15 Ways To Make One Million Dollars

this is the sunday motivational video every Sunday we bring you a different type of video which should improve your life today we're looking at 15 ways to make $1,000,000 welcome to a lox calm the place where future billionaires come to get inspired hello ale Xers can you believe it's been a full week already we hope you've been following your dreams and putting in the work the goal with our Sunday videos was always to motivate and give some inside knowledge which you can leverage to your own advantage if you choose to when we asked you guys what your immediate financial goal was on Instagram at a luxe most of you said that it was to make your first million so that's what we're doing today making 1 million dollars sounds like a lot of money if you've never earned high figures before it might seem like an obsolete objective but the truth is 1700 new millionaires are created each day that's over six hundred and twenty thousand new millionaires every year so how do they do it how come so many people become millionaires and why can't you do the same well it's all about positioning and how valuable you are to the marketplace if the marketplace thinks you deserve 1 million dollars or more it will in turn give you that amount in order to make this video we researched people whom we know about and have made more than a million dollars in the last couple of years who knows maybe one of them will spark an idea which will be the beginning of a long journey for you if you're a new here welcome be sure to subscribe and follow us on instagram at Alex with that said here are 15 ways to make 1 million dollars number one be in the top 1% of a lucrative profession shocking right be really good at a job that pays really well it's super easy to become a millionaire if you know what you're doing and your specialized doctors lawyers and upper management in the US and Europe earn on average over one hundred and fifty thousand dollars per year if you're really good at what you do and hyper specialize you can double or even triple that amount the highest paying job with the lowest barriers of entry is sales if you know how to sell you can make a ton of money no matter where you find yourself compared to doctors and lawyers the 1% of sales people earn north of two hundred and fifty thousand dollars per year which will have them passed the 1 million dollar mark in just four years not to mention that selling is an incredibly valuable skill for all strategies we discussed throughout this video we'll make a video on the best books on selling sometime soon but if you want to start today we recommend you pick up the 10x rule by Grant Cardone or the sales Bible by Jeffrey Gitomer you can get one of them for free as an audiobook when you sign up at a lakhs comm slash free book speaking of books number two write several books that sell ok the trap many people fall into is they think you need to write the next Harry Potter or Fifty Shades of Grey in order to get rich from books the likelihood of you knocking it out of the park is incredibly low with that said getting to 1 million dollars from writing books is a pretty doable job if you find the right angle and an audience willing to purchase few people know this but in order to become a New York Times bestselling author you only need to sell around 10,000 books it can even be as low as five thousand books if you've been on the list before if your writing is good just keep putting out more and more books until one of them as a hit there are plenty of examples of people who did it this way but our favorite by far is Amanda Hocking you probably have no idea who she is she's been rejected by almost every single publisher in the game none of her novels were given a shot she was broke but really wanted to go to a Muppets convention but she needed the money for gas to drive to the event in order to make some of the 300 dollars she needed she self-published her novels on Kindle one month later she had made over $20,000 so she added all of her novels up there 20 months into it she's made over 2.5 million dollars from books which were not good enough to be picked up by a publisher pro tip if you have Podcast blog a YouTube channel any form of audience people will want to support your efforts and are even willing to preorder your work just to share the journey with you number three license a patent or trademark to a big company another creative way to add value to the world is by being an inventor designer or engineer if you can figure out a way to solve a problem better than what's out there already you could be sitting on a goldmine a great example of this is Lonnie Johnson again you probably have no idea who he is but you've probably heard of the Super Soaker while toying around pun intended he created this cool toy but didn't have the skills to create an entire company produce market and sell individual products so he licensed the technology to a company called Hasbro he got paid a 3% royalty out of the price of every unit sold making over 100 million dollars from this deal alone he now has 80 patents and a net worth of over 350 million dollars fro tip we know patents are expensive but there are certain ways to protect yourself even without having an internationally issued patent what you need to do is to document how your invention works in extreme details have that in writing and burned into a CD or USB drive and mail it in a sealed envelope to yourself when the envelope arrives back it should contain the date and stamp of a government institution never break that seal if it comes down to it this is your undeniable proof that you were the first one to figure this out and rights should be awarded to you in a patent case or at least end up in a highly lucrative settlement number four start a drop shipping company under your own label for those of you who have no idea what drop shipping is it's a very fun and interesting business model where you find