How to turn $100 into $1 million, according to 9 self-made millionaires

How to turn $100 into 800 million, according to 9 self-made millionaires

“It’s difficult to acquire wealth. 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.

That’s why I’d invest. Find a solid group of people you trust and combine your $100 with theirs to make an educated and solid, yet aggressive, investment. Invest in what you know — and have a vision for it.

You can even invest emotionally. With real estate, for example, I always pick somewhere I would live if everything went bad. Whatever approach you choose, pick something you love. I believe that if you love something, you’ll be good at it.”

‘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.”

Start with Something That You Are Passionate About

The journey to success starts with passion — you can achieve anything you are passionate about. Since I loved sports, I started brainstorming a business concept around sports. At that time, I really had no idea about how to make money around my interest in sports, but I knew that the first step was to just get started.

Some people are stuck at the beginning of their journey because they want to be perfect in everything — make a perfect plan, strategy, program, and anything else on their to-do list. In the end, they never made a dime because they were stuck in their tracks when what they should have been doing at the start was experimenting. You have to take action, even if your plan is not perfect. Keep in mind that good and done is better than perfect and never done/never profitable.

I learned this lesson the hard way, causing me to lose time and money. It took me several months to create a website because I was so focused on small matters with minimal impact on my success, such as a good domain name, the right website graphics, the best content topics, the perfect logo design, and more. I was so busy doing things that didn’t matter much when I should have focused more on adding value to my audience.

A mentor told me to check out LinkedIn for opportunities, and I found out it was a good platform for me to start connecting with people around my interest in sports and add value to them. I created a sports network, established connections with sports executives and experts in the business, and learned valuable lessons from them.

I interviewed famous sports personalities and posted these interviews on my website, promoting them without charge by sharing these interviews on LinkedIn and other platforms. In the end, I added value to these mentors with my free services while learning from them. At the same time, I also provided value to the readers by sharing with them the success journeys and inspiring stories of successful people.

Later on, I started hosting and organizing Linkedin events and webinars, charging a small fee to the attendees so I could buy my own food and personal needs. I was already earning a few thousand dollars every month from these events where I talked about subjects I was passionate about. I wouldn’t have gotten to that point if I had tried to do everything perfectly — find something that you’re interested in and take messy action to get started — you’ll refine your process later!

Be Patient

Regardless of the path you choose to get rich, it will take time. Investing in the stock market takes years for your money to grow and compound. Starting a business and nursing it to success doesn’t happen overnight. When it comes to the math of compounding returns, the greatest financial growth occurs in the later years.

“Making your first million will often take longer than making your second,” said Daniel Zajac, certified financial planner and partner at the Zajac Group. “Whether it’s through building a business, or years and years of saving, the first million is often the hardest. Stay committed, stay patient and keep your eyes focused on the goal.”

Don’t let the initial slow growth through compounding or the pitfalls of starting your own business thwart your long-term wealth aspirations. Fear and impatience can be your worst enemies when trying to make 800 million.

Source:

https://www.cnbc.com/2019/08/30/how-to-turn-100-into-1-million-according-to-self-made-millionaires.html
https://lewishowes.com/podcast/how-to-make-1-million-online/
https://www.gobankingrates.com/money/wealth/ways-realistically-make-first-million/
How to turn $100 into $1 million, according to 9 self-made millionaires

How to turn $100 into 800 million, according to 9 self-made millionaires

12 Genius Ways How To Make A Million Dollars & Much More!

Let’s be honest, we all want to to have one million dollars tucked away in the bank. We want to know how to make millions and, more importantly, how to make a million dollars from the ground up.

You could be using your million for retirement and to fulfill other dreams like going traveling. You could simply enjoy the freedom that comes with a million in your back pocket.

Savvy Quick Picks: Helpful Apps For Growing Wealth

1. Stop Spending Money On Junk

It’s really important to make sure that when you are spending your money, you are spending on the key things that are important to you. If you bought less of the extra, you could have more tucked away for retirement or that dream vacation.

