Everyone wants to make a million dollars, but most people don’t have the discipline to push hard enough, for long enough. Making a million dollars is a lot easier than you think—if you know what you’re doing.
I can teach you how to make a million dollars and more through my live online training courses. The important question that will actually determine if you make it is, “are you serious enough to actually execute on the guidance for a few years?” Here’s a taste of what you can learn from my course.
Why You Need Financial Literacy
Making a million dollars isn’t just about making money. It’s about not wasting the money you have.
That’s what financial literacy is. It’s about knowing how to use different skills like budgeting and investing to keep and grow your money. Luckily for you, part of my mentoring program is all about financial literacy.
Wealth Does Not Equal Money
Most people think wealth is earning a lot of money—they’re wrong. Wealth is all about assets and subtracting any debt you’re stuck with:
Assets – Debts = Wealth.
- Real estate
- Mutual funds
- Business ownership
10 Hard-But-Worth-It Steps to Be a Millionaire
Learning how to make a million dollars from nothing isn’t easy. You have to stay focused 24/7 for years.
If you’re really ready to make a million dollars, then you have to follow these 10 steps.
1. Get a Financially Savvy Mentor
The first thing to do is to find someone who has traveled the path before you. Pay them to mentor you and soak up everything they know. You don’t need to necessarily pay them with money, you can pay them with your labor as an intern, help with their social media, or help them with some other aspect of their business.
A mentor can be someone you personally know who handles their finances well or someone who teaches financial literacy. Through the years, I got asked so many business questions, I decided to just lay out all my knowledge and answer everything inside my entrepreneurship-focused course, Moneyberg Mentoring.
2. Set Realistic Goals
A million dollars isn’t going to fall into your lap overnight.
If you try to think of a get-rich-quick scheme, you’re going to get frustrated and give up quickly. This is what separates the money-savvy from the rest of the population.
Create a series of goals that will eventually build up to you million dollar net worth. These goals can range from putting a certain amount of money in a savings account every month for a year to buying a home.
3. Realize Your Worth
This isn’t about self-love; this is about hard numbers. You’re most likely working a job you hate for a boss who underpays you.
It’s time to change that.
You need to ask your boss for a raise or find a new position elsewhere. I strongly believe that entrepreneurship is the best path to becoming a millionaire, however, you do need cash flow while you work on your million-dollar plan. Use your icky job as a STEPPING STONE into entrepreneurship.
Do some salary research and use that information to your advantage. Look at industry standards and the average salary of someone in your position with your experience.
4. Acquire Business Skills
This world is full of people waiting to take advantage of you, but smart people educate themselves so they don’t get hoodwinked. Start by building basic business skills.
Once you feel confident in your beginner business skills, elevate yourself to more detailed business courses. I’m not talking about college classes. I’m talking about learning from people who walk the walk—people like me.
5. Create a Livable Budget and Start Investing
This step is probably the one you’ll hate the most: budgeting. It’s time to take a hard look at your expenses and start cutting.
Look at the frivolous spending you do in a month.
Streaming services you don’t use? Cut.
Eating out every day? Cut.
You get the idea.
Put all that money you’re getting from your cuts into a separate account until you’re ready to start investing.
6. Create a Business/Side Income
By now, you’re probably thinking, “How can I make a million dollars from these tips?” To which I say, have some patience.
Now it’s time to start generating money. Think about what you’re good at and how you can make money with that skill. Like with everything else, your hustle will start small and then grow over time.
The goal is to generate more money and invest it back into the business.
Some decent options are doing freelance work, creating an e-commerce business, or getting a part-time job. Of course, if you have an idea for a business, work toward that.
7. Start Investing
You need to start establishing passive income and a great way to do that is through the stock market.
You have to research each of these companies and try to make an educated prediction on the probability of their future success. Look at their financial statements. Look at their leadership. Look at their industry trends. Read everything you can about them.
After you have your investment thesis and you have purchased the stock, you need to know when to sell. Remain calm through the vicissitudes of the market and only sell when you know there are better opportunities to put your capital into.
Want more guidance on the markets? Get inside my 10-week markets-focused investing course, Moneyberg Markets Mastery.
8. Invest in Real Estate
The next form of investment is real estate. This may seem out of reach for you at first, but after building your income, you’ll be able to find affordable properties.
The first thing you’ll want to buy is a home for yourself. Owning your own home will help you build wealth in the long run, plus there are tax benefits.
Once you have your own home and enough capital, you can start buying real estate properties. You’ll earn more passive income by renting out your properties. When the market is up and you’ve held for years, you can sell the home after it has appreciated in value.
9. Invest in Your 401(k)
The only thing good about having a corporate job is that you’ll get a 401(k) account and your company will add to. Most companies will match whatever part of your paycheck you put in, or a percentage of it, up to a given amount.
This can add up quickly. If you have this opportunity, max it out.
10. Protect Your Money
Consider various types of insurance to protect your family and assets. Homeowners insurance, life insurance, health insurance and other forms of insurance can be effective ways of protecting yourself from unforeseen downturns.
Here are just a few success stories from some of my students:
- “The amount of self-esteem that I’ve got just carries out over to the rest of my life, and it’s something that I wouldn’t trade the world for.”
- “The content of that week really gave me the final push to seek out better opportunities. I ended up landing a job with a much better salary…”
- “…I made my first entrepreneurial money ever… I know for a fact that without working with Derek, none of this would have ever happened.”
Get Expert Guidance
Stop wasting time and start growing. Implement these steps and watch how your life changes. Make sure to sign up for my mentoring program so you have someone experienced to guide you along your way.