Can you make a million dollar fast? I mean like in the next 3, 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 probably don’t want to sit on a couch all day fiddling with the numbers. But, you can’t grow your net worth if you don’t know what your current worth.
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! It control the decisions you make with your money. like: How much should save, how much goes into your retirement plan or business.
So, how do you deal with your debt?
Here are 5 strong ways to kill your debt and bury it all for good.
- Get Rebates: Get money back on all your purchases and put it into your monthly payment plan. You can save $150 plus per month using Ebates
- Negotiate for debt relief: American Debt Enders can hep you
- Refinance Your debt: Get a low-interest loan to pay off high-interest debt.
- Pay More Monthly
I know it’s easy to go for a standard repayment plan. But you know what? You lose much 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. How much interest do you accrue over your period of payment? $7,965
But what if I go for a monthly repayment plan of $425? Just $1545 on interest. How much do you save? $6,420.
3. You Need Multiple STREAMS of Income
You’ve probably heard it a zillion times, as much as Micky wore his gloves. But I really feel like grabbing a bullhorn for it: “You need MULTIPLE streams of income.”
But, how? 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 – income potential
- 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
Now, 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 launching your own online business?
Let’s do the math:
If you sell $75 product to 900 people in one month, how much do you make? $67,500. In one year? $810,000.
I know, It’s not a blind jump and it will take you some time. But, if you take the time 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
If there is one key lessons I’ve learn’t from studying the lives of successful startups, here it is:
“What you know can only take you so far, whom you know takes you much farther”.
- Mark Zuckerberg got $500,000 in initial investment from Peter Thiel to launch facebook. What if Mark never reached out?
- Paul Terrell helped make Apple’s first 30 orders when the newly formed Apple inc. was turned down by Homebrew.
But, what if Steve Jobs never made attempt to meet Terrel? What if he only sat on the couch, punching their keyboards? Who knows, may be Apple wouldn’t have been born at all.
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 is unlimited, but, your skills won’t make you any money if no one knows you.
Of course, you may be a ‘code monkey’ type of programmer. But if no one knows you, you won’t turn it to income.
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 up to the world.