$3,000 to $1,000,000 in 15 months: HOW TO DO IT

[Lionhearted]

So we are turning $3000 into 1,000,000.00 in 64 weeks. So we have turn 9.5015% profit on the money every week:

$3,000.00
$3,285.05
$3,597.17
$3,938.96
$4,313.22
$4,723.04
$5,171.80
$5,663.20
$6,201.29
$6,790.50
$7,435.70
$8,142.20
$8,915.84
$9,762.97
$10,690.60
$11,706.37
$12,818.65
$14,036.62
$15,370.30
$16,830.71
$18,429.88
$20,181.00
$22,098.50
$24,198.19
$26,497.38
$29,015.03
$31,771.89
$34,790.69
$38,096.33
$41,716.06
$45,679.71
$50,019.96
$54,772.61
$59,976.83
$65,675.53
$71,915.69
$78,748.76
$86,231.07
$94,424.32
$103,396.04
$113,220.22
$123,977.84
$135,757.59
$148,656.60
$162,781.21
$178,247.86
$195,184.08
$213,729.50
$234,037.01
$256,274.03
$280,623.91
$307,287.39
$336,484.30
$368,455.36
$403,464.15
$441,799.29
$483,776.85
$529,742.91
$580,076.43
$635,192.39
$695,545.20
$761,632.43
$833,998.93
$913,241.34
$1,000,012.97

 

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[biophase]

I didn't do it at least not in 15 months but I came close.

Total 15 months $700k + net profit.

Good going. I've been thinking about going a similar route. Just getting lazy.

 

[The-J]

I didn't do it at least not in 15 months but I came close.

Here is what I did
- Found a new product/line of product that was very popular and growing rapidly.
- Found manufacturer in China
- Spent $1000 to purchase some product and listed it on craigslist with link to my paypal acct. Also listed on ebay. 1 week later I am sold out and have doubled my money. My margins are very high since I buy straight from manufacturer.
- Spent $3-4k to buy more product. 2 weeks later everything is sold I have doubled my money.
- Drop close to $10k on more product. Again its sold in 2-3 weeks.
- Christmas season comes and product is in VERY high demand. I net a quick $15k December.
- Things don't slow and January onwards very consistent demand. Competition is growing but I can get at a great price and beat competitors prices. I drop price and run competitors out of business on Amazon, ebay etc. Sometimes operate on razor thin margins for a week or so to kill competitors. Business is war. F*ck them !
- Business grows via Amazon etc + own websites.
- By following Christmas we are featured vendor for big online retailer and product/product line is everywhere. Sales explode net profit December 2011 over $400k. Some days I net over $50k !

Total 15 months $700k + net profit

Since Christmas a little burned out plus more competitors and margins are thinner. Slowed things down a little. Getting consistent income just not pushing as hard. Maybe just wait till next Xmas when business will really boom and I can do $1 mil net.

My advice - focus on one thing to get from 3k to $1 mil in 15 months. You try 20 different things you will fail at 20 different things. Find a hot product and service you can deliver at a better price and/or quality than the competition and run with it. Find something high growth. Search around and see what is experiencing massive growth. My product(s) were seeing overall annual growth of over 400% so I knew I could get a piece of that extra pie.

What an excellent post. Speed+ for doing and succeeding. And great advice, too; I'll be sure to use it.

Cool thing about this thread: there are gold nuggets everywhere.

 

[imirza]

How much did your product cost per unit and how much did you sell it for on average? Also, you started with $1000 dollars? If so, after doubling your money you would then have $2000 dollars. How did you then buy $3000 to $4000 thousand in product after? Second job? Had other savings not yet tapped? Also can you expand a bit more on starting out with craigslist and a paypal account? How does $700,000 sitting in a paypal account work? Do they have limits on how much money you can transfer out? Never used a paypal account and it seems like a lot of money to be sitting in one so I'm curious if you can school me on that a bit as I've always had reservations in using paypal.

