Have you ever heard this statement before? “If you can make a thousand dollars, then you can make a million.” I think I first heard this phrase nearly 10 years ago when I was making $7.50 an hour and $1,000 meant a solid month of work. So, if it took me one month to make $1,000, then it would take me 1,000 months (83 years) to make a million… This phrase sounded like nothing other than idiocy to me… However, as I have matured over the years, I have found this statement to be 100% true. It just depends on how you make that first thousand bucks.
How Are You Making Your Thousand?
If you’re like most people, you are earning your wages as an employee and are paid either based on an hourly rate or by way of a salary. Some of you might make minimum wage, while others of you might be earning $100 an hour for your time. Either way though, that thousand/million dollars will be difficult to reach if you only focus your energy on that hourly job. So, there must be some sort of secret right? You are 100% correct. In order to make a million, you must think like a millionaire.
I Learned My Wealth Thinking Through Network Marketing
I’d say that most people are incredibly negative when they hear about network marketing. They callacely refer to this line of business as a scam or a ‘get rich quick scheme’, but I have to say that many of the important lessons that I’ve learned in business have begun with my participation in several different network marketing organizations.
The most important of these lessons was this:
- In order to be truly wealthy, you must leverage either people or a system, or both.
Many people get involved in network marketing because there is absolutely no ceiling to what you can earn. So why isn’t there a ceiling? How come the income isn’t capped at some point? The answer is simple, when you leverage people as well as a system, you can build your business as big as you want, without having to put in much extra time. With a system in place, you can build your business to earn yourself $1,000 a month. Then, you can keep utilizing that system over and over again (instead of using up all of your time) and work toward making a million!
A Better Example
Since network marketing is sometimes difficult to grasp, let me use another example. Take this website. When I first built this site, I was making zero dollars a month. Once it became a little more popular though, I found myself earning about $1,000 a month, which got me very excited (as I’m sure you can imagine)! So, with my employee mentality, I decided that in order to earn more money, I could just start 2 or 3 more sites which would give me the potential to earn $4,000 a month instead of $1,000.
By increasing my site ownership to 4 instead of just one, I found myself writing 4 times the articles, answering 4 times the amount of comments, and handling 4 times the amount of advertisers. Sure, I did earn more money, but I was completely exhausted. I just didn’t have enough time in a day to get everything done! I could not make a million dollars this way.
I soon learned that I needed help. In order to earn more money, I realized that I needed to employ some writers to ease my load and free up my time. With this extra time I was able to write a couple of eBooks, develop my sites to their full potential, and expand my scope in online income possibilities. By utilizing the help of others, I could, in theory, run 10 sites and earn $10,000 a month, while paying out a minimal amount for the articles produced on each one of the sites. And, this way I would not be exhausted from all of the sites. In fact, I wouldn’t need to put that much extra effort into each of these additional sites, which means that I could just keep repeating the process and get to my million bucks.
Are you on your way to a million? Have you been able to ditch your employee mentality?
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I think time is my biggest setback to building my site. Working full time, spending time with my husband, reading, spending time in the Word, exercising, meal planning/cooking… I feel like the time I set aside for “blog time” is only enough to catch up on articles and write quality posts for my own site, not much else. Any tips would be much appreciated!
Jessica @ Budget for Health recently posted..Make your own cards for less
Thanks for the comment Jessica. It sounds like you’ve got your priorities straight at least, even though it may seem like you don’t have any time left for blogging. Do you watch any TV? I cut it out of my life completely, which gave me a ton more time.
We don’t own a TV but we catch up on a couple shows using Hulu. I think our problem is that we are too social! Random hangouts always occur during the week and there’s something going on every weekend. I started making a schedule for the topics of nutrition newsletters I’m writing for employees at work and I think doing that for Budget for Health might help my time management.
Jessica @ Budget For Health recently posted..Your Guide to Milk Alternatives
Sounds like you’re on the right track! Nothing wrong with being social either. Have to have to some fun sometimes!!!
