How can i make a million pounds? There’s no one answer to the question of how can i make a million pounds, as everyone’s situation and opportunities are different. But it’s not impossible to reach seven figures, and there are some smart strategies you can try. You could start your own business, invest wisely, win the lottery (although that’s not really a reliable way to get rich) or even become a successful influencer.
How long would it take to make 1 million pounds?
As with any money goal, the best strategy is to put a plan in place and then stick to it. This means clearing debts, such as credit card bills, as soon as possible, and setting aside some money each month to save or invest. It’s also worth cutting down on unnecessary expenses like a big TV, fast car and fancy holidays. If you’re serious about becoming a millionaire then you should make sure your savings and investments are working as hard as you are, rather than sat in low-earning certificates of deposit or cash accounts.
If you’re new to investing, it may be a good idea to seek professional advice that is aligned with your financial goals and risk tolerance. However, for those who want to give it a go themselves, a general investment account such as an ISA or even a standard bank account can earn an average of 11-12% each year on average, which will help you reach your goals faster. If you’re a beginner then choosing index funds may be a smart option, which are cheaper than individual stocks and shares and still provide the potential for growth.