Thanks,

Bought product for under $50 sold it for under $100. I did have more than $1000. I bought $1000 of product initially and doubled it. Then I bought $3-4k of product 2nd time around and doubled that. The challenge is about turning $3,000 to $1 million. I did cheat and buy $10k or so of product the third time around. So technically that would be like using $4-5k instead of $3k. I pretty much reinvested EVERY penny into more product. I never spend a penny of what I made. I still haven't spent a penny of what I made. This was just a side business started for fun that ended up making a lot of money.

I never kept that amount in paypal. I only used paypal initially to test the product out on craigslist. Once I was on Amazon etc I was getting money directly into my bank account. I don't trust paypal or google checkout for that matter.

 

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[Whole Paradigm]

Bought product for under $50 sold it for under $100. I did have more than $1000. I bought $1000 of product initially and doubled it. Then I bought $3-4k of product 2nd time around and doubled that. The challenge is about turning $3,000 to $1 million. I did cheat and buy $10k or so of product the third time around. So technically that would be like using $4-5k instead of $3k. I pretty much reinvested EVERY penny into more product. I never spend a penny of what I made. I still haven't spent a penny of what I made. This was just a side business started for fun that ended up making a lot of money.

I never kept that amount in paypal. I only used paypal initially to test the product out on craigslist. Once I was on Amazon etc I was getting money directly into my bank account. I don't trust paypal or google checkout for that matter.

Excellent, thanks for the info and clarification.

 

[Hambone]

Great thread!!


Sent from my iPhone using Tapatalk

 

[TK1]

So we are turning $3000 into 1,000,000.00 in 64 weeks. So we have turn 9.5015% profit on the money every week:

$3,000.00
$3,285.05
$3,597.17
$3,938.96
$4,313.22
$4,723.04
$5,171.80
$5,663.20
$6,201.29
$6,790.50
$7,435.70
$8,142.20
$8,915.84
$9,762.97
$10,690.60
$11,706.37
$12,818.65
$14,036.62
$15,370.30
$16,830.71
$18,429.88
$20,181.00
$22,098.50
$24,198.19
$26,497.38
$29,015.03
$31,771.89
$34,790.69
$38,096.33
$41,716.06
$45,679.71
$50,019.96
$54,772.61
$59,976.83
$65,675.53
$71,915.69
$78,748.76
$86,231.07
$94,424.32
$103,396.04
$113,220.22
$123,977.84
$135,757.59
$148,656.60
$162,781.21
$178,247.86
$195,184.08
$213,729.50
$234,037.01
$256,274.03
$280,623.91
$307,287.39
$336,484.30
$368,455.36
$403,464.15
$441,799.29
$483,776.85
$529,742.91
$580,076.43
$635,192.39
$695,545.20
$761,632.43
$833,998.93
$913,241.34
$1,000,012.97

If you reinvest all profits made into the biz again the list can look much shorter.
Or building a biz that makes 20-30k profits per month and sell it.

 

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[karakoram]

Bought product for under $50 sold it for under $100. I did have more than $1000. I bought $1000 of product initially and doubled it. Then I bought $3-4k of product 2nd time around and doubled that. The challenge is about turning $3,000 to $1 million. I did cheat and buy $10k or so of product the third time around. So technically that would be like using $4-5k instead of $3k. I pretty much reinvested EVERY penny into more product. I never spend a penny of what I made. I still haven't spent a penny of what I made. This was just a side business started for fun that ended up making a lot of money.

I never kept that amount in paypal. I only used paypal initially to test the product out on craigslist. Once I was on Amazon etc I was getting money directly into my bank account. I don't trust paypal or google checkout for that matter.

Imirza, when did you do this (I'm curious to know if it was before or after the recession)?

Also, would you be willing to say what niche, category, or industry this product was in?

 

[biophase]

Imirza, when did you do this (I'm curious to know if it was before or after the recession)?

Also, would you be willing to say what niche, category, or industry this product was in?

His post says it was done last year.

