21 Jun 2007 | Comments | Retirement, Wealth Management | Comments feed

$10 to $1 million: How Long Does It Take?

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$10 can be turned into $1 million. If you are immortal, being a millionaire is too simple. But human life is short. What we want to know is the speed of wealth creation. I will elaborate some methods to turn that $10 into a million dollars, and the time it takes. Start with the fastest way:

Change the US$10 into Turkish Lira currency - you will get TRL 14 millions, instantly you become a multi-millionaire.
Buy lottery - High risk, high return. You only need to wait a few weeks for the lottery results.
Buy a domain name and start blogging - This depends on your talent and hard work. Maybe 2 years of persistence will make you a millionaire.

Buy GOOG (Google Inc.) - Since Google’s IPO on August 13th, 2004 at $85, now the share price is around $500, giving an average 80% annual return. If you use $10 dollar to buy Google’s share now, it will take about 20 years only to make a million dollar. Of course $10 is not enough to own a GOOG share, just find a way to own a bit of it.

Invest in mutual fund or unit trust - Let’s say a unit trust fund consistently gives you a return of 10% a year, you would have to wait 120 years for the $10 to become a million dollar.

Put it in a bank saving account and wait - wait and wait ………….. wait .. still wait … and wait .. zzzzZZZ - 293 years!

Conclusion: It is too easy to become a millionaire. What makes it difficult is the limited amount of time we have.

If you give up already, just buy a million dollar insurance policy. At least your nominee can become one when you die.

Want to know more about how to become a millionaire? Read this:
Millionaire blogger
Future Millionaire

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