Don’t you think it seems very hard to be a millionaire? Being a millionaire is, of course, difficult. It’s like having $1,000,000 in your bank account. However, there are ways in which you can make this figure more achievable than ever before, and it all lies in the perception with which you view this target. When you view the whole million dollar amount, it seems like a whole lot of money, but the best way to make it more achievable is to break it down into chunks. So, in early 2012, I set the million dollar target on myself. I wrote a sticky note that I wanted to be a millionaire at the end of 2012. However, looking at the whole target, it doesn’t resonate with me. It just seemed to be like an unachievable figure. Apparently, at the same time, I was reading a lot of different books on how people manage to do bigger tasks in their life, during which one amazing thing struck me. It said that if you want to do a bigger task, you need to break it down into the set of small, achievable tasks, and I thought, “Why can’t I apply this to my Million dollar goal?” And I started to break down the figure into all kinds of different ways. How I Started? I broke the whole million dollar target into months and then days, so a target of $1,000,000 in a year, when divided by 12, is roughly $83,000 a month, which when divided by 30 is like earning $2500 in a day. Don’t you think earning a million dollars in a year seems hard but earning $2500 looks a little bit possible and achievable? $1,000,000 -> 1 Year $83,000 -> Each Month (30 Days) $2500 -> Each day I thought, let’s say, if I am selling a $50 amount of product, I need to sell about 50 products a day to achieve the target of $2500 every day. It’s simple. However, selling 50 products a day is a big task in itself. This is one way of doing the whole math. However, I learned an even more awesome way to do this whole calculation, which made the million dollar figure even more achievable for me. Here is the thing. If you are doing a business where you can charge a recurring base payment for your services, then the whole million dollar figure gets even more simple to achieve. Think For A Second & Plan Your Strategy Let’s say you provide a service or product for which one of your clients had to pay you just $40 every month to get your services, then you need just 2000 clients to achieve a million dollar figure. Now let’s do some math again: A single client pays you $40 every month. Since you are asking for a monthly recurring payment from your client for your products or service, A single client pays you $480 in a year -> $40 X 12 = $480 Let’s say your product or service is really great and a lot of other people start using it. Out of the millions of people around the world, it isn’t hard to get 2000 clients to your product or service, if it’s really great. 2000 clients pay you in one year -> $480 X 2000 = $960,000 (nearly equals $1,000,000) Which summarizes the whole math as: You just need 2000 people who pay you $40 every month for the period of 12 months to become a millionaire. Now the question is, what can you do or offer for which you can ask people to pay $40 every month? Now the opportunities are limitless. Let me tell you a few services and products to which I am subscribed for the last few years or so for which I pay a recurring amount. The list below is from different domains of companies ranging from marketing, training, design and analytics services. I pay AWeber $150 every month for using their email-marketing service, which helps me send emails to my clients. (They just need 550 users like me to be a Million Dollar Company) I pay HostGator $125 every month for hosting services. I pay Lynda $25 every month and am subscribed since last two years to access their online courses. I pay Woopra $15 every month for getting the real-time web analytics. I am subscribed to Mixergy at $25 every month to access the entrepreneurial courses. I love watching the videos of other entrepreneurs every once in a while. I am subscribed to a few companies offering WordPress-based services for about $75 every month. Conclusion I have seen people offering varied valuable products and services in different domains and people love to pay for it for getting the services. So, finding 2000 people is really not that hard if you’re offering things far more valuable for the end user. I have followed all these steps myself and earned a significant amount of money following the steps above, and I do encourage you to follow the same steps and break down your big targets into small, achievable targets, and you would be amazed by the things you would be able to achieve after doing that. Remember, nothing is impossible in this world. You can always make an attempt. If I can achieve such a landmark, you can do that too. If you have any ideas or thoughts, you can share it freely. Let’s just make things easier and possible and encourage others to become financially independent. About Neeraj Agarwal Founder of InkThemes & FormGet.
Posted on: Sun, 26 Jan 2014 11:52:32 +0000