7 Semi-Easiest ways to make your first $1 Million?
Is it possible to make your first million dollars? While it’s a tall order, it’s not impossible. In fact, according to stats from the Social Wealth Network, someone with a net worth of $1 million is considered a ‘medium-high’ wealth earner. This means that there will be plenty of opportunities to get your hands on a million dollars. But how? If you want to make your first million dollars, you need to be smart about your finances and put yourself in the right place.
According to any recent millionaires, if assumed, an order to make your first $1 million is highly possible if the digital methods are applied. Be it starting an online business, selling digital items, or investing in a money-magnet company. Opting with traditional techniques will take years to reach, whereas you can technologically make it happen in much lesser time.
Top 3 Beginner Ways To Make $900 Pe...
Top 3 Beginner Ways To Make $900 Pe...
Here are some of the semi-easiest ways to make your first million dollars.
Be in the top 1% of a Lucrative Profession
The average doctor takes home around $250,000 per year, but the best can make two or three times that much. If you become one of the top performers in any field, it’s a good bet that you’ll be rich. Be an entrepreneur. There are many different ways to do this, and most involve some form of risk, but there’s nothing like being your boss when you’re trying to get rich! Keep your expenses low. This isn’t as fun as getting a big bonus or making more money, but it’s just as important. If you don’t spend money on things like houses and cars — and instead focus on saving it — you can quickly make your first million over time. It might take a while to start from scratch, but once that money starts compounding (and growing), it will add up quickly!
Write several books and sell them. If you write several books about different topics that interest you, you will have a good chance of making your first $1 million in less than two years.
If you write books about topics that interest you, you will have an advantage over other authors because your topic will be fresh and new, and you can write about it with passion, which many authors lack.
You can also write about topics that interest you, such as sports, travel, cooking, or anything else that interests you, and it might take a little longer. Still, eventually, when people search for keywords related to those topics, they may find your book and buy it if they like what they see.
In the past, I discussed how you could earn money by owning a patent or trademark, but I never covered licensing out that patent or trademark. That’s because it’s an even better way to make money than actually owning the patent or trademark.
The process is simple:
Secure a valuable patent or trademark. A valuable patent or trademark could be worth $10 million, $20 million, maybe even billions of dollars. It all depends on the type of product or service you have and the size of the company you are licensing to.
A license that patent or trademark to a large company. You can license your patent/trademark to any company you want, but typically you will want to target big companies with more money (the more money they have, the larger your royalty payments will be). For example, if you invent new technology for smartphones, license your product to Apple and Samsung (big companies with lots of money).
Wait for royalty checks to arrive in your mailbox every month/quarter/year, and count your cash!
Start a Dropshipping company under your Label
The benefit of dropshipping is that it allows you to test products on the market and scale up quickly. If a product doesn’t sell well, you just cut it from your inventory. If it flies off the shelves, you can simply order more.
Dropshipping requires less upfront investment than traditional manufacturing or wholesaling models and gets closer to your customers. With the right automation in place, you can quickly turn your passion into a 7-figure business from anywhere.
Many people think that opening a small business is the best way to become a millionaire. This is not entirely true because only a few of the millions of small businesses that open their doors ever reach the million-dollar mark. However, it is not impossible. If you were to open a successful small business and then keep growing it, you could reach the million-dollar mark in as little as five years. You would probably need to work day and night for those five years, but it could be done.
The easiest way to make a million dollars is to make an ICO or Initial Coin Offering. This is a new way of raising money that has grown in popularity in the last year and is the financial equivalent of an IPO or Initial Public Offering.
So instead of selling shares of your company on the stock market like an IPO, you sell cryptocurrency tokens like bitcoin or Ethereum in an ICO. And instead of giving someone ownership in your company, the tokens give people access to use whatever service your company provides.
This may seem confusing at first, but it’s straightforward. You can raise money for anything by doing an ICO, but most ICOs raise money for cryptocurrencies that will eventually be exchangeable for other cryptocurrencies like Bitcoin or Ethereum.
