7 Semi-Easiest ways to make your first $1 Million?
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Is it possible to make your first million dollars? While it’s a tall order, it’s not impossible. In fact, according to stats from the Social Wealth Network, someone with a net worth of $1 million is considered a ‘medium-high’ wealth earner. This means that there will be plenty of opportunities to get your hands on a million dollars. But how? If you want to make your first million dollars, you need to be smart about your finances and put yourself in the right place.
According to any recent millionaires, if assumed, an order to make your first $1 million is highly possible if the digital methods are applied. Be it starting an online business, selling digital items, or investing in a money-magnet company. Opting with traditional techniques will take years to reach, whereas you can technologically make it happen in much lesser time.
Here are some of the semi-easiest ways to make your first million dollars.
Be in the top 1% of a Lucrative Profession
The average doctor takes home around $250,000 per year, but the best can make two or three times that much. If you become one of the top performers in any field, it’s a good bet that you’ll be rich. Be an entrepreneur. There are many different ways to do this, and most involve some form of risk, but there’s nothing like being your boss when you’re trying to get rich! Keep your expenses low. This isn’t as fun as getting a big bonus or making more money, but it’s just as important. If you don’t spend money on things like houses and cars — and instead focus on saving it — you can quickly make your first million over time. It might take a while to start from scratch, but once that money starts compounding (and growing), it will add up quickly!
Write Several Books that Sell Okay
Write several books and sell them. If you write several books about different topics that interest you, you will have a good chance of making your first $1 million in less than two years.
If you write books about topics that interest you, you will have an advantage over other authors because your topic will be fresh and new, and you can write about it with passion, which many authors lack.
You can also write about topics that interest you, such as sports, travel, cooking, or anything else that interests you, and it might take a little longer. Still, eventually, when people search for keywords related to those topics, they may find your book and buy it if they like what they see.
License a Patent or Trademark to a Big Company
In the past, I discussed how you could earn money by owning a patent or trademark, but I never covered licensing out that patent or trademark. That’s because it’s an even better way to make money than actually owning the patent or trademark.
The process is simple:
Step 1
Secure a valuable patent or trademark. A valuable patent or trademark could be worth $10 million, $20 million, maybe even billions of dollars. It all depends on the type of product or service you have and the size of the company you are licensing to.
Step 2
A license that patent or trademark to a large company. You can license your patent/trademark to any company you want, but typically you will want to target big companies with more money (the more money they have, the larger your royalty payments will be). For example, if you invent new technology for smartphones, license your product to Apple and Samsung (big companies with lots of money).
Step 3
Wait for royalty checks to arrive in your mailbox every month/quarter/year, and count your cash!
Start a Dropshipping company under your Label
The benefit of dropshipping is that it allows you to test products on the market and scale up quickly. If a product doesn’t sell well, you just cut it from your inventory. If it flies off the shelves, you can simply order more.
Dropshipping requires less upfront investment than traditional manufacturing or wholesaling models and gets closer to your customers. With the right automation in place, you can quickly turn your passion into a 7-figure business from anywhere.
Start a Small Business and Keep Growing
Many people think that opening a small business is the best way to become a millionaire. This is not entirely true because only a few of the millions of small businesses that open their doors ever reach the million-dollar mark. However, it is not impossible. If you were to open a successful small business and then keep growing it, you could reach the million-dollar mark in as little as five years. You would probably need to work day and night for those five years, but it could be done.
Do an ICO
The easiest way to make a million dollars is to make an ICO or Initial Coin Offering. This is a new way of raising money that has grown in popularity in the last year and is the financial equivalent of an IPO or Initial Public Offering.
So instead of selling shares of your company on the stock market like an IPO, you sell cryptocurrency tokens like bitcoin or Ethereum in an ICO. And instead of giving someone ownership in your company, the tokens give people access to use whatever service your company provides.
This may seem confusing at first, but it’s straightforward. You can raise money for anything by doing an ICO, but most ICOs raise money for cryptocurrencies that will eventually be exchangeable for other cryptocurrencies like Bitcoin or Ethereum.
You create a new cryptocurrency token that people can buy using bitcoin or ether to do this. Then they send their bitcoin or ether to your cryptocurrency address, and they get some of your new tokens in return. Later, when your cryptocurrency goes up in value, they can sell their tokens for a profit.
Create a Subscription Service
A subscription service is when customers pay you a monthly fee for the product or service. An excellent example of this is a gym membership. Consumers pay the gym every month, so even though it isn’t selling millions of units of any one product, it can still accumulate millions in revenue and profits.
The first step in creating a subscription service is deciding what kind of product or service you want to sell. You should consider what kinds of things people need regularly and whether there’s an opportunity for your business model to make money by providing those products or services.
Other ways:
Apart from the seven ways above, here are a few more to guide you into making $1 million:
Design an app that Millions of people use
Ever heard of Flappy Bird or Angry Birds? They are the simplest of games, but millions of people play them every day. If you have an excellent idea for an app, you could sell it for millions. You could design something similar to what is already there or something completely new. The possibilities are endless!
The best thing about designing an app is that you do not need any investment. But like any other business, you will need good marketing strategies to reach your potential customers. You may also want to consider hiring a team that can help you scale your business faster than you could on your own.
Buy-Flip-Repeat
This real estate investment strategy is one of the most common and easiest ways to earn your first million dollars. It’s simple, you buy an undervalued property, renovate it or just wait for it to appreciate over time and then sell it for a profit. You can do this with a single-family home, a duplex, or even a small apartment building.
Why would anyone sell their property for less than what it’s worth? Sometimes, people need to sell quickly because of life events like illness, job loss, or divorce. The seller doesn’t have the time or money to renovate, so they’re willing to accept a lower price. If you have some cash saved up and are willing to renovate, you can buy a property at a discount and sell it for more.
The key to success with this strategy is finding good deals. Once you find that great deal, you’ll likely want to renovate the property before selling, but consider hiring a general contractor if you don’t want to do this yourself. This will help speed up the process and allow you to start collecting your investment sooner rather than later.
Go Viral on Youtube
Going Viral on Youtube is no easy task. Especially when there are over a million different youtube channels out there, but it is not impossible to make it big on youtube.
You need to do two things to make your video go viral. First, you need to understand your target audience, and second, you need to make a good video.
If you don’t know your target audience, how will you make a video that appeals to them? So, first thing’s first, do your research! Know who watches YouTube videos and what kind of content they like. You can use the keyword research tool for this purpose. It will help you find your target audience based on keywords and search queries that people type in for those topics.
Once you have identified your audience, create something unique that appeals specifically to them. Your video should be funny and entertaining so that it catches viewers’ attention. That’s how they will share it with their friends, who share it further until it goes viral!
