Do you have a goal of one day earning 1 million dollars? There are three different ways to do it. Here’s the breakdown.
Method 1: Fast
- You’ll make your first million within five to 10 years
- High risk, high chaos, low quality of life for three to five years
- Maybe you’re a startup founder, a salesperson or a sales leader.
- Pressure is on you: working 80 hours every single week. You work weekends, too.
Method 2: Average Choice
- Takes about 10-20 years
- You’re a mid-level risk type of person.
- You’re a supporting role in a chaotic environment with a decent life – you don’t want ALL the pressure on you
- You don’t want to be the person that is on call 24/7
- You’re good with not being a full-out founder
- Maybe you have equity in a startup or company – maybe you earned that equity
- You’re a salesperson and very good with clients.
Method 3: Slow
- The slow method – takes 20, 30, or 40 years
- Little to no risk
- You have a balanced quality of your life
- You come home at 5, maybe 6 p.m.
- You invest in a fund. Example: $300 a month at a 12% rate of return over 30 years, or a thousand dollars a month at 12% over a 20-year period
- Example: You buy a multifamily home and you never sell it. Maybe your own home. You buy it, you never sell it. Maybe you have a couple of different homes. You buy the first one and take the equity into the next one; put that money into the third one. By the fourth one, you’re a millionaire. That’s the slow method.
Now I want to share 10 rules to make your first million dollars the fastest way along with 10 different mindsets.
- Say yes to everything because later on, you’re gonna have to say no to almost everything – I would put 30,000 miles per year on my car just to say yes to everything. Cuz I knew I was one client away from making my first million. I was one contact away, one relationship away. That was my mindset.
- Follow one religion – momentum is created from sticking to one philosophy and constantly fine-tuning your philosophy and then constantly jumping all over the place
- Leverage is key – the ones that ‘get there’ the fastest typically have the right tools, technology, and/or software. Ask yourself, “what can I do to expedite the process of making my first million? When you interview other people that are successful, ask them, “what technology tool relationship did you leverage to speed up the process of your winning?”
- Protect your credit score – this gains you credibility. This doesn’t just mean your credit score – but your word; your reliability
- Specialize before you generalize – specialize in one product, one niche or one market; MASTER it. Generalize after you make your first million
- Stop waiting for customers to come to you – it’s your job to go find meaning. But as you reach out, remember that you can’t sound like everybody else. You must find something that helps you stand out
- Find the right influencers – make a list of the top 50 influencers you want to get close to and then put a strategy on how to get close to them. Develop a relationship with them not by asking for something but by giving
- Look for the right habits – how you live your personal life matters just as much as the money and success you have
- Cash is King – cash allows me to work with a lot of confidence, and if you’re trying to grow at the beginning stages of what opportunities come along every 18th of the month, I would run my credit score
- Eliminate Distractions
Protect and secure your retirement savings now with this complimentary precious metals guide. Go to http://goldco.com/pbd 855-594-2758. In this episode, Patrick Bet-David reveals the 10 rules for making your first million.
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11 Skills that Millionaires Master: https://youtu.be/eJlWQ08UCyM
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