Have dreams of making $200k? Want to do it in a certain amount of time? You’ve found the perfect article to accomplish this.
After some serious hustle, a few wise investments, and one heck of a 2017, I’m fortunate to say that I made over $200,000 last year at only 24 years old.
The rest of this blog post is going to break down how you can do it, with helpful examples of how I did it.
Now it’s very unlikely you can do it the same way I did. Because by the time you’re reading this, the opportunities will be different and your circumstances will be different.
You’ll need to do it your own way, as you should anyway if you want to feel a true sense of accomplishment.
You ready? Here we go!
How To Make $200k In A Calendar Year
Set A Goal To Make $200,000
Be prepared, we’re getting complicated right off the bat: If it’s not your goal to make six-figures two times over then it’s not going to be your reality when the year is over. Facts!
Don’t only set the goal to make this kind of money, but commit to it. Say it must happen. It has to, or else. But there’s no or else in this scenario.
That’s the mentality I had when why I wrote at the end of my note card in the video above that, “This is reality!”, and it’s how I pushed through to achieve my income goal.
No one, nothing, could have stopped me from doing everything in my power to accomplish it.
When your goal becomes more like an unbreakable bond, then you mean business while you prep yourself for the work that is about to go down.
Also, again obvious, you need to plan how you’re going to accomplish your goal. Unless you own the joint, working at McDonald’s won’t make you $200k in a calendar year. You got no shot!
It’s important you set goals, like starting your own business, that give you a chance to bring in profits that a 9 to 5 job doesn’t.
How I did it:
If you check out the video above, you’ll see my note card where I wrote my 2017 income goal.
Honestly, you’d be wise to write a similar note card. There’s power in the written word.
If you’re looking for a prompt, it goes like this:
- (Insert your name) will make $200,000 this year. To achieve it, he/she will _____ and _____. He/she will accumulate it through _____ and _____. This is reality!
What’s interesting is the target started at $100,000 and then the goal kept increasing as I hit more milestones all the way past $200,000.
This also taught me to set the bar higher going forward, because why not?
P.S. By the end of 2018, my net worth goal is $1,000,000, millionaire status.
Hustle To Make As Much Personal Income As Possible
Now it’s time to obsess over action.
The only way you’re going to make the invisible, your lack of hundreds of thousands of dollars in income, is through over the top action.
This one word can change your entire life if you take it for all it’s worth. Or a lack of action can be the reason you throw away another year to make your dreams a reality.
You should have already started your business or picked up a second job or started working 100 hours a week at your current job if you want this bad enough. That’s the only way to get it done—seriously.
Every extra hour you work is more money entering your world, and gives you more opportunities to turn that initial money into bigger profits. This is true no matter if you’re an hourly employee, salaried, or business owner who only gets paid when you sell to customers.
So go take action every single day. Because whether you reach your income goal or miss it, you’ll be in a better financial and career place thanks to your effort.
How I did it:
I could have said, “I already do enough. Let’s just be patient and slowly build my book revenue, blog advertisement fees, coaching business etc.”
But instead I took massive action by starting my digital marketing company. Though I didn’t drop anything else I committed to earlier. Instead, to make more money (and do what I love) I added this business owner role on top of everything else going on.
That’s what I mean by action. If your mission is to make $200k this year then there’s no time for movies, TV shows, and board games.
It’s all about that work, work, work.
With the extra income from my company Robben Media, I deployed that into the next crucial step in this process: investing.
Invest 99% Of The Money You’ve Saved To Produce More Money
What do you prefer? Your money sleeping all day in a savings or checking account, so in a year you’re stuck with the same amount. Or investing your money so that it works 24/7 to return you crazy profits for the rest of your life?
The answer is crystal clear: You need to get your money working for you, through investing, if you’re going to make $200,000 in a year.
You almost have no other choice if you want to get wealthy.
However, if you skip the step before this, you’ll have no cash to invest. That’s why it’s a team effort between saving and investing.
And if you can—say you’re wisely investing in an index fund that matches the S&P 500—set up automatic investments that go straight from your checking account to your investment brokerage account. (This is possible with just about every brokerage company.)
Automatic investments ensure you pay yourself first and set your future up for financial freedom.
Or if you’re swinging for the fences, then you need to invest in cryptocurrencies, real estate, or something with quicker upside than an index fund.
How I did it:
I invested almost everything I made in cryptocurrencies and the stock market.
Take a look at the damage:
- I bought Bitcoin before 2017, but held onto it through all of 2017. It started January 1, 2017 at around $1,000 and then ended the year a little over $14,000. So I made 14 times every dollar I invested into Bitcoin. My BTC investment gets the most credit for my $200,000 income year.
- I bought Ethereum in May 2017 when it was trading at $170 for one coin and it ended 2017 at just about $775, so that right there is like 4.5 to 5 times my money.
- I bought a good chunk of Litecoin this summer when it was around just $50 in 2017, and it’s now over $200.
- Tesla and my guy Elon Musk returned over 38% in profits last year to give my portfolio a boost.
- My index funds and the S&P 500, where a good amount of my retirement nest egg is invested, returned over 18% in profits in 2017.
All those investing profits are how 80% of my 2017 fortune was made. If you’re sleeping on investing your money, your bank account doesn’t know what it’s missing.
$200k Income Wrap Up
That’s how my money came together last year.
Was I fortunate? For sure, not many people saw Bitcoin exploding for over 1,500% in that time span.
But did I hustle my face off, make the right money choices, and put myself in position to capitalize on a $200,000 year at 24 years old? You better believe it.
There’s nothing stopping you from going all out as well to see where the chips fall at the end of the year.
You just have to decide if you have it in you or if you don’t actually want financial freedom, you just enjoy talking about it.
My hope is that you join me in the arena. The world needs more people who push themselves to the limit to better their situation and the people’s around them.
You can earn $200,000 in a year. Now go do it!
Want more money advice? Watch my How To Get Rich playlist on YouTube.
This article or any of the material in it is not investment advice. Seek a duly licensed professional for investment advice.