Bitcoin-This is a question I answered on Quora about Bitcoin!
Do you know anyone who has become a US dollar millionaire due to early investing and/or mining in Bitcoin? What made you decide to invest? Was it the concept that initially attracted your attention?
Yes, He’s worth $3,000,000 today at $10,000 a coin.
A friend of mine bought 1,000 bitcoins for about $100 that’s $100,000 in 2013. It went up to $300 a few months later, that’s $300,000. His parents hounded him to take some profit, so he reluctantly sold 700 coins and made about $140,000. in 2013. He said he would never sell the other 300 even if it went to zero. It hung in a range going up to $1,000 for 4 years, but now. His 300 coins are worth about $3,000,000 today. Wow!
Why did he buy?
Why did he buy? He read a lot about it, he believed in the potential. He kept telling me to buy some. I didn’t! I could have bought a few but didn’t have much money then. There is a limited amount of bitcoins, there will never be more. Bitcoin is the gold standard of cryptocurrency. When he bought it, it was not being accepted by everyone, but he felt it was only a matter of time. he was right.
He told me it could go to nothing, or be tremendously successful. He felt it was the future he said he was taking a chance. I recently asked him, “Are you going to sell part of your bitcoins?”
He said, “Nope, I am in it for the long haul.”
The Old fashion Way To Get Rich
If you missed buying bitcoin cheap, there is another way to get rich.
Read One Million in the Bank: How To Make a $1,000,000 With Your Own Business, Even If You Have No Money Or Experience It could help almost anyone.
This was a question I was asked on Quora. Here is my answer:
You Can Be A Millionaire
I will answer your question first, which is the hardest way to be a millionaire and then I will tell you the much easier way. Last, I will then tell you one more way.
Hard Way-Do You Constantly Think Of New Ideas
If you don’t naturally think of new ideas, it will be extremely hard. Most inventors are not rich, but they have many ideas, hundreds or more. Some are good and most aren’t. But they don’t even have to try, their brain is just wired to see it. The problem is they don’t know how to develop them. Plus before they get one idea flushed out, they have another idea. Focus is tough.
Read the books on how to generate new ideas. There are no new ideas, just tweaks on old ideas anyway. I suggest you read Borrowing Brilliance, this is a very good book on changing your perspective on how to generate new commercial ideas. For the grinding, making lists, asking people, read problems before you go to sleep and then write down answers when you wake up-then read How To Get Ideas by Jack Foster. Plus I agree with the list in the post below.
10 Books to becoming an Idea Generating Machine
Easier Way-Start a Tried and True Business
Look for things that work and make a small change, often the change can just be branding and marketing. I strongly suggest you read, One Million in the Bank: How To Make $1,000,000 With Your Own Business,Even If You Have No Money Or Experience You don’t need a new idea, you don’t need your own money, and there is lots of free help.
Be The Guy With The Money
If you learn how to raise money and start your own company that invests in new ideas, now you just screen deals. You now will be involved in as many new and innovating ideas, products, and services as you like. You never had to think of a single one. Since 9 out of 10 may fail, you also push the risk onto the inventor. Your risk is very small. If you raise money to do this, your actual risk is zero. Of course, you have some reputation risk.
You don’t need as much money as you think, you can get a piece of many startups for a song, $10,000 or $25,000. Plus you can always raise the money deal by deal if you want. There are many ways to structure this. One Million in the Bank is good to help you learn how to raise the money. Here’s a good started article on starting a fund What Are The Steps To Starting A VC/Angel Fund? Keep in mind there are many variations on this, now that you understand you can do this, start looking into it.
“Live as if you were to die tomorrow. Learn as if you were to live forever.” -Mahatma Gandhi
“Fortune sides with him who dares.” -Virgil
“It takes as much energy to wish as it does to plan.” – Eleanor Roosevelt
“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
“Even if you’re on the right track, you’ll get run over if you just sit there.” – Will Rogers
Do Something Now Today
I am sure you personally are the go-getter and living your life to the max. But to everyone else, you can do more. We have many constraints on our daily life, but most are self-imposed. Write down the few things you really want to do in life, big things. Start today!
I almost always start with a book or two or more to give myself a good background in anything new. Then I like to ask others who have been there before. And if you don’t know where to start, then get a book on how to start.
The Ripple Effect
There is so much potential in the world. If everyone did a little more just to improve themselves the ripple effect would be overwhelming. There are probably other books on this, but Connected by Nicholas Christakis is a very good book discussing this.
“Just as ripples spread out when a single pebble is dropped into water, the actions of individuals can have far-reaching effects.” – Dalai Lama
Be a millionaire?
No, you don’t have to be a millionaire or have that goal to have a tremendous impact in the world. But if you want that I guarantee it is within reach. There are many ways to become a millionaire, but starting your own business is the overwhelming way self-made people do it. You might check out my book. Good luck!
