Up until this point in my life, I have no idea how to earn a million. From what I’ve read, you can save a percentage of your income for around forty years and invest for the long term, you can start a really successful business from the ground up, or you can have an amazing idea that serves millions of people. But it’s pretty obvious that you have to do something other than just being an employee.
The way I see it, there are two ways of earning money. Either you offer a product or service in return for little money and make several transactions, or you offer a product or service in return for a lot of money and make fewer transactions. But you have to offer something that can be exchanged for money. Given that I am working full time, whilst attempting to accumulate a million, I need to do something that isn’t going to require all of my time; something that I can do around my job, but what…
My first idea is a blog, as I can write my entries during my lunch hour and add to them in the evenings. This shouldn’t be particularly difficult as I will have fresh content every day that is based on my progress. The hard part however, is getting readers and generating an income from it. Now, you may be wondering why I am telling you this, when I have clearly set up a blog. This article is based on a journal entry I made on the 1st of January 2018 and is being written on the 4th of January as the blog was only created yesterday, 3rd of January 2018.
My second idea is the stock market. As I am unable to invest for the long term, I will have to hold short positions on the stock market; the more volatile the better. I know people who do exactly that and triple the money within their trading accounts on a weekly basis! Naturally, this is something that I am very keen to learn. But it’s not all sunshine and rainbows, people can and do lose a lot of money. Those who are new to trading are much more likely to lose it all. If you don’t believe me just open a demo account on a trading app and buy whatever you like. You’ll soon find that you need to reset your account. When I first started, I had to reset my demo account three times within the first week because I’d practically lost all the money.
My third idea is an eCommerce website. At this stage I’m not sure whether I will sell my own products or whether I will simply drop ship existing products. I am toying with a few ideas here, but I will probably set up more than one eCommerce website. I imagine that I will start with a drop shipping eCommerce website.
My fourth idea is book writing. I really like the idea of writing factual book and have toyed with the idea for a couple of years. I have a concept in mind and I’m going to put it into practice, with a view of publishing it towards the middle of the year. Even if I only sell one copy, then I would have made some money from it and I can put it towards my total.
My fifth idea is to write eBooks. EBooks tend to be much shorter than traditional books and should be much quicker to write. I’ll probably stick to areas that I know well, but I am tempted to dabble in a bit of fictional writing, but I will save that decision for a later stage.
My final two ideas are to create YouTube channel and/or a ‘real world’ business. I am not sure whether I will actually do either of these yet, but I will keep an open mind. Whilst all of these ideas are good, I don’t think any one of these ideas can generate me a million within a year. But I do think that a combination of the above can. I guess we’ll find out.