10 Ways to Make $1 Million if You’re BROKE
Summary
- If you want to make a million dollars, offer to increase a business's revenue by a significant percentage and ask for a slice of the additional income. Acquire the skills necessary to deliver the value you promise.
- Utilize the concept of leveraging, as done in real estate, where you borrow money to buy an asset and have tenants pay it off, which can lead to large profits with little to no money down.
- Look for undervalued assets, refinance, and leverage the bank's money to acquire these at a discount, allowing you to make a profit without a large initial investment.
- Utilize the option contract strategy to secure the right to purchase an asset at a lower price and then sell it at a higher market price to make a profit, all without using your own money.
- Earn commissions on large-ticket items; for instance, selling a $100 million skyscraper could net you a $3-4 million commission.
- Buy into product launches early or pre-IPO opportunities, where the value can escalate due to increased demand at the time of public offering.
- Break down your income goal into smaller, actionable sales targets, either by selling more units or by increasing the value of your offerings.
- Consider taking over existing businesses for no money down by offering to keep the original owners' income for a set period, thereby gaining an instant business with significant annual revenue.
- Understand that successful people don't focus on hourly or yearly earnings, but rather on the value they can provide and earn a percentage of that value.
- Promote products you believe in as an affiliate, making money from sales generated through your recommendations without needing your own product.
- Engage in Arbitrage by taking advantage of price differences in different markets for the same product, like cryptocurrencies or physical goods, to earn profits without substantial investment.
Video
How To Take Action
To start making big money without spending a lot, a good way of doing it is by offering to grow someone else's business. You don't need to use your money, just your skills. If a company makes a lot more money because of you, they will share some of their earnings with you.
Here are some easy steps to start:
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Learn to increase an online store’s sales. Then tell them you’ll boost their money if they share a small piece with you. You make them more money, you earn money too. Like if you help them earn $5 million more, maybe they give you $1 million.
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In real estate, borrow money to buy a place, then others pay it off. Like if you rent out a building, the renters’ money pays the loan. You keep the profits later.
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Find a house or building that’s cheap, buy it, and then sell it for more. If you talk to lots of sellers, one might sell cheap. Use bank money to do this, not your own.
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For selling without owning, you can secure a deal to buy something at today’s price, and sell it for more later. For example, you get a right to buy a house for $800,000. Then you find someone to buy for $900,000. You just made $100,000 and you didn’t use your own money!
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Offer big things, like buildings, and earn big commissions. Help sell a house for millions, and you might get hundreds of thousands.
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Break down your big money goal. Like, if you want $1 million a year, figure how much you need each week. Then find ways to make that amount, like selling memberships or services.
Lastly, always look for chances where things cost less in one place than another. You can buy and sell at different prices and make money in the middle.
So, you don't need your own money to make money. You just need skills, patience, and to look for opportunities; the rest will come.
Quotes
"You make a million dollars by selling someone else five to ten million dollars of value"
– Alex Hormozi
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"The only way to grow from that new million is either you got to sell more units or you got to make the thing that you're selling worth more"
– Alex Hormozi
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"Understand that the people who are making money don't constrain themselves by time"
– Alex Hormozi
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"You can affiliate other people's products and make money in that way without any money out of pocket"
– Alex Hormozi
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"Look for Arbitrage opportunities because that's where you can make tremendous income"
– Alex Hormozi
