Making a 1 million dollar seems a lot of money if you never earned it. It seems like an obsolete objective but the truth is nearly 22 million new millionaires are created in the year 2021 in the USA. How come so many people become millionaires and why can’t you do the same? It’s all about positioning and how valuable you are to the Marketplace. Here is the path how to become millionaire.
However most people wish their circumstances would magically change for them.But they don’t have the desire to become better themselves. They simply wait and wish for luck. But becoming a millionaire is not about wishing or any magical things. It’s all about hard work, planning and execution of the plans to the marketplace. You can seek to become the kind of person with the skills and abilities to do brilliant things as Jim Ronh said,”The greatest reward in becoming a millionaire is not the amount of money that you earn. It is the kind of person that you have to become to become a millionaire.”
1. Be in the top 1% of your profession:
Be really good at a job that pays really well. It’s super easy to become a millionaire if you know what you are doing and you are specialised. Doctors, lawyers and upper management earn on average over 150,000 dollars a year. if you are really good at what you do and hyper specialised you can double and even triple that amount. The highest paying job with the lowest barrier of entry is sales. If you know how to sell, you can make a ton of money no matter where you find yourself. Compared to doctors and lawyers, 1% of sales people earn more than 250,000 dollar per year, which will help them pass the 1 million dollar mark in just 4 years. Not to mention selling is an incredibly valuable skill for all strategies.
2. Write Several Books:
Write several books that sell well. Many people think that they need to write the next Harry Potter or Fifty Shades of Grey in order to get rich from books. The likelihood of you knocking it out of the park is incredibly low. Getting 1 million dollars with writing books is a very doable job if you find the right audience who are willing to purchase. Very few people know this. If your writing is good just keep putting out more and more books until one of them becomes a hit. There are plenty of people who did this way. So you can definitely do this.If you have podcasts, Instagram, youtube, a blog then it will help you more. Because your audience will support and purchase your work.
3. Licence a patent and Trademark of a big company:
Another way to add value to the world is by being an investor, designer and engineer. If you can figure out a way to solve a problem better than what’s out there already, you could be sitting on a gold mine. If you solve a million dollar problem then you can easily become a millionaire. You have to figure out a real problem and you have to work super hard to solve the problem.
4. Start a small business and keep growing:
Start my small business and keep growing. The way most of the people end up millionaires is by creating a small business and just growing it. Now it is not easy to start and grow a small business. One needs the hustler mindset to scale up a small business to a large one. It all starts with solving a problem’ how to get paid and then bringing in the people so you can focus on what is important for the business to grow. Everyone has a few business ideas in their hands; it is just a matter of implementation.
4. Save money and put it in index fund for several years:
You need to understand the power of compound interest and use it to grow rich. Einstein said it was the most powerful mathematical discovery of science and he said compound interest is the 8th wonder of the world. He who understands it earns it and he who does not understand it pays it. If you understand money and investment funds, you might know that a 7% annual return is easily doable. Now it matters just how much money you can save. Traditional strategies go like this, if you are able to save 10% of your income yearly and let’s say you earn $150,000 per year it will take 40 years to get a million dollars saved. But who wants to be a millionaire when they are old. You should try to increase all the three most important variables: One the amount of money you earn , two the amount of money you are able to pull aside and three the return on your investment. The first two depend on your choice and the third one on the other hand is very straightforward. For example, the first thing we should do is take the money out of a 7% mutual fund and put it in an index fund like S&P 500.For those of you who know this, the S&P 500 is a fund made out of the top 500 companies in the USA. If a company is not performing well it gets taken out and replaced by a performing company. For the last fifty years S&P 500 generated an average of 10% yearly Returns.
5. Start an Subscription Service:
Create a subscription service and 1000 people pay $83 per month. How many ways can 1 get 1 million dollars from a subscription service from the subscription service.
5000(p)*$17*12month=$1million
2000(p)*$42*12month=$1million
1000(p)*$83*12month=$1million
500(p)*$167*12month=$1million
300(p)*$268*12month=$1million
Now you get the ideas. That’s why everybody is doing subscription services these days. You have seen the popularity of the likes of Netflix, Amazon Prime and Apple music increase. Netflix has 221million subscribers, Disney+ have 152 million worldwide paid subscribers and Amazon Prime has almost 200 million subscribers.They are making billion dollars from subscription services.It is very simple and straightforward. It is a mathematical game. Just create a service that is valuable for the people and stick around it.
6.Work with someone who is multi-millionaire:
The best way to make your first million dollars is to work with someone who has made a billion. Rich people value time over everything else.They really value people who are able to save them time. The best way to do it is to find someone who is incredibly wealthy and help them either save their time or make more money. Either way you will find their generosity directly proportional to the value you bring to their life.
Ideas are the true currency of twenty-first Century. Hope we are able to give you some insights to take action towards your millionaire journey. Take action Now.
Be Happy. Keep Dreaming. Keep Doing.
