How to become a millionaire: a recipe from a successful immigrant businessman
Hello friends! My name is Timur Mirzaev, I am an immigrant, business enthusiast and owner of 5 large companies in the USA, Canada and Uzbekistan. And in the last year also blogger talking about how to succeed in the USA those who come from another country. Subscribe to my instagramso you don't miss the fun. Everyone defines success in their own way: for some it is a family; for others, glory; and for many - self-realization. If you are one of those who seek to realize themselves in business and earn a million (and maybe a billion) dollars, you are in the right place!
There is a specific formula for how to become a dollar millionaire.
1. You need to learn how to work
Not from 8 to 5, but specifically a lot of work on your goal (80 hours a week).
2. Read at least 1 book per week
52 books come up in a year. But this is not just about fiction or detective stories, but about professional literature and about-business topics. This makes it possible to raise your awareness in all processes related to your field, as well as learn from the mistakes of others.
3. Do not change industry often
Otherwise, every time you have to start over and accumulate expertise. If you look at the stories of famous wealthy people, then all of them made money in their "business of their lives", and did not jump from industry to industry.
Thus, we get our cherished formula: 80 hours of work on a goal + 1 book per week + one line of work = dollar millionaire.
It is generally accepted that if these conditions are met, in 2 years you can actually earn $ 200-250 thousand per year. In 5 years - already a million dollars. In 10 years - $ 100 million, and in 20 - and a billion dollars on the doorstep.
Sounds tempting, doesn't it? I believe that it works and I try to follow it myself.
The only thing worth thinking about before starting: do you need this million at the cost of such efforts and time? And if you are sure that yes, then let nothing stop you.
Of course, you won't be able to make a million by sitting in the office of someone else's company. We need our own business. But where to get the start-up capital? A million will come later, but money is needed right away. The answer is simple - you need to accumulate start-up capital.
How to learn to save money
Every adult independent person should be able to save money. I know that there are many people, and I used to be one of them, who drain money as soon as it gets into their hands.
When I got married, I realized that we would not live like this for long, I have a family and responsibility for them. And I began to learn to save. Yes, there were times when I wanted to buy some thing or "toy", but the thrill of watching my savings grow outweighed.
I did not buy on purpose and soon began to enjoy the fact that I myself control my cash flow, and not me.
When you have a money pillow, you always feel confident in life and in business. What am I telling you, for sure, you have experienced this feeling many times from the amount earned.
There are different ways to save money:
- set aside a fixed amount every month / from every income;
- a savings account that can be funded but cannot be withdrawn for a certain period of time;
- organize a fund for the future of your child (if you need more serious motivation) and replenish it regularly;
- put change from the store in the bank;
- refuse to show off.
There is a wonderful book "The Richest Man in Babylon". In addition to worldly financial wisdom, it offers such a method - to save 10% of each of your income, regardless of the amount earned. Without exception.
The other 10% at this time is used to pay off loans and debts. It's minimum. If you can save more - go ahead!
But remember, if there are uncovered debts, then it makes no sense to just postpone without closing the debts, especially if the debts are loans with interest.
In general, if you are completely into this topic - the dark forest, then start with a book and 10%. The key to this "game" is consistency, and following these simple rules, you will soon be pleasantly surprised.
When you've set aside enough money to start a business, then you need to choose the right work model. Believe me, not everyone who decided to start a business became millionaires. Many were left with nothing. In order not to be among them, you need to properly plan the opening of your business (here I painted everything step by step)as well as choosing the right business model.
Business models that work in different ways, but are equally successful in generating income
These are my top business models for any entrepreneur:
1. Free product (for example, content or site access), and the income comes from advertising. YouTube is a good example.
2. The basic version is free, but the upgrades are for an additional fee. This model is called the Freemium model in English, and LinkedIn is a good example of such a business model.
3. Average price model. Not the most attractive for some clients, but nevertheless successfully existing on the example of auto and other types of insurance. In short, a young and healthy patient will pay for medical insurance in the United States no less than an old and sick patient, thereby partially offsetting the latter's expenses.
4. Traditional model "product cost + margin". Bought / made for $ 20 - sold for $ 30. Everything is clear.
5. Subscription. To use Netflix, for example, you need to pay from $ 8 to $ 13 monthly, depending on the type of subscription.
6. The volume-oriented model. The more services you buy, the more buns you get. This can include real estate agencies and other “buy a house through our agency, get a piece of land in addition”, or a package of services for 5 years, etc. etc.
7. Commission from sales. This is a favorite model of all salespeople - the more you sell, the more you earn on commission.
8. Cheap product, expensive service. It is also a fairly popular model when you sell a service, but in order to further consult on this issue with specialists, you need to pay a certain amount per year.
9. Low entry price, extra bucks for extra money. For example, the cheapest base Tesla model can be bought for $ 30 (which is very affordable for most people in the States). However, if you want to add a leather interior of a certain color, wheels or a fancy trip computer, then the car will cost twice as much.
More interesting information about business and life in the USA can be found in my Instagram by hashtags:
- # team_pro_business - here I write about business ideas, startups and doing business in general;
- #time_habits - here I talk about my good habits that help me stay effective in life and business;
- #team_hobby - under this hashtag I share what helps me stay in shape and restore energy reserves;
- #team_development - well, here I share useful books / films / podcasts and other resources for self-development;
- #time_personal - under this hashtag, you can find a story about my move to the USA, the beginning of a business path and the launch of my first offline business.
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