2. Budget Your Money ASAP

Creating a budget isn’t as difficult as it sounds – it’s just a way of making sure you are using your income for the things that you actually need and sometimes want, without living above your means and getting into debt.

You get paid a certain amount each month, right? That money needs to go towards your bills, but you also want to use it for your goals and for having fun as well. Sound about right?

3. Ask Your Boss For A Raise

4. Invest More In Your Your 401(k)

A 401(k) isn’t just beneficial for tax reasons, as it lowers your taxable income each paycheck, but also because sometimes you can get an employer match to increase how much you invest.

5. Increase Your Income In New Ways

It sounds obvious, but you’d be surprised what will help you earn that much faster. You don’t necessarily need a million-dollar idea, but right now you could be sitting on some highly useful skills that could get you some extra moolah!

There are so many ways that you can get more money, and all it takes is a little bit of imagination and a lot of determination. You can join the Steady App and find tons of job postings that fit your skillset- and have high pay while working from home.

You can make your own timeframe, your road to one million dollars can take longer- how about 2 or 5 years? Only you can decide how quickly you can make it work and we’ll help you with the tools to get it done by your deadline.

6. Invest Early And Often- Prioritize It!

If you want to make a million, investing needs to be a top priority. If you look at very wealthy people, they have multiple investments to have more income streams – they aren’t trading all of their time and skills for money, but use their money to earn more without working.

When you look at the statistics for people who are millionaires, the majority are self-made. Yeah, some people just come from money or sell brilliant ideas, but many people use investments to create their own wealth- and so can you.

The reason investing is so important is because of compound interest. When you invest, you earn interest on the money that you invest. That extra money can then be reinvested and so on – so you make even more money on top of the money that you are making!

Another important thing to note is that you probably don’t want to just be a millionaire – you want to stay a millionaire. If you have your million and stop working, how are you going to pay bills, have fun and still have a million in the bank?

The first million is the hardest, sometimes your first $100,000 can be difficult, but after you start making money from your investments, the compound interest will kick in with sweet returns that fill your bank account time and again.

Don’t listen to the naysayers, don’t let worries prevent you from investing because it’s something new or seems complicated. There are easy places to start investing like Robinhood, Acorns, or Betterment to help you get started and increase your fund.

7. Pay Off Debts Efficiently

Paying off your debt is key to getting money back into your own pockets. When you are building your wealth you want to make sure you aren’t just spending more money paying others back.

The great thing about having a money goal is that it’s exciting, and you’re going to come up with a bunch of different ways to do this. When you start budgeting, asking for raises, earning extra money – this makes it even easier for you to pay off your debt.

The first step that you need to take towards paying off your debt is figuring out how much debt you have. Most people want to avoid knowing the exact numbers because it means facing your debt head-on and admitting to yourself how bad it is.

The next step is to decide which debt you want to pay the most attention to first. Write out a list of your debts, the creditors, the interest rates, and the amount of time you have to pay them off.

Making the First Jump

So, there you go, friends! The secret formula to my success and the story of my journey toward my first million dollars online, even while I was broke and sleeping on my sister’s couch. Today, I’m inviting you all to start working on your passion. Don’t get stuck in making a perfect plan. Instead, take messy action and make that first jump.

Are you ready to step up and take action? Are you ready to fall in love with yourself and believe that you can have it all? Remember, you can achieve all your dreams and goals. You can make it all happen. But it starts with taking the first jump.

I hope this solo episode has inspired you! Check out my Facebook and Twitter for more updates. And make sure to tag me, @lewishowes , on Instagram and let me know what your favorite takeaways from the episode are.

The School of Greatness Podcast

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

2. Invest In Yourself

– 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.

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.

Resource:

https://www.cnbc.com/2019/08/30/how-to-turn-100-into-1-million-according-to-self-made-millionaires.html
https://thesavvycouple.com/how-to-make-a-million-dollars/
https://lewishowes.com/podcast/how-to-make-1-million-online/