 

[Yussef]

2 things in this scenario make this incredibly difficult (not impossible) and almost impossible to predict the outcome based on the many hundreds of right decisions you would have to make even if you could first turn the 3k into 10k. Then 50k. 100k and so on, I think you get the point. The 2 things you would be up against are first the odds. Meaning that you would have to create a business with much better than average returns and results, so that in and of itself means from day one, you need to be in the right place, with the right idea at the right time, with the right amount of ambition and knowledge just to get an above average amount of momentum to get the idea moving at above average speed.

Secondly you have a window of time to work within making this even more difficult. So any setback that you have financially (and you will have them) you must recover from with lightening speed and not only recoup your loss but correct the deficiency that caused it in the first place...all while the clock is still ticking.

I am far from a pessimist and will be the first to tell you that anything is possible...but not all things are probable. I think altering one part of this equation will increase the likely hood of a good solution and that is time. Given enough time you can acquire the knowledge to accomplish this times 10.

 

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[biophase]

This was just a side business started for fun that ended up making a lot of money.

I see this happen alot. I will bet that if his goal was to turn $3k into $1M in 15 months, this would not have happened. I bet that this project would have stalled because it just wasn't big enough to possibly make $1M.

I remember my goal was to make $18k a year when I started.

Sometimes my goal is not to make any money at all, but it just happens. :coco:

 

[Skys]

Can we start a new game, this time from 10k to 10.000.000?

 

[Eos]

So yeah, that's what I think. Someone should try it with me.

I'm in. I could do with being held accountable and having someone else doing the same as me for motivation.

 

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[Amail]

- Spent $1000 to purchase some product and listed it on craigslist with link to my paypal acct.

I'm curious how this worked. You listed your product on Craigslist with a link to your paypal account - then what? Would people actually deposit money in your account and trust you to send the product? Did you just not want to deal with cash when the buyer showed up?

 

[The-J]

Can we start a new game, this time from 10k to 10.000.000?

The new game: from $1 million to $10 million, no time limit.

Usually people get jaded between $1 and $10 million. You can kind of tell the true entrepreneurs from the people who did it just to live a healthy retirement. Mark Cuban was a millionaire before founding Broadcast.com and selling it for billions. He could have just as easily settled down.

Thing is, $1 million isn't enough for retirement, but $10 million is.

 

[JasonR]

My biggest issue isn't the time or commitment or knowledge. I am hitting wall after wall as far as finding a niche to break into or a product that will sell. Are there any threads or subjects or anything on this issue?

I have the SEO knowledge. I have the e-commerce knowledge. I am always learning and thirsting for more knowledge. I just need a solid product and/or niche and to go for it.

 

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[Yussef]

So we are turning $3000 into 1,000,000.00 in 64 weeks. So we have turn 9.5015% profit on the money every week:

$3,000.00
$3,285.05
$3,597.17
$3,938.96
$4,313.22
$4,723.04
$5,171.80
$5,663.20
$6,201.29
$6,790.50
$7,435.70
$8,142.20
$8,915.84
$9,762.97
$10,690.60
$11,706.37
$12,818.65
$14,036.62
$15,370.30
$16,830.71
$18,429.88
$20,181.00
$22,098.50
$24,198.19
$26,497.38
$29,015.03
$31,771.89
$34,790.69
$38,096.33
$41,716.06
$45,679.71
$50,019.96
$54,772.61
$59,976.83
$65,675.53
$71,915.69
$78,748.76
$86,231.07
$94,424.32
$103,396.04
$113,220.22
$123,977.84
$135,757.59
$148,656.60
$162,781.21
$178,247.86
$195,184.08
$213,729.50
$234,037.01
$256,274.03
$280,623.91
$307,287.39
$336,484.30
$368,455.36
$403,464.15
$441,799.29
$483,776.85
$529,742.91
$580,076.43
$635,192.39
$695,545.20
$761,632.43
$833,998.93
$913,241.34
$1,000,012.97

You big ole mathematician. I need the formula you used to do this please.

 

[BeingChewsie]

I am hitting wall after wall as far as finding a niche to break into or a product that will sell. Are there any threads or subjects or anything on this issue?

