Safest Ways To Make One Million Dollars

retirement car
Retire with style

Retirement Money

If you are on this site, I can imagine that you would like to make some extra cash or some stream of income that you can look at sometime in the future and just enjoy to do things you’ve always wanted to.

People always get the impression that you have to have lot’s of money to be able to reach the millionaires title. Of course it is a lot easier with more money, but the truth is, most people fought for years before they received their first million.

retirement car
Retire with style

If you want to know the safest ways to make one million dollars and get that title, it’s not hard to figure out.

When I first joined the working world, I quickly realized that sitting behind a desk for 45 years will not be my destiny. I didn’t want to do it then and I don’t want to do it now. I looked for other options to work my way out.

Soon enough I spoke a lot to a friend about investments and how I could get involved in it. First I thought you would have to have years of experience in the field before you could even think about throwing your money into some shares, funds and bonds.

But as eager as I was, I thought it would be best to inform myself a little longer. My friend showed me some useful websites such as The Motley Fool for instance, which had a very good beginners guide and a lot of good advice on how to clear your debt before investing etc.

My Plan

As I read this beginners guide and a lot more about the investment world, I couldn’t wait to get involved. What I did next, was to go to a investment bank and ask for an appointment with an investment banker who could advise me on how to get the ball rolling.

Once I got there, I spent an hour with a man who seemed to know a lot, but then again nothing at all. I told him I wanted to give him my savings and turn it into as much as possible, asked him questions what the safest way would be and I told him that I was very inexperienced and that he could give me as much detail as possible.

For some reason his answers were very open and I left just as clueless as I entered.

I figured, if this investment banker had any idea about turning a few thousands into a few hundred thousands or even a million, he would corperate meetingdefinitely not be sitting here.

So my next plan was to study as much as I could myself and just start investing with a small sum, until I get a proper game plan for my millions.

I set up another meeting with my private bank to open an investment account. When I got there I was sat with a guy who was probably my age (25 at the time) if not younger. He was so nervous, as I was probably his first client ever, that he kicked me under the table by accident.

He kept fiddling with his pen, which dropped several times, stuttered when trying to explain things and also had a minor idea about what he was talking about.

I am still surprised to this day that they let people like that handle important clients for such important meetings. I’m not saying I’m an important person but if I were to have a few millions, which I wanted to securely invest into that banks funds, they would have definitely ruined it with that boy.

Long story short, I decided to invest a small amount into 4 different funds. Two of which have a higher risk and the other two medium risk. The amount I invest on a monthly basis is something high enough to see nice returns yet low enough that I wouldn’t miss it and couldn’t get by every month.

Results Thus Far

Next month (September 2015) I will be looking at my third year of investment and I can proudly say that I have invested enough to buy myself a decent car by then.

It fascinates me because the amount I put in monthly really isn’t that significant at all. It is about as much as an iPhone.

Believe me when I say you don’t need to be an expert and your money is much better invested in the stock market, than in your savings account. Here are the simple criteria you need to stick to, if you want to receive that one million dollar bill during your lifetime:

  • Open an investment account
  • Start investing regularly on a monthly basis
  • Don’t take out any of the money you’ve invested no matter how bad times are
  • Stick to the budget you’ve set and don’t decrease it either
  • Try not to think about it
  • Let the compound interest do its magic!

It’s as simple as that. If you want to play it even safer, choose funds over stocks and bonds over funds.

On a different note, please don’t listen to me as a financial advisor. I am just merely trying to show you what I’ve been doing so far and what’s been working for me until now. Maybe in a week I’ll be living on the streets who knows? But this strategy seems to have proven itself countless times.

If you want to read more about how much to put away at which age to become a millionaire by 65, read this fascinating post, from which the table below originates from:

millionaire by 65

So if you’re a regular Starbucks visitor or a smoker, try to invest that money into something more useful on a daily basis and watch your goal get closer!

As you can see, the earlier you start, the faster you will achieve it and it doesn’t take thousands and thousands of cash that you don’t have. It only takes a few dollars a day. We all have unreasonable habits to spend money on things we don’t need.

My Advice

If you ask me, I would definitely use the investment strategy as a plan B.

Like I said, I wouldn’t even look at the investments and try to forget it completely. Set it up so that it get’s taken out of your account automatically every month and see how this money grows passively.

Additionally I would try to look into other streams of income. I am currently working on this website as well as another to create my affiliate marketing empire.

This will be my second stream of income and active job for a while, the beauty of it being the free choice of work time and workload I can put on myself.

workplace
Affiliate marketers possibl workplace

After that I will look into property and increasing the amount I invest monthly. Maybe I’ll add a 5th fund or just increase the money in my current funds. There are many other methods out there to increase your wealth, so don’t get caught up with one and spread your options!

You will see that soon enough (way sooner than 65) I will also achieve my goal to make one million dollars. I’ve wanted this for as long as I can think back and realistically, this isn’t that much money anymore as it used to be.

The average salary in the US back in 1993 was around $23,000 and in 2013 the national average wage was almost $45,000. So as you can see, in 20 years, our wages increased by almost an entire years worth of our average salaries in 1993.

Therefore the million dollar title looses it’s worth year by year. Nevertheless we should still be able to afford the things we want and strive for success.

And having one million dollars retirement money is always better than having a couple of thousand instead.

I hope this article was enjoyable to read and it gave you an idea how to spend your money from now on. I just want to point out one last time that I am in no way a financial advisor and this is just speaking from my own experience. You have the free choice to do with your money what you think is best.

This is how I plan to achieve my goals and since I want to be as transparent as possible, I felt the need to share this with you.

Feel free to leave behind comments, thoughts and ideas as usual. I would love to hear if you’re investing already or have a million in your bank account already.

Thanks for reading and share this article if you find that other people can make use of it as well.

Thanks,

Esteban

6 Comments

  1. Well the title to your article certainly caught my attention and held it – what an awesome headline!
    I was interested to hear that you are going down the internet marketing route as a way of getting there. I myself am starting up online and I was wondering how much success you’ve had so far?

    • Hey,

      Yea I’ve decided to make the internet marketing route my personal job for now. I hope it works out because I don’t see myself going back into an office ever again. I hated every bit of it.

      As for now I have only joined the game for almost 3 months now. I am happy to say I have made a little income but nothing to brag about. I seriously hope this will increase massively soon.

      Feel free to check out my monthly progresses. Third one should come soon 😉

      Thanks for reading,

      Esteban

  2. This is some really solid advice that you offer! I can see that by investing money, especially when you are younger can yield huge benefits for your future. I like the savings chart on how much to save on a monthly basis to reach 1 Million Dollars upon retirement! You provide some wise help and savings tips that so many people desperately need these days. I have glanced at some of your other webpages and see that you are offering some excellent advice in other ways that can help people to be able to earn passive income and be very successful at it. Great Work! Richard

    • Hey Richard,

      Very happy you agree with my point of view and realize the potential of early starts, especially when it comes to saving.

      I truly believe anyone can be wealthy and from what I read, learn and pick up from other reliable sources I simply want to give back and share with equally minded people.

      Thanks for your comment and kind words,

      Esteban

  3. According to that image, everyone is possible to be a millionaire just by saving.

    I guess that most people already know about the benefits of saving and investing but they do not have the right mindset to apply it in their lives.

    An example, everyone knows that smoking is a waste of money and it harms their health but they have not the discipline to quit.

    I like your advice, creating multiples streams of income is a great way to reach a huge money goal like being a millionaire.

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