5 Methods to Earn Your Way to Millionaire Status
Considering the total number of self-made millionaires in the business universe, only a handful are women as opposed to men. Women have always had a tougher time making their mark in the financial world because of the disparities in gender equality, but that it hasn’t been impossible.
A woman who really sets her mind to it has the potential to become a millionaire, though it’s not going to be a quick and easy path. If you’re a woman and you’re seeking to raise a million dollars with your own sweat, blood, and tears, here are a few strategies you might consider pursuing.
-
Penny Stocks
Have you ever heard of Timothy Sykes? He made himself filthy rich and famous by taking $12,000 of his bar mitzvah gift money and using it to trade penny stocks.
By the time he turned 21, that relatively small chunk of change had been transformed into $1.65 million, so he was a millionaire before he graduated from college. His story might appear to be a fluke, but it’s not as difficult as people might believe.
True, penny stocks are a risky investment, but if you’re willing to take the time to learn the trade and be patient with the market, you have a shot at capitalizing on a very small investment.
-
Invest in Real Estate
Real estate is another great field in which to invest, particularly now when the market is hot again. The best thing about this arena is that the potential leverage is such that you can invest in something that’s worth much more than you initially lay out.
For example, if you have $12,000, you could conceivably purchase a house that’s worth $120,000 without too much difficulty. If the property goes up in value, you could realize thousands from a single purchase.
Furthermore, you can also generate funds from rent and equity gain, and your tenant will pay down the mortgage for you. There are dozens of ways to turn a simple house into a highly profitable property, given a little creativity and hard work. Of course, you’ll want to educate yourself and become familiar with the grant deed form, title insurance, and how to write good offers. But it’s time well spent.
-
Make YouTube Videos
Justin Bieber, the Chewbacca mom, Carly Rae Jepsen, and thousands of other home-video creators have made millions from their YouTube videos. The social video platform is designed so people can make money, and those who are committed and have a great strategy have been able to reap the biggest benefits.
Among the most profitable video genres have been comedy videos, cat videos, and even toy reviews. Each of these markets has amassed billions of viewers, and lead to millions in revenue.
-
Publish a Book
Whether hardcover or Kindle, books remain very popular, particularly in business. You’ve probably heard of John Locke, for example, who sold a million Kindle ebooks in five months for just a couple of dollars apiece.
If your book is sufficiently useful to people and you price it right, your written words could go flying off the virtual shelf. If you’re not much of a writer, try investing in publishing. Business-related material is being generated constantly, and a solid publishing business could lead to a million-dollar operation.
-
Invent Something
If you can create something new, you’ll have customers banging down your door. Inventions might seem few and far between now that technology has seemingly brought us everything we’ve dreamed of, but that’s actually not the case.
People are inventing new products every day, and turning them into incredible businesses. If you need to get your creative juices flowing, try watching Shark Tank.
This television show portrays inventors and business people pitching their new products and company ideas to some of the world’s most successful and shrewd investors. New products constantly turn up on the show and prove to be the gateway to a million-dollar lifestyle for the people who bring them to the table, so it’s possible that you could do the same.
Images:
Millionaire Enkhtuvshin
Real estate Mark Moz
