How To Make $1 Million Dollars (Become A Millionaire)
How To Make 1 Million Dollars
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If you went around and asked people what the one thing they want is, most would say more money or to be exact a million dollars. As a matter of fact, most of students that I coach say making a million dollars is their goal. For some people this is just a want and they never think this could possibly come true for them. But what if I told you, this is easier than you think and completely within your grasp.
Making a million dollars may seem difficult but in fact it can be easy with the right mentorship and knowing how others have made millions before you. 1,700 millionaires are made every day so why can’t you be one of them?
One of my most asked questions from my students is how can I make a million dollars, so I created this list of ways you can make a million dollars.
Video: How To Become A Millionaire- Step by Step
No other industry has created more millionaires and billionaires that real estate. Some famous people who have made millions and billions with real estate is Ray Kroc (McDonalds), Donald Trump, Stephen Ross, Sidney Torres and Arnold Schwarzenegger.
Each of the real estate moguls listed above all started our in real estate at different times and in different ways but one thing they have in common is they started small and they just started. If you have been thinking about getting into real estate but aren’t sure where to begin or what to do I have created a list of a few ways you can get into real estate to make you a million. But the main one is you just have to start!
Equity Capture– Buy a property for less than what it’s worth. If you saw a property listed on the market for $200,000 and the property value is $300,000 and you bought that property you just earned $100,000. If you do this 10 times you just made a million dollars.
Cash Flow– The best way to get cash flow in real estate is by purchasing a multi-family property (duplex, triplex, apartment building, etc.) where you can rent the property to multiple families who will pay you rent, cover your expenses and mortgage and after all the expenses the money you have leftover is cash flow. In my Real Estate Property Warriors Facebook Group, we have had several members make good cash flow from learning all the tactics we discuss, the advice we give and by helping them find the best real estate deal.
Market Appreciation– If you buy a house for $100,000, this could be a house you live in or rent it out, and you hold it for 10 years and the property doubles in value you still only paid $100,000 for that property and if you go to sell it you will double your investment. So if you buy
Tax Advantages– Depreciation which you can deduct from your income, mortgage interest deductions from income, cost of repairs on maintenance can be a deduction and cost of professional services like property managers and legal. You can also defer capital gains with a 31 exchange.
Principal Pay Down– Similar to the cash flow example, you can buy a property and put tenants in that property who will pay you rent to live their. The rent they pay you goes towards the principal if your mortgage. If you buy multiple properties and hold for several years until the the mortgage is paid off you can make that million dollars.
Related: 12 Real Estate Investing Books You Need To Read
Some of you entrepreneurs might have heard of this before but for the rest of you millionaire math is simple, all you need to do is to sell something for a certain price and figure out how many people you need to sell that item to in order to make a million dollars.
Simple right? For example, if you have a $200 online platform you are selling you would need to sell that to 5,000 people (1,000,000 / 200 = 5,000).
If you created an ebook and sell it for $20 you would need to sell that to 50,000 people.
If you have $5,000 course you would need to sell it to 200 people.
If you have a service and your average customer spends $400 you would need to sell that service to 2,500 people in order to make a million.
Millionaire math is pretty simple and it shows you the minimum number of people you need to purchase your product to make you a millionaire.
If you already have product ideas now you can take your goal and start working to that million dollar status if you don’t have any products or ideas yet I can help you figure out the perfect product idea for you through a free coaching call.
Publish A Book
Now this isn’t the fastest option to make you a million dollars but overtime this one could pay off in a big way. Find something you are passionate about or solve a problem, write a book on it, publish it on Amazon and repeat. Authors like Tony Robbins and Rachel Hollis have published many books over the years and these books continue to sell and they keep continuing to make more books.
If you publish a book and combine it with one of the other ways to make a million dollars on this list the better off you. The more revenue streams you have the more millions you will make.
Tools to help you become a millionaire
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Millionaire Business Mindset Book
Freelancer – If you want to write to a book but don’t have the capabilities you can hire a freelancer to help you.
Saving your money and investing it will make you lots of money and it’s not as difficult as you think. If you set aside a little bit of money every day, every week or every month and take that money and invest it overtime it will make you a ton of money.
Another way you can invest your money is to double the percentage of your 401k. Most employees with a 401k just pick the minimum amount but if you double the percentage you would have a nice nest egg for retirement.
Smart Women Finish Rich is a great book about this topic. The author David Bach breaks down investing in a way that anyone can understand.
Now that you have learned a few ways you can make a million dollars it’s time to set some goals and get to work. These ideas may not make you a millionaire overnight but overtime these can make you millions.
What Do You Think?
Have you tried any of ways mentioned above to make a million and want to share your story? We would love to hear from you by commenting below.