Thomas Bawdy — 11/11 — Beating Broke

If you’re set on the idea of earning a million dollars, there are likely tons of people out there telling you that your goal is unattainable.

They’re wrong.

Making a million dollars is feasible as long as you know what you’re doing and have a plan on how to get there. If you’re not sure where to start, check out the following methods and tips on how to earn a million dollars.

Save Your Money

Image via Flickr by kenteegardin

Do you want to earn a million dollars without putting very much extra work into it? Then cut back on your spending habits and put your cash in the bank. If you simply put $5 in a bank account each day with 10 percent interest, you’ll have a million dollars after 42 years. Want to make it quicker? Save even more money.

This tip isn’t all about putting your money in the bank, however. You have to live a frugal life, and most people who succeed at this live below their means. Drive used cars, cut coupons, watch for sales, skip cable, forget the morning coffee — following these frugal tips can help you save to your first million.

Invest in the Stock Market

The stock market could help you earn dollars without stashing it all away. Instead of just saving it, you’re making it.

If you start out with $5,000 and invest $500 per month, perhaps your goal isn’t that far-fetched. If you average 10 percent annual yields, you could reach your goal in 29 years. That’s not a bad retirement fund.

If you do choose to invest in the stock market, it’s a good idea to head to an investment agency such as Fisher Investments to help you manage your portfolio.

Invest in Real Estate

Image via Flickr by Philip Taylor PT

There are many options that you have for making money in real estate, and each method could put you on your way to your first million. Check out these ways you can make money with real estate:

You can purchase homes, fix them up, and make profit by reselling them.
You can rent out your property. You can expect as much as 8 percent annual returns on rent.
Make profits from business ventures that take place on the property, such as farming or mining.

Start a Business

In the book The Millionaire Next Door, the authors state that most millionaires lead normal lives, not the fancy life you see portrayed by Hollywood. The authors outlined several characteristics that they noticed most millionaires share. Among these characteristics, the authors found that most millionaires own their own business and they love what they do.

Don’t jump the gun just yet and believe that this is a get-rich-quick scheme. You can’t just start a business and expect things to run smoothly while watching the profits roll in. There’s a few things you need first:

A really good idea
A strong business plan
A profitable market
Money to invest in the business

When starting a business, you can sell products, services, or consultation services, and you can work in a physical location or have a business based online. If you really want to cash in, the secret lies in launching a successful startup and selling your business.

Become an Expert

Image via Flickr by Pete Prodoehl

If you’re really set on your goal of a million dollars, you can quickly claim this by becoming an expert in your field of interest. Invest in your education, take advantage of opportunities, and learn as much as you can.

Once you become an expert, you can charge for consultation services, sell books, give speeches, sell advertising slots on your website, and hold leadership positions. As you do this, you’ll see your income rise.

Before you’re ready to jump into your studies, let’s explore a few tips that can help you earn via this method:

People have to like you. Make sure you practice your public speaking skills.
To make any money, you must have something important to say. If you’re consulting, writing books, or hosting seminars, your success depends on the amount of people who are willing to listen. Again, you’ll only make money advertising on your website if you have people coming to the site interested in your content.
You better make sure you are an expert. A degree doesn’t necessarily make you an expert. Do research and get involved in your field.

If you’re motivated and willing to put in the time, a million dollars isn’t an unrealistic goal. So stop letting people tell you that you’ll never make it! These few suggestions can help make you a millionaire.

I have a small confession to make to you. Despite the obvious frugal focus of this site, I’m terrible at looking for coupons for things before I buy them. I’m a calculated buyer. I’ll price compare for hours before deciding on an item. I’ll spend weeks bidding on things on eBay to get the price I want and the product I want. But, I’m terrible at looking for coupons first.

My wife is the couponer. She has a knack for finding coupons, collecting the deals up and using the coupons to buy what we need. The other day, she hit Walmart and came away with over $50 in coupon savings. She’s good at it. I’m not. She’s also good at remembering to use the links in the paid-to-shop sites as well. I can’t seem to ever remember them.

But, with the rise of couponing, once again, as a viable way to stay frugal on a budget, it’s become more and more important to look for a coupon when shopping for anything. And, there are starting to be coupons for just about anything you could want to buy. Say you want to buy a pair of shoes. If you look, you can usually find coupons for most brand names.

One popular misconception that many have is that coupons are usually only for brand name items, and smaller ticket items. That isn’t necessarily true anymore. Say you’re looking for a new cell phone contract, but you don’t want to spend the big bucks and get locked into a long-term contract. Going with one of the pre-paid services might be right for you. What you need is a promo code for one of the services (or to check out the services of Republic Wireless). Then you can get that wireless service, at a frugal price.

Finding and using coupons isn’t all that hard. But, it’s something that I definitely need to get much better at. Just because I’m saving money by buying online (usually), and making calculated buying decisions doesn’t mean that I can’t save even more money by using coupons. Combined with those frugal buying habits, coupons can be a great money saver.

Whether you’re buying a toaster, shoes, or even a cell phone, doing a quick search for a coupon first can save you money.

What are your coupon habits? Do you clip like there’s no tomorrow? Or do you see coupons as just another waste of your time and leave them to others to use? Or, maybe you’re like me and use coupons only when you remember to?