Make a cool million

What could you do with a million dollars? Many people dream about having one million dollars. They imagine all the things they could do with it. They imagine paying off all personal loans, retiring, traveling around the world. For many people, one million dollars has a big emotional value. What most people don’t realize is how easy it is to get to one million dollars. Here’s how:
1. Do the math. If you want to make one million dollars in 25 years, you’ll need to make $40 000 after taxes and after deductions. If you want to have one million dollars (which is very different) you’ll need to save or earn this amount through investments. This may seem like a scary number, but that amounts to about $3333 per month or $833.34 a week or $167 a day (assuming a five hour work day). Many people can earn $167 a day through an additional job, freelance or consulting work, or through some form of passive income.
2. Plan your investments and maximize them. If you want to make a million dollars more easily, you will want to invest. You will need to educate yourself about investments and start investing. A good step to take today: find out whether your employer matches your retirement contributions. If yes, set up an automatic deduction today from your paycheck. If your employer matches contributions and you set aside $500 into your retirement fund, you’ll be setting aside $1000 with the contributions. Now you only have to come up with $2333 per month to make that million in twenty five years.
3. Make a passive income. You can make $167 a day to set aside, but that means extra hours of work (maybe many extra hours). Try to find some additional ways to make money. If possible, find passive ways to make money. Maybe you can sell information products you make online, offer online consultations, or monetize websites. Find something that will bring in extra cash.
4. Check in once a day. Once a day, review your goals and keep tabs on how much you have made or saved. Reach for that goal of $167 a day (or whatever your daily goal is) and make sure you reach it every day.
5. Get excited. To make your million, you will need to take consistent action each day for a long time. You’ll also have to cut out some bad habits. You can’t spend money wastefully, take out payday loans on a whim and easily get to your million. To help you stay on track, remember to get excited. Picture your life when you have that million dollars. Put up pictures of your new life where you can see them.

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