Is becoming a millionaire that HARD?

**Coldie** · 07-06-2007, 10:29 AM

I looked in an old motivational course booklet & recovered something I find interesting.

Look at the number.

"Becoming a millionaire is having one million. To have that first million is to have sold one million product to a number of people.

Number of people = net worth of product

1,000,000 = 1.00
100,000 = 10.00
10,000 = 100.00
1,000 = 1,000.00
100 = 10,000.00
10 = 100,000.00
1 = 1,000,000.00

Do you have something to sell? Are you sure you could not sell to 1000 people products worth RM1,000.00? Or RM100.00 product to 10,000 ?

Do you think it's really that HARD to become a millionaire?"

I suggest you play with the numbers with the net worth of your product and see how you can make that milion.

Have fun! :shifty3:

**djchris** · 07-06-2007, 11:03 AM

Since you are promoting referrals from programmes like emailcashpro, you may want to go lower for your product's networth to $0.01 instead of $1.

Just a thought.

**mrleech** · 07-06-2007, 11:23 AM

Wah, Chris so fierce.

Of course, it is an interesting concept. However, money never comes easy. If it does, then please relook and find out why. Everyone wants to be rich. But how many can really have the tenacity to fight it out?

**Coldie** · 07-06-2007, 01:09 PM

Actually I post seek of posting... :cry3: Need to post and makes some friends... :biggrin4:

**seacsub** · 07-06-2007, 01:20 PM

Depends on how many of that number of people are interested in the product you're selling i guess. They could look for cheaper sources in terms of software/movies/music, they could even get them for "free" therefore cutting the profit margin even lower.

**astrea** · 07-06-2007, 01:26 PM

ha... i think what u mean is the profit margin rite not the price... aniwae, dont forget abt ur expenses as well...

**GreenSn0w** · 07-06-2007, 01:35 PM

if u set ur heart at it..u will be able to do it..
but of coz..there will be some setbacks la.......

**panzergrenadier** · 07-06-2007, 01:35 PM

Becoming a millionnaire is like becoming anything you put your mind to. It starts with thinking, planning and executing a plan to reach your goal, if earning a million dollars is your goal.

But a million dollars may not satisfy you. Many people have made millions and spend millions more. Take for example, Mike Tyson, world boxing champion was valued $300m in net worth, and he is now a bankrupt because he SPENT more than $300m in his lifetime!

It is a balance, at whatever income level you are financially free when your income from stocks and shares, fixed deposits, treasury bills or rental yield from investment property are MORE than your expenditure. To do that, you don't necessarily have to be a millionnaire. The problem is that there are not many safe investments that yield more than 5% so having $1million of investments will give you $50,000 a year which is enough for many people to live on comfortably.

If you can live on, say $24,000 a year then, you can have $500,000 in investments which yield 5% to be able to tell your boss that you do not want to work for the rest of your life.

So ultimately your expenses do determine if you need that million or not to be financially free! :-)

Be well and prosper.

**djchris** · 07-06-2007, 01:45 PM

Quote:

Originally Posted by seacsub

Depends on how many of that number of people are interested in the product you're selling i guess. They could look for cheaper sources in terms of software/movies/music, they could even get them for "free" therefore cutting the profit margin even lower.

That would depend on your marketing strategy.
Companies that compete on price points will die eventually (if not now, den later, but for sure).

Whenever I offer a service, I make sure that the percieved value is high even if the service is already a commodity. My clients always know that my service rendered is worth much more than the price that they are paying. Even if it is higher.

**Aston** · 07-06-2007, 01:56 PM

This is indeed a very interesting topic, like the game show "Who wants to be a Millionaire?". In reality, who don want, just that not many can make it. :handsup:

But life is always fair, at any time there are always someone making it, good time or bad time. I always believe anyone who put in enough effort will make it too. There are always thousands of opportunity out there, just keep eyes open and mind open, just need 1 to make the first million. :mellow3:

I did ask my ex-boss, who is making over 3million USD a year, with a company of 10 employees, all under paid, he told me making the first million is the hardest, but once you are able to reach there, the next million will be easier.

Hope the few cents of experiences helps someone out there. :biggrin4:

**kwokhua** · 07-06-2007, 02:38 PM

Everyone of us can be a millionaire as long as your mindset is correct. You must have that millionaire mindset in order to attract the ideas to your mind.

Firstly, you must know how to psych yourself to achieve that mindset. Think big and be adventurous. The reason why most Singaporeans stay where they are is because they are too cautious with everything they do. They prefer stability, which is something detrimental to the growth of a millionaire mindset.

Next is of course to emulate the behaviour and thinkings of rich people. Find out what they have been doing, right up to the last detail bit of what they do in daily life. You can easily find such books in the library or any of the major book stores.

Lastly, meditate and visualise yourself to be a millionaire. Have you ever watched, "The Secret"? Well, what you visualise, you attract. So got the idea? Do not think negative and start to bless the rich people around you. Look at them with happiness instead of envy.

Sooner or later, you will achieve your goal. Start today, never mind if you know nuts about doing business. Ideas will come once you are in the correct state of mind.

All the best to all the potential millionaires out there.

**ylfoo** · 07-06-2007, 02:48 PM

Quote:

Originally Posted by kwokhua

Everyone of us can be a millionaire as long as your mindset is correct. You must have that millionaire mindset in order to attract the ideas to your mind.

