Day 1 – Ideas Day

           Up until this point in my life, I have no idea how to earn a million. From what I’ve read, you can save a percentage of your income for around forty years and invest for the long term, you can start a really successful business from the ground up, or you can have an amazing idea that serves millions of people. But it’s pretty obvious that you have to do something other than just being an employee.

           The way I see it, there are two ways of earning money. Either you offer a product or service in return for little money and make several transactions, or you offer a product or service in return for a lot of money and make fewer transactions. But you have to offer something that can be exchanged for money. Given that I am working full time, whilst attempting to accumulate a million, I need to do something that isn’t going to require all of my time; something that I can do around my job, but what…

           My first idea is a blog, as I can write my entries during my lunch hour and add to them in the evenings. This shouldn’t be particularly difficult as I will have fresh content every day that is based on my progress. The hard part however, is getting readers and generating an income from it. Now, you may be wondering why I am telling you this, when I have clearly set up a blog. This article is based on a journal entry I made on the 1st of January 2018 and is being written on the 4th of January as the blog was only created yesterday, 3rd of January 2018.

           My second idea is the stock market. As I am unable to invest for the long term, I will have to hold short positions on the stock market; the more volatile the better. I know people who do exactly that and triple the money within their trading accounts on a weekly basis! Naturally, this is something that I am very keen to learn. But it’s not all sunshine and rainbows, people can and do lose a lot of money. Those who are new to trading are much more likely to lose it all. If you don’t believe me just open a demo account on a trading app and buy whatever you like. You’ll soon find that you need to reset your account. When I first started, I had to reset my demo account three times within the first week because I’d practically lost all the money.

           My third idea is an eCommerce website. At this stage I’m not sure whether I will sell my own products or whether I will simply drop ship existing products. I am toying with a few ideas here, but I will probably set up more than one eCommerce website. I imagine that I will start with a drop shipping eCommerce website.

           My fourth idea is book writing. I really like the idea of writing factual book and have toyed with the idea for a couple of years. I have a concept in mind and I’m going to put it into practice, with a view of publishing it towards the middle of the year. Even if I only sell one copy, then I would have made some money from it and I can put it towards my total.

           My fifth idea is to write eBooks. EBooks tend to be much shorter than traditional books and should be much quicker to write. I’ll probably stick to areas that I know well, but I am tempted to dabble in a bit of fictional writing, but I will save that decision for a later stage.

           My final two ideas are to create YouTube channel and/or a ‘real world’ business. I am not sure whether I will actually do either of these yet, but I will keep an open mind. Whilst all of these ideas are good, I don’t think any one of these ideas can generate me a million within a year. But I do think that a combination of the above can. I guess we’ll find out.

Can I become a Millionaire from scratch in just one year? Let’s find out…

           Back in 2011 I set myself the target of becoming a millionaire in ten years. Since then, I have obtained a degree and a new career; within which, I have doubled my salary within one year and became a manager within two. I am now three years in and have built a team of six people.

           I have come to the realisation that I will not become a millionaire from my salary alone, well at least not within the next 4 years. I have also noticed that, because I had given myself so much time to achieve my goal of becoming a millionaire, that I have procrastinated a lot. Not so much in my career, but in developing more income streams; definitely. With this in mind, accompanied by the fact that I work well under pressure, I have decided that I needn’t wait another 3 years before taking action. I decided on December 26th, 2017 that I would become a millionaire within one year, actually in a little less. My target date is December 24th, 2018.

           I am both excited and terrified, but I believe that this a good thing. If it did not terrify me then the goal would not be big enough. Right now, I start with nothing, ‘nul pwa’. By the end of the year, I hope to have gained much. Even if I do not achieve the goal, I would have learned so much, that it will make it possible for me to achieve my original goal of reaching one million pounds by December 31st 2021. But that doesn’t mean that I am not going to go after my goal with everything I’ve got and let’s face it, I have nothing to lose here and a lot to gain. In addition to the goal, I have decided not to hesitate in taking action; as I have done in the past.

            I have come to the realisation that I am not a millionaire for one reason and one reason only, and that is that I do not know how to earn 1 million pounds. Now that I have identified this, I can do something about it. So, my first step is to learn how the wealthy think and to analyse the people that have started with nothing and became millionaires. For this I have created an initial reading list which includes titles such as, ‘The Richest Man in Babylon’, ‘Think and Grow Rich’, ‘Rich Dad, Poor Dad’, among others. I will begin with ‘The Richest Man in Babylon’ and provide feedback on what I have learned from these books along the way.

           Sadly, reading alone isn’t going to make me a millionaire, so I’m going to have to come up with some innovative ideas that can generate multiple income streams. I will not be giving up my full time job, but I will use £250 from my salary and all earnings generated from it in order to generate more income. I will wake at 4am daily and work towards my goal before I go to work, I will also gain as much knowledge as possible in the evenings after work.  I will use this blog to provide a daily update on my progress.

           Before I go, I’d just quickly like to point out that this isn’t a New Year’s resolution or some fad that I am going through.  I am 100% committed to  the cause and to making this a reality! Who knows, my journey may even alter your life, the way you think and what you believe is possible for you and your family. So, if you’ll excuse me, I’ve got work to do…