Nicole Spector

Thu, May 15, 2025, 10:01 AM5 min read

Though becoming a millionaire from scratch isn’t the norm, we have more examples of self-made millionaires today than ever before. According to The 2024 National Study of Millionaires conducted by Ramsey Solutions, 79% of millionaires didn’t receive an inheritance or financial help from anybody.

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Building and maintaining a seven-figure fortune requires impeccable discipline, razor-sharp focus and smart financial strategy. This much is pretty well-known; but there’s another ingredient that we don’t talk about nearly enough: risk. No self-made millionaire made it to the top of the food chain without taking a financial risk of some sort.

What are examples of financial risks self-made millionaires take? Are they worth it? Here’s what entrepreneurs making millions through their own business ventures told GOBankingRates.

Some of us feel shy even doing so much as networking (critical!) when looking to go out on our own with the goal of generating millions. The idea of marketing ourselves or our business venture to a point that feels totally excessive can feel terrifying. And that’s a normal feeling, given that when we get in people’s faces constantly, we risk being perceived as a nuisance. But this is a risk that Joy Gendusa, founder and CEO at PostcardMania, deems essential for aspiring self-made millionaires.

“The best thing you can do for your business is market way more than a normal person would view as sane,” Gendusa said.

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Gendusa also recommended taking on the risk of spending more on marketing yourself than you pay yourself. Especially if your business venture is in its infancy.

“I drove the same, paid-off Nissan Pathfinder until my company hit eight-digit revenues, all because I knew that the magnitude of my marketing had a direct impact on our growth — and growth was my No. 1 priority,” she said. “I still spend more (a lot more) on marketing than I pay myself. Today, my company PostcardMania generates over $100 million annually and we’re continuing to grow because I continue to market more than what 95% of people think is sane.”

When turning a business idea into reality, you may think it’s best to hold off on making hires. Better to wait until the business is fully off the ground and making big money before investing in top-notch talent, right? Not necessarily.