How to Earn Your First $1,000,000
We all dream of being financially successful. Living paycheck to paycheck is for chumps – we deserve something better. However, the sad fact is that most people will stay right where they are, living hand-to-mouth and never really taking control of their destinies. There is good news, though. Creating financial success is not as difficult as it seems. You can become a millionaire several times over in your life.
However, you need to take action, and you need to do it now. Otherwise, you can simply expect to endure more of the same, and never really make it. Not sure what you need to do to break out on your own? Here are a few important tips to help you earn your first $1,000,000.
Get Others to Hold You Accountable
Let’s face it – most of us are pretty comfortable failing to fulfill promises we make to ourselves. In a way, those promises aren’t real, because they are made to ourselves. They’re part of your inner monologue, and not part of the real world. That automatically erodes your chances of success, but you can get around it. Instead of promising stuff to yourself, when you know damn good and well that you’ll never follow through on that promise, make promises to other people.
Tell them what you’re planning, and then let their expectations and your own ego force you to follow through. It’s all about accountability. We’re far more likely to be accountable to someone else than we are to ourselves.
Commit to Taking Action
Most of us have big plans for the future. We want to go here, or do this. We want to earn this much money, and we’re going to do it in a specific way. The problem here is that planning too often takes the place of doing. We’re all preparation and no action.
If you want to earn $1 million, you need to stop planning and start doing. You need to get out there and put your plan into action. You need to focus on what you want to attain, sure, but you need to take the incremental steps necessary to reach that far off goal. If it helps, make sure to read through my list of Time Wasters You Need to Quit in Order to Be Successful. You can also set specific reminders on your Series 4 Watch to help you take action.
Make Sure You’re Earning the Right Profit
Profit is all too often associated with running a business and selling a product. However, profit is any money earned beyond the costs of expenses. That applies to your personal situation, as well. You don’t need to be a business owner to be concerned about profit. How do you go about increasing your personal profit, though? It’s pretty simple. You need to reduce your expenses.
By cutting your expenses, you automatically make your income stretch further. Of course, you probably feel like your budget is stretched pretty thin as it is. You’re definitely not making bank, so where can you cut costs? There are a surprising number of ways to reduce your expenses, even if you’re not a high earner.
For one thing, stop shelling out $5 or more for a single cup of coffee at that national coffee shop chain that I won’t bother naming. Really, if you need coffee in the morning, and who doesn’t, it costs just pennies to make it on your own. You don’t even have to spend money on a coffee maker, which could set you back like $30 or so for a basic model. Get a pour-over coffee setup for around $10 and you can make as many cups as you like (one at a time) with a little boiling water and two scoops of coffee grounds.
Another great way to cut costs without really feeling the pinch is to stop eating your lunch out. Brown bag it, instead. Sure, eating a sandwich from home might make you feel like you’re back in primary school, but it’ll save you around $50 per week at a minimum. That’s an additional $2,600 per year in your bank account. Definitely not something to sniff at.
You get the idea. There are tons of ways that you can cut down on your expenses without negatively impacting your lifestyle. You just need to brainstorm a little bit and you’ll find ways to save thousands of dollars each year, all of which goes toward building your profitability. If you're struggling to budget effectively just use the Cash Envelope System - it's the most effective and easiest way to budget.
Sock Cash Away
In addition to cutting your costs, you need to start putting more money into savings. And by savings, I don’t mean tucked under your mattress. I don’t even mean in a conventional savings account, although that’s better than a coin jar or mattress fund. What I’m talking about is using the tools available to you. I’d be willing to bet good money that your employer makes a 401(k) plan available to you. If you’re not using it, then you’re sabotaging your own financial future. Make use of it, and any employer contribution matching that’s offered. Hell, free money is free money, and it takes a surprisingly short period of time for your 401(k) account to grow.
Look beyond your 401(k) account, though. An IRA, or better yet a Roth IRA, could be a great tool to help you build your wealth. You might even look into getting into stock trading and investing on your own. There are tons of apps out there today that let you do it for very cheap rates, or you could go with something like Acorns, which lets you save the spare change you generate every day by rounding every purchase up to the nearest dollar and then investing that money.
Create the Right Support Group
I’m not going to suggest that you ditch your friends and family, but if you really want to earn $1,000,000, you need to surround yourself with people who are either doing the same thing, or have already done it. By surrounding yourself with likeminded people, or people who have been where you want to go, you automatically increase your chances of success.
Surrounding yourself with these people allows you to benefit from their advice and guidance, and creates synergy, allowing you to build success off the success of others. Remember – human beings are ultimately social animals, and we work better as part of a group. You just need to make sure that you have the right group in place.
The Right Mindset
In my post on Developing a Mindset of Success, I discussed how critical the right mental outlook is if you really want to achieve your dreams. Your mindset is your outlook, your world view. It’s how you see everything, including what you think is possible and what you deem impossible. By changing your mindset, you change what you believe you can accomplish. When you realize that you CAN earn $1 million, it becomes a lot easier to push forward despite any potential pitfalls or setbacks.
Build Value by Delivering More
Sure, we’re all told we need to deliver more if we want to earn more. Usually, that involves working harder, putting in more hours at the day job, or finding another job altogether. However, the truth is that you really deliver more value by solving problems for others, by allocating time for others, and by connecting with different people. These three things will allow you to deliver more and receive more.
You don’t necessarily have to work harder or longer. Hell, it’s possible to earn a massive income without putting in a 40-hour workweek. It’s all in who you know, who you meet, how you benefit those people, and what problems you can solve.
Do Something You Love
There are plenty of arguments against pursuing a hobby as a profession. The most common is that if you do something you love day in and day out, even that will eventually become just a job and you’ll lose interest. I say that’s BS. If you do something that you’re truly passionate about, it will carry you through.
That doesn’t mean there won’t be days that you don’t want to get out of bed. It doesn’t mean there won’t be difficult clients, or hard to achieve goals. Those are part and parcel of everyday life no matter what. However, if you are able to turn a passion into a business, you are happier, and it usually translates into greater success.
In the End
When it is all said and done, it’s possible to earn $1,000,000 and to do so in a far shorter time than you might think. However, the process doesn’t begin with the right product or the right opportunity. It begins with you. It’s about your mindset and your belief system. If you don’t believe it’s possible, then it won’t be. It’s as simple as that. Are you ready to change your mindset and your life? If so, I invite you to sign up for my new 'Six Figure Sunday' (click here to sign up) program. Let me show you how to earn six figures by working just one single day per week.