Mar 5th, 2008 by Cameron
No, instead they did what they had to do and are now a pair of the richest people on the planet. So if they can take something from nothing and make it worth billions of dollars, surely you can take something and turn it into $500,000. I can already hear what some of you may be thinking: “well gee Cam, you make it sound so easy”.
Well, yes, I make it sound that way because in the scheme of things it really is that easy. There is no rocket science that goes into making something work- it comes down to a good idea, some common sense, and a good amount of blood, sweat, and tears.
Over the next few days I’m going to outline each step required to go from $0 to $500,00 a year. Remember to keep your mind open, but most of all, remember to think about how you can relate what I’m saying to you.
How to Make $500,000 This Year Step One
The first thing that you need to establish is the vehicle that you are going to use to achieve your desired income level ($500,000 is just an arbitrary figure that I pulled from thin-air- you could use $100,00, $1,000,000 ¦ whatever, it’s all the same). If you’re of the enterprising ilk, it may be a business idea or investment opportunity. If you’re looking to bump your income while adding as little risk as possible, you may want to become comfortable with the idea of a career change or a chance in your employment situation.
Regardless of the vehicle that you choose, you need to become as comfortable with it as possible. This means really sitting down and researching any and all risks associated with it, the advantages and disadvantages associated with it, and what you’re going to need to do to make it happen. It might sound like a lot of work, but believe me when I say the payoff is huge.
The whole point is to know what you’re getting into, and at the very least, being aware of what it’s going to take for you to get to where you want to be. There are so many different ways that someone might become wealthy that there’s no possible way for me to list them all off. All I can do is tell you the golden formula that seems to work for people. It’s all up to you to make it happen for you.
Here’s a checklist that will help you get all your bases covered before we actually start talking risks:
- Figure Out your Income Path
- Make Sure Your Ducks Are in a Row
- Make Sure You Have Support
- Prepare Yourself Mentally for Chance
Can your career actually facilitate a six or seven figure yearly salary? Is there a market for that genuis product or business idea of yours? Determine this first.
If you have debt up to your eyeballs and don’t have a cent to your name, perhaps you should focus on brining down your debt (click here for some tips on how to do it) and saving some money first. Having a rainy day fund is crucial.
If you have a spouse, ensure that they aware of and comfortable with your decision to try to shake things up a bit, and make sure that they support you 100%. If you don’t have a spouse, make sure there’s at least one friend who’s got your back. After all, you will need the support if things don’t go as smoothly as you’d like.
Things are going to change really fast, and you are going to have to be able to react to and handle them in a way that is as stress-free as possible.
Stay tuned for the next installment.