Can you make a million dollar fast? I mean like in the next 10 or 15 years. Trust me! it’s possible.
Before you read on…
This post is going to be a challenge. Some of the methods here are actually the plans I’ve already set for myself. So, if are you ready to jump on the challenge, let’s kick the ball rolling…
STEP 1 – Preparing the Ground For A Million Dollars Goal
1. What is your Current net worth?
I know you don’t want to sit on the couch all day fiddling with numbers. But, you can’t grow your net worth if you don’t know your current financial level.
I know it may be fun to throw shots in the dark, but hey, don’t do it with your finances. So, see these 3 questions:
- What is your current full-time income?
- Does your income allow up to $500 savings upward a month?
- Do you know your current net worth?
Why does it matter?
If you know your current net worth, then you ‘d know what to do to grow: Get more income streams, Increase your savings, start a business or Invest more.
You can use my free budget tracker or even a simple excel to track your budget.
2. Get Rid of the Elephant’s Rope
I know you probably got some debts on good accounts. A student loan is one. But I will be straight to the point here: The first step to becoming a millionaire is this:
“Kill your debt“
Your debt is your Elephant’s rope!
It limits you and controls your life and your decisions, like: How much you can save, or how much can go into your retirement plan.
So, how do you deal with your debt?
Here are 5 easy ways:
- Get Rebates and add to your payment plan: Ebates
- Negotiate for debt relief: American Debt Enders
- Refinance with low interest loan
- Pay More Monthly
I know it’s easy to go for a standard repayment plan. But hey, you lose more money when you pay less.
If you take a student loan of $15,000 with an annual interest rate of 6% for a minimum monthly repayment of $125, you will accrue $7,965 interest over your period of payment.
But what if you go for a monthly repayment plan of $425?
You will pay just $1545 on interest and save $6,420.
3. You Need Multiple STREAMS of Income
You’ve probably heard it as much as Micky wore his gloves. But I really feel like grabbing a bullhorn for it: “You need MULTIPLE streams of income.”
Here are 5 straight ways to multiply your income RIGHT AWAY.
- Get your purchases for less money: Ebates – Income Potential:$150 plus perm month
- Use your spare Resources: Your spare car – GetAround (Income potential: $2,100 plus / yr)
- Your spare time: Doordash (Income potential: Up to $25 / hr)
- ReNegotiate your bills
- Ask for a salary raise: Income Potential: Can be up to $5000/yr on your salary.
STEP 2: 3 Powerful Hacks To Multiply Your Current Income
How do 91% of millionaires make their money? Let’s see this:
- 45.5% of Millionaires make their money from savings and investment
- 47% of Millionaires make their money from business
1. Multiply Your Income with Low-Cost High ROI Investment – Income Potential: $ Half a Million in 15 Years
First, I’m not going to tell you to jump on a lucky stock. So, what’s more real? Your 401k. You want the figures?
If you earn $50,000 a year and you invest 10% into your 401k and your employer matches it with 50% of 6%? How much would it yield before your retirement? $1,336,315
2. Launch Your Online Business – Income Potential: $1 Million in 3 Years
If you really want to break out of the 9-5 day job, and make some monster money, read this: The best way is to start your online business.
But how much can you make?
Let’s do some math:
If you sell $75 product to 900 people in one month, how much do you make?
In one year? $810,000.
I know, it will take you some time. But, if you are patient to know what your audience wants, and you stick with it, you will see this in 2, 3 or 5 years:
Furthermore, you don’t need to be a rookie to launch a profitable online business.
- Identify your sellable products: physical products, your knowledge or expertise: e-books, printables or online course?
- Promote your product: You need a blog
- Drive Target traffic: And convert your traffic to sales
3. Widen Your Reach
There is one key lessons I learn’t from studying the lives of successful startups. And here it is:
“What you know can only take you so far, whom you know takes you much farther”.
- Paul Terrell helped Apple to make it’s 30 orders when the newly formed company was turned down by Homebrew.
But, what if Steve Jobs never made attempt to meet him?
May be Apple wouldn’t have been born.
So, how much do you think you can make with your skills this year? $50k, $1 Million dollars.
The truth is: what you can make with your skills has no limit, but, your skills won’t make you any money if no one knows you.
It doesn’t matter if you are a ‘code monkey’ type of programmer. If no one knows you, you won’t make money.
5 weekly goals to widen your reach and grow your network:
- Write out the names of top 25 experts in your field.
- Find out a social media account they are most active on.
- Search for their Email Address.
- Attend events they are featured – Yes, you’ll spend money. Is it worth it? Yes.
- Walk up to them and introduce yourself.
- Don’t stop. Keep it up.
Yes, I know you would only likely make just 1 or 2 friends off the names on your list.
But don’t forget: Just one connection can show you to the world.