$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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8 replies to "$10 to $1 million: How Long Does It Take?"
Can someone make $1mln in unit trusts. Say putting an initial deposit of 150k and then putting in $2k per month for the next sixteen years. Compounding interest at 8% I am told you can make $1.2mln and live on an passive income of 5k from then on. Does this make sense? Is is true?
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Really appreciate your opinion. Thanks!
To make gains quicker, u keep buying, not just one. Buy cheap. Add value to the first property in form of reno. Use the increased equity to fund another and so forth. There r plenty of real estate books in Msia to teach ppl.If no money for 1st down payment, save for it or source bargain properties and flip to investors for a % fee etc if that suits u. Start with a modest property.
LifeofAbundance, you got a great point. Real estate investment is indeed a good route to become a millionaire because of their leverage nature. Maybe one can use the $10 to buy the best real estate investment book and learn a way to buy property without down payment. Eventually the property might become million in worth after years.
KC, boggles me why u failed to mention properties when the majority of the wealthy own real estate. If one does it right and do their homework, it only takes some yrs to reach a mil.
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