7 Essentials for Making $1 Million From Scratch To be a millionaire requires a patient strategy and the resilience to bounce back when the strategy fails.
By Timothy Sykes Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Making a million dollars is a big dream that many individuals have. The financial freedom that comes with being a millionaire is enough of a lure for any person, in any profession to take on this type of challenge. But how do you make a million dollars with no base to grow off of? The good news is, I have some tips that anyone can use to help them make $1 million from scratch.
1. Find a mentor who has done it.
A mentor can be your greatest ally in your journey towards making a $1 million. If you have someone looking out for you who has done it before you can gain valuable insight that can truly make the difference in your success. I did not have a mentor, I was self taught, but I could see right away how much easier my journey would have been with a mentor behind me.
Related: Forget Advisors -- How to Find and Woo a Power Mentor
2. Know that you don't need to be perfect.
You don't have to be perfect and you don't have to do a perfect job every time, but you must be dedicated. Study hard, learn from your mistakes and never give up. You're going to fail, and that is OK, but it's all about how you react to that failure that will help you in the long run.
3. Remember that small gains add up.
You are not going to make $1 million in one deal, and you aren't going to make $1 million overnight. Most of my students and I have made our million dollar goals in small successes, with $1,000 gains at a time. You don't need to make $100,000 in a single win to be on your way to being a millionaire. It doesn't matter what you start with. My top student has now turned $1,500 into $2.7 million in 4 years.
Related: This Person Improved Every Tiny Thing by 1 Percent and Here's What Happened
4. Use alternative strategies.
There are so many traders who lose and investors who fail at the stock market because they aren't thinking outside of the box. You must be willing to take alternative approaches to really find the success that you are looking for. Things like pump and dumps and short selling may not seem like the most logical step, but they can really make a difference and help you reach your goals. If you take a look at some of my live trades, you will see how often I take this approach.
5. Don't expect success right away.
You are not going to reach your goal in a matter of days, weeks or even months. Don't focus on how fast you can reach your goal, focus on learning and increasing your knowledge base first. This will help you make a stronger foundation for future success. Remember, profits come as a result of education.
6. Assume you have to work harder than everyone else.
So many of us want what others have, but we don't get it. This causes so many people to make excuses for why other people have the financial success that we desire. Stop making excuses and just accept the fact that you are going to have to work harder than others to get what you want. It doesn't matter that you are starting from scratch or that someone else has family money or walked into some financial success, in order for you to reach your goals, you are going to have to accept that you will need to work harder than everyone else.
7. Have the right motivations in place.
Don't just work towards your goals for superficial reasons. Yes having money and notoriety is nice, but these are all superficial reasons for reaching your goals. Challenge yourself to be the best you can be and think of the rewards as a secondary benefit.
These tips aren't the only thing you need either. In order to make a million dollars from scratch you need to put in the necessary hard work and dedication too. If you do, you may just find yourself making your first million faster than you ever thought possible.
Related: Want to Be Happy? Pick a Startup Model to Match Your Motivation.