You create a new cryptocurrency token that people can buy using bitcoin or ether to do this. Then they send their bitcoin or ether to your cryptocurrency address, and they get some of your new tokens in return. Later, when your cryptocurrency goes up in value, they can sell their tokens for a profit.
A subscription service is when customers pay you a monthly fee for the product or service. An excellent example of this is a gym membership. Consumers pay the gym every month, so even though it isn’t selling millions of units of any one product, it can still accumulate millions in revenue and profits.
The first step in creating a subscription service is deciding what kind of product or service you want to sell. You should consider what kinds of things people need regularly and whether there’s an opportunity for your business model to make money by providing those products or services.
Apart from the seven ways above, here are a few more to guide you into making $1 million:
Ever heard of Flappy Bird or Angry Birds? They are the simplest of games, but millions of people play them every day. If you have an excellent idea for an app, you could sell it for millions. You could design something similar to what is already there or something completely new. The possibilities are endless!
The best thing about designing an app is that you do not need any investment. But like any other business, you will need good marketing strategies to reach your potential customers. You may also want to consider hiring a team that can help you scale your business faster than you could on your own.
This real estate investment strategy is one of the most common and easiest ways to earn your first million dollars. It’s simple, you buy an undervalued property, renovate it or just wait for it to appreciate over time and then sell it for a profit. You can do this with a single-family home, a duplex, or even a small apartment building.
Why would anyone sell their property for less than what it’s worth? Sometimes, people need to sell quickly because of life events like illness, job loss, or divorce. The seller doesn’t have the time or money to renovate, so they’re willing to accept a lower price. If you have some cash saved up and are willing to renovate, you can buy a property at a discount and sell it for more.
The key to success with this strategy is finding good deals. Once you find that great deal, you’ll likely want to renovate the property before selling, but consider hiring a general contractor if you don’t want to do this yourself. This will help speed up the process and allow you to start collecting your investment sooner rather than later.
Going Viral on Youtube is no easy task. Especially when there are over a million different youtube channels out there, but it is not impossible to make it big on youtube.
You need to do two things to make your video go viral. First, you need to understand your target audience, and second, you need to make a good video.
If you don’t know your target audience, how will you make a video that appeals to them? So, first thing’s first, do your research! Know who watches YouTube videos and what kind of content they like. You can use the keyword research tool for this purpose. It will help you find your target audience based on keywords and search queries that people type in for those topics.
Once you have identified your audience, create something unique that appeals specifically to them. Your video should be funny and entertaining so that it catches viewers’ attention. That’s how they will share it with their friends, who share it further until it goes viral!
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- Boost Your Profit Margin. A profit margin isn't strictly reserved for businesses; it also applies to you. ...
- Start With $10 Million. ...
- Turn Your Passion Into a Business. ...
- Invest Early. ...
- Be Patient. ...
- Invest In Real Estate. ...
- Adjust Your Lifestyle. ...
- Max Out Your 401(k)
You'll usually need a minimum personal credit score of 650-700, excellent business credit, high annual revenue, and at least three years in business. If you meet the strict qualifications, closing and funding the loan request can take several weeks.How to turn $25,000 into a million? ›
Based on an investment of $25,000 today, it'd take a return of 13.08% per year to transform into $1 million in 30 years. If you require a shorter time to grow your investments, you'll need a higher return to arrive at $1 million sooner.What is the most common way to make a million dollars? ›
- Invest In Real Estate.
- Start A Business.
- Purchase Cheap Stocks.
- Start A Side Hustle.
- Protect Your Wealth.
- Become a rideshare driver. ...
- 2. Make deliveries. ...
- Pet sit. ...
- Sell clothes and accessories online. ...
- Sell unused gift cards. ...
- Take surveys. ...
- Trade in old electronics. ...
- Host a yard sale.
