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5 Ways to Become a Millionaire In One Year

5 Ways to Become a Millionaire In One Year

Some spend their entire lives struggling to earn a decent living, while actually managing a business meant to thrive. If you are tired of watching your competitors bypass you or tired of doubting your business idea, check out these simple, yet powerful tips to boost your profits today and join the list of millionaires next year!

1. Discover a growing market

One of the most obvious, yet forgotten, ways to create a business worth millions is to find a booming new trend and ride to the top of it. Analyze what’s hot right now. Spend time researching the niche and evaluate what competitors offer and what they don’t, and what you can! Take for instance, Nick D’Aloisio, a 17-year-old kid from London who coded a handy Iphone app Summly – a wise news aggregator collecting short news summaries from all major outlets. The app was bought by Yahoo within a few months for a whooping sum of £19 million. Whereas there already existed a huge amount of news apps on the market, none of them offered to pull out a summarized and concise list of all major events, based on your interests, location and preferences.

No wonder the app was hot to get acquired by Yahoo, as the possible revenue estimates were expected to double within a few years as more and more mobile users were getting tired of slow loading pages and clusters, opting for clean and neat products to let them solve their problems on the go.

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2. Think over your monetization strategy from day one

A lot of tech startups fail with this one and merely focus on growing a huge user base, instead of thinking about decent ways to monetize. Twitter and Instagram are just two examples of such a phenomenon, but there are numerous companies who eventually failed due to their inability of creating revenue. If you are focused on becoming a millionaire in the first year, you have to work over your monetization strategy from day one!

Most profitable businesses operate with one of these models – they sell a lot of cheap products and services to a lot of people or they sell premium, big-ticket items to a limited list of buyers. Brian Clark of Copyblogger managed to turn a simple blog into a $7 million company by selling premium marketing courses and software for internet entrepreneurs and content marketers. Whereas, online marketplaces like Etsy dominate the search engine rankings with a huge variety of products worth from a penny to a few hundred dollars.

Now each model may have its draws and advantages, but more importantly than choosing which one you are to implement, you first have to create a defined plan for monetization. Understanding how you will make money from the start will save you from wasting time on the idea that something profitable will come up for you.

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3. Be Number One

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    Now, Pepsi may earn a few billion dollars each year being number two product on the market, but chances are, you can repeat the same success are rather low. There is a bunch of mediocre products out there these days, but those companies are nowhere close to making a million in their first years. The truth is – you have to offer something so freaking great to wow your customers and create the necessary industry buzz if you want to succeed. For instance, John Morrow claims to offer best guest posting course that will connect you with top influencers in your niche, generate long-term traffic steam and actual sales. The spots get filled up within a few days after opening as the product seems to be one and only non-bullshit course these days that will teach you to grow your business with smart content marketing and guest blogging techniques.

    If you are struggling to identify what exactly is going to make your product better, just ask around to your existing customers!  A short survey with simple questions like “What else we can do for you?” and “What other features would you like our products to have?” will give you the lacking insights. And after implementing those recommendations, you will earn a bunch of loyal clients who will go on to refer more sales to you in the future.

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    4. Hire Rock stars

    You should not expect to handle a multi-million dollar business on your own, right? Delegating and hiring top-notch stuff is one the crucial points to make or break your company. Hiring underperformers is cheaper and easier, yet this team will achieve none of the goals a few high-end professionals could complete within the same time-frame. For instance, Google invested in hiring best coders since early days and keeps the same policy until now. It’s needless to say how powerful this strategy turned out to be.

    When looking for the initial team for your business venue, the first thing to do is ask around your professional network for referrals and recommendations. Pay special attentions to the sales executives you are hiring, as they will stand the biggest difference in your business’s bottom line. Keep them motivated and inspired to close the deals with whatever it takes!

    5. Focus on data

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      The last, but not least, major point is to consume and analyze all data you can possibly get and act on it. Take advantage of Google Analytics by identifying and setting up your company’s key KPIs. Run split tests and implement new marketing strategies based on the data, in order to push the indicators even higher. Gain valuable statistics by analyzing your social media performance with KissMetricts or focus on improving your website usability with a series of tests by Crazy Egg. With numerous data analysis solutions out there, squeezing out the tiniest details about your possible consumers and audience has never been easier.

