7 Best Ways to Make a Million Dollars for Retirement

 In Personal Finance

make a million dollars

We all want to make a million dollars.

But why can’t we all?

Well maybe, with the right financial planning and good decision-making, we can reach that goal.

Below are seven tips to help you earn a million dollars.
saving for retirement

Make a Million Dollars in Real Estate

Rather than investing in the stock market, why not invest in real estate?

For one thing, real estate allows you to gain more leverage. Real estate is one of the few investment options, where using the bank’s money is easy to do. Investing in real estate also allows you the opportunity to grow tax-free.

Think of appreciation over a long period, which is what real estate provides. You also can have a tax-free cash flow. Most of the time an investor will never pay taxes on his or her cash flow. This means that he or she can wait for capital gains whenever the property is sold.

The PennyHoarder.com shares a story about a woman and her husband who decided to purchase their first income property when they had only $16,000 in the bank. Seven years after this, they had earned a million dollars and the wife retired at age 31.

This is partly because the gains in real estate are so much larger than the gains in stocks. You also have the potential to rent your property if you would like to make some extra income.

Provide Something that Others Consider Valuable—Then Sell It!

Selling, or sales, can often have a bad connotation. Some people see sales as sleazy or opportunistic.

But really, if you have worked in sales for any period of time, you will know that the best salespeople do not push others to buy their product. They simply have a service or a commodity that they feel you or your business would benefit from purchasing.

Having said that, it might be time for you to invent a product or service that you believe others need, and then work to sell it.

Of course, it will take some convincing before people purchase your service or product, but if you believe in what you’re selling, you will have an easier time selling that thing. With technology being so accessible, you can certainly do a lot of research and begin to think about a product or service that people need.

Think about how many apps there are now. Consider the number of startups in this country alone. If you have an idea and a little capital, you can create a product that will not only benefit others but also makes you very wealthy.


Yes, believe it or not, gambling can be, well, not such a big gamble. Putting your whole financial future on a game of roulette is probably not a great idea, but playing poker for money might be.

Whenever there is gambling there is a risk, but the risk might not be as big as you think. An article in Mirror interviewed seven people who made more than one million dollars from playing poker.

Aside from poker, you might consider gambling on new currencies. Bitcoin is one example of this. There are other cryptocurrencies out there, but Bitcoin is probably the most popular.

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Begin Saving Early

The earlier you can begin to save, the better off you will be. This seems like simple advice, right? But why is it so hard to follow?

One reason is that emergencies come up. You didn’t plan on having that car accident or on your daughter suddenly deciding to go to an out-of-state college where tuition costs are out of this world (okay, maybe that last one isn’t an emergency, but it is plausible, and something you might want to plan for).

And that is the keyword: plan. While you can’t know the future, you can budget for certain scenarios. And if those scenarios never occur, well then you have a lot of money that you didn’t exactly plan on having.

What is better than that?

According to Kiplinger.com, nearly 60% of companies with 401(k) plans automatically enroll their new employees, and it is usually at a 3% contribution rate.

However, at this rate, you may never reach your retirement goal of one million dollars.

If a 30-year-old brings in $60,000 a year and contributes 3% a year, she will have earned about $367,000 by the time she’s 65.

But what if she increases her contributions to 10 percent. In that case, at age 65 she will have earned $1.2 million.

Not a bad nest egg, right? It is just that extra seven percent that makes all the difference.

Get a Second Job

Who wants to work more? I would think no one.

However, picking up a job on the side can greatly increase your chances of becoming a millionaire. Consider fun and low-stress jobs such as pet sitting or babysitting a neighbor’s children. If you have an interest in books, you might consider working a few nights in a bookstore.

There are also added financial benefits to working a part-time job. For instance, if you work for a grocery store or a market you will most likely receive discounts on your groceries. Try to see this as extra money in your pocket.


It is likely that you will receive at least a modest amount of money when someone in your family dies. According to the Center for Retirement Research at Boston College, two-thirds of baby boomers will receive an inheritance, and the average amount of this inheritance is $64,000.

Of course, this may not allow you to quit your job and travel Europe for the rest of your life, but investing this money wisely can help you reach your millionaire goal.

You might also want to take six months and put your windfall money away in a bank account. This will give you time to learn about your investment options.


No, insurance isn’t going to make you rich, but you may be surprised how helpful it can be for your financial future. Consider healthcare costs, which will only increase as you age.

According to Kiplinger.com, a stay in a nursing home can cost anywhere from $70,000 to $100,000 a year. To protect your assets you may consider purchasing long-term-care insurance.

While long-term-care insurance is typically expensive, you can find ways to lower your costs. For instance, if you are married you can lower your premiums by buying into a shared-benefit policy.  No matter how frugal you are, insurance is very important and should not be neglected.

For many, one million dollars has become the gold standard for retirement. It can sound like a lot of money, and in many ways it is, but it is not an impossible goal to reach.

By planning accordingly and making smart investments, you can reach your goal.
saving for retirement

Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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