Lets begin here: When it comes to increasing your net worth, it only matters how much of that you can SAVE at the end of the day – not always how much you MAKE. In order to hit $1 million in 10 years, you MUST cut back on your expenses for the sake of investing early on. You must think: is one decade of frugal living worth an entire LIFETIME of the freedom to do whatever you want, without having to worry about losing your job, doing something you don’t want, or listening a some boss you dislike?
What you’ll realistically NEED to do to speed up this process is INVEST your money. If you want $1,000,000 in 10 years, it just comes down to you investing $6000 per month, every single month, for 10 years, while averaging a 7% return annually. If that happens, congratulations…you’ve become a millionaire in 10 years from investing $6000 per month.
So in order to increase your return without taking on TOO much risk of losing your money, you’re going to need to spend your time actively WORKING on your investment…and for me, as many of you know, my favorite way of doing that is in real estate. You can use your money as a down payment, remodel it, build equity, and then profit from rental income.
But in terms of increasing your income, you should work a career where your income isn’t tied to the number of hours you work. Instead, if you’re working in a sales environment, or ANYTHING that isn’t dependent on the amount of hours you work, you can scale up rather quickly if you do well. Another option is to start your own business…this is a decision that’s obviously is a big commitment to make, but
I really believe that you can hit some BIG income if you get into an industry where you can scale quickly. And online, scalability is amazing…it’s the ability to reach tens of thousands for the same work it takes to reach 10 people. Because of that, you can leverage your effort – your not TIME – to increase your income. From there, it’s a numbers game. Here’s the video summed up: Live Frugally and cut back your expenses. If you’re income isn’t high enough, you’re going to need more money.
The best way to do this is in a business where you don’t get paid per hour…your own business or working in sales is the best way to make more money if you’re into it. Invest consistently. You need your money to do some of the work for you. If you need to increase the returns, do some of the work yourself…in my example, this was real estate Continue doing this. At this point, it’s a numbers game and a patience game…a million is just a number, and math exists to tell you exactly how long it’ll take, and what goals you’ll need to achieve in order to make that happen.
