I’m quite sure $1 million is a good income for you right now and can solve lots of your bills. Do you want to start the journey on how to earn this huge sum of money and never worry about bills again?
Here are insights from my mentor Patrick-bet David, founder and CEO of Valuetainment tv channel on YouTube.
In the modern world, where market inflation is on the rise and cash loses value every time, it’s now an obvious fact that $1 million isn’t to be considered as “a lot of money”. However, you need to know that in the game of making money, it takes time, serious learning and practical work to go through the process.
So it’s necessary to learn broadly how to always increase your asset portfolio to beat the market inflation rates.
Here I deem it fit to share with you some ways you can make that move to earn $1 million in annual income. After achieving this you can and will obviously decide for yourself to learn more through the process of adding to your portfolio.
I said “obviously decide” because the feeling of joy you will get from earning your first million is sure enough to burn up your fire many times more towards continuous growth.
You have to figure out two areas to earn one million dollars yearly income. The two areas that have been figured out already are logical and emotional sides that deal with belief.
However the logical part is 20% of the work, while the emotional part is 80% of the work.
Logical part
There are different ways or formulas one can use to earn $1 million income. These include:
i. Sales:
You can pick any viable market.
Average commission per sale: $900
Number of sales per month: 93
Monthly sum: $900 × 93 = $83,700
Total yearly income: $83,700 per month × 12 months
_______________
$ 1,004,400
Average commission earned by representative to broker: $250
Broker monthly number of sales: 335
Broker’s monthly sum: $83,750
Total yearly income: $83,750 per month × 12 months
_______________
$1,005,000
You most likely wouldn’t be able to achieve that amount of sales single-handedly that’s why you need to hire a sales team.
How can you make up to 335 sales a month?
Employ 5 sales personnel to make an average of 67 sales. 10 sales personnel to make an average of 34 sales.
ii. Real Estate.
Personal;
Average House Sale: $600,000
Average commission: 6%
Total commission from Sale: $36,000 (6% × $600,000)
Your commission from the total commission: (58% × $600, 000 = $20,880)
_______________________
$20,880×4 (Your commission on 4 sales per month) = $83,520
_______________________
Yearly income = $83,520 × 12months
$1,002,240
Broker;
Total commission: $36,000
Your cut: 25%
Total commission: $9,000
Monthly sales: 10 sales
$9,000 × 10= $90,000
Yearly sales earnings: $90, 000 × 12months
________________
$1,080,000
You may decide to employ; 5 Real Estate agents to make 2 sales per month each. Or 10 Real Estate agents to make 1 sale per month.
iii. IT/ consulting firm
Average hour: $400
Engineer’s cut: $80
Your cut: $180
Total Hours: 480 hours
Yearly income: $86,400 × 12months
___________________________
$1,036,400
Emotional part
This is far the most challenging part and is also the most contributing part too.
1. Believing: Lot’s of people start to fail at emotions by first not believing in themselves.
They don’t see better days ahead for themselves neither do they feel they can earn such income.
Say positive statements to yourself that are current lies but may be future truth.
Saying to yourself that you will achieve a certain amount of greatness may be a current lie, but it can be the future truth and it’s so uncomfortable to some persons, so many avoid saying it.
The key, is to keep saying it like you mean it until it becomes a part of you.
2. Perspective: Do that challenging task that you have been avoiding, over and over again until you don’t see your challenges as any big deal, making it look small before your eyes.
3. Ask yourself the why in everything: When even your parents say statements like they don’t believe in making it big or to earn such big income and being that it doesn’t make sense, you have to stop and tell them clearly why you can’t agree with them.
Challenge them with questions. No matter how or what way you might see this, you have to face the truth.
Tried formulas for success that have worked for highly successful individuals. They include Outwork, Out-improve, and Outlast
Out work.
This involves out preforming your previous self every time. You have to first know and recognize the fact that the only problem or competition that you have is you.
Ask yourself, how do I make things better than yesterday?
Even if I don’t have the resources, how do I still get there?
Out-improve.
All activities that channel growth in a person and a brand. How to always convert or sell more, how to improve customers’ experience, how to dispense revenue rightly, how to go about networking, how many and what books to read, etc.
Outlast.
This has to be with you working more hours than your other colleagues thereby outlasting them.
You have to put in more productive hours. No chatting, turning off every small extra activities here and there.
These activities add up and consume a whole lot of your time, so learn to cut them out of your schedule and be disciplined to put in more productive hours to work
Conclusion
These formulae need discipline. And only a few can take on discipline because it’s hard to maintain.
You need to know that persistence is key in the ultimate results finding.
To earn $1 million income annually wouldn’t seem like a big deal when you put these points listed above to work.
Opinions expressed by AsianBlurb contributors are their own.
Theobald is the Co-founder, and CEO of WealthOnPoint. He is a unique writer, business, and marketing consultant who's passionate about giving.
