{"id":88,"date":"2011-02-26T06:46:45","date_gmt":"2011-02-26T06:46:45","guid":{"rendered":"http:\/\/www.startupremarkable.com\/?p=88"},"modified":"2011-02-26T06:46:45","modified_gmt":"2011-02-26T06:46:45","slug":"12-steps-to-1-million","status":"publish","type":"post","link":"https:\/\/howardkingston.com\/12-steps-to-1-million\/","title":{"rendered":"12 Steps to $1 Million"},"content":{"rendered":"

<\/strong>Imagine for a moment your dream, your goal. That might $1 million dollars, selling your first company or starting your first company.<\/p>\n

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How does it look and feel?<\/p>\n

Or more importantly \u2013 how are you going to get there?<\/em><\/p>\n

12 steps to $1 million<\/strong><\/p>\n

My goal is to make $1 million in 999 days<\/a>, starting with $0.\u00a0 This is a pretty big (think: monolith) by anybody\u2019s standards I guess so game on! To achieve this, I\u2019ve broken down this goal in to 12, not quite so daunting, and I believe very attainable milestones. It originally was going to be 10 but I just couldn\u2019t decide between some milestones that all sounded awesome so I decided to include them all.<\/p>\n

I\u2019ll be testing every single milestone vigorously and publishing the results to prove I\u2019ve attained them.<\/em><\/p>\n

These are my 12 steps to $1 million.<\/strong><\/span><\/p>\n

So, what are they? \u2013 I\u2019ve broken them into 3 main areas: Financial, Lifestyle & Growth\/Learning*.<\/strong><\/p>\n

Milestone 1 \u2013 To Become Net Income Positive<\/strong><\/span><\/h2>\n

Why? <\/strong>Simple: to be earning more from my own businesses than my total outgoings.<\/p>\n

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When I hope to achieve this by? <\/strong>Within the first 3 months<\/p>\n

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How will I test this? <\/strong>This key to this is to achieve this goal over a consistent period. The easy thing would be to pick a good day and believe I\u2019ve achieved it, but I need to achieve this over a continuous period to know I\u2019ve nailed it.<\/p>\n

I\u2019ll be monitoring my income\/outgoings for myself and my businesses. Once I earn at least $1 more over a 2 month period,<\/em> I\u2019ve achieved the milestone.<\/p>\n

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Milestone 2\u2013 Achieve Passive Income<\/strong><\/span><\/h2>\n

Why? <\/strong>Up until this point in my life I\u2019ve always only earned active income <\/strong>i.e. traded hours for money in work etc. Passive income is the totally opposite of this – when a piece of work you did once continues to earn you income automatically, without your continued involvement. Think: making money while you sleep.<\/em><\/p>\n

I think the attraction to passive income is evident \u00a0\ud83d\ude42<\/p>\n

When I hope to achieve this by? <\/strong><\/p>\n

$500 p.m. passive income: Month 3 – 4<\/p>\n

$1,000 p.m. passive income: End year 1<\/p>\n

$2,000 p.m. passive income: 18 months<\/p>\n

$5,000 p.m. passive income: 998 days<\/p>\n

How will I test this?<\/strong><\/p>\n

Each month in my monthly report I\u2019ll be itemising all my income and detailing how much of it is active and how much is passive.<\/p>\n

I\u2019ll also be doing 1 – 2 big tests every year<\/em> to ensure the income is truly passive (see milestone 5)<\/p>\n

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Milestone 3 \u2013 To be earning $10,000 p.m. net in Personal Income<\/strong><\/span><\/h2>\n

Why? <\/strong>Earning more every month is good<\/p>\n

When I hope to achieve this by? <\/strong>6 – 12 months<\/p>\n

How will I test this?<\/strong> Will be publishing my income reports each month<\/p>\n

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Milestone 4 \u2013 Give to Social Causes<\/strong><\/span><\/h2>\n

Why?<\/strong> Helping and giving to causes far, far bigger and in greater need than I am is what makes this whole project make sense<\/em>. Think: Kiva, local charities, help the homeless or any needing project where I do not receive any direct financial gain (my rewards will come in the form of fulfilment and satisfaction).<\/p>\n

When I hope to achieve this by? <\/strong><\/p>\n

Year 1: To give 100 hrs p.a. of my time to social causes<\/p>\n

Year 1: To give $7,500 p.a. to social causes<\/p>\n

Year 2: To give 150 hrs p.a. of my time to social causes<\/p>\n

Year 2: To give $15,000 p.a. to social causes<\/p>\n

How will I test this? <\/strong><\/p>\n

Will log all time and money I give in my monthly reports.<\/p>\n

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Milestone 5 \u2013 Design business so I am not required for it to run and work (Freedom!) allowing me to travel, network, learn as I please<\/strong><\/span><\/h2>\n

Why? <\/strong>Freedom is one of my most highly treasured values.<\/p>\n

When I hope to achieve this by? <\/strong>Day 1 with testing targets throughout time period.<\/p>\n

How will I test this?<\/strong><\/p>\n

Every 6 months I will take a minimum of 3 weeks break<\/em> from my current work location to travel\/explore some cool part of the world<\/em>. Mobile work interaction allowed. Income\/expenditure fluctuations will be monitored & reported.<\/p>\n

Once a year I will go digitally cold for 1 week<\/em> to test if my passive income is truly passive. That\u2019s no mobile, no internet, and no email. Nothing that has any electronics in it (even my iPod). Income\/expenditure fluctuations will be monitored & reported.<\/p>\n

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Milestone 6 \u2013 Attain Work Life Balance<\/strong><\/span><\/h2>\n

Why?<\/strong> Where\u2019s the fun in making $1 million when you work 12 hour days and have no time to enjoy life\/spend time with your loved ones and friends. I\u2019m a self confessed workaholic so I\u2019ve defo work to do here.<\/p>\n

Goal is to work less and become healthier<\/em> as I progress through this.<\/p>\n

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When I hope to achieve this by?<\/strong><\/p>\n

Day 1: 60 hours a week (an improvement on day 0!)<\/p>\n

Year 1: 50 hours a week<\/p>\n

Year 2: 40 hours a week<\/p>\n

998 days: 30 hours a week<\/p>\n

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How will I test this?<\/strong><\/p>\n

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  1. Tracking my work time using time tracking software and publishing all results (2 month consistant change must be obtained).<\/li>\n
  2. Twice yearly \u2018health checks\u2019 to monitor my health, and show I\u2019m getting healthier<\/em> during the 999 days (I\u2019ll publish these).<\/li>\n<\/ol>\n

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    Milestone 7 \u2013 To attend 4 conferences per year (minimum)<\/strong><\/span><\/h2>\n

    Why? <\/strong>At conferences you learn cutting edge new stuff, meet and connect with likeminded people, get ideas, get inspired.<\/p>\n

    When I hope to achieve this by?<\/strong><\/p>\n

     <\/p>\n

    Year 1: Conferences I will attend<\/p>\n