Last Updated on December 22, 2020

How To Make a Million Dollars in 7 Steps

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?


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.


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.


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.


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

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Tyler Green

Host of Middle Class Money Podcast

How To Make a Million Dollars in 7 Steps 10 Best Ways to Save Money Faster and Smarter

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.


You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.


Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.


Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.


There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

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