If you want to know how to make a million dollars, yes, it’s indeed possible!
This article reveals exactly how you or anyone else can implement strategies towards making a million dollars.
And yes, the strategies revealed in this article can work for you because they have worked for millions of people around the world who have achieved millionaire status.
Why Make a Million Dollars?
Why not, right?
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Money is definitely important, so why not try to make as much as you can, right?
And if you want to dream big, it’s definitely a good idea to start dreaming with a million dollars!
In the late sixties, there was a television show entitled The Millionaire.
The premise was that a rich retired businessman had a penchant for giving away $1,000,000, tax-free, to individuals anonymously and whom he had never met.
For 6 years, these episodes entertained America’s TV audience as the effects of receiving a $1,000,000 gift from a stranger were portrayed in the lives of these fortunate individuals.
Somehow, $1,000,000 is a magical financial number.
Chances are you will not receive a knock at the door and have someone standing there with a cashier’s check for $1,000,000.
However, through a variety of actions, discipline, and dedication, the achievement of $1,000,000 is possible for an individual to obtain.
Let’s take a look at how to attain those 6 zeros after the number 1.
How to Quickly Make a Million Dollars in Just 29 Days
Did you know that there is a quick way of making $1,000,000 in 29 days?
It all starts with a penny.
The formula for success is that on the first day you take a penny and set that aside. The next day you double that penny and on the second day of the challenge, you will have two pennies.
On the third day, you double the 2 pennies and you will have four pennies.
You continue that process of doubling the previous amount accumulated.
In 29 days you will have $1,342,177.28.
But of course, it’s not that easy to double money daily for 29 days, so let’s look at more realistic ways of making a million dollars.
15 Best Ways to Really Make a Million Dollars
1. Start a Business
It is often been said that if you want to accumulate wealth, it’s not going to happen if you’re working for somebody else.
One of the best ways to start on your journey of accumulating $1,000,000 is to start your own business.
Starting your own business is not necessarily an easy adventure but it certainly can happen if the individual has the drive and the passion to make it happen.
It starts with doing something that you love to do and having a vision of providing that service or product to individuals who will recognize the value of what you have to offer.
The assumption is that you have done your research that this is a product that will meet a need.
The process begins with a business plan, forming your company under a legal structure, applying for all of the permits and licenses that are needed, and moving forward.
The road to one’s 1st million dollars also begins with a commitment to save more than one spends.
That saving process turns its back on compulsive and spontaneous buying.
Additionally, as an example, it is a savings attitude that does not purchase a new car every year but uses a vehicle that has significant miles on it but is still running.
Savings is not only an action but is empowered by one’s commitment and focus on the goal of setting their money aside and eventually investing rather than spending.
Investing is not simply putting one’s money in a savings account and earning a paltry small percentage of return on their investment.
Investment is putting one’s hard-earned money to work hard for them.
Investment vehicles include the stock market, bonds, index funds, etc. A quality investment provides a good return on your money.
The return on one’s investment should be well above annual inflation and should be 7% or higher.
4. Own a Home
Another pathway that can combine with other streets leading to the one-million-dollar goal is to own one’s home.
As it is with owning your own business, so it is with owning your own home.
By paying rent, you are simply padding the pockets of your landlord and have nothing to show for those monthly rental fees.
Therefore, it is important to buy your own home and start building equity in your home and the associated real estate.
5. Buy Now
The mantra for investing in stocks is to buy low and sell high.
This stands to reason because if an individual buys at a higher rate than what they sell their investment will produce a loss.
Therefore, an individual should follow that mantra, and if this is unfamiliar ground, educate themselves or utilize an app that will help the investor by using various algorithms to help with investment strategies.
Another option is to utilize a personal financial advisor.
6. Partner With Your Boss
Most likely, if you are working for someone else, they are not committed to your goal of achieving $1,000,000.
However, they can help you especially if the company offers a 401(k).
This is a great investment opportunity that doubles your investment.
The process behind a 401(k) is that the employer will match what you donate to the retirement account up to a certain percentage.
If the employee does not take full advantage of that maximum match, then they are leaving money on the table.
For example, if the employer’s match is 3% of one’s salary and the employee only contributes 1% of the salary that they are eligible to donate, there are leaving 2% of that full investment opportunity on the table.
7. Don’t Overspend
It is so easy with the availability of credit today to live beyond your means.
Overspending is a major challenge that many households face as they make purchases that don’t need to be made or are not needed.
Consequently, through overspending, they outpace their income with the danger of being in debt and paying a high-interest rate on any balances that are carried over.
It is important to stay within and below one’s financial means.
8. Invest in Real Estate
Real estate is a good investment.
By becoming a landowner and possibly a landlord, one can put their purchased real estate to good use.
If a house is purchased and is rented, the owner of the home can rent that home out to other individuals.
The rent that is paid will be utilized to put back into the house for any needed repairs, the purchase of property insurance, and the payment of property taxes.
Once those 3 expenditures are made from the revenue gained from the tenant, the rest of the money can be utilized as an additional investment in other investment vehicles.
