How to Make a Million Dollars in Five Years or Less

by TessaSchlesinger

Is it possible for some to make a million dollars?Yes. But there is a way it is done, and very few people get it right.

Many people out there would like to know how to make a million. They work hard much of their lives, but the magical formula eludes them. Having read quite a bit about wealth making, I eventually summarized it to the following points. Of course, some people can make a million dollars – or more – in a day when they win the lottery, and some will work a lifetime and make a million dollars in the last few years of their lives. Because it is such a highly sought after goal, many people buy into all sorts of schemes in order to get rich quickly, but they find themselves minus their avowed goal – how to make a million dollars – and minus their investment as well. So, here’s the real deal on how to make a million dollars in five years or less.

Why Timing is Everything

Timing and Wealth

There is a wave in wealth making. You could call it a cycle, but it isn’t really. It’s the fact that the first guy in makes the major portion of the wealth; s/he is the first wave. The second wave comprises those who see what the first guy is doing and then replicate it. They might make as much money as he is but normally it is less. Still, the second wave of people who replicate what the first guy did make a decent amount of money. This is normally the peak of the market. Then there’s third wave. Usually, these are the losers. These people hear how the first two waves made a million or more, and they invest and replicate. Normally, at this point, the first and second wave are writing books on how they made their money and are selling their book or running courses on how they did it. At this point, the reason they are doing it is because they aren’t making so much money out of it anymore. In any event, the third wave, if they make anything, are in a dying market. They never make the billions the first wave did or the millions the second wave did. If you enter the market place on the third wave, the odds are that you will not succeed. So, timing is everything. Carefully consider whether what you have to offer the market place is new and has a powerful market (first wave), whether the product is relatively new and can take some competition, or whether the product is well known and the product already has substantial competition.

So, part of how to make a million is examining the market place and entering it at the right time.

Why Talent is Vital to Wealth Making

Talent and Wealth

Don’t kid yourself. All those people who made millions are talented. It doesn’t matter whether it’s Bill Gates, Brad Pitt, or David Beckham. They had a talent, and as with all talents, those talents showed up when they were wee kiddies. People can be talented in many different ways – business, the arts, sciences, or sports and more. But the people who make the millions are always talented. Some years back I read that something like 95% of CEOs had I.Q.s in the 140 and up range. That means they’re gifted. In other words, they have a talent. Most people have a talent somewhere. At first glance, it appears that some of those talents are money spinners and some of those talents aren’t money spinners. Well, that’s the common belief. However, I’m not sure that is true. If one has a talent – it’s more about how to bring it to the market place that is the issue. Any talent wrapped in the right wrapping can do very well. Of course, it’s a talent to be able to find the right wrapping, and there are people out there who are talented in finding the right wrapping.

So part of how to make a million dollars is finding your talent, then finding those with talents that will help you bring your talent to the market place. So, if you want to make millions, surround yourself with talented people, and be sure that your talent is understood by them. It definitely takes talent to make a million or more. Incidentally, your talent might simply be to find talented people and get them to make a million, and then take your cut!

Many people make money out of telling you how to make money. Think twice...

Why Opportunity and/or Luck is Important for Getting Rich

Luck and Wealth

About two and a half decades ago, I read a very large book. It must have had 5,000 pages – or it felt like it. It was a dissection of how the very, very rich made their billions. From Howard Hughes to Rockefeller through Ford and Andrew Carnegie. I found some interesting statements. These included the fact that all of them said two things. The first thing that shocked me to the core was that they could never have made their millions if they hadn’t bent some law. They admit that they would have been rich, but they wouldn’t have been as rich if they hadn’t bent it. The second was that there was an element of luck, and that they were in the right place at the right time. In other words, they saw opportunity, were ready for opportunity, and then grasped opportunity with both hands and ran as fast as they could.

So the third part of how to make a million in five years or less is to be on the constant look out for opportunity. Of course, anyone who is lucky will tell you that in order to take advantage of luck, you have to be prepared. So, for instance, if you meet the director of a potential block buster movie, and you haven’t exploited your own acting talent, it’s too late at that point to go for training. You needed to go for training beforehand. By the same token, if you suddenly see a need for a new piece of software – an app that would make billions if introduced into the market place at that precise moment – you will need to have the software writing skills already. You have to be ready to meet opportunity with skill when it comes. So it’s important to know what you talent is, and begin to learn everything to make that talent the best there is.

