We all have different financial goals scribbled on the tablet of our brains. For some, this financial goal involves doubling their previous annual earnings before the turn of the New Year. For others (the determined folks), their goal involves making a million dollars ASAP. If you are one of those individuals who would like to go for the latter, I congratulate you. And I will like you to note that making a million dollars is less than harboring the thought and more than knowing how to rake in such an outrageous amount in no time.
A million dollars is huge, thus making such an amount of money fast can be challenging, nevertheless, it is possible. The fastest ways to make a million dollars include: asking for more money, earning more, investing, starting a business.
As of 2019, the average annual wage in the US was $51,916.27. This revealing stat is proof that making a million dollars fast is not child’s play. That said, if you wish to make a million dollars fast, you’ll need to embrace a technique that works. Journey with me as I provide you with some valuable tips on making a million dollars fast.
What Is the Fastest Way to Make a Million Dollars?
Making a million dollars fast may seem outrageous. Of course, it is if you believe “fast” in this context means overnight. You’ll have to be Taylor Swift or one of those wealthy individuals on Forbes’s rich list to make a million $ daily.
However, if you aim to make a million in, say, two years or three ( which is fast considering the amount in question), then it is possible. But don’t expect the journey to be rosy. There will be several obstacles on the way. Sometimes, you may want to give up. If you end up persevering till the end, you’ll have your wish.
Now that you are aware that making a million dollars fast is possible, I’d like to reveal some of the best ways to make such an amount of money fast.
Ask for more money:
It is almost impossible to make so much when you aren’t asking for more money. Imagine earning $5k monthly and wishing to make $1m at the end of the year? Isn’t that ridiculous?
If you want to earn a million dollars fast, you need to ask for more money. It doesn’t matter if it is from your 9-5 or that side hustle you manage; knowing how to ask for more money is key to your aim of hitting that one million dollar goal.
Scrutinize your work life. Are you being paid what you are worth? Do you know how much you should be earning? Most employers won’t simply agree to your request for a raise because you have been with the company for a long time. If you want that raise, you need to ask for one.
You can conduct a little research on what people in similar positions in your location are making on sites such as Glassdoor and PayScale. This offers you a good insight into the difference between what you are making and what you should be making. With the knowledge, you can decide if asking for a raise is a good option or not.
Mind you, before asking for a raise; it makes sense to create a list of reasons you deserve one. What have you used your skills to achieve over the past years, and how has it benefited your boss or the company as a whole?
The more you earn, the faster it is to make a million $. Agree?
You see, many of us are not on the limit when it comes to having the time to make more money outside of our typical day jobs. If we can spend six hours binge-watching movies or on Twitter, we can spend a few of those hours engaging in productive things that increase the money in our bank account.
Everyone should have more than one stream of income. You cannot depend on that customer service job of yours. The pay isn’t enough to help you hit that one million dollar goal. What if you lose your job? What happens? Even if you have some savings stashed somewhere, it is frustrating not to have any money coming in.
You can decide to embrace entrepreneurship and establish your own business while working full-time. But following this path isn’t easy as it requires time, effort, and a lorry load of patience before the money starts trickling in. However, it can be worth it.
Investing is one of the best ways to make a million fast. If you are sceptical about the potential of investing, you should note that a huge number of wealthy men out there have various investments. For instance, Elon Musk has investments from cryptocurrencies like Bitcoin, Ethereum, and Doge, including stocks. The same with Jeff Bezos and other wealthy individuals on that list.
Common investment vehicles to consider are stocks, Bonds, Mutual funds, cryptocurrencies, real estate, certificates of deposits, etc. Before considering any investment vehicle, ensure you do your research. If possible, contact an investment expert for advice. And only invest money you can afford to lose.
Start a business:
Your chances of making a million dollars fast are higher as a business owner than a typical employee who earns an average of around $52k per year. How do you expect to make a million-dollar fast while earning $52k per year? It will take you almost 20 years to make a million-dollar with such a meager salary.
Consider establishing a business surrounding fitness, weight loss, health, dating, and relationships. These lucrative niches can make you cool money fast.
How Hard Is It to Make $1 Million?
Your eye is set on making a million dollars. You have the determination, mindset, and system to reel in such an amount of money. But there is one important question you need to ask before embarking on your journey of making such an amount of money. And this question is one many people ask: how difficult is it to make a million $?
Making a million dollars is not easy. It requires hard work, patience, perseverance, and the right mindset.
Though it may take a few years to make a million, if you stay on track, work hard and refuse to lose hope, you’ll eventually hit your target.