5 Ways to Make ONE MILLION Dollars per Year!

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5 Ways to Make ONE MILLION Dollars per Year!

Jaime Schekaiban • Jun 03, 2020

Realistic Ways You Can Achieve FIRE (Financial Independence, Retire Early) and Make $1M USD

One of the most important things in life considering money is to Retire Young and be Financially Independent.

There was a big movement going on in the last years called FIRE (Financially Independent, Retire Early) which made young people explore options to make more money and keep it.

This is where people started looking at investing their money rather than just saving it. They started to look at compound interest, real estate cash flow, and dividend paying.

Fortunately for me, my dad lived in a country where the average return of an investment account was in the realm of 7 – 15% per year. He did not have to worry about investing, he only had to save his money and place it in the account to multiply forever.

For me, it was not the case. I did have to learn how to invest. It took reading plenty of books and following different mentors to realize I couldn’t just pile up money in a bank account.

Banks are paying less than 1% per year on savings, and that will bring you nowhere.

Let me tell you 5 interesting and REALISTIC Ways you can earn 1 million dollars in a year, to later achieve Financial Independence. These are not easy, but achievable by anyone.

1. Earn a Salary in your Job

Jobs are everywhere. Now with the crisis we are living, it has become more challenging for people to retain them. This is only a rough patch in the economy, as it will come back to normal in no time.

People who make a million dollars per year with their job are not regular employees. They are not only CEO’s as well.

In order for you to make a million dollars per year, you need to stop focusing on BASE SALARY and focus more on BONUSES and COMMISSIONS.

There is no job in the world who will pay you a million dollars per year on BASE Salary. I don’t think even C-Suite executives make that much. Their salaries range from $300k - $800k per year depending on the size of the company.

The professions that will pay you the best bonuses and commissions are the ones related to: Finance, Law, Medicine, Tech, and Oil and Gas.

Also, anything related to Sales will pay commissions. I will help you get the Salesperson inside you to flourish and get those dollars! The key is to get a job that has a solid base pay plus UNCAPPED commissions. The word Uncapped is the key.

The more you sell, the more money you make. When you become a highly skilled professional, you start making more and more money. You can achieve one million dollars per year. Beware though, income tax for a million dollars is 37% plus local and state taxes.

Forget about Base Salaries, forget about jobs where they put limits on how much you can earn. Get a job in Sales or any industry where they give you Bonuses or Commissions that are as big as the value you bring to them.

2. Invest $100k in a S&P 500 ETF for 25 years

This one is one way you can put money to work in your sleep and forget about it. It will not compound overnight, as it takes many years to grow.

The S&P 500 Index has historically given you between 7 – 10% return even with the downturns like today.

By securing an amount of money and putting it away in the stock market, you know that you have a stash of cash when you grow older to rely on.

This is not a way to FIRE, as you will not be able to retire early, but it is still a good way to secure a million dollars in the future!

3. Sell Books, Trainings, Subscriptions, Merchandise, Real Estate

Sales, sales, sales. Sales is a high-income skill that not everyone is comfortable tapping into. You have social media to do it now.

You can be a star in YouTube, Instagram, Tik Tok, etc. and tap into a world of sales and opportunities.

If you can write a piece that people enjoy and get value from, you can profit a million dollars by selling 100,000 audible books. You can do it with prints with around 450,000 copies sold.

You can have a million followers on Instagram and get sponsors. You can start a subscription program where people pay $10 per month to get your content. Little by little, you can add up to make a million dollars per year.

You can sell things on Amazon and eBay for a profit. By selling 100,000 items at a $10 profit you can make your million dollars.

The key word here is SALES. You need to become better in Sales, and you need to put yourself out there for people to follow you and buy from you. Why do you think actors and sports players always come up with products to sell? They already have the followers!

4. Invest $200k in a $1M Real Estate property

This is called Leverage. It is part of why I love investing in Real Estate.

When you invest $200k in stocks, you get $200k in stocks. You pay market value for a stock that you hold for a long period of time until it multiplies and generates the million dollars you are looking for.

No one is going to lend you money to go and buy a stock. They WILL lend you money to go and buy a piece of Real Estate to invest.

When you buy a $1M property with a 20% down payment, you are putting $200k of your own money and getting an $800k loan. With time, the property will be paid off by your tenants, and appreciate to be worth more than the million dollars!

You will also receive cashflow similar to what you can receive with stocks in the form of dividends. You can improve the property and force appreciation on it. Make it worth even more!

I wrote a post about Real Estate which you can read in my Blog section of The Foreigner in America, make sure to check it out!

5. Teach 10k people a $100 skill

This is also related to sales. If you can convince people to buy your product or service, you can also convince them to buy your trainings and books.

If you have skills that are valuable to other people (languages, investing, money, art, literature, medicine, law, sales, social skills, etc.) people can pay money to learn.

You may not be able to sell a training course at $20,000 like the Real Estate moguls do, but start small. You could be selling $50 courses and make a million dollars in no time.

The key here is to have the followers and subscribers. Once you have people following what you say, that is the time to offer your products and services. The other thing is that they must be quality products at a good price.

Closing Thoughts

The key differentiator in this post is Sales. Once you master the art of selling, you can sell yourself to get the job you want, you can sell your products and services for a profit.

You can manage a YouTube and Instagram channel successfully to grow your audience and have fans who will want to put their money with you.

The only one that doesn’t require sales is Real Estate and S&P 500 investing. You need to find a good mentor or company that guides you through, so you take the best decisions there.

Most likely, you will talk to salespeople when you do!

Don’t ever get discouraged with all what is happening today, continue your path to FIRE and achieve your first million dollars! Once you get it, the rest is a piece of cake!