How To Make $1 Million Per Year
Lets go over exactly how to make $1 million per year, how I was able to do it, and the strategies that I learned along the way – enjoy! Add me on Instagram: GPStephan
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First, it’s important to understand that there are 3 stages to making money. And to understand what those stages are, and how to move past them, we need to start where almost everyone begins:
GETTING PAID FOR YOUR TIME
This is, by FAR…how the majority of people are paid and, subsequently, how they think about their income…they trade their time, for a set amount of money every hour, every week, or every month…and from that, their income has a ceiling. They can only work so many hours in a day, they can only make what someone else is willing to pay for their time…and in this stage of income, the only way to make more money is either: Get a raise, get a promotion, or switch to another, higher paying career.
GETTING PAID FOR RESULTS.
This is when you get paid based on your performance, or completing a certain task…regardless of the number of hours you work to make that happen. And when you’re getting paid by RESULTS, you can begin earning SUBSTANTIALLY MORE for the exact same time.
First, you can work SMARTER – NOT HARDER.
The amount of time you spend on something makes no difference whatsoever…it just matters if you actually get results.
Second, by getting paid on results – your work becomes more sustainable
Even though your income might fluctuate month by month, because you’re the one in charge of your income – you have more control over the income you make, you can chose to take on more or less work, and you make yourself less replaceable because you’re producing RESULTS.
Third, you can work LESS hours – and still get paid MORE MONEY
This is exactly where Pareto’s 80/20 principle applies…this is the principle that theorizes that 80% of an effect comes from 20% of a cause…or, in other words, 80% of your money comes from the 20% of the time you spend on it.
But, unfortunately…. as great as getting paid for results is…and as much of an improvement this can be from getting paid for your time…sometimes, the reality is that there’s only so many results you can get in a day. Even if you’re the BEST at what you do – you still might just reach that soft plateau where you can’t seem to expand…and that’s where our THIRD and FINAL stage comes in…
LEVERAGING YOUR RESULTS
You NEED to figure out how to LEVERAGE your results – because, like I said, at a certain point – there’s only so many results you can get in a year before you start to cap out.
First, you can do this by HIRING EMPLOYEES and having them work FOR YOU – thereby leveraging your results
This is basically Business 101 in a nutshell…you didn’t have Henry Ford going out and building all the cars himself. Instead, he hired employees – leveraged his results – and used that to create an empire. Every single business out there does the same thing, and by leveraging results – you’re able to earn substantially more.
Second, you can leverage your results by building a business that has the potential to scale without further involvement from you
And this is the route I ended up going, that caused my income to skyrocket so much this year.
From that, the BIGGEST lesson I’ve learned is that to go from Stage 2 to Stage 3…and subsequently make over 1 million a year…you NEED to do something that’s beyond YOURSELF. You cannot just work for results, without LEVERAGING those results, and finding a way for that to continue doing the heavy lifting for you, even when you aren’t out there working.
Leverage the money you make very wisely, so it continues growing BEYOND the work you put in. And you can leverage the value of your money BY INVESTING IT.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]