How to Make a Million Dollars

by : Shawn Lim

The Millionaire Mind

There are 2 main routes you can use to make a million dollars. The Short Route or the Long route. Here is how to make a million dollars.

How to Make a Million Dollars

  • Strategy 1 - Setup a Business
    Use for the short route is mainly focusing on setting up a business, investing etc. 
  • Strategy 2 - Save like Crazy
    The time required is between 20 to 50yrs. 
    Even though many people lack the patience, this method is the best way to get your first million. 

Lets say you dilligently save $1 everyday. To grow you will need 1 million days. That is about 2,200 years. Fortunately, we all do not live that long. It is painful to save for 2,200 years just to get a million dollars.  

But if you add compounding interest, the number of years to reach one million drops drastically. At $1 per day, with

  • 3% interest = 147 Years
  • 5% interest = 100 Years
  • 10% interest = 56 Years
  • 15% interest = 40 Years
  • 20% interest = 32 Years

With a 10% interest compounded annually, it now takes you only 56yrs to make a million dollars

So where can you find an investment that consistently yield at least 10% returns in your lifetime when banks are only offering around 3%. The answer is very simple.

  • Not necessarily to always have 10% investment yield.
  • Save as much as you can every month, be it $10, $50, $100 or $300. With the right interest rate and given enough time, everyone can be a Millionaire.

This proved that everyone, if we start saving and keep compounding the money from a young age, it is easy to make your million dollars. The long route is not what we want here, we want to make money in a faster method, not just sitting and wait for 50 years. It has been proven that with the right strategy, with constant action plus a burning desire, we can be a Millionaire in a short time.

The millionaire mind
They work by first creating rapid wealth through their business, they then save aggresively and then they keep compounding it. They take both the short route and the long route simultanously. That is how to make a million dollars. That is how the millionaire mind work.

So what are you waiting for?

  • Put some amount of money to your investment account every month once you received your paycheck.
  • Then only spend what you have as you wish. And bear in mind of this, don't spend more than what you earn.

Start planning on how much to save each month now. If you don’t act on this information today you may never get the opportunity to take this life changing step again.