12 Ways to Make a Million Dollars(Infographic)
Before I give you these methods on becoming a millionaire I need to say that they are simple and some are common but not necessarily easy. In order to make more than 99% of the population you need to have grit, determination, persistence, and be financially savvy.
It is evident that you have at least one of the aforementioned qualities, otherwise, you would not be reading this post about the way to make a million dollars.. Make sure that you also know why you want to make a bucket load of money and ensure it is something you can work at forever before starting because you probably won’t get very far otherwise.
I have put together a nice little infographic with some cool ideas to make a nice million that can be stored in the bank. Remember there is a more detailed explanation of the infographic underneath it and don’t forget to share it with your friends, they may need in more than you!
Start a business
Seventy percent of the world’s richest people earned their spot there by starting a business that eventually became huge. This is the most commonly travelled road to wealth but it may not be for everyone. Make sure that you are aware of the challenges that you will face as a startup in your chosen industry before getting started.
Sell your business
Conversely, instead of holding on to a successful business, you can sell it and cash out early. It is not uncommon for businesses to be sold for up to ten to twenty times their yearly profit depending on the industry. So if you are in the right industry such as technology, you can be making a hundred thousand dollars a year but sell for over one million. Provided you have a stellar produce of course.
Become the best in your field
You should be working towards this regardless but when you are really good at something then you can demand higher wages for you expertise. Read a hundred books a year and you will be an international expert in no time. If you work at something for a hundred hours then you should be proficient. If you work at something for ten thousand hours (subject to what field it is in) then you can attain mastery.
Establish multiple streams of income (the average millionaire has seven)
Dabble in many different endeavors. Real estate, stocks, bonds, tax deeds, etc. and they will each pay you a small sum, eventually equaling and passing your yearly salary. This is lifestyle design 101, creating a hands off income stream and you will thank yourself everyday for the rest of your life.
No matter what, you need to save for a rainy day. Save in high yielding instruments rather that your run of the mill savings account. I think the bank gives like two percent interest for a regular savings account. They take your money and invest in things like tax liens and tax Deeds which yield twenty thirty or even forty percent per annum. It is a great way to double your savings every few years with minimal risk. (I would almost say no risk because it is backed by the government but governments fail all the time).
Write a New York Times Best Seller
This is much harder than it looks, but it will be well worth it. There are so many options available to writers these days that they no longer need to spend their time and energy looking for a publishing firm that will only give them peanuts for the sale of their book. Kindle Direct publishing and Smashwords are really great options for indie authors. The thing that makes or breaks a book is marketing and there are some great marketing firms out there that are well worth the few dollars that you invest in it. Even if you do not have the money for editing and marketing, if the idea is good enough you can crowd source it!
Marry a Millionaire
Personally, I would not marry a millionaire just for their money because I am sure I will make a million on my own. Some people don’t mind and this is a really effective way of living an amazing lifestyle. Just make sure you don’t base the relationship around the more superficial things. If you do then the relationship will probably be over before you can really start to enjoy it
We live in a world of consumerism where you can make an entire industry from basically thin air. Take social media platforms for example; twitter, Facebook, and Instagram do not have a physical product that they are selling but they make billions of dollars a year.
Collect valuable art
I like this one, train yourself in the aesthetics of great paintings and make a killing from upcoming artists. Just make sure that the person is actually painting something worthwhile. Something that should inspire you is the knowledge that the Mona Lisa is worth one billion dollars.
Be born into a wealthy family and live in comfort for the rest of your life. This will most likely be something that your children will have the privilege of experiencing. Work hard now and they can build on what you leave behind.
Start an internet business
There are countless internet millionaires in the world today, all you really need to do is work to learn the intricacies of driving traffic and have a stellar product. The rest will take care of itself. I make it sound so easy because once you understand it, it really is. Do not worry about all the little details, the most important thing is to get started.
Become a land prospector
The wealth of the old days was not measured in a dollar amount but rather how much land you have. This still holds true today whether you want to buy and hold or you want to develop large parcels of land. Another benefit of having land is that it is the best collateral for loans when you want to start a new business or just buy more land.
The reality of making a million dollars
The truth is that this list is just me having a little fun with making a million dollars. I am sorry to say but more than likely you will make a million dollars but not be able to save more than 10%. Making the million is actually the easy part. The hard part is making it in such a way that it sticks.
The most viable options for making a nice million are starting your own business and becoming the best in your field. Neither one is as hard as you think. Starting a business is as easy as doing a google search for online incorporation and having your hundred dollars ready for the incorporation fees.
The more difficult part is becoming an expert in your field. I work in multiple spheres of endeavor and I always learn pretty quickly because I go above and beyond the call of duty. If that is what you want to achieve then you too must go beyond the call of duty. If you are not willing to work 80-100 hours a week to get your own business of the ground then you are not ready to be a millionaire.
You need to eat, drink, sleep, breath, and even fuck with your business on your mind. If you can do that then you will go very far very quickly. The beautiful thing about the world today is that you can become an expert in any field basically within one to two years. All you have to do is look for the information. The internet is full of quality information that will allow you to make a tangible dent in your education. There are forms where you can interact with industry leaders and there are events you can go to for networking. I honestly believe that if you do not make it in your chosen endeavor then you are the only one to blame. Here are some books you can buy to get an ideal of the fundamentals of starting a successful business. Make sure you read my post on financial literacy to get a few great books on that topic as well.
Assuming that you only want to make a million dollars in order to live like a millionaire then you are actually on the wrong path(Sounds funny but bear with me). You do not need a million dollars to jet set across the world. What you need is an income stream that will allow you to remove yourself from active management. Hence the era of making money online. There is no better way to automate your cash flow like writing an ebook and putting it on amazon or developing a digital product and selling it to targeted customers.
As long as you are delivering a high quality product that is actually solving a problem or entertaining people while being relatively difficult to duplicate then you will continue to reap rewards from it for years to come.
If you are interested in starting a business online then you have come to the right place. I have written an incredibly comprehensive guide on how to set yourself up to become a great blogger. You can take a look at that post here. The beauty of blogging is that it is only difficult in the beginning and it us used by most businesses today to attract customers to their products while giving massive amounts of value. It’s a win win situation for everyone involved. The upside potential is almost limitless.
Now, the only thing that can stop you from making that million is you. Do NOT be your own worst enemy.
The simple truth of the matter is that you can become a millionaire in almost anything that you do. In every profession, there is a top one percent and a bottom one percent. The real activity that will make you a millionaire is developing a plan, adjusting it when there are different factors to consider, and above all sticking with it.
If anyone is advocating a get rich quick scheme for just a SMALL token, then I advise you stay far away from them unless you want to be conned! If you are a truly indomitably audacious man then I know you will attempt fearlessly and accomplish masterfully. Before you run off and get started sign up for the mailing list to get regular updates.