So, you want to be a millionaire.
It's a big goal, and for most people there are only four
options to make it happen. You can inherit money, win
money, save money or earn money.
In other words, you can inherit money from a rich relative,
win the lottery, save for most of your life, or earn a
million in your own business.
Inherit Money
This one is pretty straightforward. You either come from
money or you don't. Movies are full of stories about
people inheriting millions unexpectedly from long-lost
relatives, but don't count on it. Even if you do have rich
relatives, you could wait years and years before the
millions become your own.
Bottom Line: It's not your money, so don't waste your life
waiting for it.
Win the Lottery
The odds of winning the lottery in a single state lottery
are about 18 million to one. Looking to win one of the
multi-state Mega-Millions? Your odds of winning jump as
high as 120 million to 1.
Your odds of being struck by lightening are about 2.65
million to one. You are 6 to 45 times more likely to be
struck by lightening than to strike it rich on your next
lottery ticket.
Bottom Line: Buying that lottery ticket is about as
productive for your financial future as striking a match to
that dollar and watching it burn.
Save Money
Finally, a guaranteed way to become a millionaire! If you
discipline yourself to save and safely invest 10% of your
income from the time you are 18, there is absolutely no
doubt in my mind that you will have accumulated at least a
million dollars by the time you are ready to retire at 65.
That means you need to be sensible and practical your
entire life. No splurge spending on your dream car, or
vacations in paradise. After all you are saving for your
future!
Saving for your future is a great habit. But most of us
just don't have the self-discipline to be successful at it.
Personally, I would rather earn money fast so I don't have
to sacrifice to save. I want to spend money on things that
make my current life rewarding. Patience has never been one
of my strong suits. If you can make the save and invest
method happen, I applaud you.
Bottom Line: You can become a millionaire by saving
wisely. But life is not guaranteed. How do you know you
will be around to benefit from all your scrimping and
saving?
Start Your Own Business
As far as I'm concerned, this is really your own option.
The first three methods are either out of your control, or
take so long that it may not be worth the wait. Generating
extra income through your own business gives you the best
odds of success.
Owning your own business gives you control over your
income. Your success is solely dependent on your efforts.
You don't have to be dependent on your boss for your next
raise, fate to give you the winning ticket, decades of time
to earn interest and dividends, or death to take away a
family member.
Owning your own business also gives you the opportunity to
spend hundreds or even thousands of dollars on ineffective
marketing programs, training materials, and overhead
expenses. If you have dabbled in business ownership at
all, you know that running a business can cost big bucks,
too.
Bottom Line: The best guarantee of generating income in a
business is finding a product or service that people want
to buy. Forget all that feel good fluff about "finding
something you love". Get rolling by starting something
that is tried and true, find someone experienced to help
you along, and be willing to work.
Becoming a millionaire is a big goal. But there are more
millionaires now than at any other time in history. If
millionaire status is your dream, there is absolutely no
reason why you can't achieve it.
At the same time, positive mental attitude and luck does
not create millionaires. You have to have a plan and work
your plan in order to make your dream a reality. Most
importantly, expect that you will make mistakes, have to
backtrack, and sometimes even have to start over.
Start researching your options now. Your best bet is to
find a business you can start part-time. Keeping your day
job limits your financial risk. Give yourself time to
start making sales and generating income. If you don't
need the business income to survive, you can invest
everything back into your business at the beginning. This
will give your business extra capital to grow more quickly.
It all starts with your vision. If you want it bad enough,
and are willing to do more than want and dream, your vision
can become your reality. Earning extra income is not
dependent on luck or being born into the right family. You
need to be willing to do whatever it takes, and stop
settling for less.
Set aside just one hour a day to work on your business. I
challenge you to schedule one hour each day as your
Millionaire Hour. Start with research, but as soon as
possible, find a product or service you can market, and
start selling! Quit dreaming about being a millionaire,
and start doing.
Where will you be one year from today if you have invested
365 hours into starting and running your own business? In
five years, you would have worked a total of 1825 hours in
your business, simply by spending just one hour a day, or
seven hours each week on your business rather than the next
prime time TV show.
Or, you can keep dreaming and keep on buying next week's
lottery ticket.....
----------------------------------------------------
Todd Jensen, "The Profit Engineer", has helped hundreds of
business owners make their business more successful and
profitable. For tips and strategies on how to boost your
business success as well as increase your profits, visit
http://www.theprofitengineer.com or
http://www.freebusinessstartupinfo.com
No comments:
Post a Comment