Steps to become Billionaire easily
If you invest $ 400 a month and make a 7% annually, this calculator ROI says it will have a little over $ 1 million in 40 years.
Say you are 30 years old and you give up movies, Starbucks and dinner outside those four decades to save $ 400 each month. At age 70, you will have a million dollars and be ready to retire, right?
But wait! An inflation calculator shows that $ 1 million now have the spending power of about $ 229,207 dollars of 1975. If we experience similar inflation over the next 40 years, its future millions also have a value of only $ 229,207 in today’s dollars.
Then, if maintained by 7% annually, will provide an income of … $ 1337 per month (measured in today’s dollars). So it will be a millionaire, but it will not be quite as you imagine.
Of course, you probably have some other income from social security or a pension, and $ 1337 is a good addition to other monthly income.
But what if you do not want to wait 40 years to make your first million? What if you do not want to wait even 10 years? Here’s how to make a million dollars quickly – with a little luck.
1. sell something
Maybe you do not want to hear this, but it might be time to learn to sell. One of the safest forms of wealth is to see what people need and want and provide it. But you still have to convince them that it is their something they need. That’s sales.
That’s how Dani Johnson went from being homeless to millionaire in less than two years. At first the idea of selling a weight loss program, as if beneath it was rejected. Then he realized he had no home, drinking, using cocaine and worse, why not sell something?
She did not even have a phone, but with a voice mail service of $ 15 and a handwheel presented at a post office, she began receiving orders for the program. When he called the manufacturer for his inventory, he had to borrow the direction of a liquor store because he had no place to accept delivery.
From that beginning, he built his business and sold later, become a billionaire in the process.
Other examples of people who made $ 1 million selling something fast include:
He was 14 when he began making and selling “SuperJam” and within a few years had annual sales in the millions.
greeting Sold at age 9, and then moved to selling Beanie Babies, software and advertising, and for 15 years was making more than $ 300,000 per month.
Three years after opening her Etsy shop that was making about $ 1 million a year selling handmade clothing and accessories.
2. Invest in Real Estate
When Julie Broad and her husband decided to buy their first income property they had just $ 16,000 saved up. Seven years later, they were millionaires and retired – at 31 Broad says that one of the things you like real estate is the potential influence:
“If you have $ 16,000 to invest (which is what I started doing seven years), you can buy to $ 16,000 in stocks and bonds. However, if you buy real estate, you can buy a property worth $ 160,000 (which is exactly what I did.) If their shares rise in value by 5%, you have made $ 800. But if your property goes up 5% that has made $ 8000! ”
To make money with income property rents, appreciation and capital gains tenant rental payment mortgage. Also get to exercise creativity and control of real estate investments.
Extensive notes that if their shares fall in value, your options are limited buy more or sell more, but with real estate,
“… There are a lot of creative techniques to treat … Some people rent the detached garage of the house … can add vending machines or laundry … you can change the use of the property to sell it to someone who can make better use of that … There are dozens of ways to turn a simple house into a moneymaker with dozens creativity. ”
Many real estate investors have similar stories to tell. For example, in his book, 2 years of a million in real estate, Mateo Martinez recounts how he made his fortune in rental properties after leaving their job from 9 to 5.
The home mortgage bets and $ 29,000 at number 17 on the roulette table is probably not a good plan. But not all bets have to be so crazy.
Consider poker. A recent article in the mirror outlines seven people who made more than $ 1 million playing poker in 2014. There is a risk, but on the other hand, there are skill, and can avail themselves of their profits into bigger ones without risking much to start .
Another option is the game of the popularity of the new coins. The use of $ 1000 came as a gift, Erik Finman made $ 100,000 in 15 years Bitcoin then used the money to create a home online tutoring hoping to make millions.
And yes, buying a lottery ticket is a terrible bet, according to statistics. But it is one of the fastest ways to make millions, and buying a ticket or two each year, probably not going to break. Just do not add to the long list of lottery winners who lost everything.
4. Make YouTube videos
The Internet may be the most obvious platform to make a million dollars fast. And of all the many possibilities, creating videos for YouTube is perhaps one of the funniest. Here are just a few profitable types of videos can be created:
You may not have heard of him, but the comedian Ray William Johnson was created $ 1 million per year with their funny videos.
You read that right; channels “EvanTube” (there are three) make an estimated $ 1 million a year for his 9-year-old founder and his family.
Grumpy Cat may not have made $ 100 million, but its owner Tabatha Bundesen admits, “I was able to quit my job as a waitress a few days after his first appearance in social media and the phone just has not stopped ringing since. ”
5. Post Kindle Books
You can set up an account for free and start selling books on the platform Kindle eBook Amazon this week.
You’ve probably heard about the authors who have hit big on the Kindle. John Locke, for example, sells a million eBooks Kindle in five months, and Mark Dawson won $ 450.000 last year of his self-published e-books.
But you do not even have to write your own book to make a million dollars on Kindle. You can publish books of others. Bob Mayer and Jen Talty say “built a seven independent publishing figures in just two years.”
6. Teach people
Do you like teaching people? Well, not going to make a million do in a classroom. But maybe you can go online:
Top 10 Udemy instructors took in $ 17 million between them – and that’s just for last year. What could you teach an online course, even a short pilot version?
Then there is the master Deanna Jump, who became a millionaire in less than three years by selling lesson plans to other teachers in TeachersPayTeachers.
7. Commercial actions
It could take 40 years to make his first million in shares if you go for the slow and steady return of 7%. On the other hand, no investment and no negotiation. And then there are the volatile penny stocks …
The SEC says “Investors in penny stocks should be prepared for the possibility that they may lose their entire investment.” And Tim Grittani agree that trade in and out of these stocks inexpensive as it does, often within minutes, is risky. But his $ 1500 became a portfolio worth more than $ 1 million in three years – at 24 years.
8. invent a new way to make money
I’m not sure you are ready to commit to a million any of the above forms? So why not invent your own way? For inspiration, here are some examples of people who did just that:
He created MillionDollarHomepage.com (the first of its kind) and sold one million pixels of advertising space for $ 1 per pixel to finance your college degree.
She started with $ 3,800 buy cheap cardboard US boxes for recycling in China, and is an estimated $ 4.6 billion value.
Alan Jenkins and Pat Burke
They have sold more than $ 1 million in Irish land to the United States, for the nostalgic transplants to use in their coffins or Irish roses.
Many other foreign businesses could inspire invent their own way to make a fast million. Of course, even if you give it a shot, you might also want to do the usual savings and investment. Forty years from now, you may thank his former self to put aside $ 400 per month to provide that extra $ 1337 per month in 2015 dollars.
Your turn: Will you make your first $ 1 million slow way, or point to a faster route to riches?
Disclosure: We have a serious addiction to Taco Bell here. Affiliate links in this post help us sort the dollar menu. Thanks for your support!
Steve Gillman is the author of “101 strange ways to make money” and creator of EveryWayToMakeMoney.com. It was a repo man, walking stick carver, evaluator search engine, house flipper, tram driver, process server, juror drill, and dealer roulette, but more than 100 ways that has made money, writing is your favorite (so far).