I heard someone saying he will buy a fleet of cars, take year long vacation in Caribeans, buy jewellry and party. Imagine the time you wanted a raise from your boss, or earn $25k $50k or $100k or $200k etc a year. How did you feel when you eventually earned it? I bet after a couple of days you felt like “Oh gosh there is nothing special about it after all”?
Same with $1m, the difference is in the zeros. Whatever you will do with the above amounts of your pay raise is the same thing with a million dollar. A million goes always pretty than you could realize.
Here is my take:
- Buy a rental property. In some countries, a $1million could buy you a couple of homes— duplexes, triplex, or quadplexes.
- Use leverage —20% as a downpayment, borrow 80% from the bank or any lender.
- Fill in tenants, collect rents and use it to pay down your debt services.
- Improve the property, raise rents, and refinance.
- Pull out your equity, to buy another rental property.
- Repeat the process and sooner you will be on your way to be among the 1% in the world.
What Business Can i Start With 100,000 Ghana Cedis?
You can start with real estate investment – that is land banking. Find areas that are fast growing, buy land and hold it for a period of time. Ghana lands turned to increase in value pretty fast. For example if you buy a plot of land for 50,000 GHS today, you could sell it for 100,000 GHS in a year or two. That is what i’m talking about.
However, you should be aware that land is the most litigated property investment vehicle in Accra Ghana. There is so much chaos in land ownership but there is also high reture on investment. According to Accra High Court Registry research there is about 60,000 cases in superior courts in Accra. The minor courts data is overwhelming. So you need to buy it right. Let the professional help you. You don’t want to buy land without a lawyer.
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