Money Magnets

I am a Money Magnet! We are Money Magnets!

We came across this article from Money Sense about five entrepreneurs and how they made their first millions.  Among the 5, three of the interviewees made their first million through e-commerce or simply by selling stuff in the internet.  The other 2 made their millions engaging in real estate.  Given the statistics, it seems like these are the industries to look out for if you want to earn those millions and become financially free.

Second Millionaire - Eireen Diokno-Bernardo

• Made her first millions when she was 32 years old in E-commerce and online trading.  She was also engaged in retail export and import with eBay.  It took her 2 years to get her first million.
• Chose e-commerce because it is possible to do (generate enough money) while being a full-time mom to her children.
• Biggest mistakes in e-commerce were being too confident with bank balances and not using online facilities to check, being too confident in estimating the cost of shipments, doing short cuts, and not planning for the right floor area for inventory stocking.
• Top 3 strategies: know what sells, research and study auction results and trends, create a  niche.

• Made his first million in e-commerce when he was 39 years old.  (Already made millions in previous businesses years earlier.)
• It took him less than a year to earn his first million in e-commerce.  He chose the internet to be his vehicle because he also uses the internet to trade stocks online.
• He made money through Internet Marketing.  He's mentor is the late Corey Rudl.  
• Top 3 strategies for internet marketing: sell information products, set up a membership site, and preparing an exit strategy.
• No. 1 mistake of newbies is to have that quick-rick mentality.
• Being focused has helped him earn what he has today.  Focus on the long-term!

• Made his first million at 40 years old doing Real Estate Marketing.
• He chose this industry because its got the best commission rates.
• Biggest mistake in the industry was to get involved in selling for developers with no track record.  
• First breakthrough came when he organized a real estate auction of foreclosed assets for a major commercial bank where he broke all records for one day sales.
• Focus on your type of niche assets you want to sell - for him it was foreclosure and prime developer units.
• No. 1 mistake of newbies is trying to sell all types of real estate assets located anywhere.

• Made his first million when he was 28 years old in Internet Marketing.
• It took him less than a year to get his first million.
• He chose this field because it has a low entry barriers.  One doesn't need a lot of capital to engage in this business.
• His biggest mistake in internet marketing was to focus on the local Philippine market.  Target the global market instead!
• Best way to earn is to create digital downloadable products.
• Top 3 strategies: list building, email marketing, and social networking.
• Best advice: Think long-term and think global.