Get started. If you want to become a millionaire, you need to decide to do it and get started. If you are not able to save money right now because of debt or other financial obligations, you should work on those issues first. A good place to start is with Dave Ramsey’s Baby Steps. This is a tried and true method for setting up an emergency fund, paying down debt, and beginning your investments. Once you have that started, you can begin your million dollar journey.
It wasn't just the money, but more so, what that money symbolized. It was his ticket to something bigger and greater. He had discovered how to arbitrage in the real estate market by flipping contracts. Today, he's one of the world's most astute house flippers, but also a brilliant industry leader. He took what he learned by arbitraging in real estate, and created an entire real estate SaaS and training business, Real Estate Worldwide, around it, which currently has over 22,000 members.
Start by taking other courses you’re interested in: Not only is this important competitor and opportunity analysis, but it also gives you an idea of how a course could or should look and feel. What’s the pacing like? Is it via email, video, in-person chats? Once you understand how you want your course to look, it’s time to decide what it should include. Those same courses are a great starting place. How can you make your course better or more interesting? Do you have experience others don’t?
I’m a huge fan of blogging because I love writing and connecting with people all over the world. To give you an idea of what is possible with blogging, DollarSprout.com is part of a group of blogs that routinely brings in over $100,000 a month in revenue. While it takes time to build your blog up to that income level, you can get the initial set up done in under 30 minutes (no experience needed).
Español: hacerte rico, Deutsch: Reich werden, Português: Ficar Rico, Nederlands: Rijk worden, Français: devenir riche, Italiano: Arricchirsi, Русский: стать богатым, 中文: 才能变得富有, Čeština: Jak zbohatnout, Bahasa Indonesia: Menjadi Kaya, 日本語: お金持ちになる, हिन्दी: अमीर बनें, العربية: أن تصبح غنيًا, Tiếng Việt: Trở nên Giàu có, 한국어: 부자가 되는 방법(미국), Türkçe: Nasıl Zengin Olunur
Logan is a CPA with a Masters Degree in Taxation from the University of Southern California. He has been featured in publications such as CNBC, USA Today, U.S. News & World Report, and HuffPost on topics ranging from paying down debt to using credit card points to saving money on taxes. After spending nearly 10 years in public accounting, including 5 with professional services firm Ernst & Young where he consulted with multinational companies and high net worth individuals on their tax situations, he launched Money Done Right in 2017 to communicate modern ideas on earning, saving, and investing money.
This side hustle can easily become a full-time job! If you’ve got expertise in an area and think you can help small businesses near you, give this a shot. For instance, Ben and I know a lot about running Facebook advertising campaigns, so we approached the owner of our gym if he would let us design a few campaigns for him. And of course, he was thrilled to get the help! Here’s a useful 18 Step Checklist for Becoming a Small Business Consultant.
Remember the steps from point 2: Make more money, spend less, and invest wisely. Point 3 covered making more money, and this one covers spending less. Make a detailed budget for yourself based on your projected income and your current expenses. Set firm limits for your expenses, and keep a close eye on where most of your money goes--you might be surprised at some of the areas where you waste the most money. Once identified, you can start refining your budget to spend as little as possible, and funnel the rest into a savings or investment program.
After listening to your show, I found a lead to my first side hustle. For my wife’s program and mine, we are required to have CPR. We took our class to meet these requirements, and I talked with our instructor who passed my name to the owner letting him know I was curious about becoming an instructor. I was contacted about certifying myself to teach classes! – John S.
401k: Be sure to take advantage of your employer’s 401k plan by putting at least enough money to collect the employer match into it. This basically means that for every dollar you contribute, your company will match that (pre-tax!). This ensures you’re taking full advantage of what is essentially free money from your employer. That match is POWERFUL and can double your money over the course of your working life:
Websites like Survey Junkie will pay you a decent chunk of change for the low-maintenance, borderline mindless task of completing surveys. Companies want to understand consumers better, and one way they do that is by compensating survey-takers. Most surveys pay between $0.50 and $1.25, and many of them take less than 5 minutes to do. You can read our full Survey Junkie review for more info.
One man’s trash is another man’s treasure. This is ever present in the sneaker world. I am an avid sneaker collector and a huge part of the culture is buying and selling your sneakers to keep updating your stock with your current favorites. I use a website called Kixify to buy and sell some of my sneakers and it is just like Ebay or Craigslist. Whenever I need money for whatever reason, I always look to see if I have a pair of shoes I am no longer in love with and willing to sell.
A different way of looking at your savings is to view them as taxes. Once you pay your taxes, you never get the whole amount back. Treat your savings the same way. Set money aside in a savings account or transfer it to a totally separate account where you cannot touch it. Treat your savings like money that you will never get back, until the day that you get it all back at once.
Companies like Uber and Lyft offer a great opportunity to make some quick cash. You'll need a clean driving record, a fairly new car and the authorization to work wherever it is that you live. If you have all of those things, you can work when it's feasible for you, whether that's in the middle of the day during rush hour, or in the wee hours of the night on a weekend. The choice is yours.
I have practiced the same debt elimination and savings techniques for years, and do so quite aggressively, though more conservatively than one of my best friends. I am 60% there in savings and my only debt is my mortgage payment. My best friend in 23 years reached 130% of his goal to become a millionaire. He began with $3000 and was more aggressive in his investing than I have been. My point is, he made it…retired last year and is living off his retirement, social security and investments to the tune of $150,000 per year. He owns two homes, bought a boat and is traveling and enjoying his life to the fullest. My goal is to follow in his footsteps. All of this takes discipline and sacrifice, but believe me it can be done by anyone, so don’t think this is a bunch of bull…anyone can do it, but you MUST make saving a life time habit. Set short term savings goals and work hard to reach them. Once you reach a short term savings goal, set your next savings goal and continue to work hard to reach it. Then repeat, repeat, etc.
For that reason, the story of an iconic online marketing legend and founder of, Real Estate World Wide (REWW), Kent Clothier, is one of the most inspirational modern-day fables about, not just attaining wealth at the highest levels, but also in reinvention, revitalization and the ability to produce multiple streams of revenue even when you're emotionally and spiritually bankrupt. This is an individual who played an integral role in building up a nearly $2-billion-dollar-per-year grocery-arbitrage business, but then walked away from it at 30-years old with no ownership retention.