What are your best odds of making a million dollars?
Okay so maybe the numbers on this picture are a little off, but the point is this: All ways to make millions take an extraordinary amount of time, effort, and luck. So which one takes the least of these three factors?
It’s hard to measure a question like this, because in truth you can make a million dollars many different ways, and there are clearly many variables to each.
Since most require not only a ton of effort, but almost all of your time, you may be out of luck if you’re already older than 30 years old. You may never be able to have certain “million dollar opportunities” that require training throughout childhood.
It takes money to make money.
Aside from time, the amount of money one must spend or risk in order to make $1 million, is also hard to come by.
My uncle used to tell me, “I’ll tell you exactly how to make a million dollars. First, you take a million dollars…“. This joke holds true to one of the easiest ways people make millions. They start with millions.
Hard work is a “tried and true” way of making that legitimate million, proven by many millionaires over the years.
This is assuming that your idea or business is good enough, and you have all of the time, money, and connections to make it happen. Even then however, this method can depend on a massive amount of luck.
This leads me to the point of this article: What is the easiest way to make $1 million?
I’ll sum it up in one word for you. Poker.
To be more specific, I’m talking about poker tournaments. You see in a poker cash game, you need to start with a lot of money to make a lot of money. Where as in a poker tournament, you may only start with $1,000 and get lucky and win the tournament for millions. In fact, this happens almost every day.
Through online poker or live poker, you have the chance to risk a small amount (as little as $1 satellites) and put yourself into position to win millions. All in a days work.
To give the most prominent example of this, lets take the World Series Of Poker – Main Event:
- Anyone can get in for $10k. There are satellites that can get you in for cheaper though, starting all the way from $1. (2003 champ Chris Moneymaker got in on a $39 satellite, and won it for $2.5 million.)
- There are on average 6,000 entrants to this event. If you survive to the final 600 players (top 10%), you make about $20,000. As you survive more people, and get deeper into the tournament, you can make mid-high 6 figures.
- However if you are fortunate enough to be one of the final 9 players and make the final table, then congrats, you’re a millionaire. If you win the whole tournament, you win $10 million. Not bad, especially for just a few days work.
- The best part is, even if you know nothing about poker or are completely average, the odds of you making your money back plus some is 1/10. The odds of you making the final table and becoming a millionaire is about 1/600.
Not bad considering most other options to make that kind of money are much longer odds, usually require lots more money, and years upon years of time.
There are so many other poker tournaments (cheaper too) aside from the WSOP main event that can net you large sums of money. There are literally thousands every day, online and live. And they’re fun. You spend money on everything else you do that’s fun, why not have a chance at a significant return?
When it comes down to the odds of making $1 million, it may just be that the best odds is to join one of these poker tournaments.
The fact that it requires little time, money, and energy, is just icing on the cake.