In addition, the landlord who rents out a home is eligible to write off some of those expenses as it pertains to the filing of their income tax.
9. Stay Out of Debt
A common-sense strategy and strong recommendation are for you to stay out of debt.
Although this makes sense on the surface, it is again easy to find one’s self-being in debt due to overspending or financial needs that are not planned for.
It is important to note that many individuals do not have a nest egg or emergency fund set up for certain emergencies.
Those emergencies could be a car repair, household replacement of a household appliance, loss of a job, furnace or air conditioning repair or replacement, etc.
An individual must build up their emergency fund so that when these emergencies occur, the cushion of 3 to 6 months of a nest egg is available to pad the financial falls associated with some of these emergencies.
Another strategy that can be incorporated for an individual on reaching their one-million-dollar goal is to continue with their education.
Generally, a greater education equates to a job with more responsibility and a job with more responsibility equates to being paid a more competitive wage.
Additionally, the ongoing cycle of being paid more may equate to being able to contribute more to one’s 401(k) if the company offers such a benefit.
An important tool to help keep one on track towards reaching their financial goals is to create a budget.
A budget lists the expenses on one side of the ledger and income on the other side of the ledger.
The expense side of the budget should be contributions made in investments as well as adding to one’s nest egg.
The budget should balance.
Additionally, the budget is not just some document that sits on a desk or in the utility drawer.
A budget is dynamic and should be adjusted accordingly and revisited often to ensure that the budget is being followed faithfully.
12. Pay off Debt
A significant expense that unnecessarily impacts the budget and actuals of a household is indebtedness.
It is not out of the question for credit card companies to charge anywhere from 10% to 26% on any balances that are unpaid and carried over from month to month.
Depending upon how much the balance is, this can equate to thousands of dollars spent each year on interest and/or fees.
Therefore, before one aggressively invests in a retirement vehicle, they should work aggressively at paying off their debt.
The reality is that a return on investment of 10% and the paying of 14.99% on credit card debt is like taking 3 steps forward and 4 steps back.
Often unexpected financial windfalls come into our life.
Those windfalls could be in the form of being mentioned in an estate, getting a pay raise, or earning a bonus, etc.
These windfalls, although tempting to spend, should not be utilized but invested right away into your investment vehicle of choice.
Also, when it comes to pay raises, an average family tends to increase their spending to rise to that level of the salary increase.
As a suggestion, it would be wise not to consider or think about that pay raise but continue to live on the previous salary or the pre-pay raise salary.
A powerful way to legally have extra money coming into the household is to take full advantage of any tax breaks, deductions, or credits that are offered to the individual to you as the individual taxpayer.
It is also important not to be tempted to touch one’s 401(k) by withdrawing any money.
The IRS will not only assess taxes on that dispersed amount but will also require a penalty for taking an early distribution unless it qualifies as an authorized disbursement.
Some of those non-penalized disbursements could include money drawn out to prevent foreclosure or eviction, funeral expenses, health insurance premiums, and more.
To limit one’s liability and maximize any returns, it may be a good strategy to utilize a tax professional.
A powerful way of ensuring that consistent investments are made is to automate one’s contribution to their portfolio.
This can be done by setting it up with one’s employer where a portion of the paycheck is automatically sent directly to the investment account or through one’s banking institution by setting up automatic payments.
This is a powerful way of consistently and faithfully investing each month without having to think about it as it will just automatically occur.
Check out the following related articles for more tips on making money:
- Best Ways to Make Money Grow in 6 Months
- Best Ways to Make Money as a Music Producer
- Best Ways to Invest and Make Money Daily
- Best Ways to Make a Lot of Money in One Hour
- Best Ways to Make Your Money Work for You
- Best Ways to Make Money From Your Land
Making a Million Dollars FAQs
Where Are the Majority of Millionaires Located?
It is estimated that there are 56,000,000 millionaires around the world.
These millionaires are centralized in four specific countries.
The highest concentration of millionaires, ranking first to fourth, include the United States of America, China, Japan, and Germany.
What Can I Expect as a Return on My Investment of $1,000,000?
If you invested $1,000,000 it would generate approximately $100,000 in interest (10%) over the first year.
If you continued to let it compound annually for 10 years, your initial investment of $1,000 would generate $1,593,742 in returns for a total of $2,593.742.
You Can Do It
What was once thought of as a pipe dream or an insurmountable goal was to be a millionaire.
However, it can occur through maximizing one’s investment, working on a strategy, and the basics of keeping more of what you earn.
Consider this if you were to invest $800 a month over 20 years at an annual interest rate of 14.99%, over that period you will have $1,028,378.57.
A goal of $1,000,000 may seem like a daunting task.
To work towards that goal, it is important not to focus on the zeros associated with that number but to come up with a strategy and a plan and commit to working to that plan.
E.P. Rose said, “Shoot for the moon, and even if you miss, you’ll land among the stars.”
Remember, on your way to accumulating $1,000,000, it starts with a penny.