How to Become a Millionaire With One Dollar

How to Become a Millionaire With One Dollar. Any effort to save money needs a goal so that the saver sticks with the program. You can turn a dollar into a million, providing you have lots of patience or very few scruples or both. Someone has tried nearly all of these plans, with varying effect.

Step 1

Use compound interest to create your fortune. Of course, for this to work you need a very high rate of return and a very long time. Ben Franklin used this tactic when he gave $5,000 in his will to both Philadelphia and Boston; 200 years later, these funds were worth more than $20 million each.

Step 2

Never spend any of the money you make--including that taken by the government--and by many estimates you will collect $1 million. Of course, this plan requires that you live in your mother's basement for 40 years and never even go out for pizza, so the social costs of such a plan are severe.

Step 3

Sue a doctor or hospital or, better yet, tobacco company. Your best bet here might include getting run over by a drunk obstetrician because these specialists are heavily insured. Naturally, as with any money-making scheme there is risk; in this case, you risk getting killed or maimed for life from the accident. Then again, maybe you could just spill some really hot coffee on your lap or slip a severed finger into your restaurant meal.

Step 4

Save the old fashioned way, one dollar at a time. Save half of all you make as a kid and work like crazy at paper routes, lawn mowing and dog walking. These activities provide health benefits over sitting in front of a computer game, anyway. As an adult, find a profession that pays well but does not require expensive education; try air conditioner installer or plumber. Save 10 percent off the top from every paycheck. Refrain from having expensive children, purchasing a house or buying more cars than you need. Invest all this cash in high-yield instruments with low risk. Soon, you will have a million bucks.