These days it's hard not to think about the future and how we may be able to become financially independent or even retire early. Investing is one of the most popular ways to do that, but even still, many people aren't able to commit a large portion of their income to investments. Many wonder if they can invest just $100, and turn it into $1,000 a day.
It is possible to invest $100 which will eventually make you $1,000 per day, or approximately $30,000 per month. It's important to remember, however, that in order to do it effectively it will take significant effort on your part, as well as time and energy.
Investing with the goal of building consistent, passive income will take time and dedication. There are too many "get rich quick" schemes out there for you to waste your time on, and wasting your time is exactly what they'll do. We're going to go over some proven methods for building financial independence with only the most modest of initial investments.
How To Turn $100 To $1000
The basic ingredients needed to transform $100 to $1,000 are simply some time, consistent effort, and of course, $100. The basic premise is that you'll be investing this money into something that is going to appreciate over a period of time. In some cases, this can be a year, and in other cases, it may be 10 years. The time that your investment takes to appreciate and build value will be highly dependent on things like the risk inherent to that specific investment, the additional effort or "sweat equity" that you put into it, and more.
Some Important Points To Consider
One of the best things you can do to prepare is to be informed. With that in mind, here are some basics to consider before getting started:
- There will always be some degree of risk involved when you invest, depending on the investment this risk may be relatively manageable, or it might be unreasonable. Be sure you understand your personal risk tolerance before investing in anything, and just like loaning out money, never invest more than you can afford to lose.
- Don't invest with the hopes of building income if you carry any high-interest debt, especially credit cards. If you have any credit card balances or high-interest installment loans outstanding, be sure you get rid of those before starting your investment, or the interest charges alone will destroy your profit.
- Emergencies are one of the most common reasons that people with investments end up cashing them out early or otherwise destroying them. If you don't already have one, consider creating an emergency fund that can absorb a sudden major expense like a vehicle repair or a short stretch of work missed due to illness. This can go a long way toward securing your investment.
- No matter what you read or hear from other sources, be sure you do all of your own due diligence and background research before making any financial commitment. If you find that you're trying to research something that feels out of your league, don't be afraid to speak to a professional financial advisor or investment strategist.
How To Make A $1000 A Day
Here are some of the easiest and most accessible ways to work toward making $1,000 a day. Keep in mind that they will all require some basic financial investment of about $100, as well as a significant investment of your energy and time.
Join The Blogosphere
Blogs can be incredibly profitable, particularly if you write about things that interest people and drive a lot of traffic to your site. Not only can you monetize the traffic with ads, but you can also incorporate affiliate marketing, and make a share of the subsequent sales. Starting a blog is relatively simple and affordable, with domains costing less than $100 per year in many cases, and platforms like GoDaddy, Wix, and WordPress that allow you to build and host a site extremely quickly.
Getting Into Cryptocurrency
Crypto is one of the most profitable ways to invest your money if you can pick a "winner". So far, the benchmark cryptocurrency, bitcoin, is one of the few relatively viable cryptocurrencies along with Ether, though there are others that gain value quickly before dropping again. This leads to large amounts of day trading. The biggest problem with crypto is that since it isn't tied to any particular fiat currency, it remains one of the most volatile investments.
NFTs, or non-fungible tokens, are a new way to create digital assets that other people can own. They are relatively simple to create, and you can turn just about anything digital into one, such as selfies, digital art, mp3s, or even a GIF of your dog or cat doing wacky stuff. Get a wallet, attach it to your browser, and find a platform like Rarible that allows "lazy minting", meaning you don't need to pay ahead of time. Then upload your assets, mint them, and get paid automatically when someone buys one.
Create An Ecommerce Entity
Ecommerce is big business, and you've probably been bombarded with YouTube ads for dropshipping courses before. Ecommerce means any type of commerce on the digital frontier but it's most often used to describe opening an Etsy or Shopify site or getting into the Amazon dropshipping business. Dropshipping is using one site to sell products from another source, and in most cases, you don't even have to put a hand on the merchandise. E-commerce is a big field, but it can be incredibly lucrative.
Start A YouTube Channel
Making YouTube content can be another way to augment your blog, or simply run a separate social media channel to create revenue. Creating YouTube content that wins subscribers and racks up the views, while adhering to their terms of service, can be challenging but it can pay extremely well. Some YouTubers started their channels with little more than the smartphone in their pocket, and now make millions each year.
Become A Domain Name Flipper
This one requires a little bit of foresight because you need to know what's about to become popular or in high demand before it does. What you do is simply buy domain names that you feel are going to become desirable in the future and sell those domains to the people who want them. For more than you initially paid, of course. Much more.
Create Online Courses
If you have a unique talent, are extremely knowledgeable about something, and have a knack for teaching it to people in an easy-to-understand way, you could make decent money-making online courses. Platforms like Udemy allow customers to buy courses to learn just about anything.
Start Affiliate Marketing
Affiliate marketing is one of the most lucrative ways to earn money with little to no startup cost. Many affiliates can make $30,000 or more each month. Becoming an affiliate is simple and often requires no more than filling out a short form and getting an affiliate ID. With Amazon, for example, a few clicks get you your affiliate interface, and you can drop affiliate links into blogs, Facebook conversations, and anywhere else that people are looking for product recommendations.
Invest $100 Make $1,000 A Day Stocks
One of the most tried and true ways to start with a little money in the hopes of making a lot is to get into the stock market, and in particular, day trading. You'll need your $100 initial investment, as well as an investing platform like Robinhood, WeBull, Schwab, or other free trading platforms.
Before you begin, you'll need to understand the stock market to a considerable extent. This may sound complicated, but the fundamentals are relatively easy to pick up and understand. This will give you the knowledge foundation you'll need to understand the various tradable assets and the risks associated with each.
Once you've got your basic understanding of the process, you'll need to pick some stocks to invest in, which is easier said than done. In most cases, new investors are going to be best suited to investing and reinvesting in dividend stocks or ETFs, or exchange-traded funds.
Dividend stocks are great for building residual income, as they pay investors periodically for the number of shares they hold. This income can be automatically reinvested in those stocks, which can grow your income potential incredibly quickly. ETFs are also nice because while most don't pay dividends (though some do) they are managed by investment firms with considerable brain power behind them. You never have to worry about updating your portfolio when one company or another takes a dive since the fund managers will simply replace their spot in the fund with a more successful company, automatically.
More like this: 7 Ways to Invest $100k [COMPLETE BEGINNER'S GUIDE]
Knowing How To Invest $100 Can Lead You To $1,000 A Day
It's not often that you have the opportunity to invest just $100, with the potential to create an income of $1,000 per day, or is it? By following one or more of the strategies we described here, you could realize your passive earning potential much quicker, and you may even be able to achieve financial independence.
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Shawn Manaher is a former financial advisor, has founded 5 online businesses, and is a coach, speaker, podcast host, and author. He's been featured on Forbes, The Consults Corner on TAE Radio, The Writing Biz, What's Your Story, and more.