Featured on Forbes “The World’s Billionaires“, Warren Buffett has a total net worth of $65.9 Billion. Currently 85 years old, he is often questioned as to how exactly he achieved his great level of success. Although investing requires a ton of knowledge of numbers, charts and trends, the premise of his success goes much deeper. To understand exactly how Warren Buffett reached his current milestone, it is necessary to identify how he came to earn his very first million. For the hundreds of other people who have also met this milestone, a simple change in mindset has always been the main benefactor.
Making your very first million does not require you to actually study Warren’s life down to his exact footsteps. The reality is that Warren Buffett is not doing anything that has not been done before. In other words, he shares a mentality that often flourishes among many other successful entrepreneurs. The mentality revolves around the concept of visualization and application.
Visualizing yourself earning $1,000,000 is the first step to actually acquiring it. You have to literately envision a plan and determine what actually needs to happened for your goals to be met. By doing so, you give yourself the opportunity to actually set your mind to make things happen. For example, image that you have three big projects due in a month. You may initially feel overwhelmed until you begin to visualize the projects as a whole. Identify what actually needs to be done in order to complete them. This will provide you will smaller tasks that are actually doable!
Apply the same process to making your first million dollars. In order to earn $1,000,000 in a single year, you must first understand how to make $100,000 a year. $100,000 seems much more doable and you have therefore already tricked yourself into believing that the goal actually can be accomplished. You can scale down this process closer to your current standing.
Let’s Talk Numbers
Now that you have scaled down the overall goal into something that is more attainable, you are ready for the final step of visualization. With some simple math, you will find that in order to make $100,000 a year, you must be making $11.40/hr 24 hours of the day. In other words, if that does not yet seem like a small number, you have to earn about $275/day for 365 days of the year. Depending on your business, that may or may not actually be that hard.
After coming up with the actual numbers, its time to make the game plan or simply rethink your current one. Imagine that you own a Landscaping Startup. At the moment your business generates $50,000 yearly, or seasonally for most. In order to turn this company into a six figure business, start out by scaling down to see how you can double your pre-existing profits. When you have a grounded landscaping company, making $300/day is very easy. Many jobs often pay more than this premium for a total of 3 hours of work, which equates to around $100/hr. For those of you that have paid close attention, you will have come to the conclusion that in order to max $1,000,000/year; you must make $114/hr. In reality, you are closer than you think!
So what’s the issue? This business is seasonal. Nearly half of the year, your business will be out of consistent work due to the fact that grass will stop growing. With this in mind, you no longer can rely on making $275/day. You have to make adjustments that allow you to make $550/day or $22/hr. Assuming that you work 8 hours a day, you need to bring in $69/hr.
The math can go on for days, but you must be willing to apply your visualization to your field of business. In doing so you will learn where to optimize. You will also begin to see how precious time can be.
Although all of this is hypothetical speaking, you are working for your first million. You have to learn how to make the $100,000 in order to properly understand what it task to make your first million. In other words, you’ve already transitioned from crawling to walking. You now have to focus on walking before running. Reaching six figures will require you to scale up your current goals, only after they have been met. Once you have successfully applied this process once, it becomes second nature and much less challenging to repeat in order to reach that next milestone.
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