How to Make a Million Dollars
So you want to know how to make a million dollars. Who doesn’t?
I think most people, at one time of their life or another, have googled that.
But is it really possible?
The short answer is yes, it is.
In this article, I’m going to show you how to make a million dollars become a more realistic pursuit and that it can happen a lot faster than you think.
The Truth about How to Make a Million Dollars
The average person who makes roughly $40,000 per year will end up making a million dollars over the course of their career.
Eventually.
Not soon enough to enjoy it earlier in life.
And having spent most of it along the way on bills and other expenses.
The thought of that makes me want to pull my hair out…or at least think about doing so.
A lot of the advice you find out there talks about saving, living within your means, maxing out your retirement, etc.
It’s all good advice, but there are also other ways to make it happen a lot sooner than in your 60s or beyond.
And I personally would rather make it sooner rather than later and enjoy using it at a younger age.
That’s why I became an entrepreneur…for more freedom.
And I think that’s why about 55% of people have started their own business at one point in their life. They want to escape the rat race.
Check out my article 13 Most Profitable Businesses to Start in 2024.
How to Make a Million Dollars Faster
How long does it actually take to make a million dollars?
That depends on a few things…
- What you choose to do to make money
- How much time and effort you put into the goal of making a million dollars
- The amount of money you have to start with
- Among other factors…
There’s a great book called 12 Months to $1 Million by Ryan Daniel Moran that goes deep on a proven strategy of how to make a million dollars in 12 months.
In it he walks you through 10 steps to getting to your first million dollars in a year.
This includes what to do months 1-4, 5-8, and 9-12 to hit this goal.
He also talks about mindset, choosing the right product, and eventually getting to 100 sales a day with 3-5 products.
Mindset to Have to Know How to Make a Million Dollars
If you don’t believe it’s possible to make a million dollars, you won’t. Plain and simple.
If, however, you truly believe it’s not only possible, but possible for YOU, nothing and no one can stop you.
Your mindset is paramount to you successfully achieving this goal.
The Right Product
Choosing the right product depends on who your customer is.
It should be something that will solve a problem for them.
For example, sitting in front of the computer for long stretches of time hurts my eyes. But as a business owner, I need to use the computer a lot.
So someone recommended I get anti-bluelight glasses. I use them every day and I love them.
Problem solved. My eyes don’t hurt and I can keep working.
Find a problem you customers have and solve it. There’s your product.
Add More Products to Get to 100 Sales per Day
If your product is around $30, you need to get to about 100 sales a day to make a million dollars.
You can do that by selling 25 each of 3-5 products per day.
In Ryan Daniel Moran’s book, he explains how to get to that point.
I would recommend you start with one product to get it launched and making sales, then choose another product that makes sense with the first product.
That way it’s an easier decision for your customers to want it.
You don’t want a book about taxes and a toaster oven. They don’t go together.
The truth is when you solve a customer’s problem, other problems come to the surface, other problems you can then solve with another product.
Going back to my example of my anti-bluelight glasses, what new problems have come up for me?
I can think of one that I could easily solve now, but at the time I got my glasses I couldn’t…
In my opinion, they look clunky on me so I don’t wear them around other people.
I would love to get a screen cover that was anti-bluelight so I didn’t have to wear the glasses around others. Instead, I sacrifice my eyesight when I’m away from my office.
That could have been a solution to my problem years ago when I got my glasses. It exists now, but it didn’t then.
So choose your next product to solve the next problem of your customers. Each time you solve a problem, another problem will arise. It makes creating 3-5 products simple.
In a Nutshell
Knowing how to make a million dollars isn’t a deep, dark secret of the wealthy. It’s a real possibility for the average joe schmoe.
We talked about only a few ways to make it a reality. Ryan Daniel Moran goes much deeper on how to actually do it in his book.
And follow the steps he outlines in it. It could change your life.