Maricor Bunal
When it comes building your wealth, most people would imagine selling a myriad of different things to come up with your very first million dollars. Some might also imagine saving money from a very young age. Others would probably think of working day in and day out until you’re 60 years old and no longer able to enjoy the fruits of your labor. Those scenarios were probably true at a time when there were just too few opportunities to make lots of money. Nowadays, it’s different – people do not only have more and better options but also, all the help they need is just within reach.
Making your first one million dollars may still seem like an uphill climb. But if with proper planning and using the right methods, it can be easier than you think.
Here’s a breakdown of the steps you need to take to make achieving your first million more manageable.
Associate yourself with people who are a good influence to you.
When you are surrounded by people who are already at a level where they are truly and admirably successful in their chosen fields, you can’t help but be inspired. You’ll be motivated to work harder and achieve your goals, too. Plus, all those successful people can become your advisors and tell you exactly what you need to do to realize your own dreams.
Increase your profit margin.
A profit margin isn’t only for businesses. As an individual trying to earn your first million, your profit margin will be the gap between what you earn and what you spend. By increasing it, you’ll be saving money and earning profit the same way a business does. This can then be used to pursue your long-term financial objectives. So instead of saving just 5 to 15 percent of your income, increase it to 50 percent. This means that you’ll have to sacrifice or cut back on your spending to gain financial success in the future.
Know that your first idea may not be how you are going to make your first million.
By realizing this early on, you won’t be discouraged to pursue your dream of becoming a millionaire. It’s best to know and prepare yourself for the trials and failures that you’re going to encounter as you make your way towards your goals. This would help you be more determined to never give up and to continue saving money until you reach your very first one million dollars.
There is no cutting corners.
Being a millionaire in your 20s, 30s or 40s is a long, hard road – no shortcuts. Every successful entrepreneur had to endure lots of failures before they got to where they are now. Just like you, they had to struggle in managing their finances and saving money. But don’t any downfall backtrack you or set you back from realizing your financial dreams. Most importantly, don’t believe anyone who promises you a get-rich-quick-scheme. No one has truly been successful cutting corners and trying to make it the easy way.
Think long term. Always.
Again, there is no fast and easy way to win in this race. There may be a handful who claim to have gotten rich quick. But they have yet to prove that the wealth they acquired has last for a long time. So, when you invest, whether it’s your time or money, always think long term. When developing a product, consider how long it’s going to last in the market. If you are saving money, think 20, 30, 50 years from now. Will your savings be able to sustain you once you retire?
By surrounding yourself with the right influences, using the right tools and always thinking in advance, you’ll realize that making your first million is not at all difficult.
