Believe it or not, every single person I have met owns a business. You own a business whether you work for yourself or for someone else. If you work for someone else then you are selling your self and trading dollars for hours.
The truth is that most people will make $1,000,000 in their lifetime. The math is pretty straight forward. If you earn $50,000 for 20 years you are a millionaire. Heck, if you earn $25,000 for 40 years you will be a millionaire.
What we soon discover in life is that it’s not earning the million dollars over 20-40 years that makes the news or makes your life exciting. No… It’s the people who have figured out how to earn those same numbers in 5,4,3,2,1 years that are remembered and acclaimed in society as doing well in life. So although I agree that, “life is not a race” on some level you have to admit that moving a little faster does make life more fun.
If you are interested in becoming one of the 100 Millionaires then it is going to be very important that you start looking at “Building Wealth” or Net-worth as the “real” mission and put all of your energy and focus on the “right” activity. The first part of becoming a million air is to “Think A Million” and you can check out my recent article Millionaire Wealth Principle #1 “Think A Million” where I go into the details of how to do the first step.
Now the second step is to DO THE MATH. I’m talking about the Million Dollar Math. One version of the million dollar math is to review the business of your choice and decide if it is possible to earn $1,000,000 in this business. Then the other view is to look at the business and consider whether the business can be sold for $1,000,000.
Here’s an Example:
Say you are a real estate agent or Wholesaler and you average $5,000 per transactions it would take you 200 transactions at that average commission to earn $1,000,000. You have to decide if the market you are in sells 200 houses and if it is possible to gather all of that business. The easiest way to check if it is possible is to see if someone is already doing it.
Now for net-worth you may start looking at the other side of business, which is the sale side of the business. In real estate we have the ability to Buy and Hold rental property which although it doesn’t earn as much as some of the other real estate trades in monthly or annual income. It surpasses all other aspects of the business when it comes to stable Net-Worth. If you own $1,000,000 worth of real estate you have a Million Dollar business. If you own that with no mortgage then you have a net-worth of One Million Dollars. Another option is to own $2,000,000 worth of real estate at 50% leverage ($1,000,000 in mortgages).
These are just 2 examples of how you can review the Million Dollar Math. A third example that works is to do flips. With 20 flips at $50,000 profit each YOU can collect $1,000,000.
Any one of these or some combination of them all can be used to build your net-worth, but keep in mind. What you focus on expands. So make sure that the goals you are setting now are in line with building a large enough rental property and either paying it off or buying enough property with enough equity to build yourself a Million Dollar Business.
I have my 100 Millionaires fill in our ‘Net-Worth” tracker each week when they join my 6 week Alchemist Mentorship Program. I would strongly suggest you do the same thing then start doing the math to decide which business is right for you and if you are in real estate, you must focus on rental properties to build your net-worth fast enough for it to count.
I hope to see you at this weeks FREE Webinar where we will continue LIVE with the “52 Weeks to Wealth” training!
Thank you for taking your valuable time to invest in yourself by reading this article. I know you will take the action steps above and I am looking forward to being able to continue to work with you on your path to becoming a millionaire and much more.
Cheers to our Success!