How to Make a Million Dollars: Step by Step

Jul 26, 2024

How to Make a Million Dollars: Step by Step

Introduction

  • Many people struggle through life while others effortlessly succeed.
  • This talk is about making a million dollars step by step without any theories, just practical information.
  • Important belief: Making a million dollars is no harder than making $100, $1,000, $10,000, or $100,000.

Common Myths About Money

  • Lies we believe:
    • You have to work hard for your money.
    • Time is money.
    • Hard day’s work for a hard day’s pay.
  • These beliefs make us ignore easy answers and focus on hard actions that might not work.

Programming and Beliefs

  • Using the story of the children of Israel in Egypt:
    • They were slaves making bricks to build the kingdom that enslaved them.
    • Modern parallel: We build thoughts and habits that don't serve us.

Changing Beliefs

  • Challenge the belief that making a million dollars is hard.
  • It's faulty programming leading to faulty equations.
  • We avoid thinking about making a million dollars because we assume it must be hard work.

Education and Skills

  • Our education system teaches useless information instead of preparing us for real life challenges.
  • The necessary principles for financial independence can be understood in the fifth grade.

Steps to Make a Million Dollars

  1. Don't assign a level of difficulty: Believe it's not hard.
  2. Decide to do it: Decision means no changing your mind, unlike a choice.
  3. Disconnect revenue generation from time: Time is limited, so anchoring revenue to it limits wealth.
  4. Discover principles and do the math: Simple math - no complex calculations needed.

Practical Example: Writing a Book

  • Simplify the process by starting:
    • Write a book (e.g., make $20 profit per sale).
    • Sell 50,000 copies.
  • Use easy math: 50,000 books * $20 profit = $1 million.
  • Leverage platforms and audience to scale sales (e.g., podcasts, influencers).

Scaling Up

  • Sell different forms of the same content at higher prices:
    • Audio Program: Sell for $200 (10x less effort, same financial outcome).
    • Home Study Course: Sell for $2,000 (require to sell only 500 units).
    • Mastermind Group: $20,000 to $200,000 per session or program.
  • Higher-priced programs reduce the amount of sales needed and increase revenue.

Final Tips

  • Focus on helping others solve their problems, not on your story.
  • Emphasize the cost of saying no over the cost of saying yes to prospects.
  • Create products and services that people will value and pay for.

Conclusion

  • Simple steps combined with the right mindset and strategies can lead to making a million dollars.