Friday, August 27, 2010

Making your Second Million Dollars

There is a saying that it's easier to make your 2nd million once you make your first million. This is so true. This recently came to light for me as I was looking for a new car. It turns out that there are plenty of Dealers out there selling used car.

Why is that? Well, the fact of the matter is that it's a very profitable business and doesn't require much education. Basically, someone with capital (money) buys the car X and sells for a profit at Y. Usually, the profit margins are 20-50%. The only barrier to entry is having the cash upfront to buy the used cars. I wondered why and realized that its simple. It is easy money.

Most people live paycheck to paycheck, so they cant go into that type of business. But for people who have money, its easy to grow it once they make the right investments. Below are a list of other highly profitable businesses that don't require a 4-year degree. All you need is cash and the money will roll in.

- Real Estate Agents
- Furniture Sales
- Used Cars Sales
- Banking
- Venture Capitol
- Insurance

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