Here’s an interesting fact: 11.8 million American households have a net worth above $1 million.
It might seem unattainable to make a million dollars, but this statistic alone shows just how possible it is.
It doesn’t take winning a lottery ticket or a trust fund to join this exclusive club only.
If you’re wondering how to make 1 million, here’s the truth. Making money is often risky.
Taking calculated risks and using the right strategy can lead to a million-dollar income in a short period.
There are only two paths to make a million dollars: wait for opportunities to present themselves or hustle your way through. There is no “secret formula” to figure out how to make millions BUT there are some proven strategies to follow to help get you there.
I made my first million dollars at the age of 25.
What did I do to make a million dollars at such a young age? How have I helped others make their first million dollars before the age of 30, like me? That’s what I am here to share with you in this article.
Becoming A Millionaire: An Overview
Two key things really helped me on my path to starting a business that would bring in millions of dollars in a short amount of time.
A Passionate Mindset
I never wanted to be an entrepreneur. I was all set to get into the top law school. Three days after graduating, my dad was diagnosed with stage four cancer. I moved to Atlanta for eight months to look after him.
Spending those days in the hospital made me realize that life is short. Even though law school was my dream, it wasn’t worth the time and financial debt.
I dropped out of law school and took an online course to start with digital marketing. Fast forward to today, my company has helped thousands of business owners scale their online businesses. This is where a passionate mindset comes into play.
If You Have A Dream, Follow It
In my early 20s, I understood that a 9-5 lifestyle wasn’t for me. I wanted to build a business that made me financially independent, impact lives and transform businesses. It’s easy to see solutions when you’re passionate about achieving specific milestones. All you need to do is implement and execute your business plan the right way to make a million dollars.
Some people get stuck at the beginning of their journey because they want to do everything perfectly. They never make a dime because they were stuck in their ways instead of experimenting. Even if your plan isn’t perfect, take action.
A passionate mind can help you make a million dollars by providing drive, focus, and determination to pursue a specific goal or opportunity. This can manifest in various ways, such as building a successful business, funding profitable ventures, or building high-paying skill sets.
It can also lead to creativity and innovation, resulting in new and unique revenue streams.
Investing In Yourself
Investing in yourself can help you build a successful business. It provides you with the skills, knowledge, and resources you need to create and grow a successful enterprise.
I started my journey when I saw an ad by Tai Lopez and bought his SMMA course. It introduced me to the world of online marketing, with its explosive income potential and freedom.
Boom! I was hooked. I kept buying courses, hired mentors, and invested in myself to shorten the learning curve.
Some ways that investing in yourself can help you build a successful business include:
- Developing industry knowledge: Learn as much as you can about your industry. You can identify opportunities, stay ahead of trends, and make better business decisions.
- Building a solid network: Investing in yourself can help build a strong network of contacts and potential investors. This can be critical in getting a new business and securing funding.
- Developing entrepreneurial skills: It can help you develop the skills you need to start and grow a business, such as marketing, sales, financial management, and leadership.
- Taking calculated risks: You develop the mindset of an entrepreneur, which includes taking calculated risks and being willing to fail to learn and grow.
3 Steps To Be A Millionaire
How to make a million dollars at the age of 25? This seems impossible for many people. The reality is that with the right mindset and plan, anyone can succeed financially. In this section, I’ll outline three key steps that can help you on your journey to make a million dollars.
With these three simple steps, you can figure out how to make millions, whether you’re just starting out or scaling your business:
1. Learn A Massively Marketable & Valuable Skill
This may seem like a no-brainer to most of you reading this article. But I’ve helped many people make their first $100,000 online and reach their first million-dollar year. There are a lot of people who chase the wrong things, selling what they’re passionate about rather than what is valuable to the market.
2. Finding Product-Market-Fit
Inside our company, we spend a lot of time finding product-market fit. Before we decide what to do, we figure that out. We go to the marketplace and ask, “What do you want? What are you willing to pay for?” Then we have them prove it by paying us before we learn the valuable skill.
Showing up one day and saying, “I’m an entrepreneur” or “I’m a business owner” in your Instagram bio is not enough to make a million dollars. You need to understand the valuable or marketable skill people want and become the best in your field.
Finding product-market fit is essential because it ensures demand for your product or service. Without this fit, a business may struggle to generate revenue and sustain growth.
