According to 2017 tax returns in America, over 500,000 people made a million dollar a year income. Now here’s the kicker. Do you know how many people have climbed to the top of Mount Everest out of the 7 billion people on Earth? 4,000. Out of 326 million people in America, 500,000 people make a million dollar a year. That means it’s so much easier to make a million dollars a year than climbing Mount Everest
Patrick Bet-David is going to break down how you can be one of those people by providing you with both sides of his formula, the logical side and the emotional side. This formula got Patrick a Ferrari, a Lambo, a Porsche, a Rolls Royce and a 15,000 square foot house. Growing up Patrick’s parents never owned a house and no one in his family ever made close to six figures. But more importantly, when Patrick needs money for a once in a lifetime experience or for a family crisis, he has money in the bank for it.
“You will do better for the world being a millionaire than somebody making $40,000 per year.” – PBD
How to Make a Million Dollars a Year
Logic
To make a million-dollar year income there are so many different ways you can break down the math. Just like how you can take all the denominations of US coins and make one dollar, there are 293 different ways to do that. Here are three examples from a few different industries.
Sales
You can see how many you would have to sell per month personally (83) to make one million a year. If you are a broker of a sales team, however, your team of people can reach a more manageable number of sales per month. If you find 10 salespeople that sell 33 per month you will hit your goal. While you the broker reaches that million-dollar mark by getting a cut of all of their commissions. Again, this is for any sales industry.
Real Estate
If you sell homes at about $500,000 and your net commission is about $21,000 per house you need to make four sales a month to be on track. On the broker side, if you get $9,000 of commission from each sale you need to sell 10 houses a month. If you higher 10 agents, they only need to sell one house a month.
Consultants
Some of you might be engineers in IT, attorneys, or consultants where the average hourly rate is $150.
If you sold the engineering contract at the rate above, you would need to charge 1,100 hours in a month to be on pace for a million-dollar year. That comes out to seven consultants working 40 hours per week.
This is such a simple formula to reach your goal of a million dollars a year, but it will not get you there alone. The math is only 20% of the work. You need the other side of Patrick’s formula which is the emotional side.
Emotion
The first area, Belief, is where people have the most problems. You need to believe you can make this kind of money even if no one in your family or friends has ever made this kind of money. You need to master the art of Future Truth.
Future Truth is the idea that if you are going to lie about yourself, you may as well tell a big lie to yourself over and over again. For instance, “I am going to make a million dollar a year income.” Now I want you to say it. Say it real quick. “I am going to make a million dollars a year income.” Say it again. Perfect. Let me ask you, was it uncomfortable? Do you feel like you’re lying to yourself? Right?
Remember it’s a current lie but it is not a future lie. It is a Future Truth. The more you say that lie, the more you believe it. So say it over and over again and convince yourself and everyone on the planet of this Future Truth. Start telling a lie to yourself this moment, of how special of a human being you are.
Perspective is all about Making the Big Small. Remember back at the start of this article and video. We made the figure of millionaires in America small by comparing it to how many people have summited Mount Everest. You need to do that with this goal. Eventually, that big problem is not going to look like a big deal.
Question Everything that doesn’t make sense when you hear it. When your family tells you that your goal is impossible, tell them you don’t believe them and question why they think that way. If you don’t question that type of thinking, it means you bought into it and it becomes your reality.
You also need to Challenge Your Own Thinking. The only way your income is going to grow is by focusing on all the things you need to do for you to improve. Go back 10 years ago. Why has your income not changed that much? Why is your market value in the marketplace still the same? Is it everybody else’s fault? Is this the government’s fault? Is that your boss’s fault, your parents, your kids, your spouse, or your fault? You must Face the Truth in order to make a million-dollar income.
The Formula
Now with all of that, here is Patrick’s 100% guaranteed formula for success that blends both the Logical side and the Emotional side we just covered.
Outwork
You have to first Outwork, that means putting in the hours and not getting passed by everybody working 80 hours a week.
Out-Improve
Out-Improvement comes down to research and learning. Read everything you can about business and your industry and seek out mentors.
Outlast
You have to Outlast everybody else. They can work 80 hours a week for a year, you have to do it for five and Out Last them.
Out-Strategize
Notice that Out-Strategize is last. Why? Because it requires a lot of experience. You can’t start there.
This formula requires one thing above all else to succeed and that is Discipline. You have to do the things that no one else will see, that is when you will win.
Say you take this information, apply the formula and you achieve one million a year income. What happens if you make a million dollars? Are you better for your family, are you better for your community, or you better for your parents, your friends, your kids, are you better for society? More importantly, are you better for you?
Don’t you think you’re going to start living a whole different life? Is it not worth it to make the decision to do this? Decide for yourself today to go after your goal of making one million dollars a year.
Next Steps: Tweet @patrickbetdavid your biggest lie and Future Truth. Download the PDF and apply this formula. Watch these two videos How to Really Become a Millionaire and 11 Skills That Millionaires Master
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