I believe there are some posts on these thread that discuss selecting products and niches:

https://www.thefastlaneforum.com/fastlane/35694-addicted-passive-income-deposits.html

https://www.thefastlaneforum.com/internet-mobile-apps-software/38312-ask-me-about-ecommerce.html

https://www.thefastlaneforum.com/ge...-yay-my-first-purchase-overseas-supplier.html

https://www.thefastlaneforum.com/in...how-i-find-suppliers-my-ecommerce-stores.html

https://www.thefastlaneforum.com/your-goals-your-fastlane-plan/27474-broke-try-ebay.html

Maybe you are dismissing potential niches, products or services because it doesn't feel like it will make "enough" or be big "enough"??...Might be worth reading the latest post by Biophase on this thread about missed opportunities...https://www.thefastlaneforum.com/mi...y-does-everyone-want-get-there-so-fast-2.html

Good luck, you'll find your path .

Sue

 

[Fredster]

So we are turning $3000 into 1,000,000.00 in 64 weeks. So we have turn 9.5015% profit on the money every week:

$3,000.00
$3,285.05
$3,597.17
$3,938.96
$4,313.22
$4,723.04
$5,171.80
$5,663.20
$6,201.29
$6,790.50
$7,435.70
$8,142.20
$8,915.84
$9,762.97
$10,690.60
$11,706.37
$12,818.65
$14,036.62
$15,370.30
$16,830.71
$18,429.88
$20,181.00
$22,098.50
$24,198.19
$26,497.38
$29,015.03
$31,771.89
$34,790.69
$38,096.33
$41,716.06
$45,679.71
$50,019.96
$54,772.61
$59,976.83
$65,675.53
$71,915.69
$78,748.76
$86,231.07
$94,424.32
$103,396.04
$113,220.22
$123,977.84
$135,757.59
$148,656.60
$162,781.21
$178,247.86
$195,184.08
$213,729.50
$234,037.01
$256,274.03
$280,623.91
$307,287.39
$336,484.30
$368,455.36
$403,464.15
$441,799.29
$483,776.85
$529,742.91
$580,076.43
$635,192.39
$695,545.20
$761,632.43
$833,998.93
$913,241.34
$1,000,012.97

9.5% isn't impossible, my current streak over the last 3 months is an average of 11.483% for every week (trading)

 

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[andviv]

my current streak over the last 3 months is an average of 11.483% for every week

this is great then.. do it just like that for another 45 weeks and you will have a million!

 

[Lionhearted]

You big ole mathematician. I need the formula you used to do this please.

I used a spreadsheet to do it. My philosophy is that you need to break your goal down to bite size pieces that you can achieve. The old saying is ,"How do you eat an elephant? One little piece at a time.

 

[Lionhearted]

9.5% isn't impossible, my current streak over the last 3 months is an average of 11.483% for every week (trading)

Um can I get your trading strategy please? I would be more than happy to test it for you.

 

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[MJ DeMarco]

Um can I get your trading strategy please? I would be more than happy to test it for you.

9.5% isn't impossible, my current streak over the last 3 months is an average of 11.483% for every week (trading)

I guess we should hear about you being the newest billionaire on Forbes in about a year? I call BS.

 

[VinceT]

I guess we should hear about you being the newest billionaire on Forbes in about a year? I call BS.

Yeah, you can make that kind of percentage on small amounts, but keeping it as you grow is where the trouble starts. Playing with 500k growing at 11% is a lot different than 10k.

 

[Lionhearted]

Yeah, you can make that kind of percentage on small amounts, but keeping it as you grow is where the trouble starts. Playing with 500k growing at 11% is a lot different than 10k.

This is the challenge. But I would not rule it out as impossible.

 

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[OzGrinder]

9.5% isn't impossible, my current streak over the last 3 months is an average of 11.483% for every week (trading)

Hehehe... yes well. I can invest say 10k into some penny stock that more than triples in value in 3 months. Then I have 33k or 11.483% compounded weekly as well! But try doing that conisitantly long term even with those smaller volumes... May as well play red/black on roulette a few times a week with a max bet and hope for the streak of a lifetime until you hit 1mil. That's not technically impossible either, just highly, highly, highly improbable. A five sigma event...

