These Self-Made Millionaires Reveal How They Turned a $100 Investment into $1 Million
Savings are part of life, and while we may fall short at times, most of us have at least been on a long saving streak that we can be proud of. And while saving is well and good, what do we do with the cash once we have accumulated a considerable sum?
Unfortunately, most people fall into the trap of wasting it, negating the importance of having saved it up in the first place. This mistake, according to high profile self-made millionaires, is why you are yet to make your first million.
Luckily, the don’t just criticize then leave us high and dry. Instead, they give us tips on how to turn that $100 you have in your savings account to $1 million. Does that entice you enough? Then let’s dive in.
Bethenny Frankel of the RHONY and Skinnygirl founder says that investing in things you love is a sure bet to acquiring wealth. Emotional investments, she says, is how she does it herself. When making smart real estate moves, Frankel chooses locations she wouldn’t mind living in, and this ace up her sleeve has never failed her.
She also advises you to find some of your like-minded friends with each of their $100, combine them, then make a collective and aggressive investment.
VaynerX CEO and founder Gary Vaynerchuk, for his part, says that buying and reselling items for profit is how to go about making that first million. However, it’s not as simple as he makes it sound. It calls for lots of self-discipline and patience.
According to his advice, once you have that $100, find underpriced items in garage sales then find out how much they’ve sold for on eBay. If it’s at a handsome profit, buy and sell them too. The more difficult part, he says, is saving proceeds from this venture till you have at least $100,000. This amount is now what you invest, then watch it make millions.
CEO and founder of Cardone Enterprises Grant Cardone thinks that the fastest way to make $1 million from $100 is by investing in oneself. As he puts it, putting that $100 into a book, audio program, course, or event will help you develop a new set of skills, in addition to helping you make connections (networking) and increasing your knowledge. All these, he confirms, set up a firm base for a financial explosion waiting to happen. And if he did it, why can’t you?
Your Skill Set Is Paramount
Dan Lok, on the other hand, opines that one creates wealth thanks to the set of skills they have. To this end, he says that instead of spending your savings on a business that may not sustain itself, use the cash to learn a skill that once perfected will bring you $10,000 monthly at the very least.
However, don’t just get comfortable with your monthly earnings. Invest whatever profits you make and if you’re aggressive and persistent, you’ll be well on your way to joining the millionaires’ club.
With how fast social media is growing, is there any doubt that if properly tapped it can bring you a fortune? And that’s exactly what Torben Platzer, CEO and founder of TPA Media thinks. Use your savings to create and promote your personal brand on these platforms and soon enough, people with deep pockets will come calling.
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