When he launched business #15 – a fitness store – he had lines of cars trying to get into the parking lot by the third week. And it never stopped. He used to have to hire traffic cops on Saturday’s for the hefty fee of $75/hour (an extra cost he absorbed because the business was raking in so much money).
If you want to get 10X or 100X the results of other people in your field, you need to develop strategic “win-win” partnerships. This generally happens when you devise a plan where your skill sets and assets merge with the skill sets and assets of someone else.
He began that 15th business with $2,000 in credit card debt and became a millionaire within 2 years. Eker then began analyzing the relationship that rich have with money which led to creating his Peak Potentials training company along with becoming one of the most sought after speakers and trainers.
There are training programs that are pretty expensive- especially training programs that are designed for top executives in the business world. So if you are looking for a practical way to make a million US dollar in one year, then one of your options is to start organizing high – profile training programs.
There are professionals, entrepreneurs and industry experts in your community who have already gone through the business-building process. Learn from them. They have suggestions to share and failures they’ve learned from that can spare you the pain and cost of making those same mistakes yourself. It’s valuable to have an experienced, trustworthy advisor to review your ideas and help position you to improve and succeed. (Here’s more on why you need a mentor.)
I have a question. I am 24 and I just started selling commercial insurance. My wife and I have about 70 k in student loans which we plan on paying back asap. I am going to have an additional 10k on top of my salary next year which I plan on saving until the end of the year and allocating it as I see fit. Everything I read says “compounding interest is the bomb” but then says “don’t save, pay down debt”. Now, I hate debt but I want to take full advantage of our young age and compounding interest. What would you recommend I do with extra 10k if we already put and extra $200 towards debt a month and we have an emegency fund in place? Fully Fund our IRA’s for the year or pay down a loan? I feel like there is no right or wrong answer. Your thoughts?
Funny as it sounds, one of the practical ways to make a million dollars in one year from the scratch is to play the lottery. Although, you might not have it under your control to know exactly when you are going to hit your fist million US dollars from playing lottery, but the truth remains that if you are lucky enough, you are likely going to make more than a million US dollars in one year from playing the lottery. Besides loads of people that became millionaires overnight are people who won it big playing the lottery.
It really is that easy, and I think a lot of people don’t realize that. It’s just a psychological barrier nowadays since many can’t imagine what having $1 million feels like. In reality, $1 million isn’t that much money anymore. That might sound ridiculous, but I know I’m going to need much more than $1 million to retire someday. I’m not sure what my millionaire story will be yet, but I’m certain it’s going to involve self-employment since and not a job.
Most people have a single checking account for all of their Bills and Spending. This could be called “traditional BS money management” (ha ha). In such a system, if you don’t spend all of your cash, the “extra” money might get saved into a simple savings account. This can cause a few problems:
Set goals, create routines that support those goals, and then ruthlessly track your progress. Fix what doesn’t work. Improve and repeat what does work. Refine and revise and adapt and work hard every day to be better than you were yesterday.
And believe me there’s no better feeling than to wake up in the morning, check your online stats, and see that you’ve made a few hundred bucks while you were asleep. Or better yet, you make that money while you’re at your day job.
Beyond acknowledging your dependence, constantly express your appreciation to the people in your life. That which you appreciate, appreciates. Relationships are assets that can and should grow bigger and better over time.
In simple terms, the Commodity Futures is a contract agreement to buy a certain commodity at a certain price, and then sell the commodity at an agreed price within an agreed date in the future. In essence you can actually project to make a million US dollars within a 12 month period by investing in the commodities future market; it is a sure way of earning a million US dollars in one year.
Step five. Sell the business. You aren’t asking for a lot. The question was: “how do I make a million”. If you want to sell your business for one hundred million you have a lot of hard work in front of you. If you want to sell your business for a million, there are plenty of companies who want to break into your space, get your products and customer list, and get YOU (because you know the space intimately by this point) and be happy to give you either a million in cash or a million in stock plus pay you an ongoing salary. A million is not a lot if you have a product, customers, a unique offering, and special knowlege, and if you are selling to a much bigger company.
“Start with 1 or 2 main channels of communication and publishing where you can be sending people. Experiment with other touch points that you know people are using. Those might be doing Facebook Lives, Instagram Stories, Snapchat, and layering on other ways of reaching new audiences such as Facebook ads, guest interviews, and strategic partnerships. Keep it simple and always be sending people back to the main channels.” – Anne Samoilov
Another practical way that guarantees aspiring investors the means to make a million US dollars in one year from the scratch is by investing in private equity fund. The essence of private equity is to generate a pool of cash that can be used to re-position a company to be able to make more profits, or to help a company invest in developing new lines of products and technologies.
“Care a lot about your community and be consistent and create content on a regular basis that’s going to help people, and you will build a tribe of people that are so ready and willing to become customers of yours for life.” – Sunny Lenarduzzi
There are prejudices to be shed, before you can believe it’s even possible to amass a million dollars in your life — despite all the disadvantages you currently believe about yourself. You must unapologetically overcome ALL of them, every single one. “I can’t …” won’t get your there.
I called Bryan Johnson, who started a company called Braintree. You may have never head of Braintree but you’ve heard of their customers. They provide credit card transaction and payment services for companies like OpenTable, Uber, Airbnb, etc.
I love reading through all the posts. Currently I am working on how to become wealthy, I had 3 islands, a good piece of land which I can build more than 200 houses on it for rent. Now I am working on other means to higher my income so that I can start of with real estate.
“People think that they need a cool crazy idea like the next Facebook to make a significant amount of money,” Luisa says. “But what most people don’t realize is that they already have the skills to make a million dollars.”
