Original question from Quora:
What is the best way to make a million dollars?
There is no one best way to do anything, but there IS a shortcut to making a million dollars.
First of all, a million dollars is not a lot of money in relative terms. You drive by millions of dollars every day and you don’t blink.
Case in point, have you ever driven by McDonalds?
The average McDonalds restaurant makes $2.6 million a year in revenue at a $500,000 - $1 million profit.
So, if you could open up a McDonalds, that might get you there.
However, here is another way to look at it…
It is easier to make a million dollars if you have a starving crowd.
Specifically, if you can find a group of people who is starving for something and is willing to spend money to get what they want, it is easy to make money. Go to a college/professional football game and watch what what happens at halftime.
Thousands of people get up, go to the bathroom, and buy food. The concession stands aren’t full of great salespeople. They have minimum training order takers and they rake money in hand over fist.
Why? The people are literally starving for food!
So, to make a million dollars, find areas where people are starving for something and feed them. That can be knowledge, a product, a service, anything.
When you break an arm and go to the hospital, you don’t shop around for the best price. You just want your arm fixed.
When the new iPhone comes out, there is a mad rush to get the latest model. They’ll be backordered for months potentially. Anybody selling the new iPhone has no trouble making sales.
When the Tesla Model 3 was announced, thousands of people signed up to pre-order.
When a catastrophe happens like a hurricane, the government spends millions on food, water, and shelter for people.
When people have to file their taxes every year, accountants are swamped with customers.
And so on and so forth…
You don’t have to be particularly brilliant or good if you are in the right market. You can make a lot more money being average in a market that is starving than being an exceptional in a market that isn’t.
Anyone can sell water to thirsty travelers in the desert. It’s harder to sell a snow cone at the north pole.
So to me, the best way is to find hungry people and feed them. And if you pay attention, you’ll see them all around you.
Now, if you want to get started on getting to making a million dollars I’ll give you a trick to use and then I’ll explain why it’s so important that you do this.
Go to your house, apartment, or wherever you live and find something you want to get rid of. Like an old video game, a copy of Harry Potter, or a set if tire rims sitting in your garage.
It can be just about anything.
What you need to do is take that item and post it to Craigslist for sale at a price you believe someone would be willing to buy it (that’s not the same as how much you want to sell it for or you think it should be worth).
Take good pictures. Write a thorough description. Leave good contact information.
And when you are done ask yourself, “if I saw this on CraigsList, would I call/text/email to see the item in person?” If yes, you’re good to go, if no, go back and fix the ad.
Depending on where you live, you might get phone calls on it the same day. Great.
It might take longer and that’s fine too.
Take the money you get from selling this and get more stuff to sell profitably. After a while, you’ll get an idea of what people buy and why they buy it.
This works as well for used audio equipment as it does used cars. I know of men who have made good side incomes selling both on CraigsList.
Once you get good at turning money over, you’ll start looking for more ways to turn money over and more places where there are starving crowds.
Eventually, you’ll find yourself making a lot of money. Could be thousands, could be millions. The dollar amount is not important.
The important skill is finding starving crowds and… SELLING TO THEM!
You only make money when you sell something. The real key to making a million dollars is to sell millions of dollars worth of stuff, and to do that you need to get good at selling.
Go get good at selling.
P.S. I unpack more ideas in Creative Genius.