Aside from waiting for a winning lottery ticket, the fastest millionaires are made in days. No, they don’t marry money and they don’t rob banks. Record millionaires make deals. Very big deals. The fastest way to earn a million dollars in days is to buy and sell something. Or negotiate a deal where you get paid as a broker.
Think big. Items like $15 million luxury yachts and waterfront mansions and all manner of high net worth items are bought and sold every day. I’m not talking about becoming a real estate agent or car salesman, although you may need qualifications to deal in certain items and your ethical standards need to be very high at these dizzying price levels.
The point is that high cost items pay very well because they require assistance to complete. Maybe you want to buy and sell a $20 million jet. Most traders, for example, especially when they’re starting out, don’t have $20 in their account, much less the $20 million needed to buy and sell a jet plane.
But they know they don’t need $20 million, they just need temporary legal control of the asset until the deal closes. This can be achieved in many ways. Think of the humble exclusivity agreement you sign with your real estate agent if you’re selling your home. Essentially, that contract hands over control of your property to the agency. You cannot sell it on your own and no one else can sell it apart from them. This is a simple business tool. If you sold the property from under them before the due date, you still legally owe the agreed-upon agency your commission and they could legally enforce this even though they are not responsible for the sale.
This is a way to control a high-value asset without having to buy it yourself. If you think about the margins, at 20 million, all you need is a little 5% to become a millionaire overnight. If you can negotiate deals like this, it becomes very lucrative.
