Sharpen your sales skills. Sales skill is the most important business skill every entrepreneur needs. In fact, selling is the primary duty of an entrepreneur. Without it, nothing will be achieved. For your idea to break into the marketplace, you must know how to sell; so I will advice you sharpen your sales skills.
Still, you have to shift your thinking if you’re serious about making money online. You can’t think about days or weeks. Rather, you need to be thinking in terms of months and years. This isn’t some overnight expedition or something you’ll accomplish quickly by any measure. We’re talking about a long and very drawn out how to become a millionaire as a programmer that will invoke every fiber of your being and zap you of your time and energy at every level imaginable.
What you need to do is take that item and post it to Craigslist for sale at a price you believe someone would be willing to buy it (that’s not the same as how much you want to sell it for or you think it should be worth).
For example, as a freelancer, you could choose to only work on projects that interest you or choose your own hours. As a mystery shopper, who poses as a regular customer to provide feedback on stores, you could roll money-earning activities into your weekly trips to the mall. If you’re looking to start your own business, diving into e-commerce could be the first step toward becoming your own boss.
Don’t be greedy. Pay yourself and your bankers the industry-standard compensation ratio of 50% of revenue. Your revenue was $400 million, so that creates a $200 million bonus pool. Pay each of your unemployed friends bankers, say, $1 million. And give yourself the rest for being such a smart entrepreneur and creating all the jobs and value.
But there is another way to profit even more from Fiverr for potentially far less work. How? By simply reselling gigs elsewhere. For example, find a decent logo designer then reply to jobs on Upwork or even local classifieds. A $5 spend can easily become $50+, and it’s repeatable!
The chart above shows what it takes assuming starting at 22 (around college graduation), with a $50k salary, either 10% or 20% gross savings invested and earning 10% annual yields, no inflation, and no changes in salary ever (which should approximately balance out no inflation). With 20% investment, it takes around 25 years to hit $1M. With 10% investment, it takes another 6 years to hit the $1M mark.
On the downside, some ClickBank products can be of poor quality, says Bethany Mooradian, owner of QueenoftheRandomJob.com. So some products are easier to pitch than others. One solution is to buy the product ahead of time to assess its quality, she says.
By inheritance. You can make a million dollars by inheritance. Yea, a lot of kids were born with a silver spoon and left a large inheritance. The only hitch with making money this way is that if you lack the competence to run the system that generates the money for your inheritance or if you simply have poor financial control of your life, you will lose that inheritance in due time.
It’s this network of people that you should focus on. Every conversation I’ve had and every favor that’s been done has been met with a promise of returning the lifeline that has been given. I’ve told them my gratitude over and over, so they understand how important its been.
Over time, however, nothing beats passive income. No matter what sacrifices you have to make, if you focus on passive income, your future money-making self will thank you for it. So, what are some examples of passive income?
10% or 20% savings aren’t possible: I disagree. I know happy families with kids that live with no debt, feed the family, get to work, and have a roof over their heads with only one working spouse earning less than $50k/year. Look to your large expenses first – Large house? New car every 2 or 3 years? Expensive out-of-state schools similar to in-state alternatives?
Great summary, Jeremy! After all the process of becoming a (multi-)millionaire really is simple, so it’s puzzling why so few actually go for it. I guess the devil is in the details: people find it amazingly hard to live beneath their means and therefore don’t manage to save much, so there is little (or nothing) they can invest. Those who manage to invest something, often do it more like a gambler rather than an investor, which results in low or negative returns. Some manage to do all of this for some while, but then give up when results don’t appear quick enough. Maybe it’s just a lack of motivation and discipline, or lack of belief that this simple process could really make you wealthy. Yet, those who try it and stick to it, are so amply rewarded that it again makes me wonder why everyone doesn’t do it!
Plan dinners – like my story above, plan a party in a suite or plan a dinner at a restaurant near the conference and invite several people with whom you’d like to connect. They have to eat too, and having a reservation or arrangements already made so that all they have to do is show up makes it super easy for them.
I need to be more regular in my donating / giving so I wanted to tie a specific dollar amount that I’m looking to accomplish. I know it’s kind of odd that I’m including this goal in a blog post as most people are pretty private about what they give to charity, but it’s on my white board so I guess it’s on the blog post lol. Throughout this year I will occasionally release products or software and state in the sales material that (for example) the first $5,000 purchased worth of this software will be going directly to Charity Water. Continuing with charity water as an example, after I would reach that sales figure I’d then make a donation to a Charity Water campaign as well just to prove that I was actually making the donations. You’d have to be pretty evil to say you were going to donate money and not actually do it though.
Facebook ads are definitely hard to use. I’ve never done taken an online course. None of them seem legit. Mostly been trying to wing it. What would you recommend to learn how to use Facebook or google ads effectively?
Local businesses are struggling. Many have websites, but aren’t getting any results from them. Others don’t have websites at all. You can help by learning search engine optimization, how to set up an email list, and more, and then implementing these for local businesses. If you typically hang around geeks, web marketers, or the Web 2.0 crowd, you may be surprised how many business owners are 10 years (or more) behind you! If you can deliver results, business owners will happily pay. Find customers by going door-to-door.
Mentors are a vital business resource I recommend to everyone. A mentor is a person who guides and advises you. This person will also push you forward in your business. Many times, a mentorship emerges out of a business relationship.
Join me for a live discussion at noon (ET). My guest will be David Clark, who has written several best-selling books on the investing shrewdness of Warren Buffett. Clark provided commentary for this month’s Color of Money Book Club selection, “The Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway’s Vice Chairman on Life, Business and the Pursuit of Wealth.”
Million-dollar math: A product like Quirky’s popular power strip, Pivot Power, retails for $30. More than 665,000 of the items have been sold. If you assume the inventor, 24-year-old Jake Zien, gets $3 to $9 per sale, the idea easily makes him a millionaire.