How To Become A Self Made Millionaire
As an entrepreneur, becoming a self-made millionaire is an acknowledgment of the hard work and dedication you have poured into your business. While not all businessmen and women will be successful on their first attempt, learning from the success and failure of others can go a long way towards improving your chances of success. Learn from the entrepreneurs who have been their themselves, and learn what it takes to turn your business in a seven-figure success.
Our Top 4 Entrepreneurs
I achieved millionaire status by 32, and anybody can do it. The discipline of controlling my spending living within my means and ultimately saving money each month is one of the hardest I know of. When I was in high school I was very fortunate that my father gave me a classic book from the 1930s called the richest man in Babylon
The book talks about the concept of paying yourself first 5% to 10% each month’s earning before you pay any of your bills. When you are forced to pay yourself first each month is acts as a forcing function to live within your means. This discipline combats the phenomenon of no matter how large our personal income gross our expenses and lifestyle always grow along with it.
The author talks about if the desire to purchase something i.e. a car Etc you must first acquire the asset that will deliver the rate of return to purchase whatever it is. I’m so glad that I absorbed this book at a young age because I practiced its teachings over the course of 15 years and have now over time acquired 12 paid for rental homes. Now I’m in my mid-30s and that is allowed me to pursue my dreams of building a successful tech company.
In my personal case i started homeless, so there is somewhat of an under story there. But essentially turned my life around by doing everything right. (trying at the beginning) I was always pretty much with half a brain, but just was young and immature and couldn’t get my act together. What i did is listened to YouTube and collected inspiration stories, and blindly mimicked habits from people that started with nothing. Selected a business to start, slowly and surely measured the potential, researched the true potential, and then was very very self critical.
Began a business living from welfare in a Motel. Went from starting to sell 1 product to 75. Went from being homeless to owning a Pharmaceutical company, and a Chemical distribution company. Today I still feel very much vulnerable, but my days start at 3am with work, then exercise, and working on myself fills early mornings Then the day I use time to operate businesses allowing a lean staff and maximize growth by re-investing all our profits. I am extreme and work 80 to 100 hours a week. But now appreciate the struggles and feel a little more on solid footing, but still very much insecure and am not complaisant. I just appreciate it all. Also as i started the business I was 350 lbs, today a 180 lbs vegan runner.
You gotta believe in yourself, work hard, and need to have something inside that burns you so much that you want to prove something. And also never underestimate the power of having the wind in your sails, and as the wind blows if you worked hard you will not take that for granted. That applies to weight loss and work. Both companies are getting close to 1M in sales. If i add equipment, real estate, inventory, trademarks, websites we probably are at 3M.
While employed full time as an engineer, I started working from home with a product idea for an insulated attic stair cover. I found a manufacturer locally and I created a website to sell the product on. The first day I turned on the website I sold my first product. Over time I added more products and sales channels. I now own a 7500 sf commercial warehouse distribution center.
I recovered my initial investment within the first year and used profits to market and grow the company. After 14 years I am still employed full time and manage Battic Door as a side job part time working morning, nights, and weekends.
I grew my ecommerce business by adding additional online sales channels. Starting initially with my website, I began adding online sales channels and grew sales dramatically. I added ebay, Amazon, Rakuten, Sears, Homedepot.com, Walmart.com, Facebook, Shopify, and many more. There are providers that enable retailers and manufacturers to integrate, manage and optimize their merchandise sales across hundreds of online channels. While it does take more set-up time, I preferred to set up our new online sales channels individually and by myself.
My most effective and profitable marketing method is an Influence the Influencer marketing program to drive awareness and traction for the business. I have done just that.
My name is Greg Shepard owner of Dallas Maids and some other businesses. I’ve done 3 things… taken separately, each making a millionaire.
1) Method 1: Stocks – Early on I invested in the stock market. If I had decided to quit my job at the age of 30 and flip burgers for the rest of my life, I would retire a millionaire thanks to compound interest.
2) Method 2: Owning a business – Leaving the high tech world in 2004, I spent my 30’s building a business. 2012 I made my first million.
3) Method 3: Real estate – If I decided not to start a business or invest in the stock market I’d still be a millionaire! I’ve kept all my homes. If I moved out, I’d simply rent my previous residence.
Bonus semi-method: Bitcoin – I’m not sure if you’d like to include this… but I am one of those lucky first investors.