What is the safest way to make a million dollars?
You could earn it in an extremely highly paying job or make it in business. To gain an extremely highly paying job such as a doctor, lawyer, actor or banker is not easy, there is much you would need to do to get there. To make it in business is probably the easiest way to go as there is less to learn especially in the business of trade (sales).
Money is the tool of trade, so trade makes money, in other words buy what you know you can sell quickly for at least double or what you can make $X per hour (what is X for you $30? $50? It’s $100 for me… If I’m not getting at least $100 per hour it’s not worth my time).
Let me start with achievement generally, as these rules apply no matter what outcome you seek (Affection finance control respect and/or security).
Imagining your dream result will not get you there; Imagining it's complete path (planning it), from beginning to end and then acting on it will! Keep it realistic, choose a good path.
To achieve that goal, you will need to:
1/ Believe in both yourself and the project.
2/ Have the determination and Boldness to do so. (it can't be a desire it must be a need).
3/ Have the wisdom to find the knowledge required (seek advice).
4/ Prepare the actions required (plan, practice).
5/ Do the actions required.
6/ Assess results for improvement and make changes (seek advice).
7/ Do the updated or new actions (revolve through your processes).
Discover what else you can do to go even beyond your initial goal.
So, more specifically to make a million dollars (this applies to easy, quick and safe)
1/ Find the drive to do so (not just ‘the want’).
2/ Be proactive (the traits of the first 3 above).
Proactive people start businesses. All people who have more than a million dollars (who didn’t win, steal, or inherit it) are proactive. they have it because they know how (and do what is required to go out and get it) It’s out there it’s up to you to get it.
Reactive people expect it just to happen for them without effort.
3/ Create a business (workers get a few dollars an hour, business people get hundreds, in many cases thousands of dollars an hour).
4/ Raise funds.
Raising funds by yourself if you can’t find a backer is not hard, but it takes determination (you may need to get over some personal issues).
How: (this is a base format, it’s what you learn about doing it well that determines how quick you get there).
Firstly; ‘Don't quit your day job’ at least until a point where the income from what you are doing is now suitably higher than what you are gaining from that day job!
Gaining initial funds to start a large business safely, means you find backers via gofundme etc. Or raise it yourself with assets for security and not by using your current assets to secure a loan (the more you borrow the more risk). No. Buy items with what you can spare, at ½ of what you know you can sell them for or start with nothing by the following method:
It is easy if you have a computer, a phone and a car with trailer or maybe ute (a very small truck) and the guts to go pick up things that are worth hundreds of dollars, that people are giving away for free on the internet then go sell those things in auction or take them to businesses/people that you know will pay for those things. How important is the money, are you willing to do that? and yes, you can do it ethically. I told people (when I used to do this) that I am going to sell the item/s to pay for my costs of living and if I have enough to also put into my venture. A friend of mine has a business removing scrap metal from people's properties for free, which he then sells to metal recyclers. it's not unethical to ask for something that someone is willing to give away and be honest with what you were going to do with it, yet my ex-wife and daughter would certainly not do that. I even showed them how to find 2 or 3 things a day that would bring at least $100 each. I furnished my house with free things and made good money with other things that I chose not to keep.
When you've covered the living expenses that are out of control (only if need be *the more important money is to you, the more you will minimise those living expenses at first), then start plowing all excess into a swap or flip fund, where you will buy items to either sell or swap your way up to expensive items to then sell for cash.
You can't sell in the same market that you got the item from (until you get to houses).
So once I have a few hundred dollars I’d go to items I know about (at least enough to value them) like swords (as I have a fair idea as to their value), I used to buy them For $15–$30 and sell them for $80-$280. Also you’d need to know a lot of values of many different things (or research constantly) as I’d only find 1 or 2 swords a week (at the right price). I'd have to buy collectables, tools, decorative items, anything I knew I would surely get more for.
Then move up again to say cars and motor-bikes. Once you have say $800-$1000.
Cars are good to flip to make a profit on. In Queensland Australia where I live, you must either have a dealer's licence or improve/restore the car in some way. If I buy a car for $1500 and spend a few hundred dollars fixing it and maybe $100 cleaning it up and advertising it I will ask $3,000 for and take $2,800 with the profit being maybe 800 or $1,000.
The time you put in for this would be 5 to 10 hours over maybe a couple of days to a month.
I have sold a car when putting the for sale sign on it and I have sold cars after they have been sitting in my front yard for up to 2 months. if there is a location near you where people often sell cars eg. an empty block/lot, use it.
What would I then do with the $2,800? $300 can pay your personal bills, $2,200 buys a car, $500 is spent getting it sold and I'm asking $3,800 and taking $3,500 for that one. do it one more time $3,000 for a car $500 improving it ask $6,000 take $5,000 pay maybe another $500 for living expenses and save $500 for tax as I recommend everybody be as honest as you can even with the government. *In Australia your tax rate is dependent on your total income for the year so how much you need for tax will vary. The other $4,000 consider buying two cars for $1,500 each and build up again both in value and in number of items (The other $1,000 for expenses etc).
At this point you may want to diversify. Diversification is about safety, one of the things I do to diversify is trade in physical gold and silver.
Get yourself over $100k then start considering property (the same rules apply just trade your way up. But now you will want to renovate. Borrow from the bank for renos initially, as it's now a good time to start using other people's money (money makes money) they’ll be happy to help. If you can, ask before purchasing the property, as it will also show them that you are wise and in doing so then show them that you have a good strategy (the plans and expenses of the project).
One simple rule applies to trading things. You must know the minimum of what you will get, then set the maximum of what you will pay so as to gain a good profit and never start at the maximum of what you will pay unless you're buying from set pricing.
Or use the $100K to build some (profitable, easy to manage) businesses.
You should have $1 000 000 after 3 to 5 years if you do it right, 2 years if you have a couple of grand right now and you do it very well. But even by getting the basics right and barely stumbling through you could do it in 5 to 10.
Want to learn the simple yet effective tools, skills and tricks; to know how to get through this process quickly and easily? The HTGT course covers all this and far more for free (It's funded by donation only). Beware It will take you at least 40 to 50 hours to read it all, as it is 132 A4 pages.