5 Steps to Making a Million Dollars or More a Year
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. It’s a goal sought after by countless souls on the planet. In fact, one study conducted by TD Ameritrade discovered that 53% of millennials expect to become millionaires in their lifetimes. The question is, how realistic is that dream?
Clearly, without a plan, there’s not much hope for anyone looking to make a small fortune or hit any big goal for that matter. But seven percent of millennials surveyed in that study think they’ll hit that illustrious 7-figure mark by the time they turn 30. Can they actually do it? Whether most people think it’s realistic or not, the truth is that the internet has unveiled new methods and means for reaching that target and doing it incredibly quickly.
So what separates those who can make lots of money online (or offline) from those who fail to do so? At the end of the day, it’s merely one word. Belief. The mind is a very powerful tool. And if you can’t start with the foundation of true and utter belief in yourself and your abilities, nothing is possible. But to the man or woman who is steeped in true belief in what they can accomplish and achieve, nothing is quite out of reach.
How to Make Your First Million Dollars
Choose the Right Major
So how to make a million dollars?
“On average, millionaires invest 20% of their household income annually . Their wealth isn’t measured by the quantity they create annually, but by how they’ve saved and invested over time,” writes Ramit Sethi in his New York Times bestseller, “I Will Teach You To Be Rich.”
Invest in Real Estate
Be Smart with Debt
And because you’re spreading the payments out over many months or years, you’ll buy the item you’re financing immediately rather than having to attend and save enough money to buy it all at once.
The snowball/stacking method can help you pay your loan off faster and more efficiently. If your credit score is high enough, you’ll be able to apply for a balance transfer mastercard .
Mind Your Credit Score
While having a good score is essential, you don’t need to obsess about it. It’s most important before you borrow money so if your score is not ideal and you’re thinking of borrowing money, work on improving your score before applying for a loan.
Get the Right Salary
If you do get a new job offer, don’t just accept whatever salary you’re offered like a supplicant. Again, know what others in similar positions near you’re earning and be prepared to barter for extra money and better perks.
Earn Some Extra Cash
Don’t Upgrade with Every Raise
Try to Live in Places with a Low Cost of Living
For example, if you live and work in New York CIty, you’re just scraping by on $80,000 a year unless you reside with a roommate or two (or three or four), but in places like Pittsburg, Asheville, and New Orleans, you’ll live like royalty on that kind of money.
Now you can start applying for jobs in those cities. A lot of people want to be in a top tier city and a city with a lot of work in their given industry, but if you want to make your first million dollars quickly, your cost of living becomes a very important factor that should be taken into consideration when looking for answers for the query how to make a million dollars.
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14+ Million Dollar Business Ideas to Start With No Money
1. Become a Consultant
2. Start a Blog
3. Become an Affiliate Marketer
4. Start a YouTube Channel
All you need is an interesting subject, an interesting way of presenting the subject, and the ability to put it all online regularly. You can use a camera, smartphone, tablet, or laptop to make the video.
Then you take your YouTube channel, and you put advertisements and content that directs viewers to sponsored paysites or merchandise or wherever you wish to redirect them so that you earn income.
5. Start a Dropshipping Business
6. Start a Podcast
Think of it as being a radio announcer but with internet distribution. Folks use their podcasts to promote products or services which compensate them for the endorsement or exposure.
7. Start a Domestic Cleaning Company
8. Become an Online Teacher
9. Become an Instagram Influencer
10. Start a Web or Graphic Design Business
11. Become a Personal Trainer
Staying at home isn’t the greatest way to stay in condition, and if you’re used to having a workout every day or two, you’re probably feeling a little anxious to get back into condition.
Setting up a training class online can be done using free resources like Skype or GoToMeeting are available to carry the video and let your trainees get the most from your coaching. And it’s all free.
12. Become a Writer
13. Start a Rental Business
14. Become a Social Media Manager
My name is Liz Holmes. Welcome to my personal finance blog! In the last few years, I’ve managed to pay off my student debt and build a passive income empire from scratch. I’m dedicated to teaching you how to make money, get rich & reach financial freedom. I’m not a financial advisor, I’m not an expert; I’m one human being sharing my successes and know-how with you lovely people! So let’s make money together! Check out my Pinterest profile.
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