Originally posted onto WalletPath.com 5/11/16.
Pretty much anybody who has ever earned a paycheck has wondered what it would be like to eventually earn a million dollars. Accumulating wealth, regardless of the amount, is a difficult task to do in the face of rising expenses and an ever growing inflation of the cost of living.
Although this dream of eventually attaining a million dollars may be lofty, it is not by any means impossible to attain. Below is a breakdown of some of the habits that you will need to adopt if you hope to make that dream of earning your first one million dollars a reality.
Make and hold as many connections as possible.
Before you set out on this journey to wealth, you need to get your head straight. Although you will be the one who receives that ticket to the millionaire’s club in the end, you cannot by any means earn it by yourself. It is the people around you that will launch you into wealth and prosperity, and that happens by you getting in the habit of helping them reach their own success.
You create the relationships that will lead to opportunities for you to expand your wealth. By working in tandem with others, you create relationships that are designed to help each other. “You scratch my back and I scratch yours” is the mindset to get the ball rolling, and maybe will lead to a business deal, or a discounted price on a necessary purchase for you to expand your business—regardless of what the relationship will yield, your being a people person is a trait that will be hugely beneficial on your journey to earning a million dollars.
NOTE: Be careful if you are creating relationships just for the sake of their perks. If you create an image for yourself as a “user”, then you will actually shut down your chances of seeking future help from your relationships when the time comes. Be genuine as you go about creating connections and relationships.
Put the product before the profit.
Regardless of how you plan on earning the before mentioned million dollars, you need to take your eyes off of the money. Focus on the quality of the work you are putting out that will eventually earn you a million dollars instead of just shooting out work just for pay checks.
It is the quality of your work that will launch you that much faster into money. If you are good at something, and we mean good at something, then the money and opportunities will come naturally. For those who are focused on the cash and only the cash, then the path to that payout will be a lot harder because when you aren’t focused on the quality of the work you are exchanging for payments, it shows.
Never stop growing.
The money you earn from the work that you do should be turned around and used to make your work that much better. Use the earnings of your work to better yourself in what you do in providing further education for yourself in your field or better tools that will help you create even better work than before. You can never be too prepared in your field and in what you do, so be constantly on the lookout for ways that you can better yourself using the money that you have earned from your past work.
Put an end to frivolous spending.
On the more logistical side of money management, to earn a million dollars you will need to learn how to be wise in how you go about your expenses, and that starts with ceasing to spend frivolously. By cutting back on unnecessary expenses, you build up your accounts that much faster and shorten the amount of time it will take you to earn a million dollars. It sounds like common sense to just “Stop buying so much of what you don’t need”, but you would be surprised as to how often you really buy things unnecessarily. Get in the habit of buying what you need and not much else.
Save for the long term.
When it comes to saving money, it doesn’t get more adult than putting your money into a retirement account as soon as you can. The longer it’s in there and the more you add to it, the bigger the payout will be come time to retire. Talk to your boss or employer to discuss retirement plans as soon as you can, considering your current job offers such benefits (most do).
Besides retirement accounts, if you have any disposable amounts of cash laying around and are looking for a way to turn it around for a considerable profit with little work, consider placing it in a compound account. These kinds of accounts are set up by banks that require you to leave your money with them for set periods of untouchable time and the longer you leave it with them, the more it grows! For many people, the thought of not being able to touch the money no matter what is too much, and leads them to shy away from this option. It looks risky, but this is a great option to easily rake in extra money with very little effort on your part.
Diversify your income streams.
To rake in more cash, diversify your streams of income. For those working one full time job, you can still make a million dollars as is, but it can happen that much faster if you have money trickling in from multiple sources as compared to just one stream. Consider investing in real estate by buying an apartment building and renting out the spaces, or if you have time that allows and the skill set to follow, consider picking up a second job moonlighting as a freelancer.
If you do not have the current opportunities to make that happen, then negotiate with your current employer about receiving a raise. Before you enter salary negotiations, be sure that you can back up what you are asking for with an appropriately leveled skillset. As we mentioned earlier, continue furthering yourself in what you do: keep learning new skills and continue to add new tools to your arsenal to make you that much more unignorable in your field. If you do these things, then you have very good chances of walking out of the salary renegotiations with a smile on your face.
Earning a million dollars does not have to be just a dream. In fact, it is a lot more attainable than you think. By endlessly applying yourself and continuing to make yourself unignorable in your chosen field, you can earn a million dollars for yourself, and a lot sooner than you might have earlier anticipated.
Be aware that earning a million dollars is certainly not something that happens overnight. It will take time, and that time can stretch anywhere from a few years to a few decades. The important thing to remember as you go about earning your first million dollars is that regardless of which methods you employ, you need to be patient. Rome was not built in a day.