10 Ways to Make $1 Million

1700 new millionaires are created each day, that’s over 620,000 new millionaires every year. Let’s find out what’s the take.

When we asked our social media followers what their immediate financial goals are, the majority of them answered they want to make their first million. That is what we will be doing today.

If you've never made a lot of money before, a million dollars sounds like a lot of money. It may appear to be a quaint goal, yet 1700 new billionaires are born every day, for a total of almost 620,000 new millionaires each year.

So, how do they pull it off? Why are there so many millionaires, and why can't you be one of them?

It all comes down to placement and how useful you are to the market. If the market believes you are worth a million dollars or more, it will reward you.

With that said, here are 10 ways to make 1 million dollars!

01. Be in the top 1% of a lucrative profession.

If you know what you're doing and specialize in it, becoming a millionaire is quite simple.

In the United States and Europe, doctors, lawyers, and upper management make an average of over $150,000 per year. You can double or even quadruple that amount if you're truly brilliant at what you do, and hyper-specialized sales is the highest-paying job with the lowest entrance requirements. If you know how to market, you can make a lot of money no matter where you are.

When compared to doctors and lawyers, the top 1% of salespeople earn more than $250,000 each year, putting them on track to reach the million-dollar barrier in just four years.

Not to mention that selling is an incredibly valuable skill for all the strategies we will discuss throughout this article. We will also write about the best books on selling sometime soon, but if you want to start today, we recommend you pick up?The 10X Rule by Grant Cardone?or?The Sales Bible by Jeffrey Gitomer.

02. Write several books that sell well.

Many people believe that in order to make money from books, you need to write the next Harry Potter or Fifty Shades of Gray. The chances of you hitting it out of the park are quite slim. Nevertheless, if you discover the perfect angle and have a ready audience, you can easily make a million dollars from writing books.

Few people realize that to become a New York Times best-selling author, you only need to sell roughly 10,000 books, or even 5,000 if you've previously appeared on the list. If your writing is good, just keep publishing novels until one of them is a success.

There are many people who have done it this way, but Amanda Hocking is by far our favourite. You've probably never heard of her. She'd been rejected by nearly every publisher in the game, and none of her novels had been given a chance. She was destitute, but she desperately wanted to attend a Muppets conference, but she needed money for gas to get there. She self-published her works on Kindle in order to get the $300 she needed. She had made over 20,000 dollars in a month, so she put all of her novels on the list. 20 months into it, she’s made over 2.5 million dollars from books that were not good enough to be picked up by a publisher.

She's made over 2.5 million dollars from publications that were not good enough to be picked up by a publisher after 20 months.

People will want to support your efforts and are even eager to pre-order your work just to enjoy the trip with you if you have a podcast, a blog, a YouTube channel, or any other sort of audience.

03. License a patent or trademark to a big company.

Being an innovator, designer, or engineer is another creative way to bring value to the world. You could be sitting on a goldmine if you can find out a better approach to tackle a problem than what's already out there. Lonnie Johnson is an excellent illustration of this; you may not know who he is, but you've probably heard of the super soaker. He built this fascinating toy while playing around — pun intended — but didn't have the abilities to start a company, produce, market, and sell individual goods, so he licenced the invention to Hasbro. He received a 3% fee on every item sold, netting him over a hundred million dollars from one contract alone. He now has over 350 million dollars in net worth and 80 patents.

Pro Tip: We understand that patents are costly, but there are several ways to protect yourself even if you don't have a patent that has been granted internationally.

What you need to do is describe how your innovation works in great detail, write it down, burn it to a disc or USB drive, then ship it to yourself in a sealed envelope. When the envelope is returned, it should bear the date and stamp of a government agency. Never, ever, ever break the seal. If it comes down to it, this is your indisputable proof that you were the first to figure it out, and that you should be awarded patent rights or at the very least an extremely valuable settlement in a patent dispute.

04. Start a dropshipping company under your own label.

If you're unfamiliar with dropshipping, it's a fun and unique business strategy in which you find a supplier — someone who can make, package, and ship a product on your behalf.

It is your responsibility to increase sales. This is how it works.

Let's say you find a supplier in China that can package and deliver weight loss tea for $5 per package.

You now have to create a website where you sell those same goods for $20 each. When the order arrives, you give $5 to the supplier along with the order details, who handles everything and delivers the item to the buyer on your behalf, leaving you with the remaining $15.

We didn't pick weight loss tea on the spur of the moment; we researched and examined the success of a young entrepreneur named Gretta van Riel in this field. She's the one who kicked off the whole Instagram model fitness tea craze. She was taking in over half a million dollars per month six months into her firm. If that number astounds you, you should learn more about her since she is one of our personal heroes. She made over a million dollars in a single day during new product launches, just to show you that these kinds of numbers are attainable.