a supplier someone who can create package and deliver a product on your behalf your job is to bring in the sales here's how it goes let's say you found a supplier who can package and deliver weight loss tea from China for $5 per package you now set up a website where you can sell that exact Prada for $20 apiece when the order comes in you send over the $5 to the supplier with the details from the order who takes care of everything and delivers the item to the buyer on your behalf yourself keeping the remaining $15 cha-ching profit we didn't choose a weight loss tee by accident either we've actually studied and analyzed the success a young entrepreneur named Greta Van Rio had in this space she's the one who started the entire Instagram model Fitness T phenomenon six months into her business she was bringing in over half a million dollars per month if that number shocks you you might want to read up on her since she's one of our personal heroes during new product launches she made over 1 million dollars in a single day just to let you know that these kinds of numbers are possible you know how Kylie Jenner is almost a billionaire now she's been using the drop shipping model as well she owns 100% of the company and has only 6 employees all production and fulfillment is outsourced to a different company number five start a small business and keep growing although most of the ideas mentioned on this list are super specific the way most people end up millionaires is by creating a small business and just growing it we know it sounds a tad more general but this comprises the hustler mindset which is focused on growth starting a new business is always difficult but the path is more or less the same no matter which business you choose it all starts with solving a problem figuring out how to get paid and then bringing in people so you can focus on what is important for the business to grow everyone has a few business ideas in their heads it's just a matter of implementation although that might sound overwhelming the process is pretty straightforward and simple that's why we've created a video called 15 things to know when starting a business which you can check out by clicking in the top right corner if you're planning on starting your first business there probably isn't a more important video to watch than that one number 6 aggressively save money and put in index funds for several years you need to understand the power of the compound interest and use it to get rich someone might say it's the most important mathematical discovery in the world and by someone we mean Albert Einstein who numerous times said compound interest is the eighth wonder of the world he who understands it earns it he who doesn't pays it if you understand money and investment funds you know that a 7% annual return is easily doable now it's a matter of just how much money you can save traditional strategies go like this if you're able to save 10 percent of your yearly income and let's say you earn $50,000 per year it will take you 40 years to get a million dollars saved but who wants to be a millionaire when they're old that's not the a luxe way but it gets a lot more interesting if you're able to play around with those numbers you should try to increase all three most important variables one the amount of money you earn two the amount of money you're able to put aside and three the return on your investment well the first to depend on your own choices the third one on the other hand is pretty straightforward for example the first thing we should do is take the money out of a 7% mutual fund and put it in an index fund like the S&P 500 for those of you new to this the S&P 500 is a fund made out of the top 500 companies in the US if a company is not performing well it gets taken out and replaced by a new worthy company for the past 90 years the S&P 500 generated an average of 10% yearly returns although we're not sponsored by them we would recommend you look into Vanguard and Robin Hood and if you're not the entrepreneurial type meaning you're not sure how to create a multi-million dollar company by selling products or services there is this really great book by Tony Robbins called money master the game which we cannot recommend enough it's the book we gift our friends on how to get rich in the safest way possible you can even get the audiobook for free if you sign up at Alex calm slash free book number seven do an ICO for the past couple of years crypto has been the wild wild west of money the amount of people who get really rich really fast on crypto has been astonishing to us for those not familiar with the crypto terminology initial coin offerings also known as AI cos are an alternative form of crowdfunding where a company issues tokens at a discounted price so they can use the early funding to create a digital service which will run on said tokens if the product is successful your initial tokens could skyrocket and value based on the demand for them we would not actually recommend investing in other people's icos unless you know them to be trustworthy and have a solid team behind them instead create your own blockchain based company and seek private investors to back it up only after the product has gained some traction you should be ready for your own ICO where you open it up to the public as early investors every single type of financial related service is getting disrupted by blockchain your goal is to find out where you fit into the cluster of new services no matter what your stance on Bitcoin or a theory em is blockchain is here to stay and we would actually recommend you start teaching yourself more and more about the industry if you want to make some sense of it in the future number eight purchase a franchise and make it really successful if you're not the creative type a franchise is a simple and lucrative way to get yourself into business because somebody else has already optimized it for you you just need to make sure