I have been trying to up my game to grow my finances amidst this pandemic. I have a couple of skills like content marketing and programming. I have started setting up small services and businesses around my current skill. I really want to scale up really quickly. And my goal is $1 million in 5 years.
I need your advice, what do you think I can do to make this happen?
Following. I have the same goal.
Organization on the business side. Or enlist a partner for the paperwork and billing side of things. Set up a workable system so nothing falls thru the cracks.
I kept monthly folders and hand write the jobs and amounts in the outside of the folder and didn’t file that month til all items were paid. Your goal is to make money so invest some time in a system to track jobs and collect the open bills as you go along.
I also tried an elaborate excel spreadsheet one year which proved to be too confusing when I was dealing with over 300 companies. Also quick books can help with this if you prefer a program for status of jobs and invoicing and payments which is seem less with TurboTax at tax time.
Start with 3 million and invest. After about 5 years, you should have about a million left.
This goal is appealing. If you’re doing online services, be sure to create SEO optimized content. Nowadays marketing is everything especially you limit this in only 5 years (yes 5-year is not short but when it comes ton earning $1m is very limited).
Anyway, I hope you achieve your goal in the future. #and I will check this thread in 2025!
@ollieisollie posted:
This goal is appealing. If you’re doing online services, be sure to create SEO optimized content. Nowadays marketing is everything especially you limit this in only 5 years (yes 5-year is not short but when it comes ton earning $1m is very limited).
Anyway, I hope you achieve your goal in the future. #and I will check this thread in 2025!
Thanks for your comment. I am hopeful that I will achieve this goal and update this – I will be even more excited to achieve this in less time. This is possible.
Thanks again.
So, I did the calculation:
Action is the next step.
Interesting. Comes to $1,020,000, leaving a nice $20,000 to take a trip around the world to celebrate! That should cover it. lol That does not take into account any compounding though or taxes. Hmmm, so how does one generate over approximately $3900 per week? That is def a piece of change. Well MY wheels are turning. I sure hope you do a blog on this. Be sure to post it on here so we can all follow your progress!! And whatever you do, don’t let ANYONE tell YOU you can’t do it!!
@linda.s posted:
Interesting. Comes to $1,020,000, leaving a nice $20,000 to take a trip around the world to celebrate! That should cover it. lol That does not take into account any compounding though or taxes. Hmmm, so how does one generate over approximately $3900 per week? That is def a piece of change. Well MY wheels are turning. I sure hope you do a blog on this. Be sure to post it on here so we can all follow your progress!! And whatever you do, don’t let ANYONE tell YOU you can’t do it!!
Thank you so much, I will keep you posted.
One day at a time. Live frugally. Delay instant gratification. Be weird. Find a job that pays well, and stay there. Don’t discount the value of 401k, Roth IRA, health insurance, and emergency savings. Avoid debt, and live debt free if you can. Marry well, with someone who shares your goals. It’s not that hard, if you avoid the pretentious trappings of entertainers and social media. Best wishes on your journey.
@veronica posted:
One day at a time. Live frugally. Delay instant gratification. Be weird. Find a job that pays well, and stay there. Don’t discount the value of 401k, Roth IRA, health insurance, and emergency savings. Avoid debt, and live debt free if you can. Marry well, with someone who shares your goals. It’s not that hard, if you avoid the pretentious trappings of entertainers and social media. Best wishes on your journey.
Thank you, very much for your advice. I stood when I read “marry well”. Lol, thank you. That is very important
@eze.sunday Love the PDF! I printed it out and added it to my vision board.
Another suggestion to consider, create some sort of residual income stream. Get published and get paid royalties. Start a YouTube channel and generate income from paid adverts placed on your videos or from various sponsors. Invest in dividend paying investments. Become a sales rep for a reputable MLM company. (Do your research before joining any MLM or network marketing opp. Some are legit, some are not.) There are other ways to generate residual income but that is all that is coming to mind right now.
@pax posted:
@eze.sunday Love the PDF! I printed it out and added it to my vision board.
Another suggestion to consider, create some sort of residual income stream. Get published and get paid royalties. Start a YouTube channel and generate income from paid adverts placed on your videos or from various sponsors. Invest in dividend paying investments. Become a sales rep for a reputable MLM company. (Do your research before joining any MLM or network marketing opp. Some are legit, some are not.) There are other ways to generate residual income but that is all that is coming to mind right now.
@pax, great suggestions. I already started some of them and will add more as I progress.
Thanks a bunch.
You’re welcome. Awesome! I look forward to your updates. (•‿•)
