Difference between making $10K a month, $100K a month and $1M a month

Recently, I got into a discussion with my friend on making money (which we discuss very often)

He firmly believes that hard work = success

However, I am the opposite - I believe creativity, resourcefulness, intellect, luck, insight and some work = success

Let me explain

To make $10K a month, you just need to work a 9 to 5 corporate job. Most people can achieve this path by getting a good education and getting a white collar job after 5-10 years of experience.

To make $100K a month, you can "work" your way up and be a director of a company. However, even among directors, not many can make $1M a year ($100K a month). Those positions are usually high stress and used up almost all of the 24 hours of your life. Instead, most people who can achieve $100K a month are businesses.

For example, my friend runs a popular matcha cafe and she brings in $300K a year from one shop. She opened 2 more shops in Vancouver and now she is at $1M a year ($100K a month).

In other words, there's a limitation on how much ONE PERSON can work and plow away by himself to make money. At some point, you need teamwork and systems. That's where creativity, resourcefulness, intellect, luck and insight.

You still need to work in the team but it is not about using all 24 hours and skipping meals.

To make $1M a month, most people will realize - you can't get this from a job. Yes some CEOs with stock options can get $10M+ pay a year but it is not without any risk (e.g. stock price going down)

To get to $1M a month, you need:

1) Scalable business - usually through geographical expansion (getting more customers). But when you are scaling your business, it is scaling a team (not scaling by putting more brute force hours of your own)

2) Scaling an investment - For example - your investment grows. You have more capital to invest in the market. Again, it is not because you plow in more hours into the market that would make it grow faster. But simply having a larger portfolio baseline to generate more profits.

The answer is - Hardwork matters for your first $100K per year.

But if you want to go past that, then you need to THINK HARDER (not work harder) = Creativity + Resourcefulness + Intellect + Luck + Work

Cheers,

Eric

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Eric Seto

Chartered Professional Accountant (CPA)

Chartered Investment Manager (CIM)

Founder of 5MinInvesting.com

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