5 Steps to Making a Million Dollars or More a Year

How to make money a million in a month. 16 Realistic and Actionable Ways to Make One Million Dollars

It would be a nice nest egg for you. What if we could show you how to make a million dollars within the next five years?

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  • 5 Steps to Making a Million Dollars or More a Year
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After all, how do you go about eating an elephant? One bite at a time, folks! Instead, they establish a training plan, repeatedly running shorter distances until they achieve their goal.

An income goal of five years is not so close that it terrifies you into inaction, but also not so far away that you can conveniently ignore it.

16 Realistic and Actionable Ways to Make One Million Dollars

But before we go any further, look back at the last five years of your life. What have you achieved?

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What would you do differently? Now you can see just how manageable this goal is. So here are 13 ways to make a million dollars in five years. Understand the Game: Million Dollar Ideas vs.

Scale Mentality Far too many people are utterly obsessed with coming up with a million-dollar idea in the hope it will make them millions of dollars. And then repeat that processtimes. You see, earning large amounts of money is often more about perspective and planning than it is coming up with an idea nobody else has thought of. Pretty neat, right?

As your business grows and matures in years three and four you realize that you have a high-end product or service you can offer to customers. Yes, really. It is incredibly difficult to move from a standing stop to becoming a millionaire without a plan. It can be incredibly easy to earn silly amounts of money by simply breaking your bigger goal into a series of smaller ones. Crush Your Self-Doubt The right mindset is often the deciding factor between earning as much money as you need, and constantly trying but never getting there.

13 SMART Ways You Can Make A Million Dollars {Updated for }

But our world is full of examples of people who have done the seemingly impossible. People who built businesses from their garage, going on to become some of the wealthiest people in the world. And the weird thing is many of the wealthiest people in the world lack a college education, like Bill Gates and Richard Branson, among many others.

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And that you deserve it in your life. Your mindset can and will dictate the outcome of your efforts. You might not like hearing this, but what usually separates wealthy and successful people from those just scraping by is that wealthy people have trained themselves to recognize opportunity. With wealthy people, they see the financial potential of something, they become an early adopter, refine their process, and execute their business plan.

How to make a million dollars per year

The people who saw the potential in Bitcoin invested very early on in the life of that currency, made their money, and moved on to the next opportunity.

Instead, they bought Bitcoin when it was extra income after work almost nothing, speculating that it might become valuable within a few years, but also based on careful niche market research.

The people who followed that process became multi-millionaires — including a handful of billionaires — as Bitcoin has rallied higher and higher. Control Your Spending The stereotypical image of a millionaire is somebody with their own yacht, who takes chartered flights to exotic locations, and has several luxury cars lined up outside their palatial home.

Step 1: Identify the pain

You might even think of some people with millionaire status as being miserly — a bit of a Scrooge McDuck — but the truth is they truly understand the value of money. They understand that tiny changes in lifestyle can have a huge impact on their financial future. It just means using a bit more common sense when it comes to spending. But he will change how you view your income and expenditure. Now you need to come up with ways you could launch a similar service, but only charge the restaurants a 7.

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Very few fast-food businesses could refuse a deal like that, especially if you can offer them some level of exclusivity in the area e. Sure, either of the above ideas will take time and money to implement, but earning a million dollars in just a few short years requires effort and investment.

You can find thousands of stories online about people who came up with simple business ideas that made them millions. You just got two million dollar ideas free of charge. Start Multiple Streams Of Income If you look at the vast majority of self-made millionaires or billionaires, they have more than one source of income.

But how do we use that money to boost our finances? You either have to save diligently, make a lot of money on a business deal or invest. Creating real security requires saving a lot more than you think. It's also expensive to continue growing a business after it's successful.

In fact, I know they do. Tom Corley, best-selling co-author of Rich Habits, Poor Habits, discovered that most millionaires have at least three forms of revenue. They typically have money invested in real estate, several e-commerce businesses, a cryptocurrency portfolio, an indie publishing house, etc.

Want to become a millionaire? Better yet, how about making a million dollars per year? Maybe more? If that's something you're reaching for, join the club.

Having multiple streams of income protects you against the failure of any individual business or investment. Good for you! The smart investor spreads their investments around. They never have all their eggs in one basket.

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Elon Musk is a perfect example of a wealthy person investing in multiple businesses simultaneously. Solar City feeds the energy demand of Tesla car owners in certain parts of the United States.

1. Start a Business

It also complements his Tesla Powerwall range of products. Not being one to hedge his bets, he also has SpaceX to fall back on should the worst happen.

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Diversifying your income sources is smart. Run An E-commerce Business The world of e-commerce got off to a shaky start with the dot-com bubble bursting in This resulted in venture capital firms and many early adopters losing their collective shirts to a series of bad investments, based on over-optimism and overvalued stocks.

Things have settled down a lot since then, especially thanks to how to make money a million in a month ongoing success enjoyed by Jeff Bezos and his Amazon empire. The required Internet technologies and market demand caught up with the idea of e-commerce several years ago.

Online shopping is now an accepted part of modern life.

1. Pick the Right Major

Tens of millions of how to make money a million in a month online shoppers means there are now more opportunities than ever to start an online business. A business capable of earning at least one million dollars within the next five years. Here are some of the most popular online business models:.