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Invest In Real Estate

Investing in real estate has long been a path to wealth. However, it’s much easier to initially invest in real estate in lower-cost-of-living areas. If you live in San Francisco or New York City, you might want to invest in an up-and-coming area. Paula Pant, owner of personal finance blog Afford Anything is building wealth with a real estate portfolio. Save enough to make a down payment on a rental property with a strong positive cash flow, she said. This means that after you pay the bills, there’s money left over to go into your bank account. Over time, as you pay off the mortgage, you’ll ultimately own the property outright. Pant suggested starting with one property and repeating until you reach $1 million.

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Build Credibility

Trust adds value to the business and helps acquire more sales through repeat purchases and referrals. If you want to succeed in a business that lets you earn your first million, you need to build credibility, which is a long-term and continuous engagement. Infusing credibility into your culture or company values can help the business thrive in a highly competitive market. The people who trusted your brand will remain loyal, giving you a steady stream of income. 

For me, engaging in webinars puts me in front of the target audiences while building relationships and credibility among them. I also wrote books and guest posts, creating a good reputation among the readers. So, when I lead a webinar, I can easily convince my readers to join my upcoming events without being sales-y. 

Be a Wealth-Building Hustler

It might sound obvious, but if you want to make your first million, choose a side gig to earn more cash. If you’re making just enough to pay for rent, food and utilities, it’s unlikely that you’ll get rich. You don’t need to be brilliant to become a millionaire, but you do need to be disciplined, hard-working and creative. Wealthy entrepreneur and businessman Mark Cuban started creating income streams at age 12. He sold packages of trash bags so he could afford to buy the shoes he wanted, according to Biography. In high school, he peddled stamps and coins for extra cash. He took college psychology classes in his junior year of high school, then skipped his senior year to begin college full time. This illustrates the wealth-building hustler attitude. He gave up free time and leisure to pursue his dreams. The same holds true for many millionaires.

How to Make a Million Dollars in Conclusion

By now you can see that not only is it possible for you to achieve a net worth of one million dollars within the next five years…

But also that creating a multi-million dollar income isn’t quite as difficult as you thought it was.

Self-made millionaires all follow the same basic advice we shared with you in this article. There are no secret societies or groups where future millionaires are given the secrets to generating free money and wealth.

Now that you know how to make a million dollars, you just need to take action.

So, what are you waiting for?

Inheritance

Inheriting a million dollars is easiest when you're related to a millionaire who leaves a million dollars to you in their will. Done. However, if you aren't related to a millionaire, I suggest contacting your oldest living relative and encouraging them to play the lottery. They can also open a business, or invest in a hot stock so that they can easily make a million dollars and leave it to you in their will. This has a higher probability of working if you're the one who gives them the advice. If that leads to them making the million dollars, they're that much more likely to leave it to you.

One other option here is to read the obituaries, attend funerals, and then figure out where wills are being read. If you do a little research, you can generally figure out who has money and who doesn't. Usually, a good sign is an expensive funeral. Then show up to the reading of the will and claim you're a long lost relative and that you're entitled to some of the inheritance. This is a long shot in terms of making a million dollars. However the odds are actually better than the lottery in many cases, so it's worth a try. Then again, it does require a bit more work than some of the other options.

Inheritance is a great way to make a lot of cash.

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5. Write an e-book

"Six years ago, I hired someone for $100 to design my first e-book, 'Crush The CPA Exam Study Guide.' It only took about a week to create — and all I had to do was write the copy. It's been selling on autopilot ever since, and I've made at least $100,000 as a result. It was shockingly easy.

Use your knowledge and resources to write a book. Then, pay a designer from a global freelancing platform (e.g., Upwork) $100 to make it look nice and incentive people to sell it for you through an affiliate marketing program. Simply contact the websites that show up in Google when you search for your e-book topic (e.g., type in 'best CPA study guides').

Offer to pay them a commission for any sales they send to you. When you leverage their traffic and the trust they have built with their audience, you don't even have to build a website."

—Bryce Welker, CEO of online education company Crush Empire and founder of Crush The CPA Exam. Follow Bryce on LinkedIn.

