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How to Make 5 Million dollars

Posted on May 16, 2007 in Working Online  

Who wouldn’t want to know how to make 5 million dollars? A million isn’t what it used to be. I got inspired to write this post on how to make 5 million after reading Smart Money, they had an article about how to make 5 million and I found it interesting. I thought I would share some of the info and some of my thoughts on how it relates to online marketing world.

First off some interesting facts (Pulled from Smart Money Magazine June 2007 issue):

  • 70% of great family fortunes are less than 13 years old. (stats from the Harrison Group)
  • from the 70% the Majority are Entreprenuers
  • In the US 1 in 12 families have atleast 1 million tucked away (this includes home equity, investments, etc..)
  • To be in the nations top 1% you need more than 5 million.
  • Only 10% of those worth over 5 million inherited it. 
  • 80% either started their own business or had a large stake in the business they worked for and it saw massive growth.

Now you are probably saying those are some interesting facts but how do i make that 5 million? First off as the stats show you most likely aren’t going to get there by working a normal 9 to 5 job behind a desk for someone else. You also need to have a drive to succeed and not give up even in the face of failure. Many people that succeed or make it big many times fail at first, but the important thing is they got up and kept trying.  This means going after something you love or have a passion for. Let me repeat that, it means going after something you love or have a passion for.

Without big risk there is no big reward. Which is why you most likely won’t become rich working a 9 to 5 for someone else. The risk may mean at first giving up some free time, then looking towards quitting your 9 to 5 to persue your dream or goal. But there almost always has to be some risk to the big reward.

If it is something you can’t handle on your own, find people that can believe in and get behind your vision. Nothing like having a partner or coworker that is constantly telling you it’s not going to work. If you don’t have the skills to completely do what you want to bring someone on that can or even train yourself by going to school or classes.

Now to the part about online Marketing. Everyone that reads this has an AWESOME opportunity at hand. With the LOW cost of startup for an online business LITERALLY anyone can do it. To get started you can literally get going for less than 20 bucks a month. ( don’t stop for starbucks a few days out of the month and you got it covered.)

Now do some research. Save your money and don’t buy e-books as the knowledge is out there for free 99% of the time. Just visit some of the great forums out there, read and ask questions.  Two good ones are Digital Point and Earners Forum  

Get behind a product or area of interest and start a website, blog, online community about the product or area of interest. If one already exists can you improve upon it or have a site with a different angle or offer something the other sites or communities aren’t. Start promoting it, tell friends and family. Utilize sources like Press releases, Google Adwords, Text Link Ads or ReviewMe to get the word out there about your site.

Now you have a site up with traffic and people visiting you want to monetize it. You can use various sources like, CPA networks, Google Adsense, CPM networks or even AuctionAds (alows you to show users the latest auctions for certain product or category and if they buy you get a commision).  Once you have your first established site try branching out into new areas and use the ‘techniques that worked for you but always be on the look out for news ways to promote and monetize your sites.

If you actually take the time and effort to provide a great site or resource around a product and get the word out you will start making money online. The key is having the drive not to give up when you only have 10 visitors a day or 1 lead a week. Also keep in mind it’s not always about having one site or idea make you 5 million it could be many or even 100′s of products or sites. Maybe you say you don’t need 5 million maybe you need 10 or maybe you only need one, either way they internet has a wealth of opportunities avialable if you will only be willing to put some time and effort into it. I hope this also helps inspire people to realize that even an average joe can become worth 5 million just takes some effort, ideas and risk.



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Comments

13 Responses to “How to Make 5 Million dollars”

  1. John on May 16th, 2007 11:50 am

    Man thats some interesting stats. Didn’t realize the wealth was so new… there is hope for me.

  2. Justin Cook on May 16th, 2007 11:54 am

    Great read, gives me further inspiration!

  3. Chad on May 16th, 2007 3:45 pm

    Great post. Another interesting statistic that I have read before is that the wealthiest people in the country continue to live modestly, which contributes to their wealth to begin with.

  4. fthead9 on May 16th, 2007 6:55 pm

    This is a great follow on post to the original article. One item in the article that you didn’t directly address was the success of companies with more than one founder.

    Seems as though multiple original founders increases the chance for success while a single founder forced to later bring on other talent tends to result in clashes of style/direction which decreases chances for success.

    Overall great post!

  5. bigpoppa on May 17th, 2007 10:36 am
  6. Michael on May 19th, 2007 5:35 pm

    good article

  7. Bryan Mc on May 19th, 2007 7:15 pm

    Awesome article.. The part really struck a cord with me about not buying ebooks. There are plenty of great resources out there..

    What people don’t realize is not all the answers that it takes to make money is going to be covered in that one ebook. Seems the natural need for convenience of having just one resource to look at, instead of thousands of articles, takes over their common sense.

    BTW, I love EF — I don’t really post a lot but I hang around (Bmc).

    ..And Nice blog, too.

  8. Will on May 21st, 2007 11:04 pm

    Nice post. I have learned a lot from DP and EF from my short time visiting and reading the forums.

    But is affiliate advertising the real way to go? I don’t know, I’ve tried using it on different places on my blog, but I get little to no clicks / leads each month. I just left it at the bottom of my site, and I know that’s a bad place to be but what else can I do.

  9. Chickenhole on May 22nd, 2007 4:21 pm

    So 90% of ppl with more than 5MM in assets inherited it? That seems high. Is that inherited all of it or anything?

    I’ll race you to 5 Mill free and clear after taxes in the pocket there David. I bet you have a slightly better head start. 2009?

  10. CPA Affiliates on May 22nd, 2007 4:54 pm

    No your read it wrong 10% inhereited it. 90% made it on their own or with a company. :)

    hmmm a wager eh….. let me think about it ;)

  11. Robert Davis on July 13th, 2007 9:34 pm

    I would love to make 5 million dollars

  12. Inetmillions.com on July 26th, 2007 12:42 pm

    “The key is having the drive not to give up when you only have 10 visitors” I like that part.
    I remember when.

  13. Dave Starr --- ROI Guy on August 25th, 2007 4:56 am

    An excellent article. It opened my eyes … and I could see from some of the comments (thanks, everyone, BYW, much better class of commenter here than on some similar blogs) that a few other people got their eyes open too.

    I’ve been making money on-line for several years now … but inconsequential amounts. I think 5 mill is a reasonable figure … the reason i haven’t made anything like that is strictly becuase I haven’t bene aiming for it.

    The most important point is that there is virtually no start-up costs, as you pointed out. Virtually any other business requires finding capitalization … on-line we cna use the Nike model and just do it.