That’s an interesting phrase. Unfortunately, all of my self-employment ventures combined have not made me $1000 yet.
Edward Antrobus recently posted..December 2012 Net Worth Update
You’ll get there Edward. Just stay consistent and keep learning!
Very motivational phrase to use
A million is just a thousand thousands so mathematically it’s totally possible. Many people get discouraged when they think about taking a long time to make large sums of money, but they don’t realize that the more you make the easier it becomes. That’s inspiring to see someone build up a blogging empire like you. I’m barely able to keep up with my one blog, lol.
Liquid recently posted..Weekend Business and Blog Roundup – Jan 5th
I’m glad I could inspire you Liquid. I certainly don’t have an empire yet, but I’m definitely reducing my hours spent while increasing my dollars earned! It’s exciting!
I have been thinking about this just not calling it the employee mentality. The best way to make big bucks is to have your own business in my opinion. I am hoping mine provides me with success.
Lance@MoneyLife&More recently posted..I Want To Pay Off My Debt – The Debt Movement
That’s right. If you trade time for dollars, it doesn’t matter how many dollars you’re making, there will always be a cap on your income. If you can develop a system within your own business and repeat your success, the earnings potential is infinity!
Hmm,you got me thinking! I already made my nest egg which changes the dynamic a little. Do I want to earn more, only if I can do it on my terms.
krantcents recently posted..My 2013 New Year’s Resolutions
I’m glad I could get you thinking krantcents! With that solid head on your shoulders, I bet you could succeed in just about anything you’d attempt!
Your short story of success is really inspiring. With enough determination, knowledge and skills, making a million would surely not just a dream for everyone.
Sarah Park recently posted..How to Deal With a Self Centered Friend
Thanks for the comment Sarah! You’re right. I think that pretty much everyone can make their own million dollars in life. All they have to do is stop complaining about their current situation and start focusing on the opportunities!
I’d never heart of this saying before, but you got me thinking. I suppose at the heart of it, the only question is scale. If you can make a thousand on your own, not as an employee, then a million is just bigger thinking.
I might like to think that I’ve ditched my employee mentality, but I frequently catch myself in old thinking patters. At best I might say I’ve got one foot in and one foot out.
Searching for Happy recently posted..My favourite experiments so far
You’ve got it. Making a million is just repeating the process of making that thousand, as long as that thousand is created with a system that is. I can’t blame you for having one foot in and one foot out. I still like my job right now and enjoy the benefits that it offers. We’ll just keep working toward that million and maybe someday we’ll stop doing the splits!
My line of work doesn’t allow me to leverage people or a system, but what I choose to do during the hours I am not working my typical job can make all the difference. Thank you for the reminder about different thinking. You and I have learned the same information, but you have utilized this part of it much better than I have.
Keep it up! You are an inspiration to many readers.
No problem Kevin! Just keep that brain chugging and take action – I’m sure you’ll figure out a way to make your million!
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I am working on my way to a million via two avenues. One through investing and the other from creating an investment newsletter. With an investment newsletter I only need to create the content once so the big battle will be acquiring subscribers.
As for investing, I need time and capital in order to make my millions =)
Sounds like a good plan Marvin! I can’t wait to hear how it all works out for you!
Yes, I am also on the path to earn a million. I have a blog which is new but I am looking for some other ways to earn million like affiliate marketing and want to start a e-commerce website. I want to sell my knowledge as well that I earned in last 5 year from different online and offline sources.
Gongrats Shawn! Sounds like you’re definitely on the right track!
Hi Derek, this is a prime example of Tim Ferris’ Four hour work week principle where you have to outsource work to reap serious benefits. Also diversifying into many income streams, blogs, affiliates and drop shipping e commerce stores is a great way to build your income!
Fred@Foxy Finance recently posted..How to manage your money
I think Tim and I should meet someday. Sounds like we have a lot of the same ideas about finance! Thanks for the comment!