10 Ways to Make $1 Million if You're BROKE | Spotify Video Exclusive
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What are the first three ways to make a million dollars with little or no money?
I want to break the myth in this video that you need to go make a million dollars, that you need money to make money. One, two, three, four, five, six, ten different ways you can make a million dollars for little or zero money down. And you can apply this to a thousand dollars, a hundred dollars, a hundred million dollars. You can do any of these things and add or detract the amount of zeros that you feel comfortable with. The first thing that you can do if you want to make a million dollars, you can sell something for a million dollars. And as crazy as what I'm saying sounds, you absolutely can sell something for a million dollars. If you go to an e-commerce store and they're doing $100 million a year and you say, hey, if I can increase your conversion across your entire site, rewrite your emails, redo your landing pages, and I can get you a 5% lift, can I get 1% of that?
So you make them an extra five million a year and you get one. Do you think you can do that? Yes. Why are you going to be able to do so much? Not because of you, but because of who they are. You make a million dollars by selling someone else five to ten million dollars of value. And you're like, I don't know how to do that. That's fine. But except that you don't know how to do that and then say, I want to learn how to do that and then go get the skill of doing that and then you can go sell it. You can't say that you don't have the money and that's why you can't make money. The second one is that you can borrow a million dollars and then buy something and have someone else pay it back. It's fundamentally what real estate is.
You borrow money to buy an asset. You put tenants into the asset. They pay off the money that you never had. That is what real estate is. And I'll tell you a quick story on this. So a buddy of mine got into real estate, was flipping houses, didn't think there was a lot of money in it.
How can you leverage contracts and commissions to generate income?
It was like, oh, this sucks. There's so much work and there's all those tenants, you know. So he ended up buying a 14 unit apartment building with someone else's money. He didn't have any. Bought the apartment building and then sold it four months later for $500,000 more. And he made 500 grand in one transaction. And so then he realized that the more expensive the building he sold, the more money he made. Then he started getting into commercial real estate, which is even more expensive. He's like, wait a second. I can buy something for 10 million and then I can flip it to somebody for 13 and not even hold onto it for that long. He started flipping 30 or 40 of these a year with just him and a couple of VAs.
Number three is you refinance something for more than you bought it. So if you're like, but I don't know if they'll do that. They will if it's priced low enough. So if you have to go talk to a thousand, building owners, you will probably get one of them who's willing to depart for their thing for significantly less than it's worth and a bank will loan the difference and you don't have to put any money down out of pocket. Let's say you have a $100,000 house and you get it under contract for $80,000 from them saying that they're willing to give you the house for $80,000. And then you say, cool, I can give you 70 And then you got to sell or finance me the 10 over the next five years. And they say, sure.
And now all of a sudden you just got to get the bank and the bank finances 80%. And now you actually just made the difference if you wanted to. And you can take that number and you can do it at a hundred million dollars. You can do it at any of these levels, but that's the concept. Does that make sense?
What are the strategies for selling high-value items or services?
Number four is that you get a contract for something for less than it's worth. And then you sell that contract. An option is a contract to say that you will be able to buy something at a future date at a price that is agreed upon today. That's what an option is. If I agree upon a price of somebody today, then I, as the person who's getting the option, is hoping that it is worth more than that. The person who's selling the option is hoping that it's either worth less than that in the future or doesn't think it's going to change significantly and will just get paid for that tiny option for the contract itself.
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Chapters
6 chapters
1
What are the first three ways to make a million dollars with little or no money?
0:00–1:25
2
How can you leverage contracts and commissions to generate income?
1:25–2:41
3
What are the strategies for selling high-value items or services?
2:41–3:33
4
How can you find and buy early launches from others for profit?
3:33–5:18
5
What is the concept of selling units of products to reach financial goals?
5:18–6:06
6
How can you acquire businesses without any upfront investment?
6:06–7:21