To afford a 1 million dollar home, you need a minimum annual income of $200,000 to $225,000. You'll also need to have enough money saved for the down payment and closing costs, which can add up to over 20% of the purchase price.What's the average payment on a million dollar loan? ›
A 30-year, $1,000,000 mortgage with a 4% interest rate costs about $4,774 per month — and you could end up paying over $700,000 in interest over the life of the loan. Our goal is to give you the tools and confidence you need to improve your finances.What salary do you need to afford a $1 million home? ›
Experts suggest you might need an annual income between $100,000 to $225,000, depending on your financial profile, in order to afford a $1 million home. Your debt-to-income ratio (DTI), credit score, down payment and interest rate all factor into what you can afford.What does the rule of 72 tell you? ›
Do you know the Rule of 72? It's an easy way to calculate just how long it's going to take for your money to double. Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.Which stock can make you a millionaire? ›
- Zevia PBC (NYSE:ZVIA) Share Price as of January 6: $4.64. Number of Hedge Fund Holders: 3. ...
- Trilogy Metals Inc. (NYSE:TMQ) ...
- Matterport, Inc. (NASDAQ:MTTR) ...
- Absci Corporation (NASDAQ:ABSI) Share Price as of January 6: $2.43. ...
- Unity Biotechnology, Inc. (NASDAQ:UBX)
How old is the average millionaire? The average millionaire is 57 years old. This is because it takes smart financial decisions, hard work, and wise investments to become a millionaire, most of which don't fully pay off until around the age of 50 or 60.How many $100 dollars make a million? ›
Ten thousand $100 bills equals $1 million (10,000 x $100 = $1,000,000).Can you live off $1 million? ›
Will $1 million still be enough to have a comfortable retirement then? It's definitely possible, but there are several factors to consider—including cost of living, the taxes you'll owe on your withdrawals, and how you want to live in retirement—when thinking about how much money you'll need to retire in the future.Does $2 million make you rich? ›
Being rich currently means having a net worth of about $2.2 million. However, this number fluctuates over time, and you can measure wealth according to your financial priorities. As a result, healthy financial habits, like spending less than you make, are critical to becoming wealthy, no matter your definition.What makes 90% of millionaires? ›
“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.What are good side hustle jobs? ›
- Freelancing. Freelancing is a tried-and-true way to earn extra money and deserves a top spot on any list of easy side hustle ideas. ...
- Pet-Sitting And Doggie Daycare. ...
- Dog Walking. ...
- Tech Setup Services. ...
- Blogging. ...
- Senior Sitting and Companion. ...
- Babysitting and Child Care. ...
- Personal Assistant.
- Take online surveys.
- Get paid to open a bank account.
- Deliver groceries and goods.
- Earn just by using the right credit card when you spend.
- Watch videos online.
- Play games online.
- Walk dogs or pet-sit.
- Become an Amazon reseller.
- Massage therapist.
- Health coach.
- Freelance photographer.
- Freelance designer.
- Interior designer.
- Work As an Influencer.
- Become a Freelance Writer.
- Monetize a High Traffic Website.
- Start a Service-Based Arbitrage Business.
- Rent Out Space In Your Home.
- Flip Stuff.
- Create a P.O.D product.
- Amazon FBA.
- Investment banker.
- Certified public accountant.
- Day trader.
- Real estate agent.
- Insurance agent.
- Professional athlete.
- Hedge fund manager.
- Investment banker.
- Real estate developer.
What income is required for a 600k mortgage? To afford a house that costs $600,000 with a 20 percent down payment (equal to $120,000), you will need to earn just under $90,000 per year before tax. The monthly mortgage payment would be approximately $2,089 in this scenario. (This is an estimated example.)Do banks give million dollar loans? ›
Where can I get a $1 million business loan? Banks, credit unions and online lenders frequently offer loans up to $1 million for established businesses. The Small Business Association (SBA) also backs loans of $1 million, but to apply for funding, you will need to submit an application through an SBA-approved lender.How much is mortgage on $2 million house? ›
What Is the Monthly Mortgage Payment for a $2 Million Home? The national average for a 30-year fixed-rate jumbo loan mortgage is around 3.5%. At that rate, the monthly mortgage payment for a $2 million home will be around $7,800 per month, with a 20% down payment.How much is a 200k mortgage per month? ›
On a $200,000, 30-year mortgage with a 4% fixed interest rate, your monthly payment would come out to $954.83 — not including taxes or insurance. But these can vary greatly depending on your insurance policy, loan type, down payment size, and more.How to make 250k a year? ›
- Certified nurse anesthetist.
