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Most of us dream of making a million. However it happens, we’d all like to strike it rich in one way or another. If you’re the 9-to-5 type, the key to financial prosperity is climbing the corporate ladder. By using techniques such as researching similar roles, noting down your achievements and having the confidence to approach your boss, you can negotiate a pay rise. If you’re more of a free spirit, the world of social media might be your route to making a million.
According to Forbes list of YouTube millionaires, the top broadcasters like PewDiePie had already made $12 million in 2015 alone. Of course, working in the online sphere isn’t always a bed of roses. As we’ve explained, there can be quiet months in the blogging space, so you’ll need to learn how to maximize your affiliate income ahead of the slow periods. However, if you can strike the right balance between quality content and timing, it’s possible to make some serious cash online.
Most People Would Turn Money into Bricks
Whatever medium you operate in, there are ways to earn – and, if you’ve got the right amount of luck, skill and determination, earn a lot of money. For those that cross the seven-figure-threshold, a world of opportunities instantly becomes available. Now, whether eternal happiness is among those opportunities is up for debate. However, there are certainly plenty of ways you can spend a million. According to research by casino gaming site Betway, most people would buy a house. With gaming fans regularly presented with the opportunity to win $1 million+ jackpots, the answer is one they’ll have thought about a lot. Based on the responses of 3,000 individuals, the company found that 43% would invest their stash in a new property.
While most are looking to own a better home for themselves, there are those that will be speculating to accumulate. Although the property market can be tough, the right investments can yield healthy returns. When you’re looking at renting out a property/properties, online real estate company Right Move focuses on “yield”. This is basically the amount of rent you make per year versus the purchase price of a property expressed as a percentage. As an investor, you want the highest yield possible which could mean you buy a cheap house in an emerging area or an expensive one in a desirable location. Basically, if you’re going to invest $1 million in property, you need to do your research to ensure the best return possible.
Dealing with Debt but in the Right Way
Of course, you may be among the 11% that want to clear their debts or the 15% that want to live mortgage-free. With U.S. Census Bureau data showing that the average American household debt is $137,063/£107,150, it’s hardly surprising that 26% of those surveyed wanted to clear their debts and mortgage. However, clearing debt is only half the battle in many cases. In our guide to clearing debt with an irregular income, we’ve stressed the point that you need to understand your finances and set budgets.
Naturally, if you’ve got the money to clear the debts in one fell swoop, everything is great. However, if you don’t have a handle on your expenditure, you could easily fall back into debt. According to Mike Sullivan, a personal finance consultant with Take Charge America, you need to stay active after clearing your debt. Setting goals like saving for a holiday or new car is important. As is checking your credit score. By using a credit checking service like Experian, you can monitor your financial status which, in turn, serves as a reminder to spend responsibly.
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Most People Wouldn’t Blow a Million
Perhaps the most interesting finding from the survey on how people would spend a million is the fact that very few would blow the money on something frivolous. Although 13% said they’d go on a luxury holiday, other respondents said they’d start a business, give money to charity or fund another project. When most people think about becoming rich, they start to have visions of living life like a rock star. However, when the average person actually stops and thinks carefully about what they’d do with a million dollars, the responses are a lot more rational.
This may be because we’re more aware of how debt can be. Thanks to the economic slump over the last decade, debts across the board has spiraled out of control. Indeed, in the UK alone, 8.3 million families are in debt. Knowing how finely balanced our finances can be appears to have given people a better perspective on money. This, in turn, has led to some responses to the age-old question of how people would spend $1 million.