By identifying and targeting the right market, companies can optimize their efforts and resources to meet the needs of their customers. Plus, a clear product-market fit shows investors, partners, and customers that the business has a viable and robust business model.
3. Discover What People Want To Buy
One of the biggest issues is that people try to learn ten different skills in 10 different niches, industries, and skill sets. In reality, if they took all that energy and focused on one type of person and became an absolute master, they could charge exuberant amounts of money.
I’m at a point now where I can charge $50,000 for doing a 1:1 one-day intensive with a business owner. That’s because I’m an absolute master at what I do. If I tried to offer 50 things to 50 different people, I would be a generalist and couldn’t charge that much.
If you are starting your first business online or thinking about going online, stop thinking about what to sell. Instead, do the simple thing: ask the marketplace what they want to buy. It’ll be easy to make a million dollars if you create an irresistible offer.
How To Make A Million Dollars: Extra Tips
Have A Scalable Skill
Learning a valuable skill set is essential, but it must also be scalable. It must be something people are willing to buy and can be scaled up. For example, I used to run a beach chair service in high school. I could only set up 100 or 200 chairs per day, limited by the beach space available.
Now, I can help others create a scalable sales funnel for an online product, digital information product, or SaaS product. This could make a million dollars for them annually, compared to the limited income from my beach chair service. The skill must be not only valuable but also scalable.
Find The Right Vehicle
The second characteristic I used to figure out how to make 1 million online is finding the right vehicle. While having a valuable and scalable skill set is essential, knowing where to sell your offer is equally important.
For example, I chose restaurants because I had personal experience and an interest in the industry. But I soon realized that the profit margin was low, and I couldn’t charge high fees for my services. I switched to real estate and made more money, but there was a long transaction cycle, making it harder for clients to pay me.
Eventually, I found the best vehicle for me: online business, including coaching programs, consulting, and online services. People in this sector are ready to pay people to solve specific problems for them. I was able to make clients more money, and there was no cap on how much they could earn. It’s crucial to have valuable skills and choose the right industry to apply them.
The third and final thing that helped me make a million dollars at 25 was networking. You’ve heard the saying, “your network is your net worth,” and you’re probably tired of hearing it, but it’s true.
Networking can help you build a successful online business by connecting you with potential customers, partners, and industry experts. Developing relationships with these individuals and organizations can help you access new markets and grow your business. It can also help you gain more credibility and visibility in your industry, leading to more opportunities.
I was doing okay in my first business, running an advertising agency for real estate agents. But it wasn’t until I went to my first mastermind, where I met other people in the same industry, that my business took off. I learned from people who were ahead of me and making 70, 100, or 120k a month in their advertising agency.
I made friends and moved across the country to California with them, which transformed my life. I was surrounded by people who shared my goals, ambitions, and mindset. We had teams with specialized skills in finance, advertising, and building. I was able to ask them questions daily.
Make A Million Dollars: FAQs
How to make a million dollars?
The secret sauce to becoming a millionaire is investing part of your monthly income and letting compound interest do its work. Every dollar you save by living frugally and avoiding debt is money that can help you build long-term wealth.
Can a normal person make a million dollars?
Most millionaires are made, not born. You don’t need wealthy parents to become a millionaire yourself. Just like Oprah Winfrey and the protagonists of virtually every Horatio Alger novel, most Americans with a net worth of at least $1 million were not born rich.
What do millionaires have in common?
Millionaires have more in common with each other than just their bank accounts. For some millionaires, striking it rich took courage, salesmanship, vision, independent thinking, and passion.
Wrapping Up: How To Make A Million Dollars
Creating a business worth a million dollars takes smart planning, hard work, and a dash of good luck. By honing in on these three strategies we discussed, you’ll give yourself a better chance at success.
To be successful, identify a skill set that is marketable, valuable, and scalable by consulting with the market. Once you find the right skill set, it’s essential to make sure you find the right vehicle to use it in.
If your business model doesn’t allow you to deliver results, it may be better to consider a different industry despite your expertise. Finding the right vehicle to utilize your skills to succeed is essential.
Networking and building relationships with key players in your industry can lead to new business opportunities. Put these strategies into action and continually improve your approach to build a successful and profitable business.
Need more help? At Scaling With Systems, we have helped thousands of business owners build profitable businesses online. I scaled our company to eight figures at the age of 25. We’ll build the exact roadmap to scale your business to the next level. Book a free consultation call today, and one of our advisors will get back to you.