One Million Dollars Only

How To Make A Million Dollars For Retirement? My List

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 :P.

What Should I Do To Make A Million Dollars?

I had started this blog and my Law Of Abundance Check page to share my thoughts and the knowledge that I have learnt about making money. Making a million dollars for me is about earning my financial freedom, as it is for most of us. I dread waking up early every morning and dragging myself to work but it puts food on the table and I have always consoled myself that my day job pays me well to retire in 11 more years. So hold tight and endure for another decade

Everyone of us has choices and I can either make the choice to leave my current job (very narrow industry and I won’t be able to get the same pay elsewhere) and risk not achieving my retirement goal of $1.5 million dollars OR I could hold on tight and continue my savings and investment plan, which my current job offers, and hit financial freedom at 45 years old. Tough choice for me. If I was still a swinging bachelor, I would not have thought twice. Not that I am complaining, I love my son and would sacrifice the world for him.

What would I do to make a million dollars? Would I risk my family lifestyle? Would I risk my financial freedom at 45? Those are tough questions for me but it is clear that there are things that I would not do to make a million dollars. I would not

- sacrifice my family’s wellbeing

- sacrifice my time with my son

- rob or hurt another human being

- lie or cheat or take part in any scams

But what are the things I would do to make this one million dollars? I ponder about what I would be willingly to sacrifice and I would

- sacrifice my after-office time

- have less sleep in order to work on any million dollars making venture

- have less social activities to work on my million dollars business

- invest up to $5000 for a business venture

Would doing all the above hasten my journey to my retirement goal of $1.5 million dollars? I would hope so. There are many ventures that I have already tried and while some have succeeded, there were many that had failed. I have taken a timeout recently to think about setting my goals but my thinking has not really crystallized yet. To help me on my journey, I am going to adopt the simpleology method to get myself faster to my million dollars goal. Perhaps I should document my simpleology journey here as well.