by Rene Lacad — Marketer, Consultant, & Entrepreneur
When you’re a community college student who just barely made it out of high school, no one expects great things out of you. At best, they hope you stay the course, get an associate’s degree in something fairly lucrative, and become financially independent.
Although it seemed as if that was going to be my path in life in 2013, I wasn’t content with staying on the average course. I knew that sitting in the classroom wasn’t the place for me, so I dropped out and got to work collecting some real-world experience.
As a result, I discovered I had skills that could propel me into a different future. After working in sales and with a well-known entrepreneur, I finally stepped out on my own in 2017 with my first digital marketing agency and was well on my way to my first $1 million.
Today, it may be easier than ever to build a million-dollar empire. There is a litany of tools available to people and multiple avenues one can take to earn their first million — and keep earning. In the US alone, there are 1,700 new millionaires every day, and many of them use the tools we are going to discuss here to build wealth.
Research products and services
To make money, you have to offer something people want, so start by doing your due diligence to research your target market and find out what they are clamoring for. This can depend on your location, what you have an aptitude for, or what you see as something missing in the market. Whether or not your product or service succeeds can depend on how well you research the need and desire for that product or service.
Harness the power of social media
We live in a time when we have access to the entire world from a cell phone or a computer. Thousands of potential clients and customers can literally be sitting in the palm of our hand. You can make money through social media by selling a product or service — often both.
One of the best parts of using social media to build wealth is that it is largely free to access. To get started, you just have to create a Facebook advertising account or a Google Ads account.
Harnessing the power of social media is easy, but you have to understand what you’re doing. Even though it’s free to sign up, you have to have a firm grasp of advertising and understand what ads will get you the results you’re seeking.
Get creative
Marketing is more than just showing someone your product or service. It’s about finding out what makes people tick.
One of the biggest keys to my success has been tapping into all of those little neuro centers in people’s brains. Human psychology is monumentally powerful, and while you can’t just set out to manipulate people, you can use psychological strategies to add value to their lives.
Making your product or service easy to purchase is one way to tap into that “availability” trigger in people’s minds. People like it when things are made easier for them. If they have to follow too many steps to access your item, they may give up before they hit “buy.”
Most importantly, though, you have to tailor your product or service to your target market’s needs. They need to realize that your product or service is there to help them, so show them what your product or service does and how it can make people’s lives easier.
Diversifying income streams
One of the fastest and best ways to build millions is to diversify your income streams. Selling one product or service is great, but selling a product and then adding real estate or a marketing service on top of it can be even better.
Throughout my rise to millionaire status, I have always kept my eye out for opportunities. I started a social media company, an e-commerce brand, a second social media agency, and a role as a public speaker, all before the age of 30.
By staying focused and hungry for success, I’ve been able to diversify my income streams and build both active and passive income, which has allowed me to take my foot off the gas pedal in some ways. Most of us want a life where we don’t have to grind 24/7, and diversifying income streams is how you get there.
Becoming a millionaire before you turn 30 is an ambitious goal, and while not everyone will have the dedication or creative stamina to make it happen, it can be done. In many ways, the journey is just as important as the destination. By following some simple principles, you can not only set yourself up for financial success but lay a foundation for a prosperous future.
Rene Lacad is a 28-year-old entrepreneur, speaker, and content creator who has been featured on Forbes, Entrepreneur, and MSN. He got his start in business when he founded an eight-figure marketing and creative agency that specializes in branding and paid media. Since then he’s been able to build other successful ventures like his software company SMMDealFinder, his supplement company Unlimitter, and his education company which helps aspiring entrepreneurs learn more about digital marketing and advertising.
