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Last Updated on December 22, 2020

How To Make a Million Dollars in 7 Steps

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How To Make a Million Dollars in 7 Steps

Making a million dollars is no easy task. To be honest, it’s one that shouldn’t even be thought about unless you are okay with being more disciplined than a navy seal for at least three years. Flirting with the idea will get you nowhere, starting the idea will get you frustrated, and going half-ass will just leave you more frustrated than when you started.

So, if you are ready to commit to discipline, laser focus, and more ups and downs than a roller coaster at Disney World, then let’s get it.

1. Pick a Niche

This is by far the most important of the entire process on how to make a million dollars. This niche must meet some crucial criteria.

Let’s go over some of these requirements:

  1. It must have no cap for income.
  2. It has to be something that can be scaled at a high level.
  3. You must be an expert in this field (or willing to become one).

I am personally writing this under the assumption that you will be doing this full time or be able to dedicate 30+ hours a week to this hustle.

Here are some ideas:

  • Private Label Products on Amazon
  • Dropshipping on Shopify
  • Affiliate Marketing
  • High-End Consulting
  • Flipping Homes
  • Sell your skills on Fiverr
  • Sell an online course

There are tons of avenues to making a million dollars, but it has to be one that can be scaled at an enormous level. We must think big—bigger than you ever thought. Think so big that people would make fun of you if you told them how big you wanted to be. Every great entrepreneur started with these thoughts.

Remember, someone once had the idea to bottle water and sell it. Can you imagine the reaction when they first told someone?

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2. Commit

Very few, if any, millionaires ever did so without a strategic time commitment and strategy. The best way to do this is to look at your schedule and see where you can make up some hours. You will need to work on this idea at least 5 days a week.

To give you an idea, my hours are 4:30 am to 7 am every morning before my 3 and 5-year-old wake-up. Does it suck some mornings? You bet. But to me, it’s worth every sacrifice.

Making a million dollars is a lofty goal, and if you think I will lie to you and say you can do it without working harder than you ever had, you are reading the wrong article.

3. Become an Expert

Before you jump right in, let me give you a piece of advice. This is one of the places I failed miserably when I first started. Learn and then learn some more. But isn’t it okay to learn as you go? You bet!

The thing is, you must have more knowledge than the average joe. Passion, unfortunately, does not mean expertise. People can smell a fake from a mile away, and your expertise will be no different.

The best way to become an expert is to find a mentor who has been successful in your niche. I am a huge believer in investing in yourself and so, don’t be afraid to attend paid conferences, seminars, or even paying for a mastermind.

Knowledge truly is power and when you are trying to make a million dollars, you need all the power you can get.

4. Launch

Spreading your wings is the scariest part.

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What if I fail? What if my friends make fun of me? What if…?

Self-confidence and strategy are the keys here. Talk to any entrepreneur who has made a million dollars—there is no one out there who can say that they didn’t have times where they wanted to quit.

There were times when they cried, became frustrated, wanted to wave the white flag. Bet they didn’t because they believed in themselves and had a strategy. You must TRUST THE PROCESS.

Here are some 7 solid launch strategies to give yourself confidence and a definite boost in sales—and accelerate your path to a million dollars.

  1. Obtain 100 reviews before you ever launch.
  2. Obtain 5 video testimonials that speak to you or your product.
  3. Have 3 influencers commit to sharing your product or service on launch day.
  4. Capture every email address you can and email them bi-monthly.
  5. Give away a set amount of products/services in return for social media shares.
  6. Run a paid advertising campaign for your launch- (FB and Google are the best bang for your buck).
  7. Once you complete step 6, start back at step 1 and repeat.

5. The Dream Customer

From my experience, this is where most people hang their hats up. We were just on top of the world and more excited than a kid on Christmas Eve. We have launched, worked for months, and we finally put our product/service out to the world only to hear crickets.

This is where we separate the “boys from men”—as they would say. Most likely you have a good product/service, but it’s not reaching your dream customer. Let me explain.

Imagine you are selling makeup. It’s the prettiest make-up anyone has ever set their sights on. It’s priced right, its packaging is stellar, and its logo is the bee knees.

You launch and you even follow the launch steps. but you fail to identify your dream customer aka “who buys makeup.” So, instead of 18 -35-year-old women seeing your product, it is scattered with demographics that have no interest in makeup. This results in you thinking your product is flawed and having to go back to square 1 when really, you have a marketing issue, not a product issue.

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Once you have reviews and testimonials, it is imperative that you now target your product/service to what many would call “your dream customer.”

Here are some ways you can get in front of your dream customer:

  1. Learn Pinterest by taking Pinterest Academy.
  2. Take Twitter flight school.
  3. Take classes on Google Garage.
  4. Learn Fb ads via Facebook Blueprint.
  5. Find Instagram/TikTok influencers to promote your brand that already has your dream customers as followers.

6. Manage Your Money well

The entire American dream can go to hell in a handbasket real quick if you don’t manage your profits well. We have seen many before us who spent their profits without any structure. There is a difference between making a million dollars and structuring your funds to become a millionaire.

If you have come to this step, then you are above the curve and have a great problem to solve.

How will you structure your profits? What percentage will you save? How much will you pay yourself? How much will you put into marketing?

There are a plethora of questions you must sort through. The good thing is you now have a problem that most people would die to have. You have an abundance of income and need to know how to structure it.

I would strongly recommend paying yourself a set salary regardless of your profits. You can always give yourself an end of year bonus. I would also advise seeking out a CPA and making sure you are taking advantage of your tax advantage investments to their fullest potential.

7. Find Balance

The entire site and its premise are called Lifehack. Lifehack does not stand for “work 100 hours per week and be un-happy.” From my understanding, it is the exact opposite. It is a mindset of winning at life by being efficient and successful in all areas of life.

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Obtaining a million dollars will not give the deep satisfaction that you have always longed for. The journey, however, can and will fill that satisfaction if you can find your passion along the way.

Many people find fulfillment in the journey, but very few will ever find fulfillment in the money.

To expand on this point further, let me put it this way. I know many millionaires that could afford to stop working today and live more comfortable lives than many of us would ever dream of.

So, why don’t they? Here’s why.

It’s never truly about the money—it’s about the journey, it’s about the hustle, it’s about being a winner. The money just comes with those things. Unfortunately, this is why very few ever accomplish this feat. They don’t enjoy the grind. They don’t endure the roller coaster of emotions it takes to make a million dollars.

Bottom Line

Many entrepreneurs will attempt to make a million dollars, and many will succeed. Following this framework will not be a silver bullet, but it will be a great place to start in your journey of financial freedom and entrepreneurship.

I wish you the best of luck! Cheers.

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Featured photo credit: Alexander Mils via unsplash.com

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More by this author

Tyler Green

Host of Middle Class Money Podcast

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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