As many millionaires have said before, “Making the first Million is the hardest”. More than the math, it is the mindset that it takes to reach this milestone that less than 1% of the US population has reached. It is hard for many people to fathom making that kind of money, so I decided to break it down. What does it really take to make $1 million a year? Now this with a bunch of caveats. For example, I am not including taxes or expenses in this number, so while the numbers show what it takes to make $1 million dollars, that is not necessarily what you get to keep and spend.
With that out of the way, here are the basics:
To make $1 million a year, you have to make $2,739.73 per day or $114.15 per hour. That is every hour of every day.
Now, if you only take into account working hours, here is how the math pans out:
To make $1 million a year, you have to make $19,230.77 per week and $480.77 per hour for a 40 hour workweek.
While the math is telling, most millionaires are not in the habit of exchanging their time for money. It is just impossible to do so. By its very nature, time is finite and thus a limitation in the quest of getting to a million.
The best thing to do is to figure out how to make money in your sleep, on the weekends, and beyond the normal 40 hour workweek. Is there a specialty service or product that you can offer that others will want despite time? To break down the numbers to get to a million in this preferred manner, here is one example:
Record a web training and charge $50 for people to view it. Then you need 20,000 paying customers a year. If that seems daunting, identify a training, product or membership you can sell monthly to the same people for $50/month. If you do this, you only need to find 1,666 paying customers a year (or 138 customers a month). With almost 320 million people in the US and over 7 billion people in the world, finding the right 1,666 a year should not seem too extreme.
You could interchange the price, frequency and service/product offered to fit your needs and market and the math is fairly easy to do.
So now that I have shown you that it is feasible to get to a million, what are you going to do to get started toward your first million?