Did you know that making $1 million in a year, you just need to make about $83k in a month? That may still sound heavy, but breaking it down to weekly rates, it is about $21k. But if it goes down to a daily rate, it is about $2,980. This results in $124 per hour. This means if you can find a source of income that makes $124 per hour, you will make a million dollars at the end of the year. But it gets even better. That calculation is based on the assumption that all months have 4 weeks. And there are months with 5 weeks. If we calculate a year as 365 days, you would see that you will make over a million dollars with $120 per hour. In fact, with as low as $115 per hour, you still hit the number. The goal is very achievable.
- A million dollars is not a lot of money
- Wrong use of this calculation
- Knowing what to sell
- A faster way to get to your goal
- The compulsory millionaire habit
- The secret to goodwill
A Million Dollars Is Not A Lot Of Money
One of the barriers holding people back from making a lot of money is their definition of a lot of money. For example, to a lot of people, a million dollars is a lot of money. And it is not.
There are countless things you can’t do with a million dollars. When you think about real estate, top-notch coaching at your skill or expertise, and access to other wealthy people to do deals together, your expense list will be way above a million. But that is not the main reason why a million is not a lot of money.
If you believe a million is a lot of money, you will find it difficult to make it
This is more of a mindset thing. If you don’t see yourself spending a million dollars with ease, it will be difficult to make it. You could have something you sell that can generate that amount and you won’t be able to convince anyone to buy. Sometimes it is so bad that people who are willing and able to buy still won’t buy from you. You need to make the mental shift.
A million dollars is not a small amount of money. But it is not a lot of money either if you want to make it. If you are going to be happy with a million dollars, set your goal to $2 million. Even if you fall short of $2 million, you will have surpassed your $1 million.
Wrong Use Of This Calculation
When you saw that $115 per hour will make $1 million a year, did you start thinking of a job that can get you that rate? Maybe you even tried to calculate for 8-hour days? That is $343 per hour for 8 hours per day. And you are trying to think about what job will get you there.
This is the wrong way to use this calculation. What is the use of being a millionaire if you have to work hard doing what you don’t want to do all day? How many people do you know that makes a million dollars a year from their jobs? What about those who make a million dollars a year from their jobs after taxes? Not many I suppose.
You don’t trade time for money to become a millionaire
Think of a million, think of a business. People don’t work jobs into millions. Instead, they create a business that serves thousands of people. Your goal should be to create a product or service that earns $120 per hour. And if it is a global distribution system, it earns money 24 hours a day and not 8 or 10 hours.
The question anyone serious about earning a million in a year should be asking is this: what product or service can I create to earn $120 per hour around the clock? You don’t trade time to make millions, rather, you create leverage using time.
Knowing What To Sell
There are two important rules concerning what you have decided to sell. The first is that you must be passionate about it. There must be a fire in you for what you sell. You can’t sell what you don’t believe in or passionate about.
This is the top reason people don’t know how to sell. They are trying to sell to make money. They don’t have a firm belief in what they are offering. If you truly have the best interest of the other person at heart, you will want that person to spend money getting the best of what they need.
You can’t sell what you don’t believe in
The other rule is that you must be selling a benefit. Another reason people have trouble selling is that they sell features. They sell bells and whistles. They don’t sell benefits. What will this product (or service) do for the person who is buying? Is it going to give them the result they want?
Buyers don’t want to hear what a product or service can do. Instead, they want to hear what it can do for them. They want to hear that it is what will get them the results they desire. The moment the market associates your offer with a result, people will queue up to buy from you. Think about that.
A Faster Way To Get To Your Goal
Now you know the way to get to your goal. Just in case you haven’t gotten it, let me make it clear:
- Create a product or service that produce a definite result
- Become passionate about it
- Create a system of marketing where it sells $120 an hour every day
The number 3 can be a challenge for most people. It sounds simple, but it isn’t that simple. There are two ways to go about it.
The first way is the do-it-yourself method. This is where you figure out the ropes on your own. The process often involves a lot of trial and error. It is long and hard. But it is very fulfilling in the end.
The second way is a faster way to get to your goal. And it is the simpler version:
Copy someone who has done it before
Find someone who has done what you want to do and copy their steps. Of course, not all the steps will be useful in your case. (Although sometimes, all the steps are necessary). But this is as much a big step to success.
Pioneers suffer. They get to pave the way for others. And a lot of ways have been paved in the business world already. Just find someone who has done it before and follow the way they paved. If you can get such a person to mentor you, that is even better.
The Compulsory Millionaire Habit
There are habits that people who make millions have which appears strange to people who don’t think about making millions. It is no longer about time management because
With this understanding, you must imbibe a habit into your everyday life. This is because your offer will likely not start at selling $120 per hour. In fact, it might be selling $0 per hour initially. But with the incorporation of the compulsory millionaire habit, the selling rate starts going up. This is the habit:
Take one step every day that drives up the value of what you do
You must commit to driving up the value of what you do every day. This is not about talking to prospects every day. This is about doing things that drive up the value of what you do. It must be something that makes people associate the result they want to the product or service you offer.
This is not hype either. It is a form of branding. It is making people think of your product or service whenever they think of the result they want. Do something like that every day and your selling rate would go up.
The Secret to Goodwill
The secret to goodwill is giving. Give something up for free. This is one of the ways to gain the attention of the market. The mistake people make is that they give something that is not so valuable for free. That is not so attention-grabbing.
Money follows attention. And nothing grabs the attention like a valuable thing made free. The only catch to this is that the free offer must be to an audience with the ability to eventually buy from you. Free campaigns fail because they attracted the wrong audience.
The secret to goodwill is giving
People will readily buy from a business they have received value from. The idea is that if the free version can get a certain result, the paid version must be able to do much more. And with that, your selling rate gets into $120 an hour and even beyond.
Don’t quit on your dream to make a million dollars. If you have the desire, then it means the ability is lurking inside you. You only need to be selling at a rate of $120 an hour.
Think about these things.