This article offers five suggestions of how to increase your worth by a million dollars within a six month time frame. It also considers whether it is possible to start with zero and end up with a million dollars that quickly.
A decade ago, you could have made a million dollars in six months by developing a website that could attract a few thousand visitors per day and selling to a venture capitalist. A million dollars would have seemed like a bargain before the bursting of the “.com” bubble. Before 2008, you could have made a million dollars with the right real estate investments although six months would have been a little tight. Today, you need to become much more creative with your risks to attain that lofty one million dollar height. Here are some ways it might still be done today.
Use large sums of capital to purchase cheap repossessed houses and sell them for a profit or play the commodity market.
This scenario does not assume that you start at zero money to reach a million dollars in earnings. If you have a couple of million already, you can make some wise business investments with modest risk and increase your worth by a million dollars. The same can be said for cautious investments in commodities. Stock is probably not the best route in today’s market, but if you are following Warren Buffett, it might be. For stock, six months seems like to small of a window to make the million.
Find a product that can be bought low and sold high that is in high demand.
If this was an easy task, everyone would be a millionaire. The reality is that six months is a reasonable time frame for making a million dollars this way. If the product is your own invention, within a couple of months of being a hot item, some company with deep pockets will come along to buy you out for probably far more than the million dollar target amount.
If you are knowledgeable enough, go on a game show that pays a million dollar top prize.
Let’s play “Who Wants to Be a Millionaire.” While it is a long shot to become a contestant and make it to the top prize, this is one of the quickest ways to big cash. Even if you do not win the top prize, a win of $250,000 could get you off and running toward the million dollars in six months. It would give you enough capital that if used correctly could make you a million dollars. You would need to find those wise investments and push a little, but it could be done.
If you have the right credentials or connections in the publishing world, write a novel.
Granted that this is a remote chance, but it has been done. Writing a best seller on your first effort is a tall task. However, six months is enough time to generate a book, but may not be enough time to write, publish, and have distributed. Most publishers will not front a new author a million dollars before the book hits the shelves. With the right credentials or connections, it is possible. Famous people often get big bonuses for the rights to their story.
Find a way to get on Home Shopping Network with a cheap product that you can talk people into buying.
This worked really well for George Foreman. One would think that you could only sell so much make up or cooking supplies to the public, but it does not seem to have a limit. The trick to this is finding a source that can supply enough product to allow you to be on the air a couple of times per month for six months. You may not reach the million in profits, but you will be able to see it from there.
Published in: Personal Finance