Winning a total of $ 1 million is a goal that most people share. That’s probably because they see it as enough money to retire or to live the lifestyle of their dreams. And you automatically earn the title of “millionaire.” And that is something you look forward to because it means you have “done” in life.
A million dollars is more money than most of you have ever had in your checking account and, in theory, is enough money to quit your job and retire early. That amount does not mean that you can leave the world and spend as if there is no future, but you will have enough to maintain a comfortable life for yourself and your family.
It would be a beautiful nest egg for you. But maybe you are not ready to wait until you are 65 years old to retire? After all, what are you waiting for until you are too old to enjoy your savings?
How can you make 1 million dollars?
What if we could show you how to make a million dollars over the next five years? It is a good idea to break the big goal into smaller pieces. The first marathon runners do not get up early, wear sandals, and run 26,219 km on their first attempt.
Instead, they started a training program, running short distances over and over until they reached their goal. Gaining $ 1,000,000 is achieved using the same method. Read details to make a million dollars in 90/ 30 days?
Setting a deadline for your goal makes you accountable for it, and it is the only way to achieve real success in whatever you do. But before we move on, look back on the last five years of your life. How would it feel to face any challenges you faced with $1 million sitting on your test account?
- Earning $ 1,000,000 a year requires you to earn $ 83,334 a month.
- That dropped to $ 20,830 a week.
- Based on an average of 40 hours of the workweek, that means you need to earn $ 480.00 per hour.
- However, we are looking at a 5-year plan, so the price you need to earn per hour is now $ 96.
- Let’s say you don’t work hard to earn a million dollars, but that is achieved by spreading income.
- $ 1,000,000 / 8,760 hours per year / 5 years = $ 22 per hour
Finding a way to make $ 22 an hour using your income isn’t as daunting as trying to come up with a $ 1 million business plan overnight, right? Now you can see how manageable this goal is.
Make million dollar ideas First
In fact, it is much easier to come up with a product or service that you can sell for $ 10 to tens of thousands of people than to come up with one great idea that you can sell to an investment company.
Working on the idea of a “multi-million dollar vision” can be very frustrating because you have a desire for financial independence, but you are not going anywhere immediately. So when it comes to making millions of dollars, let’s look at the scale.
And, for the purpose of our thought test, we will combine the concept of measurement with the concept of 1,000 true followers. Suppose you come up with a side idea of a hustle that generates $ 10 in profit every time you sell it. In your first year, you sell that product or service to 1,000 people, generating $ 10,000 in profits.
In your second year, you take that $ 10,000, create a $ 100 product, and sell it to your next 1,000 true fans. He is now sitting at $ 100,000 in profits. Well, isn’t it? As your business grows and grows in three to four years you realize that you have a quality product or service that you can offer to customers.
This new product costs $ 1,000, but you have built an amazing reputation in your industry, so you know you can get 1,000 true fans to buy it for you. By the fifth year, it has generated $ 1,000,000 in profits, and besides getting more than 1,000 people to buy what it sells. However, this guess does not apply to all true fans who are still buying your $ 10 and $ 100 products.
Internet marketers have used the “profit ladder” above to entice people to buy their product at a much lower price, and as the years go by, they create new premium products or services for their intended audience. You can even turn $50 into $1,000 in 1 day.
In fact, a young man named John Reese used this method with great popularity to sell $ 1,000,000 for his Traffic Secrets course in 24 hours. Yes, indeed. I was introduced to the program above in Hugh McLeod’s book Evil Plans. I don’t want to tell you what you did, but every businessman should read it.
It’s incredibly difficult to move from a stop to becoming a millionaire without a plan. It can be incredibly easy to achieve unrealistic pricing by simply breaking your big goal into a series of smaller ones.
The right attitude is often the decisive factor in earning a lot of money the way you need and always trying but not getting there.
You may feel like you have no formal education that you do not have enough money. That your credit score is not good enough or that is not the time to start. That is your critical speech, always reminding you of what is not happening.
It simply means to use common sense when it comes to spending money. It means avoiding expensive financial contracts on cars, going on vacation “home,” preparing meals instead of eating out, and basically acting like an adult who doesn’t want to spend a lifetime paying off a credit card debt and student loans/ debt.
It’s all about life and financial freedom. Dave Ramsey’s YouTube channel is a complete repository of free financial advice, from real millionaires, not just for someone with ideas on how to manage your finances.
Dave is a long-term investment planner, so he will have no advice on how to become a millionaire in the next five years. But you will change the way you view your income and expenses. Even if you can’t save time to learn more about personal finance podcasts (because you’re too busy with a breach?)
Do something better
You do not have to re-invent a wheel, fire, or home computer to become a millionaire. You can try, but why not swim up the river when there is an easy way to make more money that takes less effort?
Another way – with little resistance – is to take an idea that has already been used and improve on it. So, while coming with the next Uber, Space X or iPhone can make you rich overnight, you don’t have to struggle to try to do that. Let’s take a look at a business model that is doing well right now and find ways to improve it. If you try hard, you could become a millionaire with $100 dollars.
In our example, we will use the fast-food restaurant order and delivery app – most cities or countries around the world have at least one of these services. You start researching how to improve the fast-food delivery system, and you see that they charge a restaurant for a 15% fee on all orders shipped by the app. This means that each customer’s food is more expensive than it should be.
Now you need to come up with ways to start the same service, but only charge 7.5% to restaurants instead of the expensive 15% they currently charge. You may also come up with special “meal deals” available only for users of your fast food delivery app.
Very few fast-food businesses would reject such an agreement, especially if you could offer them a certain level of specialty in the area e.g. you can only allow the top five Thai restaurants in one place to offer their food through your app.
What about a service that competes with DogVacay, where the dog only handles 10% to the service provider, instead of charging DogVacay 20% right now? Sure, any of the above ideas will take time and money to get started, but gaining millions of dollars in just a few short years requires effort and investment.
Smart passive income ideas
If you look at the many millionaires or millionaires who make their own, they have more than one source of income. They usually have money invested in retail outlets, several e-commerce businesses, a cryptocurrency portfolio, an indie publishing house, etc.
Having multiple revenue streams protects you from the failure of any individual business or investment. So, let’s say you have $ 250,000 tied to real estate. Good for you! But what if there is another “house bubble”, and the next explosion?
A smart investor spreads his investment around. They never have their eggs in one basket. So, they may lose $ 250,000 in real estate, but they have another $ 250,000 in total. That is backed up by $ 100,000 in e-commerce revenue, as well as a cryptocurrency portfolio.
Elon Musk is a good example of a rich man who invests in many businesses at once. He owns Tesla, Solar City, and SpaceX. Solar City feeds the energy needs of Tesla car owners in parts of the United States. It also completes its Tesla Powerwall product list.
He is not a bettor, and he has SpaceX to return to in the event of a serious accident. Separating revenue sources is wise. Insurance is basically against losing all your possessions as a result of one or two bad business decisions. Combining revenue streams with non-passive income will make it much easier for you to earn $ 1,000,000 over the next five years.