Different Paths to a Million
Getting rich is not a fantasy. In fact, it is quite the opposite, it is just simple math. Most people will earn one million dollars in their lifetime. If you are making $75,000/year it will take a little over 13 years to run past the million-dollar mark in earnings.
To reach any goal and for that goal to be achievable, you have to believe in the possibility of that being a realistic and attainable goal. Easiest way is by doing the math to see what it will take to get you there on any given route. How many different ways can you reach your mark? Then, what do I have to do to make it happen. The math creates the possibilities and then you have to go out and create the strategy and execute the plan.
Here are 3 ways outside of investments that you can reach $1,000,0000.
Whether you are getting paid hourly or you are on salary, figuring out your way to $1 million dollars in earnings is easy.
If you were to earn a salary of $50k, it will take you 20 years to earn $1 million. If you doubled the salary to $100k, it would take half the time or 10 years to earn $1 million. Taking it a step further, if salary reached $250k, you would bring in $1 million after only 4 years of working.
What about an hourly wage? Well, to earn $1 million in a year on wages, you would have to earn $114 per hour every hour of the entire year to reach that mark.
Products and Services
Here we are starting to move away from trading or time for money and starting to trade or time for results but, once again, the math remains easy.
How many people are going to buy your product or service and at what price point? The end result is still the same under all of these scenarios, just the input differs. 5000 people buying a $200 product or service will reach $1 million. Less people but higher price points will get you there. 2000 buying at a price point of $500 or 10,000 people buying at price point of $100. Vice versa, less people at a higher price point will still get you there. For example, 1000 people buying a $1000 product or service one again equals $1 million.
This is not a one-time revenue recognition but, instead ongoing revenue recognized at interval periods of time, usually monthly. Again, simple math outlines the possibility so that we can create the plan of action. In these examples, we are using a year subscription for the math.
5000 people pay $17 per month for 12 months equals $1 million. 2000 people paying $42 per month, 1000 paying $83 per month, or 500 people paying $167 per month for 12 months all gets us to the $1 million mark.
How many different ways can we collect one million dollars? Wealth requires basic math, getting to a certain dollar amount is just about numbers. Do the math to create and understand possibility then create the strategy after. Usually, the best ideas are most always simple.