How do I become an internet millionaire?

DWQA QuestionsCategory: QuestionsHow do I become an internet millionaire?
sarahelsherif Staff asked 1 year ago

Use other people’s money to invest and pay back your debt to the people who lent you that money while you still keep the profits.

Example 1:
A house is on sale for $100,000. You borrow $150,000. You bought the house and renovate it. You sold it for $200,000. You pay back the $150,000 and you keep $50,000 as your own profit.

Example 2:
You found a lucrative business idea that only requires $300 startup capital plus your own talent and skills. The business idea has been researched and validated by the market demand for it. Sale forecasts says that you can gain $1,500 and maintain a recurring income of $500 per month. You borrow $300 from friends and family. You launch your business and you sell like crazy. By month’s end, you have $1,500. You pay back your debts, leaving you with $1,200 in profits and a maintainable recurring income of $500.

Key points in the examples are:

  1. Research a Niche or Market and find its demand. If you can supply it, go for it.
  2. Validate the idea
  3. Get a Minimum Viable Product (MVP) ready as soon as possible.
  4. Market like crazy. Reach out contacts and ask for referrals.
  5. Once everything is set, borrow the money required to deliver the business or at least borrow a little and do the rest on your own.
  6. Ensure that the business model has a recurring revenue stream that requires less active work.
  7. Don’t give up.

This, of course, require you to do the most grunt work everywhere and takes a lot of your time and effort. If you had your own money, you would need to get some hired help on your own and that would definitely make your work smarter, rather than harder.

Good luck!

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