We’re doing here are 10 rules for making your first million so let’s get right into there are three different ways to do it one is the fast method the other one is the average method and the other one is a slow method.
First Method:
The fast method you’ll make your first million within five to ten years high-risk High chaos low quality of life for three to five years you’re maybe a startup founder a salesperson sales leader but much pressure is on you and you’re working 80 hours every single week you’re working on Saturdays a little bit of Sunday and you’re going on this for like five to ten years.
Second Method:
So the second one is the average method takes 10 to 20 years here’s how this looks your mid-level risk type of a person your supporting role in a chaotic environment with a decent life meaning you don’t want all the pressure to be on you don’t want to be the person that 24 / 7 you’re on call people are calling you.
This didn’t work that didn’t work you haven’t dinner with your wife you don’t want that you’re okay with having some of it but not full-on founder and you’re okay with that you do have Equity maybe in a startup that you have equity in the company eventually you earned that Equity company that is your way of making the money or you’re a salesperson that’s very good in being a great Market you’re very good with clients you eventually make your first Million.
Third Method:
last but not least is the slow method takes 20 30 40 years this is little to no risk you have a balanced quality of life you come home at five o’clock every night maybe six o’clock every night you invest in a font maybe 300 a month at 12 rate of return over 30 years which ends up being a little over a million bucks or you do a thousand dollars a month at 12 over 20 years you make your million dollars maybe you buy a multi-family home and you never sell it maybe your own home you buy it you never sell maybe you’ve got a couple of different homes you buy the first one takes the equity into the next one into the third one buy the fourth one you’re a millionaire that’s the slow method now what I want to share with you is 10 rules on the fastest way to make a million dollars with these 10 mindsets approach I can come up with 50 of them but I’m giving you just 10 of them in this article.
Say Yes to every opportunity:
Here’s the first one at the beginning say yes to everything because later on you’re going to have to say no to almost everything here’s what I mean by it hey you know we’re having this thing going on Friday night there’s going to be 100 people there you know I want to invite you to come out and networking regular like I don’t want to go but you go hey this Saturday afternoon.
We have this one thing going on yes no problem obviously outside of what your core business is you have responsibilities and commitments to don’t drop your code responsibility you’re running the company hey you want to meet this person let’s do Zoom Do you want to meet up and let’s go meet him you want to have a cup of coffee yes I was doing six o’clock breakfast at Denny’s seven o’clock breakfast like literally my 6 a.m. meeting would go till seven my seven a.m. breakfast would show up on the first one I would have eggs on the second one I would have steak at Denny’s at the same table then eight o’clock he goes to work I go to my office I have a meeting then I have a lunch appointment at three but I was yes late at night hey do you want to call me to this bar and let’s meet at this 11 p.m. it’s the only time I can meet you it doesn’t matter I can meet you in San Diego and I want to introduce you to five months it doesn’t matter.
I am driving I would put 30,000 miles per year on my car just to say yes to everything because I knew I was one client away from making my first million I was one contact away one relationship away that was my mindset so I was like oh it’s going to be this guy going to be that guy going to be this guy eventually I met a guy at a hotel near LAX who gave me 600 leads that made me my first 30 40 million bucks just because of one contact but again say yes to almost everything at the beginning later on when you make your 1000 million you’re going to have to say no to almost everything.
Follow One Philosophy:
Point number two follows Philosophy one what do I mean by this think about what I see a lot of people doing that doesn’t create any momentum I like the way how he does it yeah I’m going to do sales like this but I want to do funnels like this but I want to do dislike but I want to do like this and what if we do this but I like how this guy does it you’re all over the place pick one religion on how you’re going to get your customers and clients.
Stop constantly jumping oh you guys do it this way oh I’m going to go with you oh I’m going to go you’re not creating any momentum is Created from sticking to one philosophy and constantly fine-tuning your philosophy then constantly jumping all over the place every time you see a new video with a new YouTuber that gives you a new idea you switch your philosophy of doing things you hurt yourself by doing that pick a religion stick to it drive that philosophy until you create momentum.
Leverage:
Point number three is leverage let what I mean by leverage leverage salespeople leverage the right funnels leverage the right contact leverage the right relationship it doesn’t matter your main thing is to leverage it could be leveraging somebody else’s money it could be leveraging somebody else that gave you an investment to help grow your business at the beginning it doesn’t matter if you want the faster way the key is to have some leverage you only have a certain amount of hours you can work in a week I would sit down.
Now it’s I got 80 hours 200 hours I can do how can I leverage this to be a hundred dollars well what if you got two salespeople that do 50 a week okay great how can I lever everything was about leverage so the ones that get there the fastest typically have the right to leverage tools technology software it doesn’t matter think ask yourself what can I do to leverage to expedite the process of making my first million when you interview other successful people ask them what technology tool.
