Peeling the curtain back to how millionaires create multi-million dollar incomes
Let’s face it, with over 7.6 Billion people on the planet earth, it’s a lot of work to earn your way into the top one percent of the world. And if you are a millionaire like Chris Frederick, you’re apart of an exclusive club that makes up the top one percent of the one percent of the world.
When I had an opportunity to sit down with Chris and dig into his strategy to earning his way into one of the most exclusive clubs in the world in his twenties, I was simply blown away. This wasn’t the first time I had talked with a millionaire about their strategy for earning their first million dollars. These conversations generally begin with “I had an idea.” They usually start a business that solves a problem in the marketplace or the more traditional real estate investing.
However, Chris dove into entrepreneurship with a different approach. He took on more businesses at one time than I could imagine. Just like you, I myself have heard the age old advice of “Pick a niche.” When Chris told me he had more than 7 income streams and didn’t plan on stopping I knew that I needed to know more. But more importantly, I wanted to know his top 7 most lucrative income streams that helped him earn his first million dollars.
“The focus in life is to not spend a lot of your time to make a little bit of money, but rather to spend a little bit of your time to make a lot of money.” — Chris Frederick
Investment Banking — International bank loans. Banks all over the world give out massive loans and a lot of times buy money from investors like Chris. This is a lot more simplistic than it sounds. If you have a large sum of capital and are in a network of CEO’s of banks, they can leverage your money to lend to their clients. In return, they pay you all of your money bank plus interest.
“This is the easiest investment that I ever make. It requires little to no time, energy, or effort. I just give them money, and they give me more money back. Yes, there is risk but it’s small if you handle your own due diligence with the right systems in place.” — Chris Frederick
Direct Sales — This is a true hustle. The key to running a successful direct sales business is picking the right product and hiring the right sales staff. You can always start out selling the products yourself, but as you grow you’ll definitely need a sales team. Chris sells Alkaline water filtration systems. An average sale is around $4500 and on any given sale he’ll earn around 33% or so. One of sale each week and you’ll be pretty close to that six figure a year mark. One sale a day and you’re in another income brack altogether.
Internet Marketing — The growing demand for small businesses all over the world that desperately need help with their digital marketing needs. This is your social media advertising and email marketing. Learning these skills then applying them to local businesses to help them grow can be simple. An average client pays between $1,000 – $25,000 every single month for digital marketing needs. Building a team that manages and these accounts and helps them grow is the true key to success here.
Exotic Car Rentals — Chris loves fancy cars. However, if you’ve ever read “Rich Dad, Poor Dad” you know that these fancy cars are a liability. So, instead of driving a Ferrari every day I have a handful of exotic cars. I set up an exotic rental car business so I can rent these cars out. On average one of my exotic cars will rent for $1500 each day. My average loan payment is around $2,000 each month. So, I’ve created a way to get paid to drive the cars I love. I also have a pretty awesome set of clients that include some of your favorite celebrities. This tremendously helps with networking on a completely new level.
eCommerce — Selling products online is huge. You have little to no overhead. You can set up your entire business to never hold any inventory. Scaling a good eCommerce store is easier than ever once you have your advertising dialed in. I strongly recommend getting into eCommerce as a business as it doesn’t take much time at all out of your day.
Flipping — Just like the cars, Chris loves nice jewelry too. The downside is that it’s another liability. So, instead of just taking the hit and not making money on another one of his passions, he flips jewelry. Chris will find a nice watch that he’s had his eye on and wear that watch for a few days, months, or a year even. Then he begins the selling process. In most cases, you can make back your original investment plus an additional five to ten percent. In most cases, you’ll never wear the jewelry. You’ll have a client that is looking for a certain watch or chain. So, you’ll go and hunt it down and negotiate the price down so you can make a profit on the transaction. The value here is that your clients don’t have to spend the time and energy building up connections in the jewelry space and can simply purchase the jewelry they want when they want it. Flipping watches is the same as flipping anything, buy low, sell high, make money.
Instagram — It’s challenging to make money on Instagram. They keys to success are having a lot of engaged followers. This means buying followers from a bot or fake followers overseas will do you absolutely not good when it comes to monetizing. After seeing so many people losing money and their Instagram accounts from growing their account the wrong way, Chris decided to take action. Chris created a company that helps grow your followers instantly without using bots or buying fake followers from overseas. He runs promotional giveaways that are targeted to your potential fan base that will grow your follower and engagement count through the roof. I’ve witnessed some account grow 10k followers within a matter of days. It’s absolutely insane! And the best part is they stick around.
All of these income streams are extremely important, but none of them would be profitable if it wasn’t for the mindset Chris has created.
“A lot of people say they’re busy, I’d rather be productive.” — Chris Frederick
You see it all the time from Gary Vaynerchuk, “Hustle.” What he means is, spend your time as productively as possible so you can create the impact you desire to have the world.
So, how are you going to create your first million dollars?