You know what they say about success leaves clues, and if you look at self-made millionaires over the last 100 years, you’ll notice that they all appear to follow the same patterns. So, today, we’ll go over five strategies that have helped many billionaires achieve their financial goals. To be more specific, we will discuss how these strategies can be used to make your first $100,000. Keep Reading because we will also discuss how you can apply this to your life to achieve financial success. So make sure to read this article to the end. Hello, this is The Comprehensive Minds, where we promote that to be financially savvy, we are your buddy! Now let’s get right into the article!
STEP 1: BE SPECIFIC WITH WHAT YOU WANT AND MAKE A PLAN
Prior to achieving any objectives or financial goals , it is necessary to devise a strategy for achieving them. A goal without a strategy is nothing more than a dream. Wishes don’t come true in the financial world unless you have a strategy and take a huge effort. So let’s get started right now and create your financial strategy. I recommend getting a piece of paper and writing down your strategy for achieving your financial objectives.
As a result, it is critical to be very explicit about what you want in order to attain any goal, whether personal or financial. Simply stating “I want more money” or “I want to be wealthy” will not suffice because these terms might indicate anything. More money can imply a dollar, and wealth is a feeling more than a figure.
The first step in creating your plan financial goals is to determine how much money you want to make. For the majority of people, this means earning their first six figures, or $100,000. However, yours may differ. If you’ve already reached $100,000, your next target could be $200,000. So write down this amount in your financial plan on that piece of paper.
The second is to set a target date for achieving your financial goal. A number is only a number, but one with a deadline is a target to reach. So, let’s assume you want to make your first $100,000 and you’ve established that you’ll have it in exactly a year.
And third is to figure out what you’ll give up in exchange for this cash. Nothing is given out for free. You will always have to surrender something in exchange for the money you desire. As a result, decide what you’ll offer the market in exchange for money. In exchange for money, you can provide a variety of items to the marketplace.
You can sell a product that helps someone solve a problem, entertains them, or gives them social status. Or, you can also provide a service. This is where your abilities are put to use. You might be able to provide a service that helps someone solve an issue if you have expertise. There are 2 options for doing so:
By providing a complete service.
Here, you’re in charge of completing work for your client, such as social media management. This is where clients come to you for help with something. providing a service through your services. Instead of taking on all of the labor, you assist clients in solving problems by troubleshooting the issue with them. Coaching and consulting are examples of these.
Offer a do-it-yourself product.
You deliver a product or service that performs the task or provides coaching for you. These include items such as a video course, a coaching program, or software that automates the job you would have done in the first place. After you know how much money you need when you need it and what you’ll give in exchange for it, it’s time to move on to the next step.
STEP 2: DO YOUR CALCULATIONS
The core of our strategy is defining a deadline for your big annual goal. Now, let’s draw up the plan. We must break down our goal into manageable segments in order to achieve our huge financial goal. Assume that your initial goal is to earn $100,000 in the coming year. This will be accomplished by selling training classes depending on your coding experience. And you’ll try to charge $299 for each unit of your program.
To meet your $100,000 financial goals in a year, you’ll need to earn $50,000 every six months and $25,000 every quarter, for a total of $8,333 every month, or $274 every day. This indicates that you’ll need to sell 334 units of your product per year. This translates to 167 units every six months, 83 units every quarter, 28 units each month, 6 units per week, or a little over one unit per day.
This means that if you sell only one unit of your product every day for $299, you’ll make $109,135 in a year. Break down what you’ll need to do on a monthly, weekly, and daily basis to meet your objective on a sheet of paper.
STEP 3: EARN THAT MONEY
Money does not appear out of anywhere. You’ll need to get money from people who already have it. This means that your $100,000 is in the hands of someone somewhere in the world and it is your responsibility to go get it. You already know how many individuals you need to attain your objective by doing the math in the last step.
If your product costs $299, you’ll need 334 people to make $100,000. You must first determine who needs your product or service in order to find the people who will help you attain your financial goal. Beginner to intermediate photographers, as well as clients looking for photographic services, will help you realize your financial goals if you’re an expert photographer teaching photography to others.
If you offer luxury things, you may wish to target those who have a high income and place a high value on social standing. Always consider who is most likely to purchase your product. This is a critical step in your strategy. Without it, our financial strategy will be ineffective. And once you’ve defined who will assist you in reaching your financial goals, focus on delivering your product to them and only them.
Now that we have a strategy in place, let’s write a statement that we can review every day to help us internalize the process and achieve our goal. “In exactly a year from today, I will have made $100,000 or more. I will have earned this money by assisting amateur photographers in taking better images and obtaining paying clients.
I’ll accomplish this by offering a comprehensive photography course for $299. For the next year, I plan to sell one unit per day or at least 28 units per month to meet my target.”
STEP 4: CREATE A MASTERMIND NETWORK, WHICH IS A NETWORK OF INFORMATION
Many entrepreneurs do it alone when it comes to achieving their financial goals. Some people succeed, but the majority do not. For years, many billionaires like to hang out together to share ideas and experiences with other like-minded people who are on the same path as them, in order to help their businesses develop quicker.
A mastermind is when a group of people pool their abilities and experiences to achieve a common goal, in this example, generating substantial revenue. This is extremely powerful not only because of the wide range of skills that each individual brings to the table, but also because something special happens when like-minded people interact.
Someone else’s concept may spark a thought in you that will benefit everyone’s business. This would not have happened in many cases if it hadn’t been for the mastermind’s collaborative thinking. Synergy is created in this way. Mastermind as a whole is more significant than being individualistic. We cannot know everything as humans, but by surrounding ourselves with the proper people, we may gain from their perspectives and experiences and easily achieve our financial goals.
STEP 5: ACQUIRE SPECIFIC EXPERTISE
Consider this scenario: you’re ready to have heart surgery, and the nurse approaches you with two options. You can see a family medicine doctor who just studied general medicine and addresses a few ailments, or you can see a heart surgeon who only performs heart surgery. Which would you prefer? I’m guessing you went with the second option. Which do you believe makes more money? The one who is an expert, of course.
Developing specialized information and skills offers you an advantage over others with comprehensive knowledge. Most wealthy and successful individuals only have a few key abilities, as entrepreneur Gary Vaynerchuk puts it: “I suck at most things but I’m really good at a few.”
See, you don’t need to know everything to be successful; all you need is to be good at a few key things. And those are the five strategies that can help you make $100,000. What are your thoughts on this? Have you also applied the same strategies in your life? Or did you already achieve your financial goals? Please reply to our comment box.
Disclaimer: I do not claim to be a financial advisor. The information is only intended to be used for educational reasons; it is not intended to serve as the sole foundation for making investment decisions, nor should it be interpreted as advice suited to any specific investor’s needs. Risk is a component of all investments. Whatever choices and investments you make, you alone are accountable for them.