Far too many people are utterly obsessed with coming up with a million dollar idea in the hope it will make them millions of dollars. And while some people do actually manage to do this, it’s not the smartest way to tackle the financial goal you’ve set for yourself.
Get started. If you want to become a millionaire, you need to decide to do it and get started. If you are not be able to save money right now because of debt or other financial obligations, you should work on those issues first. A good place to start is with Dave Ramsey’s Baby Steps. This is a tried and true method for setting up an emergency fund, paying down debt, and beginning your investments. Once you have that started, you can begin your million dollar journey.
While it is certainly possible to find that one product that everyone wants and grow rich by selling that product, most successful businesses evolve and grow and, as they make money, reinvest that money in a relentless pursuit of excellence.
There are so many people who became millionaires and even billionaires by using the power of Internet and social media. The key here is to focus on long term results instead of focusing on making money by trading your hours.
Rule #2. Pick a Boring Business. Everyone is always on the lookout for “the next big thing.” The next big thing is finding rare earth minerals on Mars. That’s HARD WORK. Don’t do it! Bryan picked a business that every merchant in the world needs. He also knew that it was an exploding business because of the e-commerce explosion. You don’t have to come up with the new, new thing. Just do the old, old thing slightly better than everyone else. And when you are nimble and smaller than the behemoths that are frozen inside bureaucracy, often you can offer better sales and better service. Customers will switch to you. If you can offer higher touch service as well, they will come running to you.
There are a lot of advantages of having your own website. Even with a free website, you can apply to more affiliate programs, and post your affiliate links without having to worry about breaking any rules. But the biggest advantage is that you can write long articles on your website, written to convert your readers into buyers.
My wife reads my site and often sends me links to stories and other ideas. One day she sent me a link to an article called 8 Ways to Make a Million bucks. The article chronicles 8 different millionaires and shares a brief story about how each of them reached millionaire status.
But the fact is that most managers go out of their way to avoid these “adult conversations.” It’s understandable. They can be unpleasant, and most people would rather deliver good news instead of bad. Also, you never quite know how somebody’s going to react to feedback. That is why problems are often swept under the rug, and maybe dealt with months later in an annual performance review.
Rule No. 5: Blogging is not about money. Blogging is about trust. You don’t sell ads on your blog (rarely), you don’t get the big book deal (rarely), but you do build trust and this leads to opportunities. In Bryan’s case it led to more inflow, rather than him going door to door, and it also led to his biggest early opportunity. My own blog has made me a total of zero cents but has created millions in opportunities for me.
I have already overcome the skepticism I had before and I see business opportunities all around me. I have a feeling like I was blind for all of my life and now I have had a surgery or something,haha. Still at the self-doubt stage tho.
It is well documented that money in America has a strong preference for certain ethnicities. For example, about one in five of Scotch Americans become millionaires likely as they are the least free with their money (well, being scotch). A K-12 teacher saving 20% and investing wisely could have over $2 million in savings when retiring. It is always better to learn to spend less than to learn to make more — without this, earning more won’t help. Bankrupt movie stars, athletes, and business executives have become but a sad cliché. Most people get this completely backwards. One common way Americans fail is to buy too big of a home (while Warren Buffett still lives in his first middle-class home). Stanley reported (1996) the typical millionaire paid less than $400 for his most expensive suit (dressing for success seems a myth) and less than $25,000 for his or her most recent car (likely a Ford)… just $3,000 more than the average American spent. Be honest, we all could be more frugal.
“I’ve noticed you keep showing up 20 minutes late, and it makes me feel like you don’t care.” Here, with just a small language tweak, the boss is staying on the right side of the net, and avoided an overheated conversation because the employee can’t argue about how someone feels.
You’re probably asking: well, if I quit my job, what should I do? I’ve begun asking people who did it. What did they do? How do they quit their jobs and, basically, make a million dollars? Not everyone is Mark Zuckerberg or Larry Page. Not everyone is going to drop out of college and create an iPhone or a time machine or a toilet that resizes itself automatically depending on who is sitting on it (although that would be pretty cool).