Relationship did you leverage to speed up the process of your winning you’ll be amazed how much you can learn by asking people that question.
Protecting your Credit Score:
Point number four is protecting your credit score and it’s very important at the beginning stages it’s kind of tough to do what you want to do if your credit score is in the 400s 500s even 600s if you have a high credit score that gains your credibility but also credit score isn’t just your FICO with Experian TransUnion or Equifax if you say you’re going to be there a certain time be there earlier.
If you say you’re going to send a certain email do it if you’re committing certain people keep them to protect your credit score because people will say I can rely on this person because he is very reliable when he or she says they’re going to do something they do it at the beginning this matters it’s always going to matter a lot but it’s going to matter even more at the beginning.
In The Beginning, It Matters Very Much for You to Specialize Way Before You Generalize:
Point number five at the beginning it matters very much for you to specialize way before you generalize meaning don’t say I do loans for five hundred thousand dollars 10 million dollars a million dollars but I also do escrow the real estate I also do this I do that stop it pick one Whatever It Is pick one of them and specialize you can generalize later on when you make your first million but one of the biggest mistakes to make before you make that is to constantly try to generalize specialize one product one Niche One Market master that then generalize if you need to but at the beginning specialize.
Stop Waiting For Customers to Come:
PoiNt number six stop waiting for customers to come too they’re not going to find you it’s your job to go find a meeting Prospect things got to be to the roof back in the days I would go put fishbowls and I would give away dry cleaners and I would put it up in five different places I would go to the local Subway Quiznos I’m going to give away 10 foot long sandwiches for somebody that drops their business cards they would I would call one of them winners send it to them everybody else would love to take you out to lunch
I’m a local business owner wanting to build a relationship with you it doesn’t matter what I was doing but today here’s what I’d be doing today so let’s just say I live in a big city let’s pick La okay let’s pick Dallas and Dallas Metropolitan is the big city right but I would go and look at the hashtags on Instagram outside of Dallas I’m a realtor let’s say Addison I would go to the hashtag Addison Texas there aren’t a lot of people that are going to put a hashtag Addison Texas.
But then I would go on that hashtag Addison Texas and I would see people that just use that hashtag and I would network with them hey picture posted with the Cowboys jersey hey man love the Cowboys jersey got on great to see another Cowboys fan and then you put those things out there then you DM them so what do you do I noticed I love to get together with you and talk to you and tell you what I’m doing you’re talking no problem and then maybe if you’re real estate you’re developing relationships through.
Maybe your insurance maybe your Finances maybe your product is something else but there are so many ways to prospect a day Instagram Twitter LinkedIn to say prospecting has become easier than ever before is an understatement but you can’t sound like everybody else you got to figure out a way to do it in a more creative way it’s almost like how a lot of people say well you know he was kind of slide into my DMs.
If you slide in people’s DMS as a customer like everybody else is doing they’re going to find out right off the bat you have to have a creative way to get to them we’re almost there asking you what you do for a living but anyway, if you want to make your first million the fastest prospect do not wait on people to find you go find them.
Make a list of the top 50 influencers:
Point number seven make a list of the top 50 influencers you want to get close to and then put a strategy on how to get close to them let me give you an example so let’s just hypothetically you live in Kansas City and there’s this realtor that’s doing three point two million dollar income last year and everybody knows who he is right how do you get close to that person to have lunch or coffee with them okay maybe you’re in real estate and you want to get close to the top three influencers who are in accounting and they run an accounting firm.
You want to get close to these guys because accountants have clients who may want to purchase a home and so that’s your way of getting close to these influencers I put a list together of the top 50 influencers I wanted to get close to nearby.
Then I strategize how to get close to each one of them in my creative way once I get in front of them don’t ask for anything I don’t sit there and say let me tell you here’s what I’m looking for No all you say is how can I help you give them contacts you give them a book a relationship and then gradually they’re going to say what do you do once they ask you what you do you tell them here’s what I do x y z and then they see now somebody I want to introduce you to Fantastic but subtly you protect and water these influencer relationships the more you water them all of a sudden five of them are going to give you contacts that are going to change their life.
Look For the Right Habits:
This may be the only Point you’ll remember I’m working at Bally’s changed their comp plan. 20 years ago 23 years ago they changed their comp plan guys we’re making 150 or not making 50. everybody’s looking at going elsewhere that’s the one Bally’s was when bankrupt 24-hour Fitness and LA Fitness bought a bunch of valleys these Five Guys I’m one of them were all looking to see where we’re going to next one guy goes into real estate works with this guy picks up great habits from this guy makes 10 million does very well.
