Making a million bucks is an ambition held by many of us, but for most people it’s a pipe dream that never comes to pass. They say money isn’t everything, but there is something highly alluring about the notion of having a cool one million dollars in a bank account with our name on it.
It might seem unattainable right now, but if you set the right wheels in motion, it is possible to make a $1 million before you reach retirement – and here’s how:
Build an Investment Portfolio.
In theory, investing with little money is never going to get you anywhere. In practice, it is a surprisingly good way to accrue and build your wealth if you have the patience to stay on course. Start investing before you reach the age of 30 and your money has a chance of accumulating a hefty amount of compound interest.
Compound interest is your friend, as it makes every cent you invest work that bit harder. Investing for the long-term means your investments will weather the inevitable ups and downs of the financial markets, so in the long-term, you will see a decent return. You don’t even need to invest significant sums of money. A few thousand dollars a year from the age of 25-65 will easily build a million dollar nest egg in time for retirement.
Start a Tech Business.
OK, so starting a tech business is not necessarily a fast-track way to earn a million dollars, but if you start the right business, you are well on your way. Tech start-ups have generated huge revenues in recent years, not because they were necessarily amazingly successful, but because they were bought out by larger brands.
A great example of this is Periscope. This app hadn’t even been launched before Twitter bought it for a cool $1 million. Another massive acquisition was Microsoft’s purchase of Sunrise, a suite of calendar apps and programs. That deal also went down for $1 million.
The lesson here is simple: if you are techy enough to create a must-have piece of software or app so amazing everyone wants to download it, the big boys are likely to sit up and take notice and (hopefully) offer you mega bucks to buy your business.
Write a Bestseller.
E-publishing is the way to fame and fortune, or it can be if you target the right niche and happen to be lucky. EL James hit the big time with her infamous erotica trilogy. They were not particularly well written, but the stories struck a chord and she sold millions. Today, Fifty Shades of Grey has spawned a film series and an awful lot of merchandise, so whatever your opinion of the books, EL James has had the last laugh as she’s now worth around $70 million.
The other easy way to make a million dollars is to buy a winning lottery ticket, but your odds of success are not great at 175 million to one. Good luck.