How To Make Your First Million
ByKaye Z. Marks
Management RSS Feed
You have probably dreamed for dozens of time throughout your life of making millions of dollars on your business. You have probably daydreamed a lot already on how you would spend these millions. However, have you ever wondered what others have done to make their first?
Read on and learn the characteristics of people who have made their first million. Most young people today are becoming preoccupied and overly concerned with what they would wear or how they would spend their free time. Meanwhile, believe it or not, there are also a group of young people out there who are presently laughing their way to the banks – earning money as easily as the others could spend them.
Take the risk
Making money is about taking risks. Sure, you can earn by just depositing the money you have already accumulated in your bank. However, would you be happy with the measly 2% per annum that it would gain, while there on the bank? This is what makes potential millionaires different. They take risks but not just any ordinary risk. They take calculated risks. For instance, those that know the stock market are aware that their money can grow more if they invest it in stocks rather than just tying it in a time deposit scheme.
Sure, there are risks, but if you are young, you can afford to make mistakes because you have plenty of time to recapture any paper losses with patience. This will not be applicable to persons who are nearing retirement because they would not have enough time to regain any losses. Remember to always have the attitude for adventure.
Double your money
Do not stop after reaching a target. Invest your money again to double it. A young 9-year old boy first started his business by making print posters for his school. He would get a picture of famous basketball players, frame it and send it to his favorite poster printing company. His posters became a huge hit among his classmates. By the seasoned age of 13, he was able to save a few thousand dollars. He did not stop there. He went on and looked for more sophisticated photographs that can be framed. He made beautiful and more elegant print posters, which fetched a few more thousand dollars. If he stopped after reaching his first thousand, do you think this boy would have enjoyed his millions today?
Focus on a goal
Stick to a goal and work towards it. I remember how a little girl’s hobby of baking muffins turned out to be a million dollar enterprise after a few years. It all started when she and her mother started baking muffins to sell around the neighborhood. The muffins became an instant hit around the community and soon after, neighbors are buying them as their gifts. The word spread out and as they would say, the rest is history. Supported by a good advertising strategy like good print posters, this backyard business has become a major business today.
Start small and finish big. This has always been the principle behind the success of every millionaire.
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