5 Ways to Make a Million: Success Stories of the Self-Made
When trying to model yourself on business entrepreneurs who self-made a million, you may hear a lot of that tired old advice: be determined, be disciplined, be careful, be clever.
ThatΓÇÖs all very well and good, but what exactly are the rich being so determined and clever about? Where did it all start and, more importantly, how did it end in such big bucks?
Read on to discover 5 different ways to put those bucks in the bank…
1. THE BIG IDEA
Do you have a simple idea that could revolutionise the market?
Perhaps the least reliable way to make a million is the Big Idea. Presumably arriving like a bolt from the blue, the Big Idea could make you a million practically overnight. But itΓÇÖs not what weΓÇÖd call the most metrics-driven method.
A regular on many a millionaire list, Sir James Dyson takes our award for the Big Idea with the invention of the Dyson vacuum cleaner.
The fastest-ever selling product of its kind now produces a ┬ú1.4bn revenue for the man who was once an interior design student with plans for a slightly faster wheelbarrow.
2. MAKING MISTAKES
Are you willing to lose so you can learn how to win?
ΓÇÿMade massive mistakeΓÇÖ is likely to appear on the CV of many a millionaire.
An advocate of the highly-emotional business approach, US speaker Bert Martinez made his fortune in marketing before he was 30 years oldΓÇª and lost it all by 32. Now he encourages others not to fear wealth and the risk of losing it, but to embrace it.
Bert filed for bankruptcy a mere 2 years after reaching the big million ΓÇô but then he made it all back again by age 35. How did the sales and marketing millionaire land a fortune not just once, but twice? Well, once youΓÇÖve made the mistake, itΓÇÖs probably a lot easier to spot the second time around…
3. MOTIVATION (RAGS TO RICHES)
What skills could you learn to survive abject poverty?
Jessie Conners takes our prize for the most determined millionaire. Jessie taught herself marketing to assist her fatherΓÇÖs business and, by age 16, was earning around $80k a year. She used her skills to open a marketing firm at 17 and then invested her wealth in property at 19.
But just a few years earlier Jessie and her family were surviving with no running water or electricity and lived one year in abject poverty in a Mexican orphanage.
She claims to have sold anything from porcupine quills to chicken eggs in her youth; her entrepreneurialism was self-taught out of necessity. Now in her late 20s, Jessie is a multimillionaire business owner.
4. BUILDING A BUSINESS
Are you willing to invest everything in a single business plan?
When it comes to building a business from next-to-nothing, our favourite climber is Bernard Matthews. While earning just ┬ú1.50 a week as a livestock auctioneer in the late 1940s, Bernard decided to buy 20 turkey eggs for a shilling each and an incubator to hatch them in for ┬ú1.10.
After an initial lack of success, Bernard went to do his 2-year service in the air force and then took a job in insurance. But he used that income to buy a house in 1950 and fill it with turkeys.
It wasnΓÇÖt until 1980 that we first saw Bernard and his brood on the television but by its ownerΓÇÖs death in 2010, Bernard Matthews Farms Ltd was worth ┬ú40m.
5. SENSIBLE SAVING
How much of your income could you save for early retirement?
Todd Tresidder has to be the most sensible man on earth.
Beginning a career as a hedge fund manager helped make Todd a savvy investment and personal wealth expert – but his fortune hasnΓÇÖt come from big ideas and blow out mistakes. On the contrary, Todd became a millionaire in the simplest way possible – by earning more than he spent.
By focussing on wealth as a process and not a prize, Todd slowly and steadily increased his money by living thriftily and squirrelling away a significant 70% of his income. He retired a millionaire at age 35 and now teaches others how to do just what heΓÇÖs done.
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