How To Become A Millionaire From Scratch - so this young man became a millionaire!
A young American millionaire put forward five tips that might be the way to get rich, as a summary of his experience when he began his career from scratch and became a millionaire in a relatively short period of time. The 7 Figure Cycle Review story of the millionaire was told in a report published by US television network CNBC. Where he interviewed him about his five tips on how to become a millionaire from scratch (we'll come back to her after this piece of his story).
He said he found himself unemployed after graduating from the University of Chicago in Illinois, did not have the money, lived in his parents' apartment, and had a bank account of two dollars and twenty-six cents.
The 31-year-old Grant took a picture of his bank account to encourage himself and set a personal goal of holding $ 1 million over the next five years. He then began his first digital marketing career with a salary of up to $ 50,000 a year, but he quickly realized that the salary would not be enough to achieve his ambition. "I did not accept this salary and I gave it five to 10 percent," he said.
The young man found the solution in building the websites. He said his first site was $ 300 for a law firm, adding that the first company had recommended it to another company in six months, pointing out that the amount for building the 7 Figure Cycle sites rose from $ 300 to $ 5,000.
Within a year, he sold his first project for $ 100,000 to resign from his job and devote himself to his small project. Five years after taking a picture of his bank account with two dollars and twenty-six cents, his bank statement became seven-digit.
Grant revealed tips to anyone looking to become a millionaire from scratch, saying he was not guaranteed to reach the same results, but at least if he took these tips, his physical situation would certainly improve.
How To Become A Millionaire From Zero In Five Steps
1. Earn as much money as you deserve.
Grant says that the first and most important thing that will allow you to become a millionaire from scratch is how much you are paid per day, adding that most likely - unfortunately - does not receive a salary as much as it deserves.
He added that the simplest way to raise money is the question of how to raise the amount, giving advice to each person to ask a colleague who has experience in work on the amount of salary that he deserves for his services.
"After you get the information from your colleague, go to the manager, see how much you are doing, what you offer to the company, and remember that" it will not bother you if you ask for it, "noting that many people are afraid to be told" no "when asked Raise the salary; so do not try from the original.
2. Save as much money as you can.
Grant explained how to become a millionaire from scratch, by earning and saving as much money as you can. "You can make your money work for you to invest in the right way." Grant tells you.
During the five-year journey, and up to his million-dollar statement, Grant was able to save 50% of his revenue. Today - despite its material success - still lives simply, saves from 40% to 50% of its revenue.
The key, says Grant, is to make things automatic. "Speak to your 7 Figure Cycle Review company's HR Officer," he says. "Let him discount you and keep you at least 20 percent of your salary before you receive it." Or create a separate savings account and ask the bank to transfer some of your salary or income automatically. You will be surprised after a while by the amount you have provided, and you can invest it.
3. Make and develop several sources that increase your income
After you increase your monthly salary and provide a good part of the money, you should focus on finding other sources of income by finding a part-time job, investing or opening a private project.
If your goal is to build wealth, you must manage yourself and your business and develop multiple sources of income, not just your main business. This can be achieved by any business, whether you are a driver at Ober, an adviser, or a website builder.
4. Invest your money as you know
After diversifying sources of income and starting to get cash inflows. Focus on increasing returns from these flows, invest all your profits.
Video: Investing money is not just for the rich
"If you want to invest in individual companies, work with well-known companies," he says. "Look at the products people use every day, then look at corporate assets, and then learn more about investments.
5. Monitor your net profit
"I look at my net profit every day when I wake up and drink my coffee," says Grant. "There are more motives than just seeing these numbers grow, no matter where the important thing started is how to become a millionaire from scratch. I've been following my fortune for the past five years when I started with $ 2.26. "
"In 2012, Grant found out that he spent about $ 3,000 on Mexican food," he said. "He went crazy again. He taught him a lesson."