      If you feel like you are lacking the skills, consider investing in a rock star analyst who will chew down all the numbers for you into actionable tips. If your goal is to manage a million dollar business, you need to take advantage of the markets data and act smarter on it that your competitors.

      Featured photo credit: 401(K) 2012 via flickr.com

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      Elena Prokopets

      Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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      Published on October 28, 2020

      13 Books on Money to Transform Your Finance Management

      13 Books on Money to Transform Your Finance Management

      One of the most obvious measures of our success is our wealth. That said, that statement alone can be taken in various directions. Some people think it’s a matter of how much wealth you have. We, on the other hand, believe that it’s more of how much you’re able to retain and manage from month to month and year to year.

      Below is a list of books on money that we believe will transform your way of thinking about money management in several ways. From sparking interesting conversations about it to making plans for your financial future, this list covers many aspects of finance management.

      How to Choose a Good Book on Money

      To help you find the best books on money to reach your personal finance goals, we’ve done the research for you and have formed this list of criteria.

      • Relevant – Even though money has been around for a long time, the economy has changed a lot over the years. We want to ensure you the books recommended are offering relevant advice that would be ideal in any financial environment.
      • Offers a system – Financial advice is great, but it doesn’t always stick. Each book should overall provide tips and habits that will allow you to build a system to help you manage your money.
      • Sparks conversations – Reading about money is one thing, but these books should also encourage you to talk more about money with those around you to some extent. Even though we all have our own ways of managing money, discussing money can have merits in some circumstances.
      • Practical – While these books provide general financial advice, they should remain practical in that the advice should be obtainable for people to achieve. Most people don’t have the funds necessary to start a real estate business, but they can put away a few hundred dollars into a savings or investment account every month. Practical books will help you achieve your goals.

      1. I Will Teach You to Be Rich

        As the title of the book suggests, this book delivers on a plan to be rich. The author, Ramit Sethi, has a background in personal finance and provides a detailed six-week plan for living out a “rich life.”

        This book on money covers a wide variety of aspects like using credit cards and maximizing rewards from them, opening a high-yield savings account, and automating accounts where you can save money with no effort from you at all. This book is filled with nothing but pure actions that are outlined and sectioned off in a good way.

        Buy “I Will Teach You to Be Rich” here.

        2. The Automatic Millionaire

          Another one of the great books on money that will help you build a system is The Automatic Millionaire. Written by David Bach, a financial writer, this book focuses on our ability to automate our finances and builds a system based on that.

          The idea with this book is to give you the knowledge and information to put together a system in an afternoon that will make a large impact on your financial future for the better.

          Buy “The Automatic Millionaire” here.

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          3. The Simple Path to Wealth

            The principles from this book on money were first presented by the author to his daughter through a series of letters. As such, you’d expect there to be plenty of actionable advice when it comes to investing and overall saving. Considering the direction of the book further, this book is light and has a casual tone to it. That said, it won’t shy away from complicated explanations. It’s one of the highest-rated personal finance books around and it’s clear why it is.

            Buy “The Simple Path to Wealth” here.

            4. Retire Before Mom and Dad

              This is a book for those who are looking to be involved in the FIRE movement. FIRE stands for Financially Independent, Retire Early, and it’s clear why many people are striving for this or considering it.

              This book delves into the principles and acts as a primer for this movement and going down this path. That said, it also considers other principles that make FIRE more attainable or easier to achieve, even if you’re not planning on retirement in the next few years.

              Buy “Retire Before Mom and Dad” here.

              5. When She Makes More

                Money is a topic that most people shy away from, and it makes sense. Money is a status thing and seeing someone making more can cause unease or resentment. Money can also strain relationships and overall cause harm. People fear talking about money and it’s those emotions that cause problems in the first place.

                This book on money is powerful as it provides opportunities for women to be talking to their partner about money. After all, stereotypically speaking, men are meant to be making more money than women and it’s a sore spot when it’s the reverse. This book is fantastic because the author, Farnoosh Torabi, lives a life where she is the one making more than her partner.

                Getting into details, this book looks at the realities and the various rules she’s set up with her partner. She also discusses ways to maximize earnings while minimizing conflict.

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                Buy “When She Makes More” here.

                6. Women & Money

                  Suze Orman is a financial advisor who most notably ran a show called The Suze Orman Show from 2002 to 2015. In the show, she received calls from viewers who asked for financial advice and whether or not it’s a good idea to buy various items.

