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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

      Freelance Writer

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      Last Updated on January 2, 2019

      How Personal Finance Software Helps You Get More Out of Your Money

      How Personal Finance Software Helps You Get More Out of Your Money

      Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

      Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

      Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

      This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

      Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

      What Exactly is Personal Finance Software?

      Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

      When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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      How It Leads to Financial Improvement

      It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

      Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

      Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

      It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

      Types of Personal Finance Software

      When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

      Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

      For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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      Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

      When to Use Personal Finance Software

      So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

      Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

      1. You Have Multiple Accounts

      There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

      If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

      Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

      2. You Want to Automate Some or All of Your Payments

      Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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      There’s no need to log into every account you have and type in your routing number either.

      With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

      3. You Need to Streamline Your Budget

      Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

      Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

      Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

      4. You Have Specific Goals to Meet

      Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

      You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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      How to Get Started

      From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

      Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

      It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

      When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

      Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

      Final Thoughts

      Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

      In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

      Featured photo credit: rawpixel via unsplash.com

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