How to make your first million: When you think about making a million dollars, does it seem like a far-fetched goal? Is it something you want to accomplish but just can’t picture happening? This was the case for my friend Ryan Moran — until his 26th birthday, when he made his first million dollars. Today, at 28 years old, his business generates roughly $500,000 per month.
I was curious what shifts took place that allowed someone so young to go from dreaming of making a million dollars to becoming a multi-millionaire in just a few short years. He told me me, “Making your first million is easy — if you do these five things.”
How to make your first million
1. Surround yourself with people who will stretch your mind.
Since Ryan was a little boy, he has dreamed of owning the Cleveland Indians. Now in his 20s, he realized that in order for him to turn his dream into a reality, he would need to come up with roughly $500 million. For most people, the though of having $500 million liquid to buy a professional sports team is way beyond the range of what is possible. It was for Ryan too — until he started surrounding himself with people who already played at that level.
He explained that, “You can imagine what it will take to accomplish that type of a goal and by having people at that level as your advisors, they can tell you exactly what you need to do. It may be just a subtle shift in one part of your business, but suddenly what you thought was potentially impossible becomes realistic.”
It was that concept of demystifying the impossible that inspired him to host a live event that would bring the people who inspired him together with the goal of helping the next generation of entrepreneurs.
What is your dream that is so big that the thought of accomplishing it seems impossible — and maybe even scares you? Do you think you would be more likely to accomplish it if you had a group of advisors who were already playing at that level? If so, take action on forming relationships with them, and let them guide you the rest of the way.
2. Re-frame the impossible.
As you surround yourself with the right people, you will need to work on upgrading your mindset. Part of this will require you to recognize your limiting beliefs and re-frame those thoughts. Ryan shared, “When you feel like something is impossible, recognize that it’s just the story that you are telling yourself that makes you perceive it to be impossible and not the action itself.” Then it is just a matter of rewriting your story.
To rewrite your own story, ask yourself, “What are the things in my life that scare me and stop me from taking action? Is it the action that really scares me, or is it a false perception that is holding me back? How can I take action and move through it in spite of that fear?”
3. Deliver unexpected value.
Your ability to increase your income hinges on your ability to deliver unexpected value. Most people think the only way they can add more value is by working harder or exchanging money. This is thinking too small. You deliver unexpected value through the connections you can make, the time you can allocate and the problems you can alleviate.