made headlines when a group of anonymous crypto holders bought a cube weighing 900Kg along with an NFT for $250K in Ethereum.
Artworks
With the emergence of NFT, artworks have been in the limelight for the past few months.
As people are making NFTs of artworks and selling them on different platforms like Opensea, Superrare, and Rarible.
Top 7 Internet millionaires
It’s no wonder how the internet has evolved and produced millions of millionaires in a very short span.
Here are the Top 7 internet millionaires –
Jeff Bezos (Founder of Amazon)
Jeff made his major portion of his wealth from his company Amazon which he started in the year 1994.
His net worth currently stands at $146 Billion.
Bill Gates (Founder of Microsoft)
Bill Gates started his software-based internet company “Microsoft” Wayback in 1975 with his friend Paul Allen.
His net worth currently stands at $123.6 Billion.
Larry Page (Founder of Google)
Larry Page founded Google in September 1998 with friend Stanford Ph.D. student Sergey Brin.
His net worth currently stands at $95.9 Billion.
Larry Ellison (Founder of Oracle)
Larry Ellison founded Oracle one of the initial software-based companies in the year 1977 in California, United States.
His net worth currently stands at $93.1 Billion
Sergey Brin (co-founder of Google)
Sergey Brin is one of the initial co-founders of Google. He co-founded it with Larry Page in the year 1998 when they were both at Stanford University while pursuing advanced degrees in Computer Science.
His net worth currently stands at $92.3 Billion.
Steve Ballmer (Former CEO of Microsoft)
Steve joined Microsoft as an employee in 1980 and became the company’s CEO in the year 2000 and continue to hold his position till 2015.
His net worth currently stands at $84.2 Billion.
Mark Zuckerberg (Founder & CEO of Facebook)
Mark Zuckerberg is one of the initial people to get into building a social network where people can connect. He founded Facebook in the year 2004 at the age of 19.
However, Facebook has remained under security concerns for the past few years.
His net worth currently stands at $63.1 Billion.
Conclusion
With the rise of cryptocurrencies and NFTs digital wealth millionaire is a common term to listen to. It comes with a lot of risk as Bitcoin is 45% down in the past 6 months.
A lot of millionaires who only talk about crypto punks now become silent for a few months.
Rest is upto you and how much risk you can tolerate.