How To Make A Million Dollars In The Next Five Years





A million-dollar is, in theory, enough money to quit your job and retire early. It might not be enough to travel the world and spend like there’s no tomorrow, but it’s still enough to maintain a comfortable lifestyle and take care of your family. This makes it a goal many people dream of achieving. Below are some ideas that can make you a million dollars within the next five years.



1. Break the large goal into smaller chunks.

It’s great to have a clear goal in front of you, but you’ll also need a plan to reach that goal. That plan should include smaller goals.

Making $1,000,000 in five years means that you should be making $200,000 a year. That breaks down to $16,666 per month and $4,166 per week. Based on the average 40-hour workweek, this means that you need to earn $96 per hour.

Even if your current job isn’t making you this money. The goal can still be achieved through passive income streams. This breaks your hourly requirement to $22 per hour (given that there are 8,760 hours in a year)

Now $22 per hour doesn’t sound as scary as making a one million dollars overnight, right?



Million-dollar ideas VS. Scale mindset

Many people are looking for a million dollars ideas in the hope of reaching their goal faster. And while some people manage to do it, it still isn’t the smartest way to reach your goal of becoming a millionaire.

A better idea would be to look for a product or a service that will generate $10 of profit and that you can sell to 100,000 people in five years. You don’t have to find 100,000 people to buy your product or service. After coming up with your idea, all you have to do is to sell your product or service at a very low price point, and then as time goes by, create new features or new premium products and services for your eager clients.


2. Eliminate your self-limiting beliefs.

They say it’s easy to make a million dollars, but it’s hard to believe you actually can do it.

Many people believe that they’re not good enough to make a million-dollar; they lack formal education, they don’t have enough savings, it’s not the right time yet… the truth is, successful people like Steve Jobs, Richard Branson, Bill Gates… never completed a degree. That didn’t stop them from becoming millionaires.

Accepting that you’re good enough to become a millionaire and believing that you deserve it, is your first step toward achieving your financial goals.

You don’t have to start convincing yourself that you can make a million-dollar overnight. All you have to do is to believe that you can meet your smaller goals. Achieving these goals will feed your confidence and help you believe that you can do more.



3. Take action.

Being able to see yourself as a millionaire is important, but you also need to start taking action. Successful people have trained themselves to recognize and opportunity. They then adopt it, refine their process and execute their business plan.



4. Control your spending

The stereotypical image of a millionaire is someone who owns several luxury cars lined up in front of their mansion. The book « The Millionaire Next Door » by Thomas J. Stanley. And William D. Danko proves that most of the truly wealthy in this country don’t live in Beverly Hills or on Park Avenue-they live next door. They’re the ones who live in a modest home and who budget for everything.

People, usually, tend to upgrade their lifestyles as their income increases. They move to a larger house, buy a bigger car and go on a luxury vacation. This prevents them from getting any richer and they soon find out that they’re getting deeper in debt. Wealthy people on the other side, understand the value of money. In other words, Millionaires never, ever overspend.

This doesn’t mean that you shouldn’t buy anything nice for yourself. It simply means that you need to spend wisely, keep track of your finances and always have a budget.



Related:
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16 Things You Should Stop Spending Money On In 2020

How to Be Frugal: 30 Frugal Living Tips To Try Today



5. Improve on something.

You don’t have to invent something new to become a millionaire. You can simply take an idea that’s already out there and then improve on it. This includes ideas such as offering lower fee rates, special deals…



6. Have multiple sources of income.

Having multiple sources of income is one of the fastest ways to become wealthy and reach your goal of making one million dollars. It’s also a way to protect your income in this volatile economic environment. This applies to invest your money too. Don’t put your eggs in one basket!


7. Start an online business.


Thanks to the ongoing success enjoyed by Jeff Bezos and his Amazon empire, online shopping is a part of our modern life. With tens of millions of engaged online shoppers, there are now more opportunities than ever to start an online business. Some of the most popular online business models include Etsy, Shopify, an affiliate website…

An online business could be the best additional stream of income to consider since it’s 100% passive once you set it up correctly. The Amazon FBA (Fulfillment by Amazon), offers a business model that can make things much easier for you. All you have to do is to ship your inventory to their fulfillment centers, and they’ll manage everything else after that.



8. Social media.

It is no secret that today, many people have become millionaires from social media by simply keeping people entertained. Websites like Youtube itself doesn’t create content. Instead, it relays on other people, i.e. you, to create content.

In order to make money with Youtube, people watching your videos need to either watch the entire 30-second ad or click on it. Each view or click is usually worth a few cents, but it all adds up over time.



9. Self-publish.

With the new technology of these days, e-books have become an industry of its own that has shake bookstores like Barnes & Noble. The Amazon KDP (Kindle Direct Publishing) platform has allowed anyone with an idea and a word-processor to become a self-published author. This can be a great source of passive income.



10. Invest in real estate.

Investing in real estate is one of the safer investments you can make. You can choose between having rental properties and flipping properties.


* Rental properties. It’s a great way to have a passive income. At some level, it can become a full-time job or you might need to hire people to manage your properties.

* Flipping properties. The return on investment can be significantly higher than renting the property. However, it’ll take more effort and planning on your part. A property flipper, is usually, someone who’s looking for a house that’s in need of repair. This is going to acquire renovating that includes materials, labor and organizing an open day.




Pint it!





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