8 Ways to Make $1 Million
Do you want to be rich? Is it a goal of yours to become a millionaire? Make your first million is not as out of reach as you may think. $1 million dollars may sound like a lot of many, especially if you haven’t heard a high income before.
It’s like thinking $10K per month is a lot of money until you’re actually there, then, you’re striving to make $50K per month. Make sense? Becoming a millionaire is a financial goal of many. We’re gonna tell you how to get there. It is not an obselete objective and according to Alux, 17 new millionaires are created everyday (or 620 new millionaires a year)!
How do they do it?
How come so many people become millionaires?
How can YOU do the same?
What’s the secret?
Keep reading to learn 8 ways to make $1 Million (and be stinking rich, hehe). Here we go!
1.) Be Really Good at a Job That Pays Very Well
Doctors, lawyers and upper executives that are the best in their field make upwards of $1 Million per year. If you are social and network, it’s easy to double this amount! Can you believe it?
So, the first way is to pick a high paying field like one shared above, then be the best in it!
Highest paying job with lowest barrier to entry? Sales
- Retail stores (including ecommerce)
- Affiliate marketers
- Digital marketers
- Advertising sales
Sales is a very valuable skill. It’s a great one to work on for yourself, even if you aren’t in the sales industry as it can help you in virtually any profession and industry.
2.) Become a Book Writer (and publish A LOT of books)
You don’t have to be a bestselling writer to be a millionaire book writer. Surprising?
All you need is a great topic and an active audience. Then, you can write multiple books in that niche and sell over and over again.
It’s kind of the same with being a course creator. For example, I’m the creator behind Project Pinterest. In this Pinterest-based course, I teach students how to monetize their passion for Pinterest. What does this mean? Simply put, I show people how to make money with Pinterest. I picked a specialized niche and sell to that audience over and over. Wanna grab my course for under $20? Click this link to get instant access!
Another example relating to courses?
My blogging crush Michelle Schroeder from Making Sense of Affiliate Marketing. She came out with this affiliate marketing course for bloggers and makes a ton from it every single month. It’s helped her reach near or above $200K per month! Can you imagine making $50K per month just from one course!
It puts it all into perspective, eh?
Ok, so back to book selling. By the way, did you know that to be eligible to be a New York Times Bestseller, you only need to sell 10,000 copies? Or as low as 5,000 copies if you’ve been on the list before.
Amanda Hocking needed to raise money for a convention she wanted to attend. She decided to put one of her novels on Amazon Kindle and made $20K a month later! 10 months into it and $2.5 Million later, call her a success story!
I’ve talked about dropshipping before. It can make millionaires overnight.
How it works? There is a supplier, you (the dropshipper), and the customer. Customer buys from you, the dropshipper AKA retailer, and you order from the supplier. The supplier ships direct to the customer, instead of to you. This is called dropshipping.
It’s great because:
- Low barrier to entry
- Easy to make money fast
- Easy to scale
- Low startup
I’ve owned ecommerce stores holding inventory and I’ve owned ecommerce dropshipping stores. Dropshipping takes out the tedious fulfillment that you’d handle yourself as an inventory-held company, but it doesn’t come without it’s challenges.
It takes work to make money, after all.
4.) Start a Small Business
If you wanna be a millionaire, become an entrepreneur. It’s a lot harder and takes more time to build your millions working for someone else, though it can be done.
This won’t be a quick course, though faster than working for an employer.
Start a business and grow it like crazy.
Solve a problem, offer a solution and grow from there.
5.) Save aggressively and invest in index funds
Understand the power of compound interest and use it to your advantage to get rich.
Albert Einstein said that compound interest is the 8th wonder of the world and that those who understand should use it, those who don’t get used by it.
Some easy ways to save money:
While you are saving, also up your income. Earn more specifically for saving more. This is the best way to have more money to invest.
Some quick ways to make extra money: 10 side gigs that let your earn from your couch!
- Sign up for free for this high paying survey company that pays me every month
- Live like a college student without having to live like a college student with this grocery money saver
- Start an ecommerce store on the side (free 14-day trial to setup your store)
- Start a YouTube channel (you can make five figures per month without showing your face)
6.) Do an ICO
Cryptocurrency. ICO or initial coin offerings are an alternative form of crowdfunding where a company issues tokens at a discount price where they can use early funding to creat ae digital service that will run on the tokens. If successful, your token could skyrocket in price!
Get really rich really fast with crypto. If you’re interested in this, there is a ton of free knowledge on YouTube and other social networks.
7.) Create a Subscription Service
How much do you need to sell to earn a cool million? Lets do some math:
5,000 people at $17/month for 12 months or,
2,000 people at $42/month for 12 months or,
or 1,000 people at $83/month for 12 months
Examples of popular subscription services you probably use?
- Apple Music
Ever wonder why all these new subscription box companies are popping up left and right? This is why.
It’s pretty easy to set up and you can get supplies for free from big companies. Makes you think, doesn’t it?
8.) Work for a Multi-Millionaire
Rich people value time and they value people who save them time, even more. Find a wealthy person and figure out how to help them save time and/or make money.
It’s important that you understand you gotta provide value.
A lot of millionaires make their millions working for another millionaire. Pretty interesting, huh?
BONUS: Create a Winning App
You need a million installs and you can be a millionaire. Think about Calm or Candy Crush (making up to $1 million a day at its peak).
Wanna know how to build a successful app?
Recommended reading: How to Build a Billion Dollar App
Now that we’ve got you thinking. Test out one or more of these methods to get to your first $1 million. Good luck!