How To Become A Millionaire By 30

I had no idea I became a millionaire at age 28 until two years later when I did my first detailed net worth spreadsheet in 2007. It’s easier to achieve something when we don’t even realize what we’re doing.

I was too busy saving, investing, working, and trying not to blow my money on things that I didn’t need. I was one of those “Super Motivated Boyfriends” (SMBs) who were impossible to lock down.

Like most people believe, 30 is a big milestone. Ever since college I told myself I was either going to make it, know that I was going to make it, or be an absolute failure by 30. 

The fear of being a failure at 30 with no job, no woman, no savings, no investments, and no world experiences made me so motivated to not mess things up. I felt I needed to become a millionaire by 30 in big cities like New York and San Francisco.

A painful two years of working 70+ hour weeks right out of college with difficult bosses also got me into overdrive to figure out a way not to work forever!

There was no fanfare when I discovered the seven figure milestone had been achieved. Just the realization that time passes more quickly as we age. I had to make the most of my opportunities since nothing lasts forever.

How to Make 1 Million Dollars Online

I go into detail in the entire episode with specific stories, but below you can see the show notes on what I talk about with building your online business to generate millions.  Also note: I recorded this on my iPhone in Spain between practices while playing pro handball with the Reale Ademar team in Leon.  This is not recorded in the SOG studio in L.A.

1.  Start With Passion

–  My Sports Networker Journey, here I share how I got started, and why I started in the sports business.

–  How I Utilized LinkedIn marketing to build everything- the list was key for me, and LinkedIn gave me a platform to build an audience and I enjoyed teaching this to others.

–  Even more: I started hosting LinkedIn events, wrote a book, then did  workshop, speaking, bigger ticket product and webinars.

2.  Invest In Yourself

–  Keys to Finding Mentors– I cover the importance of investing time into a mentor (and how to find the right one for you)

–  Study as much as you can from people you admire or want to be like online.  As an athlete I learn from watching other great athletes compete.  Apply this to the online business world.

–  Investing in your online education:  If this means buying a course, software, or hiring a coach… do it!

–  Join a mastermind ASAP!  This is a HUGE key to making your first million online.  It might be the biggest accelerator to achieving this goal.

3.  Build Your Audience

– If I could do it all over again I’d just build a list without a site.  So many people are concerned with creating a site that they forget the most important thing is building a list.  Even when people do have their site up and running they forget to have a place for people to opt in.  The site almost becomes pointless when this happens.

4.  Learn Sales and Marketing 

–  You don’t have to be the best at marketing, you just need to know enough to get the job done.  Once you do, sales will be your focus.  I love using webinars to sell because it’s a great way to build your audience as well.  Start with an online bootcamp because you can start selling without having a product (this is key!).

5.  Build Credibility 

–  There are many ways to build credibility online.  I mention how to in this episode but to name a few you can write a book about the topic you love,  guest post on other sites, speak at trade shows, or write for magazines.  Anything to build credibility to increase your personal brand and value perception.

6.  Hustle Every Day 

–  Be as consistent as possible.  No one is going to hand you a million dollars.  It took me a few years of constant 14 hour days of hustling to the point we generated our first 7 figures.  Now I’m able to leverage my time and money to create greater products and live my lifestyle at the next level.

Align Your Beliefs With Reality

One cannot downplay the importance of luck in becoming a millionaire by 30. I have been fortunate to have two loving parents, an incredible spouse, and a brain that works most of the time.

If you’re born in America, please take full advantage of all your opportunities. Despite having a deficiency in higher level math, uninspiring SAT scores, and a run in with the law as a teenager, I made up for my weaknesses with plain old work ethic and relationship building. It also helps to be an undying optimist as well.

You can’t complain about not having wealth if you decide not to pursue wealth. That’s a mental misalignment. The desire for wealth shouldn’t be viewed as evil. It should be viewed as natural for anybody who wants to live a better life. Who doesn’t want to b a millionaire to take care of his or her family and parents? Further, by being a millionaire, it’s easier to give back to the community.

As soon as we align our realities with our beliefs, we become congruent and happier with ourselves and our outlook.

