Fast wealth is a dream which most people are familiar with. The problem is that an almost equal number have neither the tools nor the knowledge that is required in order to create sustainable wealth. Those who make a million in the wrong way might lose it fairly quickly. Here are some ideas for making a million dollars fast.
Increase Income and Reduce Expenditure
If you total up your income and expenditure over the last 10 years, you may be surprised to realize that you already made your first million but spent it all over a lifetime. One way of starting the quest for the million-dollar mark is to increase the ways and means through which you earn money whilst simultaneously reducing your unproductive expenditure. For example, you need to stop buying things which you never use and diversify your income sources today. Do some overtime and get involved in some freelance work.
Liquidate Your Non-Performing Assets
Many families actually own assets that are worth at least $ 1 million. The only problem is that the money is tied up in fixed assets which are not easy to turn into cash. Unless you are creating a legacy portfolio, liquidate those assets that are not earning any money. All assets under your control should be earning in some way. This could include interest payments and appreciation. That does not mean that you turn them into cash for conspicuous consumption but rather than you use the money to make more money. Start off with accessing the equity in your home to flip other properties.
Find, Create and Cultivate Customers
Someone out there needs the stuff that you have, own or control. However, without a marketing strategy of some sort, you will never be able to get to those potential customers. You should become a salesperson in order to earn your first million. Some people are born to sell while others learn it out of necessity or deliberate interest. Either way you should train yourself to sell. Most millionaires in the world today have gotten to the summit through some type of selling. Mark Zuckerberg managed to sell the idea of Facebook and it has earned him a place in the annals of the American dream.
Learn to Save and Invest
The savings culture is often listed as the top predictor of wealth creation in any given community. You should try to develop a savings culture. However, saving without investment is a hopeless endeavor. The interest rates that are earned by a savings account are much less than those you could earn through purchasing stocks and shares. Invest wisely and you will be well on your way to becoming a multi-millionaire. Of course poor investment decisions could also mean that you end up with unfunded debt. For example, you should keep away from penny stocks unless you know what you are doing.
Engage in Responsible Borrowing
Credit is not a dirty word for anyone that wants to make money quickly. There are plenty of credit opportunities for those with the right record, credentials and residency requirements. The problem is that most of the credit is in the form of store cards, credit cards and other forms of conspicuous consumption. Borrowing is ideally done for purposes of investing. Your credit rating is an important asset in the modern world. You can make money off it by borrowing to invest.
Make Things and Sell Them
Manufacturing is becoming a great business opportunity for ambitious entrepreneurs. It even beats selling natural resources like oil, minerals and gas. You only need to compare the future of Saudi Arabia to that of China in order to understand that making things and selling them is the key to earning lots of money quickly. This is an ethos that operates not only on a national level but also at a corporate and personal level. Even in your own home, you should try to manufacture and sell if you want to grow rich.
Turn Your Social Capital into a Product
The people that you know can be a conduit to earning big. This is because the world is run by relationships. That is why entrepreneurs are so anxious to get in bed with politicians, figuratively of course. It is why social media is becoming a magnet for ambitious people who are looking to make a quick buck. This is not about exploiting the people that you love. Rather it is a process of maximizing the benefits that can arise from your social skills and connections. Being connected is becoming a real asset in the modern world.
Make and Promote Your Brand
Celebrities have perfected the art and science of selling themselves. A well-known and positive brand is as valuable as one that is notorious. However, a positive brand tends to last longer and bring in more money over the long run. If you have the personality to match or even a talent; you could turn into a millionaire the moment that you start branding yourself. As Paris Hilton has shown, branding is everywhere and everything.
Market Your Knowledge, Expertise and Experience
Sell what you know and are capable of doing. It is shocking to see graduates, professionals, artisans and entrepreneurs complaining about unemployment or even poverty. The things that you are capable of doing are precisely your pathway to wealth because you get paid when you share them. If you are a doctor for example, start selling your competency in the medical field. If you do it well then the million will not be far off. Plastic surgeons have made Hollywood their promised land based on this principle.
Make People Very Happy
We all like to be entertained and made to feel good. If you are capable of making people happy then you should go for it because this is one of the most direct ways of becoming rich quickly. It is why comedians, singers, dancers and actors have made fortunes. Of course you have to be able to make people happy by the force of your personality and your talents. The road to success is littered with hundreds of failed entertainers who live a life of untold misery.
This is not just about getting a laundry list of business ideas but actually getting to understand the methods and pathways of wealth. Staying wealthy is another matter altogether, even though this list will help you earn your first million.