How to make a million bucks

2011-03-02T21:17:00.000-08:00

So I've uncovered a new interest which is something I've stumbled upon. I tried this venture a while back with little to no success but due to a strange turn of events I've attempted to give this another go.

Selling on eBay.

I hear stories of people having a significant amount of success with this as a way to make a few extra bucks on the side. I, in the past month have generated almost $200 just by offloading my random crap. This however comes to a point where it is no longer viable.. (you run out of stuff to sell).

I tackled this once before by hitting the second hand stores and attempting to identify a few cheap items and re-sell them. I however found that I was collecting a lot of junk and having minimal success. My dedication at the time was low so I gave up.

This time I am beginning my focus on reselling games. I noticed that I had a collection of old console games sitting around which I haven't played in a long time. I ended up selling 7 of them for about $30.. Seemed alright? not much for them but if I consider this.. I could have sold them individually.. at $8 bucks a pop? that's $56?.. I was kicking myself when I realised I'd lost money by being lazy and bundling them together.

A light bulb went off. Surely there is other people out there who do the same thing? what if I was to purchase bundled packages off eBay and separate them for a profit? Perhaps I can expand this to cd's? Dvd's? who knows..

Finally there is consideration which needs to be made. When I first was attempting to do this via eBay we're going back 6 or so years. Physically getting the items on eBay was much more of a lengthy process. Today the technology has developed so it takes literally 5 minutes to throw up an Item.

I listed 5 games in 15 minutes this afternoon. Making a profit is good, but if your working all day everyday for minimal gain it becomes pointless.

Selection of literature to read.

2011-01-18T16:28:00.000-08:00

After doing some more research i've come up with a list of books to read in the near future to build my skills and knowledge base.

It's quite obvious in order to be successful in my endeavours I need to develop the correct skill set and mind set to accommodate for the changes and risks which I intend to take. Knowledge is power.

Rich dad, poor dad, by Robert T. Kiyosaki - A perfect book for getting you head in the right spot to start a business.
The automatic millionaire, by David bach - Teaches you how to manage your finances. A basic guide to "saving $5 a day to become a millionaire in the future." See alsoUnderstanding and controlling your finances.
The one minute millionare, by Victor Mark Hansen - a little over the top, but encourages you to think differently about starting companies and building wealth.
How to be a billionaire, by Martin Fridson - Really makes you look at the world differently.
The Warren Buffet Way, by Robert Hagstrom - Not light reading, but helps you see how one of the richest men in the world thinks about the business world.
Never Eat Alone, by Keith Ferrazzi - Helps you to think about business relationships differently.

After the Initial 6 I will move more into the "how it was done" I find reading real life stories from rags to riches is the content I'm seeking and constantly finding interesting. Always a good idea to see how the greats have managed to pull off such success.

The Sam Walton Story, by Austin Teutsch - Tells how Sam Walton went from being a guy with one little store in Arkansas to the richest man in the world.
Dave's Way, by David Thomas - The story of Dave Thomas, the founder of Wendy's. He started as an orphan bussing tables in a restaurant, and he went on to create an empire.
Built from scratch - the subtitle says it all: "How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion"
Nuts!, by Kevin Freiberg - The story of Southwest Airlines.
Be my guest, by Conrad Hilton - The story of Hilton Hotels.

Discussions and opportunities.

2011-01-17T20:00:00.000-08:00

Opportunity 1, In my current position as a financial planner I am presented with the opportunity to buy-out the business I currently work in. The time line being 5-10 years to obtain almost complete ownership. This however in my opinion is the safe option. It means sticking with the first job I've had since university. This means sticking out the only career path I've known for the next decade of my life. This would be an excellent path to follow if It wasn't in a small country town which I've spent the majority now of my life.

I can assume that this path will produce a million bucks. But who knows what could happen in the unknown. Without assessing my other options I have very little to compare it against. The next 6 months I need to concentrate on learning what else is out there. Whilst moving towards the money.

Inspirations.

2011-01-17T14:46:00.000-08:00

So far there has been a few successful people who have inspired me. Their stories tend to be something close to a miracle, yet nothing more than hard work, determination a clear goal and focus.

Roman Abramovich

Richard Branson

Duncan Bannatyne

Bill Gates

Warren Buffett

I inspire to be like them.. but better. Anyone else interested in becoming a successful entrepreneur would seriously benefit from researching and understanding these guys. They have proven that they have what it takes to turn a dollar into 2, or 5

In the beginning.

2011-01-17T13:47:00.000-08:00

Over the past few years I've always felt that I need to be more than the average. I believe I'll never be satisfied with the status quo. So after reading countless books on various peoples journey's from Rags to Riches I have decided to document my journey to my first million and beyond.

It begins today.