Do you want to own your own business? Often, when people are trained to be employees or self-employed, E’s and S’s on the left side of the CASHFLOW Quadrant, they find it hard to transition to the right side of the quadrant, to become a Business Owner (B) and Investor (I).
Monevator: I don’t think a net worth goal is the way to go either, but a lot of people put stock in a number (it’s an easy concept for a lot of people who are new to personal finance). Personally I’m going for exactly what you mentioned – the crossover point where my investments are earning me more money in passive income than my day job. That is when I will feel financially free.
Beyond every reasonable doubt, one of the most profitable, creative and interesting aspect of the real estate industry is property development. As a matter of fact, developers are a major player when it comes to determining the prices of properties. Although this type of business venture can be risky, but in other to make it big in the industry as a property developer, you just have to take calculated risks. So if you are looking for a practical way to make a million US dollars in one year, then one of your options is to start a property development company.
Specifically, if you can find a group of people who is starving for something and is willing to spend money to get what they want, it is easy to make money. Go to a college/professional football game and watch what what happens at halftime.
Step two. Start a service business in one of those area. For instance, go to every local business in your town and offer to set up the facebook fan page for their business. Then, in store, their customers can “Like” their page. Then all the friends of those customers will see that they Liked that page and will be curious. That’s the basics. Then it gets more and more advanced as you get familiar with the Facebook landscape and their tools for targeted marketing. If you can’t get any customers for this basic business then something is probably wrong with your pitch, with you personally, or you live in the woods. You can be ten years old and get this business started. Get ten clients or more.
It’s a marathon, not a sprint, to become a millionaire. Getting to the finish line requires putting one foot in front of the other every day and every week for decades. When times get tough or unexpected personal expenses arise, it can be easy to rationalize missing a monthly contribution. But one week or one month can quickly turn into one or two years if you don’t maintain discipline. A solid financial plan is nearly guaranteed to get you to the million-dollar mark, but the plan is only as effective as the person following it.
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Well, the biggest ‘con’ is that you don’t think that you need to change what you’re doing when it comes to running your business. And the biggest culprits are people who’re already ‘doing OK’ in their chosen field. But hey! Who wants to simply be ‘doing OK?’ After all… If you work for yourself, you want to be set free from those 16, 18, or even 20 hour days, and have the freedom to enjoy your life along the way. Not to mention seeing the profits hit the 6-figure mark…
Rule No. 3: Get a customer! This is probably the most important rule for any entrepreneur. I’ve written about this before (“The Easiest Way To Succeed As An Entrepreneur”). People want to go the “magical path” – i.e. get VC money, quit their jobs, build a product, and then suddenly have millions of customers. It NEVER works like that.
The trouble often starts when leaders start listing five or seven or 11 priorities. As Jim Collins, the author of the best-selling management books “Good to Great” and “Built to Last,” is fond of saying: “If you have more than three priorities, you don’t have any.” Determining these priorities and how they’re going to be measured is arguably the most important job of a team leader because most of the work that everybody does will flow from those goals. Those priorities have to be lined up as carefully as the trajectory of a rocket launch, because even the slightest miscalculation can take a team off-course over time.
A: The fastest, easiest way to rise to the top within an organization is to add incredible value. In today’s competitive business landscape, that means finding ways to help your employer increase revenue and profits.
For example, imagine you have $10,000 in student loans that have a 6.8% interest rate and a 10-year repayment period. You could pay the minimum of $115/month — but if you spent another $100 more each month, you could save thousands of dollars.
“It was a huge mentality shift to how much can I ramp it up while still working full time in my other job,” she says. “There’s a quote by Dave Ramsey that goes: ‘Live like no one else, so you later can live like no one else.’ My husband and I were really disciplined when we got started, and it made the process less difficult.”
You started a business because you had an idea and a vision. But your business will only grow if you pay careful attention to your stakeholders and customers. Your board, investors, colleagues and customers can each offer you valuable insight, whether it’s about the inner workings of your company or an outside perspective on its functionality and service. It’s particularly important to listen when you disagree, like if a board member critiques your methods or a customer isn’t happy. That’s where you can best learn about your deficiencies and how to improve (translation: It’s where you learn how to stay successful).
If you asked people if they would want to make a million dollars legally in one year, you definitely are going to get a resounding yes from everybody. Nevertheless, the challenge that might be encountered in this quest is that it is one thing to want to earn a million US dollars in a year, and it is entirely another kettle of fish to know the process to follow to earn a million US dollars in a year.
The smart investor spreads their investments around. They never have all their eggs in one basket. So, they might lose the $250,000 in real estate, but they have another $250,000 in mutual funds. That’s backed up with $100,000 in e-commerce income, and a cryptocurrency portfolio.
10% or 20% savings aren’t possible: I disagree. I know happy families with kids that live with no debt, feed the family, get to work, and have a roof over their heads with only one working spouse earning less than $50k/year. Look to your large expenses first – Large house? New car every 2 or 3 years? Expensive out-of-state schools similar to in-state alternatives?
Ari Meisel, author and entrepreneur, batches his activities and alternates his environments to match the work he’s doing. On days he is recording podcasts, he goes to a studio and records about 5 podcast episodes in a single session.
Locate the company’s website, and look at reviews, products that will be coming out, and their growth charts over the years. Then choose a form of investment, such as through a bank’s investment/trading tool, through a financial/investment adviser or even directly using online trading sites. Do plenty of research first.
I think too often we look at a big number and then think it’s so big we’ll never get there. I think if people would set goals and then create a financial bridge to get there that we would have more millionaires walking around.
Property makeover companies put professional touches to uplift the outlook or a building facility. So if you are interested in starting a business in the real estate industry, then one of your options is to start a property makeover business; it is a cool way of making money from the real estate industry.