How do I become rich in one year without any investment?
How do I become rich in one year without any investment?
Depends on what you define as rich.
If you’re thinking about becoming millionaire within 12 months, and you’re…
- currently broke as a joke
- you don’t possess at least one financially valued skill
- ….and don’t own a business…
…Then one year is not very realistic.
Adjust your sights to 4–7 years, instead.
Why does it take 4–7 years to become a millionaire?
As a red-blooded young man trying to get rich fast, I tried my hand in the restaurant business.
Full of blind ambition and without any experience whatsoever, I threw myself into one of the most competitive and cut-throat markets that existed, at that time.
Restaurants were opening everywhere and customer were getting picky, making it hard for a new venture to stand out.
This didn’t dishearten me though….
I was anxious to redeem my dad, who had failed massively in business years prior, so I took up almost $190,000 in debt to make my first business a success.
For almost a year and a half, I worked 12–16 hrs a day, rarely took Sundays off, never went on a vacation or even thought about “taking the foot of the pedal” and did everything I could (or so I believed at that time), to make this business a money maker and restore my dad’s reputation.
You’d think, this almost insane work ethic led to me becoming a millionaire, within a short time, wouldn’t you?
Nope.
I’ll never forget the day in my life, on which my acountant called me late at night.
“Micheal, I don’t kno how to tell you, but….ehm….you can’t carry on like this.”
“What do you mean?”, I asked him anxiously.
“Well…ehm…The numbers don’t lie. You’re losing money every month.”
Those words hit me like one of Tyson’s left hooks.
Sweat began forming in the palm of my hands, and my stomach felt as though someone had placed a boulder on it.
And I vividly remember the thoughts rushing through my head, at that moment.
I had worked so incredibly hard, taken up all this debt and now I was on the brink of failure? How could that be?
Then and there, I almost gave up on my dreams of ever becoming rich and redeeming my dad.
I thought, that I just don’t have what it takes.
I mean, my teachers had told me all throughout high-school…I was a loser. Destined to become a wage slave in a low-income job. So maybe they are right, after all?
“Unfocused.”
“Lazy, good-for-nothing.”
“Can’t hold his attention”.
They used to tell me and my parents….
And on the night my account called me, my teachers voices were echoing in my head, like a wicked siren song, calling the losers in me out.
I was at the bottom. Down and out.
So, what did I do, on that night my accountant told me, that we’re losing money each month?
I went to a bar, got got incredibly drunk and landed in a cell for DUI (But that’s a different story)….
Looking back, I can honestly tell you, this looming business failure and the crushing debt hanging over my head was the best that ever happened to me.
Why?
Well, because it lit a fire under my ass to find the answer to one of the most important question of our lives….
WILL HARD WORK MAKE YOU A MILLIONAIRE? OR IS IT SMART WORK THAT MAKES YOU RICH?
Determined to turn this business around, I contacted everybody I thought had success in business, for advice.
Most of my friends told me, to declare bankruptcy and get out of this mess as fast as possible.
Some even laughed behind my back.
But I’ll never forget and will be forever grateful, for the advice I got from my old high-school friend Steve.
Steve had bought a failing real estate business, and within two short years, had transformed this money-sucking venture, into a 7-figure, geometrically growing business.
And he had managed to do so without any investors, or outside capital.
I wanted to know his secret. I wanted to know what he knew…..
Desperate for help, I asked Steve for advice on how to make my business grow, get out of debt and start living a life without worry again.
He listened to me calmly and then said (and I’ll never forget that moment):
“Micheal, in business it’s not about hard work. It’s about who you can attract and keep customers. At a profit.
And customers don’t really care about how much time went into cooking up those meatballs you serve, or how much money you pay your staff.
All they want is to get THEIR wants and needs met. Success in business is about evoking emotions in your customers. And if you ever want to make it….You’ve got to learn how to attract instead of chase customers. People should WANT to spend money with you. You’ve got to learn to sell, man.”
Then and there, a light bulb the size of Rockefeller Center, lit up in my head.
Before hearing Steve’s advice, I thought customers care about service and the quality of the food and that being good at this “restaurant stuff”, is all that is needed to stimulate word-of-mouth advertising and get repeat business.
And of course people do care about those things…But there comes a point of diminishing returns.
How much better can you make your food (product)?
How much better can you serve people?
As soon as your service and the qualtiy of your product reaches a certain point, you’ve got to find other ways to improve or else you’re just running in circles.
You’ve got to learn how to market, persuade and sell to attract more customers.
It’s as simple as that.
And Steve made this very clear to me.
He told me to study and master the art and science of copywriting and direct marketing.
I took his advice very serious and obsessively improved my skill in those areas ever since.
And I managed to turn around the restaurant business with those skills, and started venturing out into other business, such as two 7-figure mail order operations and a consulting business.
Which let’s us come back full circle to your original questions….
It takes time and effort to build high-income skills and achieve a certian level of experience to make a lot of money in a market economy…
And from everybody I’ve witnessed I can confidently say, that it will take longer than a year for you to get rich.
Even if you take the smart path, and develop financially valued skills.
Good Luck.
I’m rooting for you.
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