How To Become a Millionaire
Everybody can become a millionaire but you need to learn how to become one.
You cannot become a millionaire by wishful thinking. If wishes were horse, beggars would ride. If you will ever become one, you need to do what millionaires do. It is more of principles. When you apply it correctly, you easily become one.
The great Book in history makes us to understand that many people want to go to the city but they don’t know the way to it. In the same manner, many people want to become a millionaire but they don’t know how to make it a reality. Some have even given up on themselves believing that probably they are not destined to be a millionaire. The question I want you to ask yourself is that: Those people who are millionaires, do they have two heads? If your answer is no, then it means that you too can become a millionaire.
How can you become a millionaire? You may ask. I am here to give you an answer. It is an open trade secret. When you apply it, you will soon become a millionaire. The good thing is that you will discover that it is very cheap to become a millionaire and that you will personally determine when and how soon you want to be a millionaire. So let’s go!
Becoming a millionaire is a function of the following:
- Value
- Number
- Time
Value
If you will ever become a millionaire, you should be able to create value either by providing service(s) or selling product(s) that people need. Your service or product should be able to meet the needs of people. If what you do doesn’t meet this basic requirement, becoming a millionaire will just be a mere dream. Look around your neighbourhood or environment and find out what their needs are. If you can meet the need, people will be ready to part with their money. The truth is that everybody has money to spend but they will only spend it on those things that add value to them. Every time you buy something, it is because of the value it adds to you. It is not that you just want to spend the money. In the same vein, people will buy from you because they believe that what you are selling adds value to them. The perceived value of what you offer will determine the price. The higher the value; the higher the price. For example, you cannot compare the price of a bicycle to that of motor vehicle. The price of what you offer can be any amount but the value should justify the price.
Number
Million is a game of number. After you have set the price for what you sell, then it becomes your duty to be able to reach out to as many people as possible. Let’s do some calculation here. For example, if the price of your product is set at $5 and the cost of making the product or providing the service is $3, then your profit will be $2. Therefore, to become a millionaire, you need to sell 500,000 units ($1,000,000/$2). Let’s do some permutations further in the table below:
Read Also: How to Adjust Price to Maximize Profit
| Profit ($) | Qty (Units) | Amount |
| 10 | 100,000 | 1,000,000 |
| 20 | 50,000 | 1,000,000 |
| 40 | 25,000 | 1,000,000 |
| 50 | 20,000 | 1,000,000 |
| 80 | 12,500 | 1,000,000 |
| 100 | 10,000 | 1,000,000 |
| 200 | 5,000 | 1,000,000 |
| 400 | 2,500 | 1,000,000 |
| 500 | 2,000 | 1,000,000 |
| 1,000 | 1,000 | 1,000,000 |
| 2,000 | 500 | 1,000,000 |
| 4,000 | 250 | 1,000,000 |
| 5,000 | 200 | 1,000,000 |
| 10,000 | 100 | 1,000,000 |
| 20,000 | 50 | 1,000,000 |
From the above, you will realise that the higher the value of your product or your profit, the lower the quantity you have to sell to attain a millionaire status.
Time
The third factor is time. I mentioned earlier that you determine when to become a millionaire. Following the table above, if your profit is $5, it means that you need to sell 200,000 units of what you offer to become a millionaire. So, how fast can you do that? Is it something you can do in a day, a week, a month or a year? This is one area where your marketing skills will come into play. With the proper mix of the three factors above, everyone can become a millionaire.
Read Also: How to Increase Sales Without Extra Marketing Costs
In summary, if you want to become a millionaire, do the following:
- Think about what you can do to benefit your society and place appropriate price on it.
- Ensure that there is enough market for it and sell to many people as you can
- Sell as fast as possible so that you can quickly attain a millionaire status.