Wednesday, October 24, 2007

How to Make Millions: Part 2

Doing Drug lit homework right now and I need a break so I thought I would continue to discuss the ways you can become a millionaire. First up to review the last post, the Clay institute is offering 7 million dollars to the first person to solve any one of their seven mathematical problems. One million dollars per problem that you solve. Pretty easy huh? Except for the fact that some of those questions date back over 1500 years, a couple of people have tried to solve them.

Other ideas include the following:

  1. Design a really cool site and make people pay you a million bucks to advertise on it.
  2. Marry rich.
  3. Get injured and sue.
  4. Win the lottery.
  5. Inherit wealth.
  6. Put 5 dollars a day into bank for 42 years. (with 10% interest, but then where do you find 10% interest)
  7. Buy a bank (earn more profit then most fortune 500 companies)
  8. Own a pharmaceutical company (even more profit then a bank with about 17% profit revenues)
  9. Be an high paid employee or be an employer. Just a thought: when you are in college you pay to get educated, but on the job someone pays YOU to educate YOU.

If you try, there is some chance of succeeding.

A famous millionaire has said the following:
Nine out of every 10 businesses fail, so why bother?" Here is another way to look at that -- the chance of success is 10 percent. You start nine businesses that fail and then the tenth one succeeds and you make a million bucks -- those are damn good odds. (Not sure if I agree, I don't want to lose money 9 times first. Would you?) I prefer never to lose money and slowly save it, however I do know that philosophy is stupid when it comes to wanting to become a millionaire. Don't use your money to get rich, use someone else's, like the banks, for instance. For example, borrow 50 grand, make 10 grand off of it, and return the 50 grand. Its a lot better method then just using your own money, because if you decide to use your own money its just too slow, well at least thats my opinion.

Your job is to look at the American economy and all the people in it. Now think to yourself, "What can I do that some of these people need? What can I do that would make their lives better in some way, and they would be willing to pay money for?

All you need to do is figure out a way to snag 0.00001% of the money flowing around in the American economy in one year and you have made a million dollars.

It does not have to be a complicated idea, and it does not even have to be original. For example, let's take the idea of selling pizza. People like pizza -- you know that. If you can start a pizza restaurant, and if you make $1 profit off of each pizza you sell, and if you sell a million pizzas, you have made a million dollars. It has happened before. Ever heard of Domino's? Papa John's? Pizza Hut? Little Caesars? Chuck E Cheese's? Red Baron pizza? Tombstone pizza? DiGiorno's pizza? Freschetta pizza? Lots of people have made a lot of money selling pizza. And it will happen again.

Basically in my book, I believe Earnings are proportional to work and there is no way to get rich without hard work, or awesome luck.You know its just plain unbelievable that I could be a millionaire in ten or fifteen years. Trouble is a lot can happen in fifteen years. I don't really think its a goal of mine to be a millionaire in fifteen years, if it happens it does, and if it doesn't, it doesn't.

What is my plan? Right now its finish school, then work hard so I can pay off my bills and start to earn capital with all the investment I have put into pharmacy school and my career. After I have enough capital, I plan to invest it in what the trillion dollar insurance companies invest in. (they don't seem to lose) and no I'm not going to be selling insurance.

For a totally random aside:If you've never seen the commercials for the Benelli shotgun you should take a look. The guy can shoot upside down over his head, behind his back, under the leg, basically any shot; which is pretty amazing and you should take a look if you get a chance.

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