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Reply to "Forget about 6 figures, how did you made your first 7 figures? "
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[quote=Anonymous]Own a business. I know 2-3 people in this situation (including me starting next year.. I'm just under the $1mln mark currently). The reason is your profits can scale enormously in the right business, without much additional work. For example, let's say you make a software product. It takes huge resources to initially produce it and have it ready for market, but once you start selling, your marginal cost to "produce" another copy for sale is basically $0. Meanwhile, think of a lawyer on their own. They can increase their billing rate, but there are only so many hours in the day so they can only earn so much. (I use a simple case.. I know partners in a law firm have more potential since they get profit-sharing basically). Even a hot-shot surgeon -- you can only do so many surgeries per day/week. So you can increase your fee within reason, but other than that, your revenue is capped.. at a great number, but still limited. [/quote]
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