Michael L. F. Slavin Author of 7- time award-winning One Million in the Bank: How To Make $1,000,000, Even If You Have No Money Or Experience
Quotes and Comments
The quotes are great, but to be consistent with my message, each has a comment. I am looking at the quotes through the lenses of my book, One Million in the Bank: How To Make $1,000,000 With Your Own Business, Even If You Have No Money Or Experience. The goal is to start a business and to be a millionaire in 3-7 yrs.
1. “As long as you’re going to be thinking anyway, think big.” –Donald Trump, The Trump Organization President
Comment: Nobody can argue about thinking big, but what is big enough and what is too big. Most people get a little paralyzed when they think too big. Break it into manageable steps and get started doing something.
2. “Chase the vision, not the money; the money will end up following you.” –Tony Hsieh, Zappos CEO
Comment: It worked out for Tony Hsieh, but this does not work out for most people if their goal is to have at least $1,000,000. Plus we are not talking about a world changing idea. If you have a great vision, that has economic value, and you execute a good plan, then the statement is likely true. But most people would be better off following a solid business plan and making sure the consideration of money is a big part of the plan.
3. “The way to get started is to quit talking and start doing.” –Walt Disney, Co-Founder, Disney
Comment: Yes, Yes, Yes! You must always error on the side of action. Do something today. Start a business plan, or just get a book on how to start a business plan. Sign up for SCORE.org or sbdc.gov courses or anything, but take action.
4. “Any time is a good time to start a company.” –Ron Conway, Noted Startup Investor, SV Angel
Comment: This is so true. You may be waiting for the perfect time, but the perfect time is NOW! A solid business will make it during any economic environment.
5. “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” –Richard Harroch, Venture Capitalist and Author
Comment: This is always true. But if you do not need a lot of money, $1,000,000 or less, it is not as hard as one might think. I tell you how to find that money through undiscovered investors in One Million in the Bank.
6. “Whether you think you can, or think you can’t — you’re right.” –Henry Ford, Ford Motor Company Founder
Comment: This speaks for itself, but all boils down to confidence and determination. You can do more than you think you can do. I guarantee it. Read my book for the how, but I also recommend Grit by Angela Duckworth and The Willpower Instinct by Kelly McGonigal. I have more recommendations in the back of One Million in the Bank.
Quotes are Fun
Quotes are fun, but use them as inspiration. Pick one of the above and work on that message all week, then pick another one. Baby steps can really make you a millionaire.
Create an Opportunity
You can make millions from other people’s ideas.
What if you just can not think of a tried and true business to start and make your $1,000,000 in 3-7 years? You could try what Gabriel does, but it takes some skill. Gabriel has a unique business model that he calls a Business Incubator. His website can be found at www.TechStudios.net. This is not to be confused with a traditional business incubator where startups usually move into a shop. In this setting, they have mentors and peers to help them to try and grow their business idea. Gabriel does it all for you, he takes your idea and flushes it out.
Often, people have a business idea but they don’t know how to start, how to get the money, or more often just does not have the time. Gabriel will get the company started and tested. He will put the plan together, assemble the team, find the means to finance the operation and run the company. He will be paid a fee for this. Besides his fee, he usually retains a small interest if it is bought back by the idea generator. His company motto is “Ideas taken to execution.”
He will negotiate with the original idea generator a buyback agreement before they start. The idea generator can buy it all back later if he wants the whole company or whatever they have negotiated. In one sense this is a variation on asking your friends for ideas, except he lets clients bring ideas to him. Plus he gets paid to develop their ideas.
Be Sure It Can Make You a Millionaire
If it is your idea or if you develop someone else’s idea, be cautious to not just do anything to make money. Do things that lead to making enough to make you a millionaire. Decide on a business that will have the kind of cash flow and net profit needed. The goal is to make you enough to save $1,000,000 in 3-7 years. Do your research, make a business plan and get advisor help. Of course, you may need partners for the money to start and grow your idea. But a good plan and your own confidence can get you the money you need.
You can also find your way to the door of opportunity.
In my interview with Gabriel, he agreed with me wholeheartedly. Gabriel said that almost any business can get you to $1,000,000 with good execution, sales, and marketing. Get your head in the game…………..start your planning today to be a millionaire in 3-7 years.
Get the Book
Michael L. F. Slavin Author of 7- time award-winning One Million in the Bank: How To Make $1,000,000, Even If You Have No Money Or Experience
Can being Grateful Hold You Back?
Can being grateful hurt your ambitions or ability to think big? Being grateful is a very a good thing. The Bible and every religious text will tell you to be grateful, your parents told you to be grateful, there are complete books about being grateful. Plus there is scientific evidence that being grateful is good for your mental and physical health. Here is a very good article at today.com: Be thankful science says gratitude good for your health.
