5 REALASTIC Ways to Make Your First Million
You want to make your first million? Let me tell you it’s completely possible and easy too!
A million dollars is a huge milestone for a lot of people including myself. In fact a million is not a lot of money, it’s not hard to make at all. But your first million is the hardest to make. Once you make it for the first time, you can make it over and over again with ease, which is why people say it’s takes money to make more money.
Let walk you through 5 ways that can make you your first MILLION dollars!
1- Start Investing Early :
Investing is the main theme of this article, in fact the earlier you start investing the more money you make through the magic of compound interest. Let’s compare two people A and B investing 6000$ a year with an annual interest rate of 7%. Let’s say person A started investing by the time he was 25 years, after 25 other years he would make 257,398$ by 50. Now let’s compare person A with person B who started investing the same amount (6000$ a year with an annual interest rate of 7%) at 30 years old , by the time he’s 50 he would make 141,981$. That’s a difference of 115,417$ between A and B ( the effect that 5 years made).
“On average, millionaires invest 20% of their income. Their wealth isn’t measured by the amount made each year, but how they’ve saved and invested over time.” says Ramit Sethi in his New York Times bestseller, “I Will Teach You To Be Rich”
There is no substitute for time when it comes to investing. The earlier you start, the faster you will make one million dollars.
2- Make more money :
There is two ways you can go about this step; either you make more money from your 9–5 or start a side hustle.
Start googling how much people in similar positions to yours are making. This gives you a starting point when it comes to requesting and negotiating a raise.
Or you can start your side hustle online either you have a an experience or you don’t :
- People with no experience : you can check my last story where i went over 3 PROVEN ways to make up to 3,000$/mo
- People with experience in their work domain : Have you ever thought about teaching people stuff you already know and probably do everyday. You can start recording your own course and put it online. Udemy is great place to start.
3- Spend Smarter and Budgeting :
It doesn’t matter how much money you make if you don’t know how to spent it well.
A budget doesn’t have the ability to control how you spend but it can help tracking your expenses, keeps you accountable and show you exactly where your money is going.
If you’re not sure how to set up a budget, you can check this article that goes over how to allocate your money using the 50/30/20 rule. It makes things nice and simple.
4- The Stock market :
You probably heard about the stock market and about how people make BIG profits investing in stocks and bonds. If you’ve never invested in the market before, it can be an intimidating process.
Stocks are not stagnant, their values rise and fall. If you don’t have enough knowledge of investing or emotional control you can lose most or all of your capital. That’s why i recommend investing in yourself (maybe buying online courses, books...).
5- Real Estate :
Investing in real estate is the best way to keep a passive income. If you want to get in the game, you need to learn the basics just like the stock market. It’s not rocket science to learn how to invest in properties, in fact let me show a few tips on how to start in this business :
- Location : location is the number one thing to look at when you’re choosing which property to invest in. For example, you want to buy a property in a city that does have colleges because there is a strong demand for rental.
- Should You Buy Local? : most investors own within 30-minutes drive of their own home so they can respond quickly to problems rather than hire someone else to do the work for them. As appealing as it may sound, there are disadvantages too. You may not afford to buy your local area or you can’t afford to buy as many properties as you would like to own.
- How Much to Spend? : Honestly, it will depend if you’re going to pay cash as is not paying interest. Offering cash can secure deals for you because sellers like cash.
Unfortunately there is not one trick for how to become a millionaire. If you want a million dollars, you’ll get through small actions, decisions and a lot of determination!
Make sure to check my story of how i made 12,000$/year as a 16 years old full-time student.
