If you invest $400 a month and make 7% annually, you’ll have nearly $1 million in 40 years.
Let’s say you’re 30 years old and you give up movies, Starbucks and dinners out for four decades to save that $400 each month. At 70, you’ll have a million bucks and be ready to retire, right?
But wait! One million dollars today has the spending power of about $240,900 in 1977 dollars. If we experience similar inflation in the next 40 years, your future million will also be worth just $240,900 in today’s dollars.
So you’ll be a millionaire, but it won’t be quite like you imagined.
What if you don’t want to wait 40 years to make your first $1 million? What if you don’t want to wait even 10 years?
Here’s how to make a million dollars quickly — with a little luck.
1. How to Make a Million Dollars Selling Something
Maybe you didn’t want to hear this, but it could be time to learn how to sell. One of the surest ways to wealth is to see what people need or want and provide it. But you still have to convince them it’s your something they need. That’s what sales is all about.
From that start, she built her business and later sold it, becoming a multi-millionaire in the process.
Other examples of people who made $1 million fast by selling something include:
He was 14 years old when he started making and selling “SuperJam,” and within a few years he had annual sales in the millions.
He sold greeting cards at age 9, then moved on to selling Beanie Babies, software and advertising. By age 15, he was making more than $300,000 per month.
Within three years of opening her shop on Etsy, Shaffer was making close to $1 million annually selling handmade clothing and accessories.
2. Invest in Real Estate, and Retire Early
When Julie Broad and her husband decided to buy their first income property, they had only $16,000 in savings. Seven years later, they were millionaires, and she retired — at age 31.
Broad says one of the things she likes about real estate is the potential leverage.
“If you have $16,000 to invest (which is what I started with seven years ago), you can buy $16,000 worth of stocks and bonds,” she wrote at MyWifeQuitHerJob.com.
“But, if you buy real estate, you can buy a property worth $160,000 (which is exactly what I did). If your stocks go up in value by 5%, you’ve made $800. But if your property goes up by 5% you’ve made $8,000!”
You make money with income property from rents, appreciation and equity gains from the tenant’s rent paying down your mortgage. You also get to exercise creativity and control with real estate investments.
Broad points out if your stocks drop in value, your options are limited to buying more or selling more, but with real estate, “there are plenty of creative techniques to try.”
For example, rent out the garage separate from the house, add vending machines or laundry facilities, change the usage of the property and sell it.
“There are dozens of ways to turn a simple house into a money-making machine with creativity,” says Broad.
Many real estate investors have similar stories to tell.
For example, in his book “2 Years to a Million in Real Estate,” Matthew Martinez relates how he made his fortune in rental properties after quitting his 9-to-5 job.
3. Gamble… Without Too Much Risk
Mortgaging the house and betting $29,000 on number 17 on the roulette table probably isn’t a good plan. But not all gambles have to be that crazy.
The Mirror profiled seven people who made more than $1 million playing poker in 2014. Poker comes with risk but also requires skill, and you can parlay your profits into bigger ones without risking much to start.
Another option is gambling on the popularity of new currencies.
Using $1,000 he got as a gift, Erik Finman made $100,000 on Bitcoin at age 15. At age 18, he now owns 403 bitcoins — worth more than $1 million.
And yes, buying a lottery ticket is a terrible bet. But it is one of the fastest ways to make millions — and buying a ticket or two each year probably won’t break you.
Just don’t add yourself to the long list of lottery winners who lost everything.
4. How to Make Millions With YouTube Videos
The internet may be the most obvious platform for making $1 million quickly. Of all the possibilities, creating videos for YouTube is perhaps one of the most fun.
Here are just a few profitable types of videos you could create:
You may not have heard of him, but comedian Ray William Johnson made $1 million per yearwith his funny videos.
You read it right: The three EvanTube channels make an estimated $1 million annually for their 9-year-old founder and his family.
Grumpy Cat may not have made $100 million, but her owner Tabatha Bundesen admits, “I was able to quit my job as a waitress within days of her first appearance on social media, and the phone simply hasn’t stopped ringing since.”
5. Sell Millions of Self-Publish Kindle Ebooks
You can set up an account for free and start selling Kindle books on Amazon’s ebook platform this week.
You’ve probably heard about authors who have hit it big on Kindle. John Locke, for example, sold a million Kindle ebooks in five months, and Mark Dawson earned $450,000 in 2014 from his self-published ebooks.
But you don’t even have to write your own book to make $1 million on Kindle.
You can publish other people’s books. Bob Mayer and Jen Talty say they “built a seven-figure indie publishing house in just two years.”
6. Teach People (Outside of the Classroom)
Do you like to teach people? You won’t make a million doing it in a classroom. But perhaps you can go online.
The top 10 instructors on Udemy pulled in $17 million between them — and that’s just for one year. What could you teach in an online course — even a short pilot version?
Then there is teacher Deanna Jump, who became a millionaire in less than three years by selling lesson plans to other teachers on Teachers Pay Teachers.