A 100K salary means you can afford a $350,000 to $500,000 house, assuming you stick with the 28% rule that most experts recommend. This would mean you would spend around $2,300 per month on your house and have a down payment of 5% to 20%.How to make 300k a year? ›
- Radiologist. ...
- Chief executive officer (CEO) ...
- Chief financial officer (CFO) ...
- Principal software architect. ...
- Obstetrics and gynecology physician. ...
- Emergency medicine physician. ...
- Psychiatrist. ...
The Rule of 69 states that when a quantity grows at a constant annual rate, it will roughly double in size after approximately 69 divided by the growth rate.How can I double my money without risk? ›
- Take Advantage of 401(k) Matching.
- Invest in Value and Growth Stocks.
- Increase Your Contributions.
- Consider Alternative Investments.
- Be Patient.
The so-called Rule of 42 is one example of a philosophy that focuses on a large distribution of holdings, calling for a portfolio to include at least 42 choices while owning only a small amount of most of those choices.What cheap stock will make me rich? ›
Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork. Real estate continues to be a popular asset class in their portfolios to balance out the volatility of stocks.What stocks to buy to get rich quick? ›
- Niu Technologies (NASDAQ:NIU) Number of Hedge Fund Holders: 9. ...
- TopBuild Corp. (NYSE:BLD) ...
- Saia, Inc. (NASDAQ:SAIA) ...
- H&R Block, Inc. (NYSE:HRB) ...
- UiPath Inc. (NYSE:PATH) ...
- United Microelectronics Corporation (NYSE:UMC) Number of Hedge Fund Holders: 27. ...
- Asbury Automotive Group, Inc. (NYSE:ABG)
Peak years are generally thought to be late 40s to late 50s*. The Latest figures show women's peak between ages 35 and 54, men between 45 and 64. After that, most people's incomes typically level off.At what age should you have $1 million in retirement? ›
A recent analysis determined that a $1 million retirement nest egg may only last about 20 years depending on what state you live in. Based on this, if you retire at age 65 and live until you turn 84, $1 million will probably be enough retirement savings for you.What age makes the most money? ›
From career achievements to family milestones, these are the years in which you'll see the hard work you put in during your 20s and 30s really start to pay off. These decades are known as your peak earning years, as full-time workers with bachelor's degrees tend to make the most money in their 40s and 50s.Is $5 million cash rich? ›
Types of High-Net-Worth Individuals
An investor with less than $1 million but more than $100,000 is considered to be a sub-HNWI. The upper end of HNWI is around $5 million, at which point the client is referred to as a very-HNWI. More than $30 million in wealth classifies a person as an ultra-HNWI.
Since a million is a thousand thousand, a million dollar bills would make a stack 10,000 inches high.How many $10 bills make $1 million dollars? ›
a) Since one million dollars equals $1 000 000, Biff will have $1 000 000 ÷ $10 = 100 000 ten dollar bills.
Average Social Security retirement benefits in 2023
Average payments for all retirees enrolled in the Social Security program increased to approximately $1,827, according to the Social Security Administration (SSA).
|Age||Average Account Balance||Median Account Balance|
Assuming you will need $40,000 per year to cover your basic living expenses, your $1 million would last for 25 years if there was no inflation. However, if inflation averaged 3% per year, your $1 million would only last for 20 years.How much is rich by age? ›
Between 35 to 44, the average net worth is $436,200, while between 45 to 54 that number increases to $833,200. Average net worth cracks the $1 million mark between 55 to 64, reaching $1,175,900. Average net worth again rises for those ages 65 to 74, to $1,217,700, before falling to $977,600 for someone over age 75.What net worth is considered poor? ›
In 2020, a two-adult, two-child household was considered poor if the total household income was less than $26,246 (U.S. Census Bureau 2021). The same household would be net worth poor if its net worth was less than $6,562.How to retire at 60 with no money? ›
- Assess Your Financial Situation.
