One Million Dollars Only

How to make a million dollars for retirement? I ask myself that question quite often. Like I said in my previous post, my current job pays me well enough to save and invest to reach my goal of 1.5 million dollars. But I would like to hit my target at an earlier date than the 11 years that I have projected. Strained my brain cells and this is a non-exhaustive list that I have come up with:

Save and Invest

This is definitely my current plan. I intend to accumulate 35% of my paycheck and weigh my investment towards equity funds for the next 11 years. With a projected annualized 5% returns on my annual investments as well as on my current investment pool, I am expecting approximately $1.6million dollars. Any returns above 5% will be added bonus J

Trade Forex

I have had a lot of experience trading derivatives and foreign currency exchange. It is a highly leveraged and risky venture but has the potential to offer astronomical returns. Can I make a million dollars from trading forex? I believe that it is entirely possible but a sizable proportion of my time must be devoted to monitoring the currency markets. Can I afford the time? I am unsure.

Trade Stocks

Trading Stocks is an attractive option as well. I have limited success with trading stocks and am trying to derive a strategy of stocks trading that will not require my daily attention. A weekly or monthly trading frequency will be highly suitable for my lifestyle and schedule. Is it possible for me to earn a million dollars from trading stocks? I think I am unlikely to trade with sufficient size such that the returns will be large enough to earn a million dollars. My current thinking is to devote only $50,000 to a non-leveraged stock trading account and to invest/trade in dividend yielding stocks.

Trade Options

I have an account with interactive brokers which I have left dormant for about a year now. A year ago, I was trading options actively but realized that I had to devote my entire waking hours to this effort in order to achieve any tangible rewards. Basically I burn out trying to trade options actively. This is still an option for me to accumulate my fortune or one million dollars but I would like to find a more laid-back strategy before committing my funds again.

Make Money Online

My graduate degree was on computer engineering and I was always attracted to the idea of making a living online. I have tried affiliate marketing using paid-per-click on google and yahoo and have only broken even. Recently I am trying to utilize google adsense for this blog as well as some hubpages and other sites and is starting to see some results. My assessment is that this is a very possible wealth accumulation strategy for my million dollars venture. Not only that, it would be possible for me to even create a passive income stream that can allow me to retire comfortably. I will be working hard on this strategy.

Gamble & Lottery

Definitely I will be buying my weekly lottery tickets and hoping for the best. But I am not about to put my hopes of retirement on a lottery tickets. Well maybe I can daydream about it each time I buy a ticket but this can never be part of my plan to retire. Any winnings will be a bonus to buy a nice dinner for the family or maybe a vacation to Switzerland..LOL.

Start a Business

Starting a business is also one of my dreams. I have explored a couple of possibilities and have come to the conclusion that it is very possible to setup small scale businesses which requires little maintenance by partnering with skilled and trustworthy people. For example, I have met with a hair dresser who is able to run a small-scale hair saloon but does have neither the capital nor the desire to start her business. She is an honest person whom I feel can be trusted to manage the business and a few employees. This would then create a passive income stream once the business picks up. Incentivizing her with profit sharing will allow me to start the hair saloon with her skills as a competent hair dresser as well as a shop manager. This is an idea still in the conceptualization stage and I would love any comments.

The above ideas are what I can think of from my own experience. If anyone has ideas for earning a million dollars, please share with me through the comments. I will keep you in my mind when I have earned my first million dollars .