At some point, you have to do things in life that you may not want to do. That is just part of the game. I know that there was a point that I worked 6 days each week and counted the days until I had my one day off. The problem with this is that by the time that 6th day got here I was so tired that I didn’t want to do anything but rest. However, I had to force myself to do chores, pay bills, run errands, grocery shop, and prepare for the next 6 days of work.
Everyone might not have that terrible schedule that I had but most of you reading this are probably in a spot where you trade your time for money. Sure it’s great if you get $40 per hour at your job. I mean those kinds of hourly rates are sought after by most of America. That is why we got to college and get a degree, right?
The truth about this is that it will be almost impossible for you to get to a millionaire status by simply trading your time for money. Let me explain, if you do the math and let’s say you make $40 per hour and work an average 40 hour work week. That means you will only make $1600 for that week. $1600 x 52 weeks in a year = $83200. After taxes, you will probably take home about $70,000. If you had no bills at all, you could hit millionaire status in about 15 years. The problem with this equation is you have to have no bills and save 100% of your money. That simply isn’t possible.
To expedite the process, you could work more hours and bank on the overtime. Even if you work 80 hours per week, you will still need seven years saving everything you got to get to the millionaire mark. The other option is for you to make more money per hour. The problem with this is unless you have a very valuable skill it is going to be hard to convince a company to pay you more than $40 per hour. To make one million dollars in a years time, you would need to make $481 per hour! I honestly can’t think of any jobs that pay that much.
There Has To Be A Better Way
So now you might ask “What do you do to get a million dollars in under one years time?” The specific answer to that is going to depend on you and what you are capable of. The process is going to be the same for everyone. You will need to stop trading your time for money and start building systems that generate money for you. If you got really good at cooking hamburgers, you could hire people and teach them how to make hamburgers exactly like you do. Then you could focus on serving the customer. After you get really good at serving the customer, you could hire someone to do that job exactly the way you did it. Before long you have an entire business that is built on the systems that you created. No longer do you have to flip hamburgers or serve customers and the money pours in.
That example is how chain restaurants work. They get the systems in place then they replicate them over and over again. Now that you own 25 chain burger restaurants you can reap all of the profits from you systems. You simply pay the employees that execute your systems, and you keep the difference. If each restaurant makes only $2,500 per week in profit. You would make $3,250,000, and you wouldn’t have to flip a single burger or take a single order.
So now that this process is starting to make sense, you are going to have to ditch the mentality of working hours for money and focus on building systems. The process of building systems at a fundamental level is quite simple.
- You find a problem that that people have.
- You solve that problem
- People give you money for solving their problem
- You work out all of the bugs and optimize your system
- You hire people to do each part of the system as you scale larger
- You either continue to scale the system or replicate the original
- Make lots of money without trading your time
It is just that simple. Understanding that this is the process you will need is essential to getting your first million dollars. I will cover this in much more detail in a later post so subscribe to the blog and keep up to date with our content. If you guys have any comments or want to add to this leave a comment below.