Firstly, you must know how to psych yourself to achieve that mindset. Think big and be adventurous. The reason why most Singaporeans stay where they are is because they are too cautious with everything they do. They prefer stability, which is something detrimental to the growth of a millionaire mindset.

Next is of course to emulate the behaviour and thinkings of rich people. Find out what they have been doing, right up to the last detail bit of what they do in daily life. You can easily find such books in the library or any of the major book stores.

Lastly, meditate and visualise yourself to be a millionaire. Have you ever watched, "The Secret"? Well, what you visualise, you attract. So got the idea? Do not think negative and start to bless the rich people around you. Look at them with happiness instead of envy.

Sooner or later, you will achieve your goal. Start today, never mind if you know nuts about doing business. Ideas will come once you are in the correct state of mind.

All the best to all the potential millionaires out there.

I like the visualization and affirmations techniques. And I think the best time to mediate and visualization is before and just after the sleep. It seems to work wonders to me.
:rock:

**Aston** · 07-06-2007, 04:15 PM

haha, u r funny. :biggrin4:

**ylfoo** · 07-06-2007, 04:31 PM

Quote:

Originally Posted by Aston

haha, u r funny. :biggrin4:

U do not mean me rite?? anyway I am honoured!!! wahahahha

:biggrin4:

**Coldie** · 07-06-2007, 05:58 PM

Quote:

Originally Posted by Aston

I did ask my ex-boss, who is making over 3million USD a year, with a company of 10 employees, all under paid, he told me making the first million is the hardest, but once you are able to reach there, the next million will be easier.

I have to agree on what your xboss had say. It's never easy to make the first million...

Are there anyone out there that is earning more or much, much more than you? If there are, then you can do it too. Most people want to be rich but they are not learning how to be rich. For example, the typical worker is too busy making money that he or she has no time to manage money. When we have set aside some funds, we have to know how to manage or grow them thru investments.

1 most outstanding is:

Get leverage... do the work once and get paid forever. For example, writing a book.This is passive income.

Incidentally, if you have knowledge, you do it once and get paid forever too!

**Vyruss** · 07-06-2007, 09:26 PM

Here's the Singapore Age old Strategy to become a millionaire...

Simple and EASY

Thru the company called SINGAPORE POOLS....
2 Schemes Toto scheme or the 4D scheme..... Both are Huge in turnover.

Best part.... you have a 50% chance to make it......

Why 50% chance.... you either WIN or LOSE lor.... 50/50.... hee hee

**panzergrenadier** · 07-06-2007, 10:00 PM

If we convert our savings from SGD (S$) to IDR (rupiah) we would all be millionnaires :-)

Mindset is important, granted. But just having a mindset alone will not get us there. It's still boils down to execution of that idea to make money.

Realistically speaking, one can be a millionnaire as an employee in a decent paying professional job if they live way below their means and are very disciplined in saving and investing. :-)

**panzergrenadier** · 07-06-2007, 10:04 PM

My own way on this journey is to:

1) Pay off debt
- I am now debt free and I own my own home :-)
- I don't own a car -- it's a liability.

2) Monetise my home
- Going to downgrade myself and see if I can monetise my CPF by renting a cheaper place to stay and using rentals on my current place to cover ;-)

3) Relentlessly saving
- I live WAY below my means.
- Everyday, breakfast for me is plain quaker oats from Mondays to Fridays. Healthy and saves me $. Weekends I allow myself to eat hawker fare for breakfast
- Cook on weekends. 1 Chicken sometimes can buy $2.90 at NTUC... cook for 2-3 meals. :-)))

4) Investing in SGX, treasury bills, fixed deposits
- I invest most of my investible savings
- Blue chips, blue chips and blue chips
- Treasury bills to beat FD returns even for low amounts of $1000

Small baby steps, discipline. I still enjoy life with volunteer work, toastmastering and blogging. :-)

Be well and prosper!

**Tristanity** · 07-06-2007, 11:18 PM

Quote:

Originally Posted by panzergrenadier

My own way on this journey is to:

1) Pay off debt
- I am now debt free and I own my own home :-)
- I don't own a car -- it's a liability.

2) Monetise my home
- Going to downgrade myself and see if I can monetise my CPF by renting a cheaper place to stay and using rentals on my current place to cover ;-)

3) Relentlessly saving
- I live WAY below my means.
- Everyday, breakfast for me is plain quaker oats from Mondays to Fridays. Healthy and saves me $. Weekends I allow myself to eat hawker fare for breakfast
- Cook on weekends. 1 Chicken sometimes can buy $2.90 at NTUC... cook for 2-3 meals. :-)))

4) Investing in SGX, treasury bills, fixed deposits
- I invest most of my investible savings
- Blue chips, blue chips and blue chips
- Treasury bills to beat FD returns even for low amounts of $1000

Small baby steps, discipline. I still enjoy life with volunteer work, toastmastering and blogging. :-)

Be well and prosper!

Seems like you are on the path to be a millionaire, Just a matter of time.

**Stephen Goh** · 08-06-2007, 12:07 AM

To become a millionaire is not hard but only the time you took to be one...haaaaa

I have attended some trading course.. and one example is by putting 10k in one popular stock and wait... can liao....by the time you retired.. the 10k may become 1m already...

Another is SAVE and compund it... surely it will grows to 1 million too but only the time it took to reach the 1 million and the compund %...

Try to learn more investment tools.. then you will understand.