Whilst a million pounds might not get you as far as it would have done several years ago, there’s just something about it – and I think you’ll agree that regardless of its real value in today’s world it would still certainly be nice to actually have a million pounds.
And in today’s blog post I’m going to show you step-by-step how you can actually make a million pounds in just 1 year, or potentially even less.
Yes, I’m serious – and don’t worry this won’t be some blog post that you’ll just shrug off and think “oh yeah well that’s obvious I already knew that”, this is a blog post that if you take action on can legitimately enable you to make a million pounds in 1 year… For real!
First, You Need To Switch Up Your Perspective
Basically, many people, maybe even yourself, see a million pounds as something that’s totally unattainable – it’s a huge figure & most people think they’ll never be able to have such a large amount of money in their life.
Well, this might put things into perspective because I came across a “random fact” on social media a few days ago that stated if you start off with just 1 penny and figure out a way to double that 1 penny into 2 pennies then you can actually make 1 million pounds in just 28 days.
Yep, you heard that right – figure out a way to turn 1 penny into 2 pence and you can make 1 million pounds in 28 days.
Here’s the proof:
Day 1: £0.01
Day 2: £0.02
Day 3: £0.04
Day 4: £0.08
Day 5: £0.16
Day 6: £0.32
Day 7: £0.64
Day 8: £1.28
Day 9: £2.56
Day 10: £5.12
Day 11: £10.24
Day 12: £20.48
Day 13: £40.96
Day 14: £81.92
Day 15: £163.84
Day 16: £327.68
Day 17: £655.36
Day 18: £1,310.72
Day 19: £2,621.44
Day 20: £5,242.88
Day 21: £10,485.76
Day 22: £20,971.52
Day 23: £41,943.04
Day 24: £83,386.08
Day 25: £167,772.16
Day 26: £335,544.32
Day 27: £671,088.64
Day 28: £1,342,177.28
Whilst that’s one of the more extreme examples I think you’ll agree that making a million doesn’t sound quite that unrealistic any more does it? And when you see how I break it down in this post you’ll see that yes, you really can actually make a million yourself.
So Let’s Start With The Maths…
Like me you probably hate maths, in fact to be honest I kinda suck at it but hey when it comes to money it’s a totally different ballgame… In that instance I love maths & I’m sure you’ll come to love this too.
You see the million itself as mentioned above seems totally unattainable – it’s just a crazy huge figure and considering the average salary is only around £24,000 it seems way out of reach.
But let’s do the maths & break it down to see how much we’d need to earn day by day to earn a million pounds in a year…
1,000,000 divided by 365 (the number of days in a year) = roughly £2739.72
So that means we’d need to earn £2739.72 per day to make a million in a year… Which to some of you might still seem like quite a large figure (though obviously a lot less than a million) so let’s break it down even further into what we’d need to make per hour to make the million in a year…
£2739.72 divided by 24 (the number of hours in a day) = roughly £114.15
Therefore ultimately to make a million pounds in a year you only actually need to find a way to make £114.15 in an hour – once you’ve done that it’s a simple case of repetition & then come the end of the year you’d have made a million pounds.
You’ll probably agree with me when I say that figuring out a way to make £114.15 in an hour seems a lot more achievable than figuring out a way to make a million in a year, but essentially they’re exactly the same thing.
Now I know what you’re thinking…
But We Can’t Work 24 Hours A Day?
Well, we could, but we probably wouldn’t last too long – certainly not a year. I might be able to hack a day or two of working around the clock but that would be about it because like you, I need sleep!
So does this mean the plans out the window? Absolutely not.
It simply means that we need to figure out a way to generate that £114.15 per hour passively.
Basically that means we need to figure out a way of generating that money without us directly having to do something to obtain it – so essentially figuring out a way to keep earning money whilst we’re sleeping.
An example of this would be investing in property (which we’re not going to do) – if you bought a property & rented it out then you don’t need to physically have any input to make money. Providing the tenants kept up with their rent payments then you could earn money whilst you were sleeping, on holiday – or basically when you are doing whatever the heck you like.
That’s an example of a passive source of income, but it’s not the one we’ll be using.
We’ll be using something that in my opinion is cleverer & more accessible to everybody (including those who don’t have huge sums of money to invest in property – aka like the majority of us).
The source of passive income we’ll be using is… The internet!
Building a Passive Stream of Income
Firstly don’t panic – the days are gone of when you needed to be a technical guru to get started online, these days it truly is accessible to everybody even those who’ve never made a dime online before.
The amazing thing about the internet is that it’s online 24/7 & it’s worldwide – meaning it gives you the ability to reach a massive amount of people & for someone somewhere it’s always daytime (so every second of the day there’s someone spending money online).
And the good news for you is that you can get a slice of that pie through something called affiliate marketing – which is basically where you get paid commissions for connecting people with the products they’re looking for online.
The majority of online retailers, even the big ones like Amazon, Best Buy etc all have affiliate programs through which you can promote their products for money.
So let’s say you sign up to Amazon’s affiliate program, you get a customized link for each of their products & if somebody purchases something as a result of them clicking on your link then you get a commission for the sale…
Without you even having to sell anything or talk to anybody!
It’s an amazing way to make money & the even better thing about it is that it can ultimately provide you with a lifelong source of passive income from a small one-time effort.
For example, let’s say you just bought a really great torch & you decided to publish a review of it online – if you then include an affiliate link in your review for people to purchase the torch then you’ll be able to earn commissions from anybody who reads your review & decides they also want to buy it.
But who’s going to read your review??
Lot’s of people! When you publish content online search engines like Google, Yahoo & Bing list it within their results which means once the content is published it could keep getting visitors/readers for many years to come.
So from a small one-time effort, you could keep making affiliate commissions for years & years & years…
Back To The Maths…
Now that we’ve figured out a way to generate passive income online (which you can learn more about here) let’s take another look at the numbers & see how it all comes together…
We figured out that in order to make 1 million pounds in a year all we had to do was find a way to generate £114.15 per hour…
This means that we either need to find:
- A product that pays £114.15 affiliate commission & make 1x sales per hour
- A product that pays £11.14 affiliate commission & make 10x sales per hour
- A product that pays £1.14 affiliate commission & make 100x sales per hour
So at worst we only need to have 100 people purchase a product through our web page per hour – do you think that’s possible when the internet is available worldwide 24/7 with over 3 billion users?
And if you want to learn how you can start making money through affiliate marketing (and get all the free simple tools you need to create web pages) you can click here to read my free getting started guide.
Is It Possible To Make A Million Pounds In A Year?
As this blog post proves yes, absolutely – and I firmly believe that with a little bit of dedication anybody can potentially make a million pounds in a year because the reality is that if you break it down it’s not actually all that difficult, just many people get caught up with the huge figure itself.
The key to making it though is clearly passive income which is something that affiliate marketing can provide you with – yes there are several other ways of generating passive income too (such as investments) but in my opinion affiliate marketing is the cheapest, most risk-free & easiest most accessible way for anybody to get started.
I really hope you enjoyed the post & that it helped change your insight on things – hopefully now you see that is really is much easier than you might have initially thought. Please feel free to share your opinion by leaving a comment below, I’d love to hear your thoughts.