$10,000 per month!

How to Make a Million Dollars From Scratch? — Photo by Alexander Mils on Unsplash

It seems that winning a million dollars is unrealistic. It's easier than you think. To do this, you do not need to buy a lottery ticket or invest all your savings in a super-profitable project. The entrepreneur has compiled 10 tips to help you make a million dollars. Yes, you have to make some sacrifices, but it's worth it.

1. Increase your savings

Every company has a goal to make money more money ... You must follow the same principle. Some people save 5-15% of their income.

This is not enough to become a millionaire. You have to cut costs hard and save at least 50% monthly income ... If your family has two sources of income, then try to live on one salary and save the other.

2. Create a plan and stick to it

You need to learn how to invest money correctly, plan investments and stick to your plans. It is important not to be swayed by the crowd. Those who buy and sell more often earn less than those who buy and hold.

3. Make money from your passion

Find what you are passionate about, become a professional in this business, and earn money on it. There is nothing better than when your favorite hobby brings you a lot of pleasure and money.

For example, Steve Ells was passionate about cooking. He borrowed money from his father and opened a small restaurant. He sold 1,000 burritos in a month and opened Chipotle Mexican Grill a few years later. Don't worry if you fail. Do what you like.

4. Start investing as early as possible

The sooner you start investing, the more you earn. If you buy shares of companies and reinvest dividends (buy more shares in them), then this can make you a millionaire. It is important to invest in various promising companies. To do this, consult with professionals.

You can calculate how long it will take you to receive $1 million. For example, if you put $2,000 a month into a deposit or bond with a 2% yield, then you'll need 32 years. Start at 25, and by 57 you will have your first million. Do you want faster? Invest in more or more profitable instruments.

5. Be patient

Regardless of the strategy you choose, it will take you a long time to accumulate large sums. Investing is not a short 100m dash, but a long 42km marathon. Even the most successful business does not "shoot" in one day. Winning the first million is always very difficult, but the second will be much easier.

6. Invest in real estate

All rich people invest in real estate. It is important not to mistake the place, the developer, and the project. Start by buying a small apartment. Rent it out or resell it at a premium. Build your momentum.

7. Don't waste money to show your status

Only stupid millionaires squander money, and buy whatever they want until they prove themselves bankrupt. Smart millionaires live modestly: their houses are not located in luxury neighborhoods, they do not buy expensive cars for themselves, and do not stay in five-star hotels. If you have free money, invest it to generate additional income.

8. Build your wealth

You don't have to be a super successful businessman to make big money. It is enough to be a disciplined, hardworking, and creative person. Start small: first try to sell your unnecessary things, then invest in stocks, then in something else.

9. Avoid thoughts of failure

Set yourself up for success, but be sober. Thinking about the bad will only get in the way.

Don't think you're doing it for nothing.
Don't feel like everyone owes you.
Don't take out a loan if you can't pay it back.
Don't be afraid of obstacles.
Don't leave those who owe you money.

Learn constantly.

10. Invent something

Can you come up with a new product or service? Do you have a bunch of ideas? Pick one and try it. For example, Sarah Blakely became the youngest female billionaire at 29 simply by creating comfortable underwear that can be worn under white pants. Her underwear under the Spanx brand is sold in 40 countries around the world.

How to Make a Million Dollars From Scratch?