If you want to become a millionaire, it is completely possible and easier than you think. No snake oil or voodoo, just 07 realistic ways to make a million dollars here.
How to make 1 million dollars fast?
If you don’t hit the jackpot, there are a few decisions you need to make at a relatively young age that can help or hinder your progress toward seeing those seven figures in your bank account. So let’s see the best ways to make a million dollars in 30 days.
1. You need to start investing
It is the most important step in your personal financial journey and the key to financial success. In other words, a project manager could make $50,000 a year and be richer than a doctor who makes $250,000 a year.
You don’t need a lot of money or a lot of investment knowledge to get started. M1 Finance is a great place to start. If you don’t invest, stop reading this and start right away. As they say, the only thing more important than timing the market is timing the market. This is a great and easy way to grow nest eggs.
2. Investing in real estate to make 1 million dollars
Rental property can be a long-term investment, but you don’t have to buy a house and rent it out to make a profit from real estate. Fundraise lets you invest in real estate for as little as $500. This can be a great way to get on the property ladder before you have the money to buy a rental property.
You don’t have to be a hands-on landlord when you’re ready to buy a rental property. In fact, we’ve created a course that focuses exclusively on the laissez-faire approach to turnkey real estate: Rental Properties for Passive Investors. What do you think, is it possible to make a million dollars in 1 day?
3. Get free money
For many of us, an employer-sponsored 401k retirement plan is our first foray into investing, and it’s a great place to do it.
The money is taken directly from your checking before it goes into your checking account, so it’s invested before you have a chance to spend it, making it a great way to invest for people who are burning a hole in their pocket.
A 401k also reduces your taxable income. If you earn $5,000 a month and invest $1,000 in your account, you will only be taxed on the remaining $4,000. Some employers offer to match.
For example, if you invest 6% of your income, the company will match 3%. Even if you have high-interest consumer debt like credit card debt, you should invest enough to get a match because it’s free money!
For 2018, you can invest up to $18,500 per year in your 401k. Your employer will offer you several options for different investments; most plans consist of mutual funds that include stocks, bonds, and money market investments.
This is where most people get into trouble. They don’t know how to choose or what makes a good choice. This is where Bloom can help. They will perform a free analysis of your account. It only takes three to four minutes, and the most difficult question you’ll get is when you want to retire.
It will show you how your money should be invested based on your retirement age and risk preference, what your allocation should be, and if changes need to be made, Bloom will make them for Standard or Unlimited plan members.
4. Keep track of everything and budget
What gets measured gets managed, which is why it’s so important to know what’s going on in your finances. It doesn’t matter how much money you make if you don’t know how to spend that money well.
A budget doesn’t have the magic ability to control your spending, but it can help you stay accountable and show you exactly where your money is going. If you’re not sure how to set up budget categories, we’ve got you covered. It makes things nice and simple. Personal Captial has amazing free budgeting software.
Manage your money and optimize your investments in one place. Personal Capital is a great free and easy-to-use platform to manage your money and grow your wealth.
Once you have all your accounts linked, you can also use their Retirement Planner to map out exactly what your retirement would look like. It uses a Monte Carlo simulation to determine how likely it is that you will achieve the level of income you hope for in retirement.
5. Ask for more money
Whether it’s from a 9-5 or a side hustle, if you want to make a million dollars, you need to get more money. Are you getting paid what you’re worth? Do you even know how much you should be earning? Most employers will not give you a raise just because you are with the company for another year.
On sites like Glassdoor and PayScale, you can find out what people in similar positions in your area are making. Before you ask for a raise, make a list of reasons why you deserve it. What have you accomplished in the past year and how did it help your boss or the company?
While a raise is great, it doesn’t necessarily mean a lot more money in your pocket. The average increase is only 3%. If you want to earn more money, you should change jobs often. Those who change jobs every two years earn, on average, 50% more over their careers than those who stay in the same position longer.
If you get a new job offer, don’t just accept whatever salary you’re offered as an applicant. Again, know what others in similar positions in your area are earning and be prepared to negotiate for more money and better benefits.
6. Earn more to make 1 million dollars
Most of us aren’t at the limit when it comes to having time to make more money outside of our day jobs. If we can spend five hours a day watching TV or social media, we can spend a few of those hours making more money. And if you want to grow your wealth to a million dollars, you will have to.
Absolutely everyone should have more than one source of income. Through no fault of our own, we could lose our jobs, and then what? Even if you have a heart emergency fund, it’s nerve-wracking to not have any money coming in.
You can aim high and look like an entrepreneur and start your own business while working full time, but it takes time to work at it and time to start making money. It can be worth it, as LMM proves. The site now has several people working full-time. Creating a specialized website has a very low initial cost.
7. Choose the right place
After college, you have to decide where you will live. You often have to make decisions based on where the jobs are, and the jobs are in cities, and cities can be expensive.
However, in addition to New York and San Francisco, there are also low-cost cities that have some of the highest costs of living in the entire world. I can tell you that even the low six figures won’t go that far in New York, especially if you plan on eventually having a kid or two involved.
In New York, you’ll just spend $80,000 a year unless you live with a roommate or two (or three or four), but in places like Pittsburg, Asheville, and New Orleans, you’ll live like royalty. some money and maybe even $20,000 less.
Before you start applying for jobs, make a list of several cities in which you would like to live. Next, do some research on sites like Glassdoor and PayScale to see how much your job makes with your experience level. each of those cities.
Now you can start applying for jobs in these cities. I know a lot of people want to be in a top-tier city and a city with a lot of jobs in that field, but if you want to make a million dollars fast, the cost of living will matter a lot.