7 Practical Ways of Making One Million
Do you want to be a millionaire?
One Million is a great target to have, sounds good at the bank and also around your friends. Why make one million? Think of all the things money can buy; shoes, cars, smartphones, clothes, furniture, jewelry, electronics, land and more. Similarly, think of all the causes you can support; beyond zero, food for hunger, cancer research, benevolence etc. The use of money is as as numerous as the sand on the seashore.
Did you know that only 300,000 Kenyans have a bank balance of Kshs 1,000,000? So you would be in the top 1% if you had a million bob. (Source Standard Media)
The good news is that all of us can make a million, the bad news is only a few of us will. Why is this? The mystery is that most people will not go after their goals and dreams with the urgency that is required. Most of us would rather drift and do what is ‘fun’ like watching TV.
If you want to make a million you have to take massive action. You have to go out there and offer people a product or service that gives them value.
You can also bet or play lotteries but the chances of winning are one in a million. And if you won, you will probably waste the money upgrading your lifestyle. This kind of wealth is short lived and short sited.
Let us jump into the 7 Practical Ways of Making One Million;
1. Get into Sales
You can easily make a million by becoming a salesman or lady. Every company or business out there needs salespeople to push their product or services. Look for a mid-sized or large company and join their sales team. Most salespeople are paid a commission. You can become a freelance salesman or a permanent one. There are pros and cons of both but this is not the post to discuss that.
- Let us take an example; Company XYZ pays 10% on all sales. You join the team and you make 10 million in sales. Your commission will be 10% of 10 million which works out to a million in commission.
2. Teach People Something
All of us are pros at something. Why not teach it to others? Are you good at sports, music, arts, sales, business, baking, motivation, inspiration etc. If you have any skill I bet you that someone is willing to learn that skill either for career advancement or fun. Either way you can get money from your skill.
- Take for example Jane is good at baking, she goes to social media and posts that she can teach baking at Kshs 5,000 ($50). Over the next 12 months, she trains 200 People how to bake. Do the math 200 x Kshs 5,000 = Kshs 1,000,000
3. Start a Business
Starting a business is not easy but all of us can start one. Look for a product or a service that people need and start selling. There are thousands of businesses ideas around us every day. You only need to pick one and run with it.
- If you have a Kshs 1,000 product or service you only need to sell it to 1,000 people to make a million.
- What could I sell for Ksh 100? Now you could sell a pack of 4 toilet papers. If you sell 10,000 units of those packs you’ll be able to make a Million.
- What could I sell for Ksh 1,000? Well, you could sell kids clothes, which cost a thousand shillings. Now you’ll only need a thousand clients to make a Million.
- What could I sell for Kshs 10,000? How about you sell mobile phones that cost Kshs 10,000? That could be something right? Now all you need is to sell a hundred of those and you’ve made a Million.
- What could l sell for Kshs 100,000? Now, this is where things get really interesting. Use the power of creativity and imagination to think a bit further. How about if you sold an eighth acre of land? That could be something you could do right? Now all you need is to 10 people you will make a Million.
4. Get A Job that Pays a Million
This sounds like an uphill task but it is doable. Let us do some quick math;
- Get a Job with a midsized company that pays Kshs 50,000 Salary per month. In 20 Months you will make a million.
- Find a corporate job that pays you Kshs 100,000 Salary per month. if you work for 10 Months you will earn a million.
- Learn new skills and Get a Job with a corporate for Kshs 200,000 Salary per month for 5 Months is equal to one million.
- Think Big and Dream Big and Get a Job with a Multinational Company that pays Kshs 500,000 salary. The math is simple it will take 2 Months to make a million.
As the math shows there are many ways to get to a million. Upgrade your skills and make yourself more valuable to the market place so that you can earn more.
5. Save Money
Why Not Save Money? If you are already getting some income why not save some of it. Open a savings account or better yet, save the money is a sacco (savings and credit cooperative –not Gakuyo or Ekeza Sacco) .
It is maths time;
- You can save Save Kshs 1,000 per month for 83 Years and you will arrive at a million
- Or Save Kshs 10,000 per month for 8.3 Years and you will arrive at a million
- How about pushing yourself to save Kshs 20,000 per month for 4 Years
- Let us think massive and save Kshs 50,000 per month for 1 Year 6 months, we have a million
6. Compound Your Money
Compound interest is the eighth wonder of the world according to Warren Buffet who is worth over $80 Billion (8 Trillion Kenya Shillings). If you do not understand compound interest check it up on Wikipedia.
Some great places to compound your money are in government bonds, bills, sacco’s, investment companies which can pay between 8% to 12% per annum or more. I do not advice banks since the interest is low for most banks. Time for math again;
- Compound Kshs 50,000 at 12% per annum for 26 Years and you will arrive at a million.
- Increase your initial saving to Kshs 100,000 and compound it at 12% for 13 Years and you will be at a million.
- Why not invest in an initial saving of Kshs 250,000 and save Kshs 5,000 every month after that and compound it at 12% interest rate. It will take you 7 Years to save a make a million.
7. Become an Influencer
Most of us if not all of us spend a good chunk of our day on social media sites. Leading social platforms like facebook, twitter, instagram and youtube keep everyone glued to them. Why not use them to make money?
An influencer is someone who has a big following on any of the major social media platforms. This following can be used to advertise and market products and services for others and earn you a living.
- For example, John has a following of 50,000 people on Instagram and Twitter. Bovic Holdings wants to market its new perfume. They approach John and agree on paying him Kshs 1 per follow to market their product. They pay John Kshs 50,000 (Kshs 1 x 50,000 followers) to post their new soap on his profile pages for a month.
- Now imagine if John could get 20 companies like Bovic, he would make a million easy. (20 Companies x Kshs 50,000 per company).
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