How to make your first Million!

Let me start by telling you that: I Don’t Know. I have in fact not made my first million. What I do know is how you can start to make more money then you are now, which might not lead you to your first million but it will lead you somewhere new. I have spent a great deal of time looking up how to make money online and efficiently and if you’ll give me just a moment I would be happy to let you in on the not so well kept secret. :)

School

There are plenty of jobs out there that you will make more than a million buck-a-roes most of which will require a long term investment in schooling. Getting your bachelors is the first step in the process and you might even need a master’s or a PhD. Theses are rigorous programs that if you invest in will give you both an increase in cash flow as well as an intrinsic value. Intrinsic is just fancy lingo meaning that there is worth in the act of doing something and I think that learning always has it’s own value. However, if you don’t know where you want to go or what you want to do it it might be in your best interest to not continue the traditional school path.

Work

Your average minimum waged job is a job. Let’s do the math and see if it earns us a million. Currently the average for minimum wage in the US is $7.25 an hour and let’s just make that 40 hours a week for ease of calculations, as well as exclude tax because it is different for every state. 40 hours a week at $7.25 is $290 a week and x 4 makes that $1160 a month. This comes to just under $14k a year ($13,920). Divide one million by 14 thousand and it will take you 71 years at minimum wage to make a million dollars. With minimum wage increasing and raises where you work it probably won’t take quite 71 years but working this way is no way to live you life. I currently work a minimum wage job and this is not where I want to be.

Passive Income

This is where I have seen the most benefits to peoples lives. With passive income people are able to make money, spend time with their family, and help others all at the same time. Passive income is the process of earning money while you are spending your time else where. Unlike a normal job where you trade time for money you make something and it keeps bringing you money even when you aren’t working. There are several common examples of this. One is when an author sells their books in the store; they are no longer working on the book but people are still paying for it. Another example is to make a website and have a large amount of traffic on the website. The traffic brings ad companies that will pay to post their ads on your website just like the all the billboards in Times Square, NY.

These are just several ways to make money (or not). How do you make your money? What process do you use that makes you lots of money or what do you feel is holding you back from earning your fortune?