Opening an amusement park is yet another practical way to make a million US dollars in one year from the scratch. When Walt Disney decided to build Disney® Land, most people who knew him never taught he would be able to achieve the success he achieved by establishing Disney Land. As a matter of fact, Disney Land is the number one spot for children and adults looking for a park to catch maximum fun; People travel from all over the world to pay expensive fees to visit Disney Land.
Education truly is a “silver bullet” for all that ails you. A college degree is called the Million Dollar Gift as it typically provides one more than a million dollars ($1.2 million on average) in additional lifetime income (of course, it should be a degree in something that’s marketable). Did you know many top “for-profit” schools (Harvard, Yale, Stanford, MIT, etc.) provide free tuition for those from families making less than $60-$75,000? Did you know a minority of students are accepted into college just on grades (good thing for me)? And, did you know there’s about $16 billion in aid and that most of it is not merit based? Finally, it is said the “rich” usually plan for three generations while the “poor” only plan for the weekend. Good advice from Rich Dad Poor Dad is to build a financial plan (with a professional planner) and then do it again. A financial plan should not be about getting rich but to primarily just help identify what’s important to you. Plus, it’s difficult to improve what you don’t track.
As a business model, a YouTube channel is one of the easiest ones to operate, and can be a lot of fun. It also offers the potential for earning a lot of money in very little time. It’s worth mentioning at this point that YouTube itself doesn’t create any content. They rely instead on what they refer to as “creators” to do that for them i.e. you.
You start researching how you can improve on the fast-food delivery app, and you realize they’re charging each restaurant a 15% fee on every single order sent through the app. This then means every customer’s meal is more expensive than it needs to be.
Two thoughts come to mind. First, at 27 you have a whole life in front of you, so whatever you do will be right if it is directed correctly. Second, pick a goal and work towards it (e.g., pay off medical debt; or pay off condo mortgage). Always remember, as you succeed in any one of these, then you can broaden out into other investments opportunities (e.g., stocks, mutual funds, real estates, etc.). The choice and timing are yours to call. My basic point; however, is while you are young “focus” on a GOAL and go after the goal aggressively.
For example: If you need a new website, which looks professional and isn’t simply based on a template used by a million other sites, it pays you to hire a talented designer. Otherwise, it may take you years to learn how to write code and study design, to the point where you can do work as polished as a talented professional web designer. You ‘save’ nothing by either creating a crappy looking DIY website quickly, or by robbing your business of hundreds of hours of your precious time, to learn how to design a great site.
I advocate for the Tim Ferris, multiple income stream strategy. It’s important to have a diversified portfolio and automatic income streams that supplement your basic income earned through work. Selecting the best investment and income streams requires a person do the research, but very basic strategies can be employed that grow the money nest. I think the article is right to say it’s better to earn rather than save more than you spend, because saving money can depend on very specific contexts, while earning money tends to be more predictive. Good article.
Harv and his team want you to feel confident about this program so they are even allowing you to take 30 days to go through the entire program and if you don’t 100% agree that Million Dollar Business Secrets delivers strategies that would enable you to earn a millio…n dollars in 3 years or less…they’ll refund you every penny of your investment.
Another applied way to legally make a million US dollars in one year from the scratch is to start an oil and gas servicing company. If you are able to secure a handful of servicing contract in the oil and gas industry, you are likely going to earn a million US dollars in one year. The truth is that the oil and gas industry is indeed a money spinning industry.
Hire great people. One of the biggest way to go from a $60,000 a year income to a multi-million dollar business is by hiring great people. This is why all the large corporations focus on team-building and leadership. It is the only way to have a great team is to be a great leader.
One pointer — have you considered income protection insurance (or whatever the equivalent is in the US (I’m writing from the UK)). A lot of your eggs are in the ‘earning’ basket, rather than the ‘passive’ basket at present, so it may be worth protecting yourself in case the worst happens. (God forbid).
If anyone is looking to open a stock trading account, I highly recommend Robinhood as they offer free stock trading. I recommend them because this is the stock broker I use. Unlike traditional brokers, they do not charge commission on trades or require a minimum account balance.
Then, once you’re signed up with an affiliate program or referral program, you’ll have to find a social media platform that allows you to use your affiliate or referral links. Not all of them do, or only allow it with certain restrictions in place. Here is a quick list with the most popular social media platforms, and whether they allow you to use affiliate links: