$3,000 to $1,000,000 in 15 months: HOW TO DO IT

>>> Last edited by Russ H : 09-29-2007 at 11:09 AM. Reason: Inappropriate humor (celebrity/gay/world trade center/organ transplants/sex change/transexuality; did not answer question)<<<

holy crap! how did china manage to inappropriately bring offensive content containing celebrity/gay/world trade center/organ transplants/sex change/transexuality all in one post?!? I wish I read it. heh.

Anyway, here is an excercise I learned not too long ago and have found it helpful enough to share with the forum... credit goes to Brian Tracey, the sales/motivational guru.

I use this tactic commonly among my personnel and I have found it very, very effective and I cannot emphasize enough the power of what we call a `mind storm.`

When confronting an idea, or a task, or a problem, simply write down the idea, task or problem on top of a piece of paper and then form a question pertaining to solving the task/problem or pertaining to developing the idea.... at this juncture, spend at least 20-30 minutes writing down every single idea that pops to mind... no thought is too crazy to put on paper.

Assess the info you wrote on the paper and pick only a few ideas to work from (unless you have the time to act on all of the ideas)

The title of this thread is a perfect candidate for a mind storm... How to make 3k into 1mil in 15 months. ...

I perform a mind storm on a weekly basis- most recently, the topic was how to develop my sales personnel more. I was pleased with many of the results and have already implemented a few of them.

Good luck.

I love this. I've been teaching this to my kids lately. In the last week, that little nagging, "I can't" voice has entered their minds when they sit down to do their writing assignments. We all have that little voice.

"I can't"
"It won't work"
"It is too boring"
"It is too hard"

That same limiting voice can crop up on an assignment like this. We are so busy trying to perfect the idea or the plan or the paragraph before it has even been generated that we can't generate it! So.... get it all down - no matter how crazy it is.

You just might amaze yourself at finding a solution so crazy it just might work!

To quiet the that nagging little voice - try this exercise I recently read in Anne Lamote's book, "Bird by Bird". When you hear those voices close your eyes and imagine they are little mice people. Pick them up one by one (by the tail) and put it in a little jar. Put the lid on and watch the little mouse person scrambling and hitting the side of the jar to get out. Turn the volume all the way up and listen to those angry hateful little voices for a minute. Then, turn the volume all the way down - and get to work.

Russ- I fall into that third catagory where, "I don't even know where to begin". However, I realize this is self limiting and I am anxiously waiting to see other peoples ideas. I don't have the "web" interest or e-commerse interest (unless you count automating a vacation rental business) or expertise...and I guess I am really not interested in spending the required amount of time to learn the expertise in these areas either.

I DID find it very interesting though, that my son (who lives in a different state than me and is also on this forum) replied with an idea that he has actually started putting into action. (Kudos kiddo, keep it up). I know that I have always encouraged him to think big and attempt to accomplish whatever he wants. I'm glad he is listening. And I'm really glad he gets to share all of the ideas and information on this site.

My Mom told me once that only boring people get bored.
I've never used that word again in reference to myself.

: )

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OK, being a noob to business (and being 16 years old) my guess might not be the best.

If you have a $3,000 down payment, can't you take a large mortgage out and purchase a piece of real estate? Then flip that real estate and take the profit and put it into a larger piece of real estate with a larger mortgage. Then eventually you'll be owning properties worth WAY over $1 million.

djs13-

Read the initial premise.

-15 month time frame.

-You are 17 (can't legally do your own mortgage)

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

...There is a part in the movie, "The Secret" where Jack Campfield talks about his idea to get $1m- and it all started with making connections with people who coud carry the idea. So maybe, in order to start a viral transmission a goal needs to be to get on some nationally syndicated program like Oprah or Dr. Laura (only ones that come to mind right now). Seems like all the people that get on these shows are overnight millionaires. Of course, the product or service is already developed. Hmmm....I need to possibly revisit an old idea.

MJ- We need a graphic of a hamster getting on the wheel!

China-I'm bummed that I missed your joke! Anyone who can weave that many un PC topics together for a joke is someone that I gotta meet!

I can think of several services off the top of my head(one I'm working on right now but haven't got to the price stuff yet) that I could build a membership/service site around but would have to delegate the building/maintenence of the place for my services to exist to someone who knows how to do that. I would want to focus on the content of the site and building a community not the behind the scenes website stuff. Can you get a service website/membership built, hosted and maintained for $3k or it something you'd have to know how to do yourself in order to do it for $3k?

This is an like old game we used to play when we were young & starting out. And with our kids when they were teenagers.
What would you do if money were no object?
Think about what you would do, define every aspect of it including the time you would use.
Then think of the talents & tools you have to begin the process of doing, what you bring to the project.
Next map out the things you don’t have including the money.
Next map out what you can do to acquire the things you don’t have.
Including bringing in partners or consulting with others.
Take action until you complete the agenda.
Janet

The bulk of the cost would go into development of the site. I think that you could get a simple site done for $3k.

I'm learning and building my site myself using free software. My biggest cost so far is opening up a merchant bank account for $200. Everything else was free.

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My blog - Live Learn Invest

I've been thinking a lot about this post lately, and while I haven't figured out to specific time frame to get $1m, I am thinking about how to get $1m in the shortest amount of time possible. (Which in itself has been huge for me. Now I think of ideas in terms of fastlane or slowlane- not just rat race v. fast track. HUGE difference in my thinking!) This would generally need to be done (as MJ said) by viral transmission. hmmm. So maybe infomercials would work in addition to a website. ...Does anyone have any knowledge of how to produce an infomercial and how to get it released? ...My brother and I got into a conversation about this yesterday, and he mentioned that Tony Robbins was doing infomercials right when he started- which makes me wonder how he bankrolled them, as they helped him launch his career. Any thoughts?

It's pretty easy to make an infomercial. There are a lot of companies that can make one for you, however, most of them will charge you twice the money they would charge me. The majority of all companies involved in the infomercial industy are making all their money from overcharging people that have no clue what they are doing.

You also have to remember that 95+ % of all infomercials will lose money. Airtime is very, very expensive. For example, a 30 minute spot on the Discovery channel early in the morning will cost you more than $30,000. You have to sell a lot of products to recoup that money. If you don't have a very strong back end program, you will never make it.

If you are one of the few people that do make a profitable infomercial, there are companies that do nothing but bank roll it for you.

If anyone have any specific questions regarding the infomercial industry, I will be happy to answer them for you.

Now back to our regular scheduled programming.

As the market the way it is now this is what I would do.

- Invest in the stock market
- Invest in Commodities

and this is what I'm doing as of now.

bashir-

Your post says little (sorry for my bluntness).

You could make or lose a million using your approach.

Or, you could make or lose five bucks.

Exactly WHAT would you need to do to turn $3,000 into $1,000,000 in only 15 months?

Specifics.

Stretch your mind. Take it places it hasn't been before.

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

Well, I might take the liberty of extending the time frame a little as I'm not starting with $3,000. I'm going to start with $0, I figure the book deal will be better from that perspective ;P

eBay a few things to raise capital.
Use that to build website.
Build website to the point that it is bringing enough passive income to make a difference.
At the same time, continue to use eBay as well as employee income to invest in education as well as starting a business.
<This is where I am>
Once the business is bringing in $2,000 monthly income (profit), quite my employee job.
Build business to the point that it can be sustained by employees I bring in.
Move from lower level business work to building, promoting, and networking heavily to build the business.
Continue to build website.
Publish book, not the one referenced earlier (already writing.)
Use cash flow from business and website as well as book revenue to buy cash flowing investment property.
At this point the 1.Website 2.Business 3.Book 4.Cashflowing property will raise money while I search for investment properties that are immediately cashflowing.
Re-evaluate. Create new plan. Move forward.

Who knows how that'll all go, but it's already begun!

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Chuck
http://www.projectonemillion.net

You don't have to be sorry Russ, your right 100%

What I would do is sell clothing. I did this before when i was 16, i gathered all the money i worked during the summer and bought some clothes whole sale I bought alot of Seven jeans for all mankind, some Ralph Lauren polo shirts and what not. What i found out is that the stores mark up clothing at least %100. For example a polo shirt would cost me $40 if I bought 50 of them. I would sell them at $100, while the stores sold them at $130. I made alot of quick money.

The way I advertised was just pretty much referral, where a customer was happy and he would tell his friends about it. From a $2000 investment I made $5000 in a month. I was 16 at the time so I treated the companies money like it was my own and pretty much spent whatever came to me.

If I did what I did 3 years ago, I think its very possible to make $1,000,000 out of $3,000. Why I haven't done it since then, well because I wanted to try different business ventures. I just talked myself into going this route again.

So my final answer is buy whole sale authentic clothing and sell them at discount prices, under cutting high-end stores.

While selling clothing I would take about 20% of my profits and put it into the market and make some calculated risked purchases so that money can grow as well. So at this point I have income from 2 different sources. Then put some money into my upcoming web 2.0 style website so I would be able to have 3 sources of income. So the possibilites of me reaching 1,000,000 would be 3 times more likely, and 3 times faster.

Great reply, bashir26!

Thanks for "filling in the blanks".

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

I guess the most exciting part is the pathway to your success. I was planning on waiting another year, but I can't! I am really working hard right now to get everything ready in order to be able to take a year off of school. Sometimes you need to take chances and do what's best for you. No matter what anyone else thinks! I need to take action and I get closer to my destination each and every day.

CoMp1eX-

Nice to hear you're getting started.

But think about your post: How does it help others?

We appreciate your sharing-- and I encourage you to tell us about your further adventures.

But sharing some of your process might help others who are trying to get started and don't know where to start.

That, and the more the experienced folks on this site know about your venture, the better input they can give you.

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway