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How to Get RICH in 2020 [3 Strategies for Fast Cash]

Three ideas that can make you rich in 2020 and real life examples

Stop thinking stocks or some MLM scam are going to make you rich! It just doesn’t happen that way. In this video, I’m revealing three strategies with real life examples that will make you a millionaire in a year. In fact, I used one of these to make over $20,000 in two months and I’ll show you exactly how to set it up.

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Can You Get Rich in Just a Year?

Nation this is going to be an epic video, a follow-up to one of the most popular videos on the channel and something you’ve been asking for more info.

You see these videos on how to get rich all over YouTube but most are multi-level marketing scams or things that actually take years to do.

I’ve got three strategies that can make you a millionaire in one year, three investments you can try that WILL make you rich in 2020. In fact, I used one to make over twenty-grand in two months and I’ll show you exactly how I did it. I’ll also be sharing real life examples from other investors in each strategy.

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Risks in Get Rich Quick Schemes

Now I have to warn you because this isn’t a spammy get-rich-quick channel. I’m sharing these ideas with you because they are legitimate investment strategies and they do work but I don’t want you to think that I’m saying you SHOULD use these strategies.

Let me explain that and then I’ll get right into the three ways to get rich. Each of these investments are extremely high risk. You can make 40-times your investment or you can lose it all in a matter of days.

It’s this kind of high risk that brings the potential for high return! Anyone that tells you they have a basic stock picking strategy that will make you rich, it’s a scam. Don’t think you’re going to become wealthy on returns of even fifteen- or twenty-percent, which is still unheard of in stocks over the long-run. It just doesn’t work that way.

This chart shows how fast different annual returns will make you a millionaire on a one-time $5,000 investment. Investing in stocks at 8% a year, that’s the long-term average return on the stock market, would take 69 years to reach that million-dollar payday…so I guess all the denture cream you can buy.

How Fast Can You Get Rich
How Fast Can You Get Rich?

Even a 20% return every year takes 27 years to get you to that seven-figure status. Not bad but again, you’re going to be the most popular person at the Shady Acres retirement home.

It’s not until you get to returns of 50% a year and more that you really grow your wealth fast. On a 500% return, you turn that five-grand into over a million dollars in three years.

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Investing Strategies to Get Rich Quick

So I’m going to be showing you two very high risk strategies but as a bonus, I’ve got one more idea that doesn’t involve as much risk but can still make you ridiculously wealthy.

Our first here, futures trading, is probably my favorite because it’s worked so well for me and I know a lot of investors that have literally become millionaires on this one asset.

Futures are a different kind of investment. These are financial contracts to buy or sell something at a fixed price and a date in the future. You’re not buying anything now but are instead committing to buy or sell at that price in the future.

Most futures contracts are actually used to reduce risk for a company. For example, a company that has to pay for materials from Japan in three months might buy a futures contract for Yen against the dollar. This way, if the Yen increases versus the dollar in that period, they make money on the futures contract to cover the increased cost they’ll have when converting dollars to Yen to make that purchase.

Another example here is a farmer might sell a futures contract on their September corn harvest, basically locking in a price for their harvest by agreeing to sell the corn at a specific price.

But futures can also be used to make money…a lot of money!

Investors can buy or sell futures if they expect the price of a commodity to move up or down in the coming months. The way this can make you rich is in the huge leverage available in the futures market.

how to get rich with futures investing
how to get rich with futures investing

The way the futures market is set up, you can get leverage of 20- or 30-times your money. This means you can buy a futures contract worth hundreds of thousands of dollars for just a few grand.

For example, every contract for West Texas Intermediate is for one thousand barrels of crude oil. That means at the current price around $60 per barrel of oil, one contract would cost about sixty-grand.

But you actually only need to put down in a futures account about $4,000 to buy or sell that contract. That’s 15-to-1 leverage and the amount you need changes depending on the month contract you buy so you can get as high as 20-to-1 times your money.

So think about that. With just eight grand, you could buy two futures contracts to buy crude oil in January for $58.44 a barrel. Those two contracts would give you the right to buy 2,000 barrels of crude for $116,880 at that time.

But you’d only have to put down that $8,000 in the account! If the price of crude went to $70 a barrel, those two thousand barrels would be worth $140,000…you could sell your contract and make $23,000 on that $8,000 investment for a return of almost 200% in less than a month.

Trading futures is how George Soros became insanely rich, like $8.3 billion net wealth rich.

The year is 1979 and Europe was trying to make a system for how the different currencies would exchange for each other in the European Union. Britain initially declined to join the system but later joined and set a rate of 2.95 Deutsche Marks, the German currency, to the pound.

The problem was that inflation in the UK was three times what it was in Germany and interest rates were at 15%. That runaway inflation should have weakened the pound but the government was increasing rates and spending billions to support the British currency to keep its value right around that three-Deutsche Marks level.

Of course, currency traders saw what was happening, knew that the British central bank couldn’t keep spending that kind of money to support the currency. Soros had a short position as high as $10 billion. He was selling futures contracts on the pound but of course, with the leverage, he only had to put up a fraction of this money.

When the government admitted it couldn’t support the currency anymore, the pound crashed and Soros became known as the man that broke the Bank of England…making a billion dollars on the bet.

I don’t invest in futures all time but have made some really good plays as well. Crude oil was getting crushed through 2015 and by early 2016 had reached $26 a barrel. By March it was clear price were rebounding so I bought three contracts for May delivery at $38 a barrel. I put just $7,000 in my account to cover the three contracts worth $114,000 in crude.

By May, crude oil had rebounded to $45 a barrel and I was able to sell the contracts for $135,000 or a net gain of $21,000 in just two months.

You can make a lot of money in futures but I don’t want you to think it’s easy or without risk. If you’re using 20-to-1 leverage then a 5% drop in the price can wipe you out just like a 5% increase will double your money.

This is why you really need to specialize in one particular commodity if you’re going to get into futures trading. You can trade futures on a lot of commodities but you want to stay in just one or two so you can learn everything you can about the value and future price for that commodity.

For example, you can trade futures on everything from oil or gasoline to corn and soybeans. You can buy and sell futures on the price of gold, copper or silver. You can even bet on the changes in currency values like the value of the dollar against the pound or against the yen.

If you stay in just one commodity, say oil futures, you can spend all the time you need learning about the supply and demand picture in crude. You’ll get a deeper understanding on where prices could be in a month and can make better futures bets.

Now I’m not going to tell you trading futures is easy. There’s a reason I don’t trade futures much anymore. Unlike stocks which are only open for investing about eight hours a day, futures prices change 23 hours a day. There would be times I would wake up at 2am to see how some Chinese economic data came out and how my copper futures were trading. It is truly a global market and futures can by high-stress investments.

If you do decide to trade futures, you can trade on just about any online investing platform. I’ve used ETrade in the past and hear one of my favorite platforms Webull is getting futures trading soon.

Can You Get Rich with Bitcoin?

Now I understand trading futures is more than a lot of people want to get into so this next one is more straight forward. I actually warned investors late 2017 against Bitcoin and suggested shares of AMD and Square as alternatives.

Shares of AMD are up over 230% since then with Square posting ONLY a 64% gain while the price of Bitcoin is down 45% but you CAN make a lot of money in cryptocurrencies.

In fact, in last year’s video on ways to get rich published December 3rd, I revealed that I had finally taken a position in Bitcoin when the price tanked to $3,400 each, later selling at $6,500 for a 91% return in less than 5 months.

There is no doubt about the future of the blockchain technology and investor interest in Bitcoin could surge again like it did in 2017. From a low of $3,200 in 2018, the price shot up to $11,500 per Bitcoin, so you can make money if you time this right.

You CAN still get rich with Bitcoin but you need to know how to value the cryptocurrency.

For that, I use what’s called Metcalfe’s Law. This is a mathematical theory that says the value of any network is related to the square of the number of connected users.

I shared this in last year’s video but I wanted to include it here because it is an amazing tool to value Bitcoin or really any platform that depends on a user network. This formula has been eerily accurate at predicting the value of social media stocks like Facebook, Twitter and Pinterest. Any company that has a network of users at the center of its business model, you can use this formula to value the investment.

Now Metcalfe’s formula for this is the number of users squared and we have estimates for Bitcoin unique addresses or users in the range of four to five hundred thousand. So you would take the square of each of those estimates to build a lower and an upper limit for the value of Bitcoin. That means between a market cap of $160 billion to $250 billion or a fair value between $8,600 to $13,500 per Bitcoin.

So with the current market cap of Bitcoin at $134 billion or $7,200 per coin, we could argue that the price is below that fair market value. This could be why the price seems to have found solid support around that $7,000 per Bitcoin area and has even made a run higher over the last year.

Let’s be clear, I’m not going to be running out to put all my money in Bitcoin just like I don’t have everything in futures trading. I’ll probably wait for a pullback in Bitcoin to around $6,500 before taking another position, just to be on the safe side and then let it run to $11,500 or higher before selling.

That’s not going to make me rich but it is a strong 77% return and I have no doubt we will eventually get another Bitcoin bubble that takes the price up past its 2017 high. As for buying bitcoin, I would recommend using the larger exchanges like Coinbase or an investing platform like Webull.

A Business Idea that Will Make You Rich

For our third way to get rich I want to open it up to an idea that’s more business-related. There’s no doubt you can get rich investing in leveraged assets like futures or with something like Bitcoin where the price can rise or fall 20% in a day but I feel like it’s more of a crap shoot, it’s more like gambling than actually creating a plan to get rich.

So for this next one, I want to focus on creating something that can become absolutely huge, creating an app.

What surprised me researching for this is that you don’t have to be a computer nerd to create a mobile app. You just need the idea. We look at a process for outlining your idea, doing the market research and writing up a plan but when it actually comes to creating it, you can hire freelancers online to code your app on the cheap.

And as much as I like investing and talking investments, this is where the money is at! Don’t forget, Instagram is an app. Uber is an app. Instagram was sold to Facebook for a billion dollars just two years after launching!

And you don’t need to wait for that billion-dollar payday to get rich with an app. Global mobile app revenue is expected to reach $189 billion in 2020 according to fueled.com and the top 800 apps make over $3,500 a day.

Even a relatively small app can make a few thousand a month and be worth over a million to a buyer.

So let’s work through the process to create an app all the way to selling it to the Zuck for a bajillion dollars!

First you want to outline your app idea, what should it do? Keep it simple here. Your app doesn’t have to solve world hunger, it just needs to do one thing for one group of people. For example, an app I use probably at least once a week is a simple mortgage calculator app. All it does is take a few inputs like home value, down payment, rate and taxes and it spits out an estimate for your mortgage. Super simple but I bet with affiliate sales this app easily makes tens of thousands a month or more.

So what will your app do whether it’s a simple calculation for something or an easy game people can play to kill some time? Map this out from what people need to do or tell the app to what responses the app will give for each different input.

Step two is to research similar apps available and you can actually use this to get some ideas as well, just browsing the app store to see what’s available.

Here you just want to browse around and answer some questions about other apps compared to your idea.

Are the current apps free or premium? If they’re free do they try to upcharge you for in-app purchases and how much are those? How detailed do the apps get in answering users questions in the topic? Is there a common question people have in this topic that isn’t being answered?

One place for improvement is making non-gaming apps more interesting. For example, that mortgage app I use is super-useful but not really interesting or entertaining. So is there a way you could do the same thing but spice it up a little with an in-app game or help people relate to it a little better?

Once you’ve got your app idea, you’ve done your research and maybe added to your idea, now it’s time to write out your business plan.

This can be a long step but it’s important enough to not just skim over. The details here are going to answer all the questions that need to be answered to make sure you can make money on this thing.

Here you’re going to plan out how you’ll get the app in front of people, how much you want to spend to create it and for marketing. You’ll nail down how much you think you can make and whether it will even be worth it.

This plan isn’t set in stone and you’ll need to do a little more research on costs and other pieces but you can develop that as you go.

Next is drawing up the mockups of the app. These are rough sketches for what the screens should look like when someone uses the app.

You’ll use these to show the app developer what you want the app to do. So where the outline you created earlier was a written description, this will be more of a visual description of the app.

Now if your app is a game or something with many, many screens, you don’t necessarily need a mockup for every one but the more detailed you can make this, the more time you’ll save in the development stage.

Finally you’re to the point of actually creating your app and for this you want to look for developers on sites like Upwork or Freelancer.com

These sites are really easy to use. You’ll fill out a job for the rough idea of what you want along with any experience you require on the role. Don’t feel like you need to lay out your entire plan here, just let the freelancer applicants know you need an app and what kind of functionality you need them to code.

Make sure you ask for references here and you might even consider having a small part of the project done as a test to make sure the freelancer you higher is up for the job.

Once your app is created, and that could take several months to get it right, you’re ready for beta testing.

This is where you test the app out on a small group of people before you officially launch it in the app store. Almost all apps have bugs, or little errors, so this is absolutely critical and might also reveal ways to improve the app.

For most apps, you don’t need more than 10 to 20 beta testers at the most. You just need people to work through the app or play through the game, give it about an hour of use and note down their experience or any bugs. You’ll also want to put together some questions that you ask testers afterwards to see how they liked the app or maybe functions they didn’t get.

After your beta-launch, you’re ready to get the app available large-scale and make some money! This is where your business plan comes in handy, how you planned on marketing the app and making money. Once you’ve got users and start making some money, you can decide to sell the app or just keep collecting the checks!

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There are lots of ways to get rich in 2020 but you have to spend the time to perfect a strategy. Pick one of the ideas from above and learn everything you can about making money. You’ll master the idea quickly and can become wealthy faster than you imagine.

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