How much luck do you need to make money online?
Yes, luck does exist and it does play a role in your success! In the book “Outliers”, Malcolm Gladwell argues that there are a lot of other factors influencing our success besides hard work and determination, factors such as being born at the right time or getting an opportunity that most people in the same career didn’t, etc.

Why Knowing Many People Matters

Being Well Connected and Wealth

Remember that enormous book that I told you I read about people who made mega wealth? Well, there was another interesting thing it said. It said that these people were very lucky, and that research showed that the more people you know, the luckier you get. If you think about it, that makes perfect sense. If other people know of an opportunity and they need assistance in some way, if you’re the right person, and they know you, they will approach you. That’s one of the reasons rich people get richer and poor people remain poor. It’s vital to know a lot of people. I suppose it’s also vital to be well liked and well respected by people.

So part of how to make a million is making sure you know a lot of people and that you impress them enough for them to remember you. Make no mistake, this is NOT about going to Facebook or Google + and adding everybody with the hope that they will add you back. This is about knowing people – face to face in the real world – and making a solid impression. Once that is done, sure you can add them to your social networking page or send them a Christmas card every year. The point is that It’s important to actually know – in the flesh – a lot of people! So start out by going to all sorts of classes, joining organizations, clubs, associations, and begin to entertain at your home. It all helps! And it truly doesn’t matter where you start from.

Why It Takes Money to Make Money

Resources and Wealth

Ever heard the saying that it takes money to make money? Well, it's true. Even if you chose to do something on the surface of it that doesn't require money, e.g. write a book, it actually does! You see, you need the time to do it, and while you're doing it, you need to pay the rent, the food, and everything else. For some types of businesses, you will need a great many resources while for others, you can probably get away with as much as it takes to pay your basic living expenses while you're making your way.

There are many different types of resources, but most of them can convert to money. By that I mean that you may need a machine to make a particule kind of product, and it is money that buys the machine. But you might also know someone who owned a machine like that and might be willing to let you use it gratis. In this instance, there is a cross over between knowing many people and using them as a resource.

Remember the Bill Gates story about him starting off in his parent's garage? Well, he did have resources. Firstly, he had his parent's paying his accommodation, his food, and his other living expenses. And he most certainly had the money from them to buy the software, the computers, and whatever else he needed. Plus, of course, they loaned him their garage. You see? It's all resources!

Why Introspection Along the Way Counts...

Wisdom and Wealth

Yes, you’ve read about that very large number of people who have incredible wealth but they are so miserable that they take their lives or drink themselves to death. Or maybe, they just take so many pills, they just die by accident because they took far too many or mixed the wrong kinds. If you’re going to make a million, you do want to live to enjoy it, and you most certainly want to be a happy person.

There are some steps you need to take along the way in order to enjoy that wealth once accumulated. It will help you to make better decisions and to be a happier person. You need time for reflection. If you’re want to make a million to impress other people and to be admired by them, you’re going to be very miserable at some point. Truly, it doesn’t bring much in self satisfaction, and you’ll soon find that when you have a lot of money, people aren’t sincere with you. They’re being nice to you in order to get some of your money. You need to be clear that you’re not better than other people if you make a million. Yes, you may be smarter (in some things) and you may be luckier. But you’re not better. The best reason to want to make a million is to provide for others and to do certain things that you would like to do. You might want to own a ranch because you love horses. Or you might want to travel for the rest of your life, in which case, you most definitely need some money. Or you might simply want a safety net while you do the things you honestly love.

So now that you understand what is involved in how to make a million, first determine why you want to make a million, write it down, and from time to time spend time reflecting on it. If your reason has changed, then right it down, and at least once a month, look at it. It will keep things in perspective.

 

It Takes Opportunity, Luck, Skill, Timing, and Knowing Many People to Make Money...

Take Five Years to Make a Million Bucks

Give yourself five years to put your plan into action. The time span is long enough to learn something, meet people, establish a solid foundation, and give opportunity time to blossom. In short, if you know a lot of people, have the talent, have the idea, somewhere along the line, the breaks should come. Now you know how to make a million in 5 years or less.

Updated: 01/17/2013, TessaSchlesinger
 
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