 

[Lionhearted]

Hehehe... yes well. I can invest say 10k into some penny stock that more than triples in value in 3 months. Then I have 33k or 11.483% compounded weekly as well! But try doing that conisitantly long term even with those smaller volumes... May as well play red/black on roulette a few times a week with a max bet and hope for the streak of a lifetime until you hit 1mil. That's not technically impossible either, just highly, highly, highly improbable. A five sigma event...

O.K. Fredster's trading scenario may not seem feasible to everyone here but that does not make it impossible. Thank you Fredster for your suggestion. I am not thinking in a single dimension. I am thinking of any and every way possible to get to the goal. If trading gets me from $3000 to $10,000 mission accomplished. Then I have to figure out how to get from $10,000 to $50,000 then from $50,000 to $100,000. Rinse and repeat. I don't care if I use a single vehicle or fifty to get to a $1,000,000 as long as I get there.

 

[Pete799p]

Dont let everybody's negativity prevent you continuing your trading. The fact is that making tons of money trading is extremely difficult but can be done and has been done numerous times. What VinceT said is very true depending on your strategy. I saw a 19yr who made over $1mil in college trading and then started a hedge fund. Unfortunately his strategy did not scale as well given the market size he was trading in. The other major setback is that in trading you tend to loose money faster then you make it so 11% can take a bad hit if you pick wrong. This is very dependent on your trading style of course. Like all things trading a process and you must keep adapting to the markets and keep pluggin and chuggin.

 

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[Lionhearted]

Dont let everybody's negativity prevent you continuing your trading. The fact is that making tons of money trading is extremely difficult but can be done and has been done numerous times. What VinceT said is very true depending on your strategy. I saw a 19yr who made over $1mil in college trading and then started a hedge fund. Unfortunately his strategy did not scale as well given the market size he was trading in. The other major setback is that in trading you tend to loose money faster then you make it so 11% can take a bad hit if you pick wrong. This is very dependent on your trading style of course. Like all things trading a process and you must keep adapting to the markets and keep pluggin and chuggin.

NOTHING is sinking my boat. I will listen to and evaluate any and every strategy, keep what works and toss the rest. I don't dismiss people until I have properly evaluated them. If Fredster says he is making 11+% a week trading good for him. If he shares it with me and I can duplicate it good for me.

Currently I am buying broken electronics on eBay, fixing them and reselling them on eBay and I am averaging 30% to 60% on each transaction. Have I figured out how to scale it, NO. But it is a process. Is it getting me closer to my goal, YES. Is this a Fastlane road, NO. Am I a Fastlane devotee, YES. I will figure it out because FREEDOM is the American dream and I want it for me and my family.

MJ wrote this book which put into black and white concepts which I have intuitively known and felt most of my life. I have been going through the school of hard knocks and learning continuously since I can remember but this has only strengthened my mettle. Thank you MJ for affirming so much that I suspected and Fastlaning my learning curve. Education is imperative but truth is the key to the lock. I want to make my millions and help people in the process. So far I haven't learned how to help enough people but I will. God bless you all and God bless America.

 

[jdiggidy]

A 17 year old high school student isn't going to be trading. He's not going to be investing in real estate. He'll barely have time to find or build a product and market it, since he's in class until 3. Today, most high school students have cell phones, if not that have iPods. (Most likely iPod touches) They're familiar with the concept of "apps". Take a look at Apptopia. There are hundreds of apps up for sale because the current devs either can't capitalize on them or can no longer focus on them. There are dozens of apps that are free or ad supported up for sale that had 2000-5000 downloads per week, but generated no revenue for the dev. I taught myself HTML and web programming when I was 15, so a 17 year old can teach him self Objective C. Spend a couple grand on some failing apps, make what improvements you can, market them appropriately, then continue this cycle off of the revenue you generate from the apps. I think this scales, and it can scale QUICKLY.