3 answers
sanai
Student
3
Questions
Asked
730 views
How do you start making a million dollars t 17
I'm asking this question because I want to be wealthy and have a lot of money in the future when I get older and have a stable life
Login to comment
3 answers
Fred Rosenberger
Data Analyst
481
Answers
St. Louis, MO
Updated
Fred’s Answer
So does everyone else. Odds are it won't happen.
Money is exchanged for goods or services. Two parties have to agree on the value, then make the exchange. If you feel your service is worth $200, but I think it's worth $80, there most likely wont' be an exchange. We may negotiate, you come down in price, I come up in price, and we settle on $140. But if we can't agree, we both walk away.
So if you want to make a lot of money, you need to offer something that people are willing to pay for. You need either a few people who will pay a lot, or lots of people who will pay a little. Ideally, you'd come up with something lots of people would pay a lot for.
But as soon as you start selling your product, others will come around and imitate it, cutting into your sales. You can protect yourself somewhat with a patent, but that is not a guarantee.
Money is exchanged for goods or services. Two parties have to agree on the value, then make the exchange. If you feel your service is worth $200, but I think it's worth $80, there most likely wont' be an exchange. We may negotiate, you come down in price, I come up in price, and we settle on $140. But if we can't agree, we both walk away.
So if you want to make a lot of money, you need to offer something that people are willing to pay for. You need either a few people who will pay a lot, or lots of people who will pay a little. Ideally, you'd come up with something lots of people would pay a lot for.
But as soon as you start selling your product, others will come around and imitate it, cutting into your sales. You can protect yourself somewhat with a patent, but that is not a guarantee.
Carla Hinderlie
Talent Acquisition Partner / Recruiter
4
Answers
San Jose, California
Updated
Carla’s Answer
While it might be an overly ambitious goal to be a millionaire at 17, you can start investing in the stock market at a young age and start building your wealth (compound interest).
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6342
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Dear Sanai,
A Guide to Earning Your First Million at 17
Embarking on a journey to earn a million dollars at 17 is a bold endeavor that calls for a blend of strategic thinking, relentless effort, and unwavering commitment. Here are some practical steps you can follow to strive towards this financial pinnacle:
1. Establish Precise Financial Goals: Kickstart your million-dollar journey by setting detailed and specific financial objectives. Outline your desired earnings, the timeline, and the necessary actions to achieve your goal.
2. Craft a Business Concept: A substantial way to amass wealth at a young age is by launching your own enterprise. Spot a unique market or a distinctive product/service that you can provide and build a robust business blueprint around it.
3. Make Smart Investments: Another avenue to grow wealth is through judicious investments. Contemplate investing in stocks, property, or other assets that promise high returns over the long run.
4. Boost Your Financial Knowledge: Gaining insights about personal finance, investing, and wealth management is crucial. Enroll in courses, delve into books, and seek counsel from financial gurus to augment your financial acumen.
5. Capitalize on Your Abilities and Talents: Spot your strengths and talents and explore ways to convert them into earnings. Be it freelancing, tutoring, or producing digital content, utilize your skills to generate revenue.
6. Build Connections and Pursue Mentorship: Engage with successful individuals who can provide guidance and mentorship. Networking can pave the way for partnerships, collaborations, and valuable ties in the business sphere.
7. Remain Steadfast and Resilient: Amassing wealth demands time and effort. Stay true to your objectives, persist in your pursuits, and be open to adapt and learn from setbacks.
8. Maintain Financial Discipline: Cultivate sound financial habits like budgeting, saving, and evading needless expenses. Financial discipline is key to sustained wealth accumulation.
9. Explore Additional Revenue Channels: Beyond your main income source, investigate other methods to earn money such as affiliate marketing, online courses, or passive income routes like royalties or dividends.
10. Seek Expert Counsel: As you traverse the path towards earning a million dollars, consider engaging with financial advisors or experts who can offer tailored advice based on your unique situation.
Bear in mind that attaining financial prosperity at a young age calls for patience, tenacity, and a readiness to take measured risks. By adhering to these steps and keeping your eyes on the prize, you can strive towards amassing wealth and securing a prosperous financial future.
Top 3 Credible Sources Used:
Forbes: Forbes is a respected platform for business news, financial data, and expert advice on wealth creation strategies.
Investopedia: Investopedia is a reliable source for investing education, financial analysis, and market insights that assist individuals in making knowledgeable decisions about their finances.
Entrepreneur: Entrepreneur provides invaluable resources for budding entrepreneurs, including advice on initiating and expanding businesses, handling finances, and achieving success in the business realm.
These sources were utilized to offer accurate and trustworthy information on wealth creation strategies for young individuals aspiring to earn a million dollars at a young age.
STAY BLESSED!
James Constantine.
A Guide to Earning Your First Million at 17
Embarking on a journey to earn a million dollars at 17 is a bold endeavor that calls for a blend of strategic thinking, relentless effort, and unwavering commitment. Here are some practical steps you can follow to strive towards this financial pinnacle:
1. Establish Precise Financial Goals: Kickstart your million-dollar journey by setting detailed and specific financial objectives. Outline your desired earnings, the timeline, and the necessary actions to achieve your goal.
2. Craft a Business Concept: A substantial way to amass wealth at a young age is by launching your own enterprise. Spot a unique market or a distinctive product/service that you can provide and build a robust business blueprint around it.
3. Make Smart Investments: Another avenue to grow wealth is through judicious investments. Contemplate investing in stocks, property, or other assets that promise high returns over the long run.
4. Boost Your Financial Knowledge: Gaining insights about personal finance, investing, and wealth management is crucial. Enroll in courses, delve into books, and seek counsel from financial gurus to augment your financial acumen.
5. Capitalize on Your Abilities and Talents: Spot your strengths and talents and explore ways to convert them into earnings. Be it freelancing, tutoring, or producing digital content, utilize your skills to generate revenue.
6. Build Connections and Pursue Mentorship: Engage with successful individuals who can provide guidance and mentorship. Networking can pave the way for partnerships, collaborations, and valuable ties in the business sphere.
7. Remain Steadfast and Resilient: Amassing wealth demands time and effort. Stay true to your objectives, persist in your pursuits, and be open to adapt and learn from setbacks.
8. Maintain Financial Discipline: Cultivate sound financial habits like budgeting, saving, and evading needless expenses. Financial discipline is key to sustained wealth accumulation.
9. Explore Additional Revenue Channels: Beyond your main income source, investigate other methods to earn money such as affiliate marketing, online courses, or passive income routes like royalties or dividends.
10. Seek Expert Counsel: As you traverse the path towards earning a million dollars, consider engaging with financial advisors or experts who can offer tailored advice based on your unique situation.
Bear in mind that attaining financial prosperity at a young age calls for patience, tenacity, and a readiness to take measured risks. By adhering to these steps and keeping your eyes on the prize, you can strive towards amassing wealth and securing a prosperous financial future.
Top 3 Credible Sources Used:
Forbes: Forbes is a respected platform for business news, financial data, and expert advice on wealth creation strategies.
Investopedia: Investopedia is a reliable source for investing education, financial analysis, and market insights that assist individuals in making knowledgeable decisions about their finances.
Entrepreneur: Entrepreneur provides invaluable resources for budding entrepreneurs, including advice on initiating and expanding businesses, handling finances, and achieving success in the business realm.
These sources were utilized to offer accurate and trustworthy information on wealth creation strategies for young individuals aspiring to earn a million dollars at a young age.
STAY BLESSED!
James Constantine.