                  Orman has years of experience working in this field and pools a lot of her knowledge into the various books she’s published. Women & Money is one of the more recent ones. This book in particular talks about how women earn, invest, and save while also giving practical advice on retirement, marriage, and other topics.

                  Whether you are 20 years old or 60, this is a good choice if you’re looking to learn more.

                  Buy “Women & Money” here.

                  7. Think and Grow Rich

                    This famous book has been around for almost 90 years and still holds some relevant information. While this book on money won’t tell you about 401Ks and building a portfolio, it takes a turn to the mindset of building wealth.

                    Through this book, you’ll learn more about desire and persistence as opposed to strategy or money management. While this is an odd book on our list, we believe it’s still important as the stories and the lessons are still relevant to your money attitude today.

                    Buy “Think and Grow Rich” here.

                    8. You Are a Badass at Making Money

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                      As you can guess from this title, this book takes a lighthearted angle to personal finance. Similar to “Think and Grow Rich,” this book also focuses on the mindset of earning and keeping money.

                      While this book lacks any sort of actionable financial advice, it’s compensated by the fact it’s inspiring. It’s an ideal book if you’re looking for a new perspective to making money and could spark conversation with friends, family, or your partner. On top of that, it’s a nice motivational booster.

                      Buy “You Are a Badass at Making Money” here.

                      9. The Millionaire Next Door

                        Another inspirational focused book that you’ll want to pick up is “The Millionaire Next Door.” Many years ago, Thomas J Stanley, Ph.D. and William D. Danko, Ph.D. did extensive research into the millionaires of America. From the various interviews they’ve conducted, they created a profile of America’s wealthiest citizens and discovered common connections amongst them all.

                        Stanley wrote it all in this book that has garnered over 1,700 five-star reviews and provides tremendous insight into what it’s like to be a millionaire. This is all explained through seven habits that all of these individuals have in common.

                        Again, there’s not so much practical advice here, but it prompts you to take a closer look at their overall lives and what you can do to change yours to be like theirs. Even if you’re not planning to be a millionaire, the lessons in there are all practical such as living below your means and rejecting traditional consumerism.

                        Buy “The Millionaire Next Door” here.

                        10. Spend Well, Live Rich

                          For those looking for a good book for budgeting and personal finance for beginners, this is a good pick. Author Michelle Singletary reflects on her life with her grandmother who raised five children on a modest salary.

                          By watching her grandmother, Singletary devised principles that her grandmother used to support that kind of lifestyle with what money she had. Through those principles, you can find inspiration in her story while learning about how to stretch the money that you already have.

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                          Buy “Spend Well, Live Rich” here.

                          11. Your Money or Your Life

                            The core of this book is financial independence and lays out a plan to reach that goal. While this book is the longest in this list, it does provide advice on pretty much every aspect of financial independence you can think of. It covers things like mindset requirements as well as investment moves that you should be making. Even if your plan isn’t to retire early, there is plenty of advice in this book you can use.

                            Buy “Your Money or Your Life” here.

                            12. Broke Millennial

                              Amongst millennials, this book on money is a favorite for its simple and relatable language. It touches on a lot of the struggles and issues that millennials are faced off with today—things like living with your parents in your 20s, dealing with student debt, and even dealing with friendships and your finances.

                              Between all of this, the book does offer plenty of practical advice and things to consider for those within this age group. It covers a broad overview of checking your credit score to even buying your first home. Even if you’re not there, chances are likely that the information mentioned in this book will be relevant for quite some time.

                              Buy “Broke Millennial” here.

                              13. Get a Financial Life

                                Another millennial-focused book is “Get a Financial Life,” which covers a lot of the basics for personal finance. This book is more direct with its advice since it covers things like doing your own taxes and paying off debt. The goal of this book is to provide a foundation for you to establish a financial life and it does so in a good and clear manner.

                                Buy “Get a Financial Life” here.

                                Final Thoughts

                                What a lot of these books teach us about money is that success doesn’t come overnight. It’s something that takes a while to build up. But it also shows just how changing your way of thinking or taking a few small steps can mean changing your financial path for the better. There are many great books on money, and these are only the start.

                                More Books on Money and Finance

                                Featured photo credit: Jonathan Borba via unsplash.com

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