things keep on moving the way they should a franchise for those of you don't know is a company that creates a lucrative business with an already established brand that's made out of simplified systems which can be duplicated over and over again think McDonald's or Starbucks so how does this work you reach out to the company with the aim of buying a franchise there are two types of costs you need to know about a standard franchise fee and a percentage of the business you're generating in exchange for this money the company provides all the tools you need to get the business up and running you can find profitable franchises starting as low as $10,000 but depending on what you're looking for there are obviously more expensive options for example a Dunkin Donuts franchise fee is between 40,000 and 90,000 dollars depending on location but that's not all the company requires you to have at least 250,000 dollars in liquid assets just to make sure you can keep the thing running it's up to you to find the right franchise for your geography and budget number 9 create a subscription service where 1,000 people pay eighty three dollars per month okay it's time we introduced you a Luxor's to what's called millionaire math which means in how many ways can you get to 1 million dollars in one year off the top of our heads considering subscription services you have five thousand people pay you $17 per month for 12 months two thousand people pay you $42 per month for 12 months 1,000 people pay you eighty three dollars per month for 12 months 500 people pay you 167 dollars per month for 12 months or 300 people pay you two hundred and seventy eight dollars per month for 12 months you get the idea all of these will get you to the seven-figure promised land that's why everybody is doing subscription services these days and you've seen the popularity of the likes of Netflix tidal and Apple music increase just to put things into perspective as of 2018 Netflix has 125 million subscribed users to its service with a minimum of $7.99 per month in 2017 they did over 11 billion dollars in revenue it's always shocking to us to see how many people never do the math on these things once you realized the kind of numbers you need to be making it's a pretty straightforward game to play it's all about finding a service people are willing to pay and stick around for number 10 work for someone who's a multimillionaire or even better work for someone who's a billionaire the quickest way to making your first million dollars is to work directly for someone who's made a billion dollars rich people value time above everything else and they really value people who are able to save them time the best way to do this is to find someone who's incredibly wealthy and help them either save time or make money either way you'll find that their generosity is directly proportional to the value you bring into their life now before you take a shot at this it's important to know that you should already have a trust-based relationship with that wealthy individual the last thing you want to do and we cannot stress this enough is to spam the hell out of people with how you have this idea which will change the world believe it or not even we get at least 100 emails like this every month which we never reply to when most people think of multimillionaires they usually envision entrepreneurs starting companies but the truth is roughly one in five millionaires work for someone else and that's how they got rich if you think about it you're more likely to become a millionaire by working for a wealthy individual than by becoming a millionaire by starting your own business if this is your plan we recommend you find yourself a mentor these people are open to helping you grow they provide guidance and opportunities which you wouldn't have access to otherwise if they trust you enough they'll bring you into their organizations and make sure you're taken care of if you want to learn how to find a mentor and the advantages having one will bring into your life then click in the top right corner because we have got you covered number eleven go viral on YouTube who would have thought that going viral on YouTube could make you a millionaire this all changed in the last couple of years it obviously depends on the type of video if it's advertiser friendly and who is watching the video but a ballpark figure would be somewhere between 500 million and a billion views for example Gangnam style alone made psy over eight million dollars it's not all YouTube advertising alone but the exposure got him plenty of extra opportunities and psy is still cashing in big believe it or not that video is still making him decent money today you also have large creators leveraging their YouTube fame in order to create additional revenue sources like the Paul brothers do with their merch lines or how Jeffrey star did with his makeup line YouTube is the new TV which is why we're here our selves number 12 have a blog that gets over 41 million views per month speaking of advertising having a popular blog can still make you a multimillionaire when we started out Alex calm was focused on publishing articles on luxury topics and we still get a lot of visitors to those articles one of the people we've been following closely in this space was Scott DeLong the creator of viral Nova for those of you who don't know the website he's been at the forefront of viral articles distributed through Facebook very similar to what BuzzFeed used to do and to be honest still does he started viral Nova in 2014 and sold it one and a half years later for reportedly 100 million dollars during November and December he was already generating over 1 million dollars per month from advertising revenues alone out of everything we mentioned on this list getting over 40 million readers per month on your blog is probably the most difficult one to do unless you're able to do what Scott did and ride a new wave which people hadn't figured