- Embrace Frugality.
- Maximize Your Income Sources.
- Part-time Job or Side Hustle.
- Rent Out a Spare Room on Airbnb.
- Sell Items You No Longer Need.
- Apply for Government Benefits.
- Invest in Dividend-Paying Stocks or Rental Properties.
Ten thousand $100 bills equals $1 million (10,000 x $100 = $1,000,000).What to do when you make your first $100,000? ›
- Index Funds, Mutual Funds and ETFs.
- Individual Company Stocks.
- Real Estate.
- Savings Accounts, MMAs and CDs.
- Pay Down Your Debt.
- Create an Emergency Fund.
- Account for the Capital Gains Tax.
- Employ Diversification in Your Portfolio.
Millionaire Statistics by Age
The world's 100 richest individuals earned their first $1 million at age 37, on average.
Given the median US household income is roughly $68,000 in 2021, it will take roughly 14.7 years for the typical household to earn $1 million gross. That's pretty good if you think about it. Let's say you graduate college at age 22. By the time you are 37, you could have earned over a million bucks gross!
There are 50,000 twenty dollar bills in a million dollars. As everyone has said, it would be 50 thousand bills.How much room does 1 million dollars take up? ›
The area covered by 1,000,000 one dollar bills measures 111,287.5 square feet. This would cover an area approximately equal to the size of two football fields. The area covered by 100,000,000 (one hundred million) one dollar bills measures . 4 square miles.How many 20 year olds make $100,000? ›
From age 18-24, only 1% of earners (7% altogether) earn $100k per year or more. This makes these age groups by far the lowest earners in the US. Americans make the most income gains between 25 and 35. Only 2% of 25-year-olds make over $100k per year, but this jumps to a considerable 12% by 35.How long can you live off 100k? ›
But all the same, 100k in retirement can last up to 30 years if you stick to the general 4% thumb rule of financial planning during retirement. This rule suggests that retirees 65 and older should withdraw at most 4% of their savings during the first year of retirement.Is 100k a year considered wealthy? ›
Earning more than $100,000 per year would put you well ahead of the median American household, which brings in $74,784 as of 2021. Assuming you're an individual without dependents, that salary would qualify you as upper class, according to three different definitions (Brookings, Urban Institute and Pew Research).What do most millionaires do? ›
The top five careers for millionaires include engineer, accountant, teacher, management and attorney.How old is the youngest millionaires? ›
Austin Russell, the 28-year-old CEO of California-based Luminar Technologies, remains the world's youngest self-made billionaire, with a net worth of US$1.Do millionaires live longer? ›
Everything paled in comparison with wealth. In both countries, wealthy women tended to live 33 disability-free years after age 50 — eight to nine more than poor women, the study found. Wealthy men tended to live 31 disability-free years after 50 — eight to nine more than poor men. There are many ways to define wealth.How long does a million dollars last after age 70? ›
Assuming you will need $40,000 per year to cover your basic living expenses, your $1 million would last for 25 years if there was no inflation. However, if inflation averaged 3% per year, your $1 million would only last for 20 years.How much does a millionaire make an hour? ›
How much does a Millionaire make? As of May 31, 2023, the average annual pay for the Millionaire jobs category in the United States is $47,712 a year. Just in case you need a simple salary calculator, that works out to be approximately $22.94 an hour.
In order to hit your goal of $1 million in 10 years, SmartAsset's savings calculator estimates that you would need to save around $7,900 per month. This is if you're just putting your money into a high-yield savings account with an average annual percentage yield (APY) of 1.10%.