How To Turn $10K Into $1 Million 2022Oct 26, 2021
How to Invest your first $10k?
Getting your first $10,000 is a BIG deal. Only 25% of Americans have $10k or more saved in their account. This is the point where you can start making some decent investments that could yield some BIG results. So what should you invest in? Let's discuss how to become a millionaire with $10,000 or simply how to turn $10,000 into 1,000,000
Assets vs Liabilities
- Before we begin you must understand the difference of assets vs liabilities. Assets are items that appreciate over time or put money in your pocket every month. Liabilities are items that depreciate or take money out of your pocket every month.
SO what are some great assets to invest in? Let's talk about the 5 most profitable ways to invest 10k. While I love index funds in this case we won't be doing these because it will take too long to become a millionaire this way with only 10% returns.
5 BEST INVESTMENTS THAT WILL TURN $10K INTO 1 MILLION IN 2022.
These are the 5 investments you need to own for life
ONE. Debt Payoff
If you have any high interest debts be sure to pay those off before any investing. Anything in the high single digits and for sure anything in the double digit debt range.
TWO. Personal Home
Investing in a personal home is a great first investment with $10k. With $10k you can get a $200,000 property. If that property appreciates at 5% you will literally have doubled your money the first year.
THREE. Invest In A Skill Set
Investing in a skill set is a MUST if you aren't making high income. If it took you a while to save your first 10k it's either because you need a better budget or you simply aren't making much money. When I learned how to double and even triple my income my ability to build wealth increased greatly.
If you want to know how to become a millionaire with $10k look no further than buying a business. You can get up 100% returns on a business. Check your local business brokers and find an owner willing to do owner financing.
Turning $10,000 into 1 million dollars may not take too long if you invest in cryptocurrency. Bitcoin and altcoins have done extremely well over the past decade. In fact crypto has far outperformed every other asset class. Keep in mind that crypto is very volatile and has big ups and downs so be sure to hold for the long term. No one has ever lost money who has held for at least 3 years.
❎ I am not a CPA, attorney, insurance, or financial advisor and the information in these videos are simply for entertainment purposes only and are not be considered as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Shaun MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Shaun's videos. If you need any advice regarding any of the topics mentioned in the videos, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. or financial advisor. Some links may provide financial compensation
Join Our Mailing List
Subscribe to our newsletter to receive the latest news and updates straight to your inbox
We hate SPAM. We will never sell your information, for any reason.