out yet number 13 make an app that a million people use there's still a ton of money to be made with apps if you know what you're doing and can actually offer a valuable service the problem with apps is that unless the user feels the need to return to the app on a frequent basis you've already lost the app ecosystem has evolved in the past couple of years from candy crush making almost 1 million dollars per day at their peak to the meditation app calm which just recently was valued at 250 million dollars to now fortnight passing 1 billion dollars in just three months through in-app purchases the secret to most apps has been the ability to bring in additional revenue within the app depending on how much revenue you can extract from every single user the road to the first million dollars can be a lot shorter than expected if the customers find value in what you're offering if you really want to score big with apps there's a book which we could recommend called how to build a billion dollar app by the guy who created and II crush in which they break down how to conceptualize and scale this kind of project you'll find a link to the book in the description or get the audiobook for free when you sign up at a luxe comm slash free book number 14 get over 100,000 twitch subscribers live-streaming is going mainstream and some might even say it already has you have the likes of ninja who are spearheading this movement generating between 500,000 and 1 million dollars every month from streaming alone for those of you who have no idea what we're talking about twitch is a platform which allows users to broadcast themselves in real time this type of technology has been quickly adopted by gamers who broadcast themselves playing video games all good so how do they make money there are multiple revenue streams here the main one being paid subscriptions there are different tiers of subscribers on Twitch for 99 999 and $24 this amount being split between the streamer and the platform in addition to the paid subscription viewers can donate money directly to the streamer in order to show support and then there's the good old finding a big sponsor who's paying a streamer to endorse their product like the type of deal that ninja has made with redbull if a ballpark figure to shoot for is 100,000 paid subscribers but you can get to a million dollars with less than 50000 if they're generous enough number 15 buy flipped repeat this is a fundamental rule of hustling and one of the most common ways to make some more money this is what commerce was built on and it's capitalism in its purest form find something you can purchase at one price then sell it for more to someone who's willing to pay a premium for it this by flip repeat strategy has taken many forms throughout the years and we are always excited to see it evolve depending on how the culture is changing our favorite story is the one revolving around 16 year old Benjamin kicks who's making over 1 million dollars per year reselling sneakers sneaker culture is big and people are willing to pay good money to get their hands on anything that's exclusive like how people are paying $500 for bricks that have the supreme logo on them but anyways back to been in the sneaker space everyone knows been business is booming he started out when his mom bought him a pair of sneakers which he sold to a classmate for almost double what he paid for then he went ahead and started buying more a few months passed by and celebrities are looking to get their hands on a type of sneakers that this kid has so they reach out next thing you know he's selling sneakers to DJ Khaled French Montana future and more the most expensive pair of sneakers he sold was twenty thousand dollars and now he has an entire operation for reselling sneakers people also do this in different markets buying fixing flipping cars houses antiques you name it it's all about understanding how much some people are willing to pay for something and getting it for less than that now a lectures were curious to know what are you doing right now to get your first million dollars let us know in the comments and we'll try to provide you some feedback now we know this has been a really long video so for those of you who are still with us here's your bonus number sixteen come up with such an original crazy idea that it might just work if those ideas previously mentioned are pretty straightforward this time we're encouraging you guys to look way outside the box and let your creativity free who knows what might come out there's this guy who made fifteen million dollars selling rocks as pets to people another who made 1 million dollars by selling pixels on his website for 1 million dollars each this woman became a multimillionaire by selling sunglasses for dogs and these guys will send a message on a potato on your behalf the world is filled with crazy stories and we hope this list sparked an idea inside of you if you've watched up to this point and you're already on your journey to becoming a millionaire please write first million in the common below and will wish you luck it's always great to see how many of you are watching these videos all the way to the end thank you for spending some time with us a Luxor's make sure to LIKE and subscribe so you never miss another video we also hand-picked these videos which we recommend you watch next thank you for being an a lexer and we'll see you back tomorrow [Music]

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Views: 2,064,336

Rating: 4.8693991 out of 5

Keywords: Alux, Alux.com, Alux Youtube, billionaire lifestyle, new life, alux sunday video, one million dollar, how to make money, how to make one million dollars?, youtube money, skills to be rich, online money, inspirational video, first million, how to become a millionaire, how to make millions, ways to make 1 million, ways to make money, $1 million

Id: k23pMHQ5YQo

Length: 24min 37sec (1477 seconds)

Published: Sun Aug 12 2018