05. Start a small business and keep growing.

Although most of the ideas on this list are extremely specialised, the majority of people become millionaires by starting and running a small business. We realise it sounds a little more general, but it encompasses the growth-oriented hustler mindset.

Starting a new business is always difficult, but no matter whatever business you choose, the approach is essentially the same. It all starts with a problem to solve, finding out how to get paid and then hiring people so you can focus on what matters most to the company's growth.

Everyone has a few business ideas floating around in their heads; it's just a matter of putting them into action.

Although this may appear to be a daunting task, it is actually rather simple.

That's why we wrote a piece titled "10 Things to Know Before Starting a Business"! There is arguably no more crucial post to read if you're intending to start your first business than this one!

06. Aggressively save money and put it in index funds for several years.

You must comprehend the power of compound interest and exploit it to your advantage in order to become wealthy.

It's possible that it's the world's most important mathematical discovery! And by someone, we mean Albert Einstein, who referred to it on multiple occasions as

Compound interest is the world's eighth marvel. He who grasps it earns it; he who does not pay for it.

If you understand money and investment funds, you can easily achieve a 7% yearly return.

It's now a question of determining how much money you can save. The following are some examples of traditional strategies: If you save 10% of your annual income and make $5,000 each year, it will take you 40 years to save a million dollars. But, when you're older, who wants to be a millionaire? Isn't that the Eentrepreneurial method of doing things?

If you can mess around with the numbers, it becomes a lot more intriguing. All three of the most critical factors should be increased:

The amount of money you are able to make

The quantity of money you have available for saving

Your return on investment?

07. Do an ICO

Cryptocurrency has been the wild west of money for the past few years. We've been astounded by the number of people who have become extremely wealthy via cryptocurrency.

For people who aren't familiar with cryptography, perhaps? Initial Coin Offerings, or ICOs, are a type of crowdfunding in which a firm distributes tokens at a reduced price in order to use the funds to develop a digital service that would run on the tokens. If the product is a success, the value of your initial tokens could jump due to increased demand.

We wouldn't advise investing in other people's ICOs unless you know they're reliable and have a strong team behind them. Instead, start your own blockchain-based business and look for private investors to fund it. Only when the project has gained popularity can you consider holding your own ICO, in which you invite the general public to participate as early investors.

Blockchain is disrupting every sort of financial service; your goal is to figure out where you fit into this swarm of new services.

No matter what your stance on Bitcoin and Ethereum is, blockchain is here to stay, and we would actually recommend you start teaching yourself more and more about the industry if you want to make sense of the future.

08. Create a subscription service where 1000 people pay $83 per month.

Okay, now is the time to introduce you to Millionaire-Math.

This means, how many different ways can you make a million dollars in a year?

In terms of subscription services, we can think of the following:

For a period of 12 months, 5,000 people will pay you $17 every month.

For a period of 12 months, 2,000 people will pay you $42 every month.

For a period of 12 months, 1,000 people will pay you $83 per month.

For a period of 12 months, 500 people will pay you $167 every month.

For the next 12 months, 300 people will pay you $278 every month... I think you get the idea.

All of these will lead you to the promised land of seven figures.

That's why everyone is doing subscription services these days, as evidenced by the rise in popularity of Netflix, Tidal, and Apple Music.

To put things in perspective, Netflix has 125 million monthly subscribers paying a minimum of $7.99 per month as of 2018. They made almost 11 billion in revenue in 2017.

It always astounds us how few people do the math on these matters.

09. Work for someone who’s a multi-millionaire!

Working for someone who has made a billion dollars is the quickest way to make your first million dollars.

Rich individuals cherish time above all else, and people who can save them time are highly valued.

One technique to accomplish this is to find someone who is really affluent and assist him in either saving time or making more money. In either case, you'll discover that their generosity is proportional to the value you add to their lives.

Before you try your hand at this, you should know that you should already have a trusting relationship with the affluent person.

The last thing you want to do, and we can't emphasize this enough, spams them with how great of an idea you have that will alter the world. We, believe it or not, receive at least 100 emails like this every month, to which we never respond.

Most people associate multi-billionaires with entrepreneurs who start businesses, but the truth is that nearly one out of every five millionaires works for someone else and earns their fortune that way.

10. Go viral on YouTube!

Who'd have guessed that making a video go viral on YouTube might make you a millionaire?! All of this has changed in the last few years.

Obviously, it depends on the style of video, whether it's advertiser-friendly, and who's watching it, but a rough estimate would be between 500 million and a billion views.

For example, PSY's Gangnam Style alone earned him nearly $8 million. PSY is still making a lot of money, even though it's not entirely due to YouTube advertising. That video, believe it or not, is still bringing him money today.

Large producers are also exploiting their YouTube celebrity to generate extra cash streams, such as the Paul Brothers' merchandise lines or how

I hope this article has helped people to start working on their dreams!

Thanks and regards

Arindam

{Digital Startup Expert}