How Would You Turn $100,000 into $1 Million Dollars?
Ok folks, it’s your turn to do some research. I have often said that it would be much easier to turn $100,000 into $1 million dollars than it would be to turn $10,000 into $100,000. So I’d like my readers to express exactly what they would do to get to the $1 million mark, if they were given $100,000 of cold hard cash.
We will put a time limit of 3 years on this experiment, so no – you cannot just buy and hold bonds or CD’s fo 30 years. I’m talking about a plan of action? Would you make 50 iphone apps? Would you start a business? Would you hire freelancers to create tons of websites? I’d love to hear your unique ideas!
Feel free to put your entire plan in a comment below and we can decide who has the best chance of reaching the $1 million mark in the shortest time.
Looking forward to your responses!
Best regards,
Michael-John Wolfe
Tags: make money online, residual income, royalties
11 Comments to “How Would You Turn $100,000 into $1 Million Dollars?”
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I would have to think about it. For now I am leaning toward iPhone apps or maybe starting a business. For the money it would have to be a long term investment.
Looking at the Sunday Times Rich List which was recently published here in the UK, I was taken by how many of Britain’s richest people got their wealth from retail.
I worked in retail for many years before going into IM so it’s a business I know well.
Personally, $100,000 would enable me to set up 3 small stores to test 3 different concepts.
When I found the one that worked best, I would scale it up rapidly.
You should see a return on investment in 3-6 months enabling you in 3 years to grow to 15 stores or so.
These could then easily be sold for $1million. Job done.
Well, apart from all the hard work to get there, of course
Hi Richard – I did not not that retail produces so many rich people. I do know that in America, 60% of millionaires made their money in real estate!
MJ
Nice thought provoking post. I think the first thing people should do if they ran into a large sum of money is to reduce their debt. It is a good way to make the money you earn work harder for you.
Then I would buy 100,000 lottery tickets
I agree with reducing your debt first, George! Last year I was carrying a maxed out credit card with $6,000 on it and every month I was paying almost $200 in interest. That pretty much cancelled out all of my stock photography earnings. I am glad to say that I am now all done with credit cards!
MJ
$100,000 is good money. Investing at 14% apy would not be terribly hard, but that would take quite a bit of time before it would turn into a million. I would likely try to find a product I liked that was in development and try to get a share. Personally if I received $100,000 I would start an organic specialty farm and try to grow things that sell like this black watermelon that recently went for $6100.
http://www.msnbc.msn.com/id/24997464/
Of course in Colorado, Marijuana is a great way to grow yourself some serious money.
Yes, and I live in Colorado! Maybe I need to start a dispensary! Haha! I could call it “MJ’s MJ Shop” — lol
MJ
I would buy fifty thousand dollars worth of wholesale cars and flip those two times that will put me at 200thous in the first year then I would take a 100 thous and go to vegas and play 20000 dollar hands at blackjack and if I play and win five times at that I could be at almost 300thous plus within the second year take that and buy 150 thous of real estate and try and flip those in the 2nd year and say if I’m up to 500 thous I would buy 500thous of hi yielding stocks and hope by the end of three years I’m up to 1million plus
The guy with the retail plan at least had a viable plan, but it could fail and you could end up without your hundred thousand just as easily.
Doesn’t anyone have a plan that might get you from a hundred grand to a mill in say – 5 years?
I’d like to hear that knid of plan. Real Estate and new Retail are not great risks nowadays. I bought 3 homes in 3 years from 01′ to 04′ but we know what happened to that market – I still have one of those homes. Now what can you do with cash to get there?
Anyone actually have the know-how?
TGGary
Rental Equities. These are like rental properties only better because no manual labor is involved. Nobody ever believes what I make with these so I won’t post it, but this has been the ticket for me.
real estate, real estate, real estate. It’s a hard living, but buying crappy homes flipping them to rent them out (of course the value of the home would go up with any work done) strong background checks into possible renters, iron clad lease. start with one get it rented out, then do 2 and repeat.