Probably the most asked question today is this; ‘How can I make a million dollars?’ It’s quite a valid question actually. After all, who doesn’t want a 7 digit figure in their bank account? Well, I am here to tell you that it is actually pretty easy to make a million dollars. Want to know how to Make a Million Dollars part two.

It’s Easy to Make a Million…

You may be able to make more than a million dollars, just like billionaire Tamir Sapir did. You know what he used to do before he became one of the richest Americans today? He used to drive a taxi. But then, he turned his luck around by making a couple of lucrative real estate investments which were booming at the time.

..But It’s Even Easier to Lose It

Examine the last paragraph and tell me what you understood from this? It seems pretty easy to make a million, or even a billion dollars, doesn’t it? But if that was the case, every one of us would be rolling in dough! And I haven’t even gotten to the flip side of the equation; it’s even easier to lose a million dollars then it is to make a million. Just take the example of my uncle, Fred, who was the financial risk advisor for a major credit union in Philadelphia. After retiring, he invested a major portion of his life savings in the shares of a company that seemed profitable due to the low price that the shares were being offered at. You want to know the name of that company? AOL. As you may have imagined, 80% of his retirement fund is now down in the drains.

The Key to Overnight Success: Risk

If you plan on earning that huge of a sum within a short time, then the key term here is risk.  It’s all a gamble, a toss of dice if you will. But there’s one major difference between a fully fledged gamble and an investment; you get to make calculated risks. You won’t be investing a huge pile of bills in a business without looking at its credentials, will you? But even this doesn’t completely eliminate the risks, though it does minimize them to some extent. When a financial wizard like Fred couldn’t foresee the future of AOL, what chance do we normal folks have?

Risk and Innovation

From what I have seen, you simply cannot succeed without taking risks. The higher the risk, the greater will be the return (and potential loss). The other thing that I have realized is the key to a successful business is innovation. Nokia, Apple, Microsoft and Ford were all firsts in their respective fields, whether it was defining the cell phone or the automobile industry. This is the biggest factor in determining how a company will fare in the future. It could go sideways too, such as Nintendo’s virtual boy console, which caused its stocks to drop by a huge margin. But like I said before, it’s all about the risk. Start learning today on how to Make a Million Dollars.

Look for my book with Steve Forbes “SuccessOnomics” and a chapter on Calculated Risks, coming September 2014. Have any thoughts on the blog? Feel free to share your opinion in the comment’s section below.