Story of Gratitude Holding a Man Back
Hispanic Man Ignores Us
I was in a restaurant’s small pickup area for “to go”. There were two young servers, a Hispanic man about 40, and me. I was telling the two young women about my book, starting their own business and having a chance at being a millionaire. They listened intently and asked questions. One young lady was trying to start her own business and was very excited with my message. The Hispanic man was seated in the only chair in the cramped waiting area, with working clothes and rough hands. He ignored us. He had his head down and was writing what seemed to be a long text on his phone.
Wakes Up Angry
After a while and quite surprising to us all, he looked up and started talking a little aggressively and defensively. “Being a millionaire is not important. Working hard and being grateful for what you have and taking care of your family is what is important. I had $9,000 cash stolen out of my truck. I was going to the bank to make a deposit and just stopped for a second to run into the grocery store. When I came out and it was gone. I couldn’t believe it. I was very angry. Immediately, I called and told my father. He tried to calm me down and told me to relax. He said it is only money and I could make it back. But then he told me something that really changed how I look at life.”
His Father’s Advice
The man was in his forties, but he was quick to quote his father. My father told me, “Ninety-nine percent of people in the world will never even have $500, so be grateful for what you have.”
I don’t know where he got that, but many people are extremely poor, with 80% of the people in the world living on less than $10 a day by some reports. The Hispanic man at the restaurant went on to tell us that he owned a business and it was not easy. He said he started as a boy with nothing. His parents were poor and his dad supported his family with 6 kids by fixing motorcycles. He started by sweeping the floor of his Dad’s business. Now he has a business doing motorcycle repair and he’ll buy and resell a car occasionally.
He said that he is sure he has earned $1,000,000 or more, but the hard part is holding onto it. “ I don’t have much money,” he explained,” but I have a nice car and I care for my family. It is important to enjoy the money you have and get a few nice things.” He went on to say that he was very grateful for everything. He said everybody should stop being unhappy and wanting more. Everyone should be happy for what they have. Everyone should be grateful, and probably most people in the world don’t even have $300. He came down from most people never having $500 earlier.
It Was Not Open To Discussion
This was not a conversation at all. He had a firm point of view. This was a lecture, not open to interruption. The two young women glanced at me often and rolled their eyes while he talked. The both found an excuse and left as soon as they could. The Hispanic business owner never took a breath, he just kept going. It all felt very negative.
Our food finally came out, we both got our “to go” order and walked out together. He kept talking. I stopped for a minute to listen politely and finally I extended my hand and said, “It has been nice talking to you and I wish you lots of luck, but I really have to go.”
He abruptly stopped lecturing, shook my hand, and said, ”Thanks.” He walked to his big red pickup truck, I got in my car and that was that. But he had made an impression on me. I regretted not getting his name and contact information. If I had then I would like to have followed up and learned more.
What I think happened?
I think I unintentionally insulted this man who obviously was proud of what he had accomplished. He even mentioned he loved and respected his father, but it was hard for his father to care for his family. He told me he felt proud that he is a business owner and he knows his father is proud of him. He also told me, “I like to have nice stuff, like my new truck. And I have always provided for my family.”
This man must have had a profitable business, so he had a right to be proud. He also told me, “I don’t have $1,000,000 or anything close, but I work hard.” I had hit a nerve for sure.
What can be learned?
I didn’t have the time or energy to get into a meaningful discussion with this man. Plus he really didn’t seem like he wanted my opinion anyway. He didn’t seem open minded at all about this topic. Less than 4% of all business owners are millionaires.
This man seems like a classic example. I am sure he had no business plan; he told me that he learned the trade from his dad, and he stumbled into business. I tried to tell him about SCORE and the SBDC, but he barely paused to tell me he had never heard of them. But I don’t think he cared, he just ran over my conversation. He is paying his bills I suppose, but I think his idea of being grateful is either his reason for not trying to grow or an excuse. I honestly don’t know everything going on with this small business owner, but I’ll never forget this brief encounter.
Is Being Grateful an Excuse?
I don’t mean that a person shouldn’t be grateful for all the wonders that we have been blessed with in life. This includes being a human being in the world. But people should guard against being so grateful they are complacent. Complacency will definitely keep a person from trying to reach their full potential. Part of that potential, if a person wants it, is financial security.
Millionaires-80% Business Owners
If you take out the retirees, 80% of millionaire households are headed by a business owner. So if you are happy, and have no desire to have more money, that is fine. But if you would like to be a millionaire, just be grateful for what you have and also strive to reach your full potential. You can and should be grateful for everything, but just don’t let complacency kill your drive. You have a right to be everything you can be. I guarantee you can do more than you think you can do. Good luck!
Read the book:
Michael L.F. Slavin author of 7-time award-winning One Million in the Bank: How To Make $1,000,000 With Your Own Business, Even If You Have No Money Or Experience (on Amazon)
PS: If you like the book please write me a review on Amazon to help spread the word and he