Invested into the real estate he’s doing good now makes you know a few hundred thousand dollars per year off his investment properties he’s very happy he’s chilling he did the right thing 10 years he went on a 10-year run he did well the other two guys went after a cool guy to duplicate who would always go to this club called Garden of Eden Coke drugs X everything they duplicated oh I closed this much money but let’s go do this let’s go do that these two guys were beasts I’m talking beasts of competitors two of my favorite guys in a company that we were friends with so they went and worked under that guy for two or three years the next thing you know they’re starting their own company guess what they’re doing the same thing except worse one went to jail one lost three of his houses bunch of the Rolls-Royce that he owned one got deported attacks that showed up the ugly situation good people duplicated the wrong habits I chose to go to a different route and I had you know good examples that I worked with a lot of personal life examples those things and things that matter the most values principles all that other stuff that is almost as important in creating your wealth as it is I’m going to work with a guy that’s making millions because you need the right principles it’s not just about making the money it’s also about keeping the money.
Morris caught then taught if you do choose to work under somebody very good at what they do how they live their personal lives matters just as much as how much money and success.
Track your savings and your expenses:
They have this next one that is so simple but it’s so hard to track your savings and your expenses let me explain what I mean by this it was as simple as for me I liked a lemonade but I would drink water and I would put lemon in it and sweet and low and turn that into a lemonade tastes the same but I saved myself two dollars so if you did that three times a day six bucks over 300 times a year you own is that two thousand dollars was two thousand dollars it was so I was driving a Ford Focus with a quarter million dollars in the bank and everybody’s asking me why they had I eventually had to get a call from one of my chairmen who called me and said Peter it’s embarrassing go buy yourself a nice car I said I don’t want to I’m saving the money why would I do it trust me people are thinking you’re broke I said I just show my statement I’m not broke can you just get a car finally I bought a car because for me I understood cash is King cash allows me to work with a lot of confidence and if you’re trying to grow at the beginning stages of what opportunities come along every 18th of the month.
I would run my credit score I would track all my savings all my funds my investments my expenses my credit cards with the highest paying everything every single 18 I would do this report with myself on this Excel spreadsheet that I track every month so track your savings track your expenses and increase your income.
Change Negative Distractions from Positive Distractions:
Point number ten you’re going to have a lot of distractions during this time a lot of girlfriends parents weddings anniversaries birthdays bunch of distractions I eliminated negative distractions and replaced them with positive distractions life is filled with distractions being married is a form of distraction but hopefully it’s a positive distraction having kids is a form of a distraction but is a positive distraction if Done Right exercising is a distraction because it takes you a couple hours to spend time taking care of your health but it is a positive distraction the more positive distractions you have helps you eliminate negative distractions negative.
Distractions set you back positive distractions help you go to the next level so find ways to make a list of all the distractions you have in your life today and figure out a way to convert those to positive distractions trust me kids who go and finish high school without making any of the big mistakes their parents did a very good job creating positive distractions in their lives just like you had some positive distractions in high school you need the same old positive distractions.
Conclusion:
The article, “10 Rules for Making Your First Million,“ provides a strategic roadmap for achieving financial success through three distinct methods: fast, average, and slow. It emphasizes the importance of adopting specific mindsets, including leveraging relationships, protecting credit scores, specializing early, and actively pursuing opportunities. The author stresses that building wealth requires discipline, focus, and the willingness to take calculated risks while eliminating negative distractions and fostering positive ones. Tracking finances meticulously and maintaining strong principles are vital not only for accumulating wealth but also for sustaining it. Ultimately, the journey to the first million is less about luck and more about the consistent application of these principles.
FAQs
- What are the three methods for making your first million mentioned in the article?
The methods are the fast method (5-10 years, high risk, intense work), the average method (10-20 years, mid-level risk, balanced work-life), and the slow method (20-40 years, low risk, consistent savings and investments).
2. Why is specialization emphasized over generalization in the initial stages?
Specialization allows individuals to focus on mastering one niche, product, or market, which creates momentum and expertise. Generalization can dilute efforts and hinder progress early on.
3, How can leveraging relationships and tools expedite the process of wealth-building?
By leveraging contacts, tools, and resources, individuals can amplify their efforts and save time. Strategic partnerships and technology also enhance efficiency and open doors to high-value opportunities.
4. Why is protecting one’s credit score crucial in the journey to financial success?
A high credit score builds credibility, enables access to better financial opportunities, and reflects reliability in personal and professional commitments.
5. What role do positive distractions play in achieving financial goals?
Positive distractions, such as exercising, family commitments, and skill-building activities, help maintain focus and motivation while reducing the influence of negative distractions that hinder progress.