![]() The higher the rate of return, the less time it will take to achieve the $1 million milestone.” “It requires time and a reasonable rate of return. “Turning $200,000 into $1 million is not that challenging,” said Josh Dudick, portfolio manager, Wall Street strategist and CEO of Top Dollar. ![]() The stock market is not the fastest path to two commas, but it is the most straightforward and accessible. Ninety-nine percent of the people who try to take a shortcut will not see their investments turn into $1 million and will likely also lose their $200,000.”īuilding Wealth Slow and Steady on the Stock Market “That means choosing the wisest investments for you, and not just what is trending at that moment. ![]() “People need to remember to apply discipline, diversification and patience in seeking a large return on their investments,” said certified financial planner Doug Dahmer, CEO and founder of Retirement Navigator. No matter which your choice, success or failure comes down to you. Instead, consider real estate and equity investing, which remain the two most plausible and familiar routes for turning a small fortune into a large one. While pursuits like those can certainly get you there, they require specialized knowledge and, typically, connections. GOBankingRates spoke to money experts from varied backgrounds who suggested everything from financing fintech startups to investing in SPACs. More: 3 Things You Must Do When Your Savings Reach $50,000 Keep Some Liquid: Here’s How Much Americans Have in Their Savings Accounts in 2023 While you haven’t quite hit the vaunted status of an accredited investor, the right play could take you from comfortable to rich. It takes money to make money, and if you’ve got $200,000 to invest, the dream of being a millionaire is within reach.
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