There are many ways to make a million dollars in 2024 thanks to technology.
So, leveraging technology is arguably the fastest way to make a million or even a billion dollars.
It is no wonder the number of dollar millionaires has been increasing by the day, thanks to the internet.
Well, I know it is still not easy to fathom how easy that is, and so I will give an example.
If you can create an ebook and sell it for $2.5 a piece, you only need to sell a million copies to reach a $1 million target.
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In the same vein, if you identify a product that people want and whose profit margin is $1 a piece, then you only have to sell a million pieces.
The list goes on and on.
Here are some ways to make a million dollars in 2024. The beauty is that these methods can be replicated across the world, albeit with a few tweaks.
1. Create a business out of your passion
Creating a business out of your passion can be quite rewarding. If you are a writer, you can create ebooks on interesting subjects and sell them on e-book-selling platforms. If you are a painter, you could create wonderful pieces of art that you could sell online.
I know of a neighbour who started baking cakes and biscuits on the estate. In a span of a week, she was selling 100 dozen cookies daily and making a tidy sum.
She also noticed that some of her customers would buy the cookies to take to their friends.
Seeing the opportunity, she took a loan and bought equipment to mass produce the pastries. Today, she runs a multimillion-dollar pastry company that also employs at least 50 people.
So be bold and start a business in an area you’re truly passionate about.
2. Start investing early
One of the things that bothers me is the huge number of people who live without regard for the future.
To this kind of person, a $5000 that comes their way is an opportunity to take a few days off as opposed to making an investment.
I want to point out that investment takes practice, failures, getting up, and trying again and again until some level of competence is achieved.
Now all this takes time, and the earlier one starts, the better.
What’s more, I’ve seen people make tonnes of cash by investing in the stock market over many years, reinvesting dividends, and letting the money grow and compound.
3. Invest in real estate
There are many people who have built wealth through real estate. As an investor, you may want to invest in an up-and-coming area.
This may involve buying plots in the said areas and holding them as you wait for them to appreciate.
In the same vein, you can acquire rental properties through mortgages, renting them out to pay the debt, and ultimately owning the properties.
4. Avoid an extravagant lifestyle
Most people who flaunt riches on social media do not actually have much wealth. Yet there are so many millionaires and even billionaires who live low-key in low-income neighbourhoods.
It has been found that those who accumulate wealth are considerably frugal and are married to people who are careful about spending.
It’s a simple yet challenging principle to live by: You can’t build wealth if you spend all you make.
5. Be a creator
This is one of the fastest routes to becoming a millionaire or billionaire. Think of creating something new that humanity needs, and you’ll be rewarded handsomely.
You may have heard of teenagers who have banked millions of dollars after inventing something life-changing.
The thing is, you can pick one of the many pain points and come up with an invention that solves the problem.
This could be in the areas of fintech, health, commerce, entertainment, etc.
6. Sell products online
You can easily make a million bucks if you identify a fast-selling product with high demand.
This can be a cheap product that leaves you with a profit margin of a dollar. As such, you could create an online store, market it, and sell the product.
7. Diversify your investments
Having a diversified investment portfolio helps mitigate the risk of carrying all your eggs in one basket.
In the same vein, I’m sure you may have come across a person whose life changes all of a sudden.
It could be the acquisition of a new car or owning a prime property.
It’s only after asking that they get to tell you that one of their investments paid off and they decided to treat themselves.
You could also invest in art pieces that could end up earning you millions.
8. Invest in stocks
One way to potentially earn a high return on investment is by buying promising stocks.
Stock guru Warren Buffet recommends investing in high-quality stocks and holding them long-term.
Here’s an example:
You can invest $10,000 in 2000 shares worth $5 each at an IPO. Over the course of a year, the share price rises to $25 per share.
You see, from $10,000, you can cash out and make $40,000 profit.
In addition, one has to master negotiation, network, and put together a high-performing team to reach their goal.
READ ALSO: 10 Most Important Money and Finance Lessons That Schools Don’t Teach
It is not enough to identify a good business opportunity; having a solid strategy to get there also matters.
Which other ways to make a million dollars do you know?
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