Let’s Make $1,000,000.00
Estimated Lesson Time: 4 minutes
Whenever I come across a book, article, or website on making a million dollars, I notice the method used is either a) a long-term secure investment strategy that begins at age 20 and matures at age 65 or b) an attempt to get readers to sell the author’s product. Well, the strategy I am about to propose is one that will take seven years, not 45, and it does not have anything to do with selling our services. It is the same formula I used to build Adgrafix, which in 7 years I sold for 20 times the one million dollar goal. If acquiring more money is part of your definition of success, then read on.
Why one million dollars? Why not? It is a nice round number that many people use as a basis for wealth. Sure, one million dollars is not the same today as it was 25 years ago, but it is certainly an amount that most people on this earth would be happy to have.
This formula is a general formula, not an exact “how to.” It is up to you, using the knowledge you have already acquired in this course, to fill in the details and make this formula work for you. The formula itself is quite simple but as powerful and real as they come. I call this the “RAM” formula, and I will explain why in a moment. This is a formula that will take seven years to make one million dollars. Your results may vary by taking longer, shorter, having less, or as in my case, having much more in the seventh year.
You begin by setting a goal to make an extra $8000 in one year. In today’s economy, $8000 in one year is not that difficult to make. It is a mere $22 per day. This can be achieved with a part-time job or side business. This $8000 you make should be spent 100 percent on this goal of making a million dollars. Do not hoard this money or spend it on anything but that which will help you to double your money in the next year. This means in year two, your goal is to make $16,000, but this time, you have $8000 to work with as “investment capital.” Repeat this process for seven straight years, and you will have made over one million dollars. Continue this process for one more year you can keep the one million dollars you have made in the previous year and call it quits if you wanted to.
Year 1: $8000
Year 2: $16,000
Year 3: $32,000
Year 4: $64,000
Year 5: $128,000
Year 6: $256,000
Year 7: $512,000
The numbers in this formula are the same incremental numbers used for a computer’s random access memory, or RAM, thus the name the “RAM” formula.
There is a big bonus by following this formula; to make these numbers on the high end, you will almost certainly need to create something of value that can be marketed. This “something of value” which you are creating is called an asset, which, unless it is you or your time, can generally be sold when you are done with it. The sale of this asset can make you more than double all of the money you have ever earned from the asset, allow you great tax advantages, and allow you to keep more of what you make.
As I said, this is a general formula to follow. It is very reasonable, since doubling a non-fixed income in one year is a goal that is very achievable. In fact, people do it every single day. It is up to you to fill in the details by adapting this formula to your life. At the end of seven years, with patience, determination, and persistence, you will have made one million dollars.
Take Your Year To Success To the Next Level
If you like what you are reading, please consider these options in addition to this free course. They include a hardcopy of the book and an intensive course with action steps, assignments, and personal coaching from Bo.
- Buy the Book. Year To Success - Available in hardcover, signed by the author. Also available in ebook, paperback, and audio from Amazon.com.
- Enroll in Bo's Life Mastery Online Course. This is a course that covers hundreds of life-enhancing topics that they never taught in school, but should. This is more than a course on self-improvement; it is a course on mastering life.
- Business Consulting. Schedule your complimentary 15-minute evaluation session with Bo.
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Some discussion questions (some may not apply to this lesson):
- Have you implemented this idea in your life? How has it been working for you?
- Do you have any interesting stories related to this lesson? Do tell!
- What do you admire most about this person? (success biography days)