Good luck on your journey to your first million! Becoming a millionaire by 30 is a great accomplishment. Once you get there, that’s when the real fun begins.

5. Own a Home

Derek and Lauren Ross didn’t buy their home in Oak Park, Calif., because they thought it would make them rich. They bought it because the community of 14,000, about 40 miles from Los Angeles, has some of the best schools in California, plus lots of parks and open space. Nonetheless, their investment has paid off. They bought their two-story home in 2002 for about $542,000. Today it’s worth more than $800,000, Derek estimates.

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How can I be a millionaire in 5 years?

To become a millionaire in five years, you’ll need to do a few key things:

  1. Pay off all high interest debt
  2. Limit your spending
  3. Start investing as much as you can immediately and consistently
  4. Boost your earnings, including by developing multiple streams of income
  5. Create short term financial milestones alongside your longer term one
  6. Monitor your finances and adjust as needed

If you’re starting from zero, it’s not going to be easy but it’s definitely doable.

For instance, if you invest all your money in broad market index funds that track the S&P 500 (which is actually how I invest my money, as it’s low-cost, reliable and easy to simply set and forget), the average annual return is 8%.

Not sure how to start investing? The Simple Path to Wealth is the book I recommend to everyone for this. It literally shows you everything you need to do to build your net worth from zero to seven-figures. In fact, it’s the exact strategy I follow for investing my own money.

To become wealthy in five years by becoming a millionaire through investing in this way, you’d have to invest $157,830.05 per year – yes, don’t forget the five cents!

Clearly, that won’t be possible for everyone. And there’s no reason why you can’t take a few extra years to do the same.

(If you want to see how much your investments will be worth in future, this simple, free compound interest calculator does the job.)

But people have done it – like this person, for example, who followed the exact steps outlined above to reach that point.

BOOST YOUR INCOME TODAY Need to make more money but don’t want to waste your time? See what 7,800+ people said were their top ways to make money – so you too can earn extra cash as fast as possible. Get it free for a limited time! You’ll also join our mailing list to get updates on how to make and save money – unsubscribe at any time at the end of each email.

Help the Nigerians

Nigeria is a small African nation located on the west side of the continent. Apparently, the country is full of people with a lot of money who are anxious to transfer it into your bank account. You just have to give them your bank account number. Also, give them your social security number and a few other pieces of information. There is apparently some problem in Nigeria that prevents them from transferring their money from one bank to another. However, they're super nice people who just want to conduct some bank transfers and help the people who help them. How better to become a millionaire than to let somebody give you a million dollars? These offers come in all the time via email. Just answer them and give them all your personal information. You'll be set for life!

8. Earn Income on the Side



James Foster

James Foster

A part-time job or side gig courtesy of the sharing economy could be the ticket to generating some extra cash. If you invest the money or use it to, say, help you buy a house, you’ll get closer to your $1 million goal.

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Danielle and Joe Haymes of Houston found a side gig they love two years ago after searching for a place to board their two dachshunds. Danielle is a technology instructor for a local school district and Joe is a sales manager, but they decided to become dog sitters on the side after learning about DogVacay, which matches pet sitters with dog owners. The Haymeses usually take in three to four dogs at a time, depending on their schedules. In 2015, they earned about $13,000; the year before, they earned about $12,000. (Sitters set their own rates and pay 20% to DogVacay.) That income alone might not make them millionaires, but they’re planning to use it as leverage to reach a larger goal: They have saved most of the money as a down payment on their dream house in a neighborhood with a great school district.

How much money do I need to never work again?

The amount of money you need to never work again can be determined by calculating your annual spending and multiplying it by 25. For example, if you spend $40,000 per year, you’ll need $1,000,000 in order to retire and never have to work again.

This is based on what’s called the “four percent rule”. The rule is based on a study that found that if you withdraw 4% of your retirement savings every year, they won’t run out – on the understanding that your investments will continue to grow at the same time.

There are some caveats to this. For example, in years where there are economic downturns, meaning your investments may actually drop in value, you’ll be expected to also withdraw less than the previous years. 

However, according to the study, as long as this withdrawal rate stays at 4% of your total savings during your retirement, you shouldn’t ever have to work again.

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