How to Turn $100 into $1,000 in 24 Hours Or Less
I’ve got a bit of an obsession which turned in $100 into as much as possible. And I think $100 is the perfect starting point.
And I feel that most people will be able to find this amount of cash by doing some sort of side hustle or working some overtime.
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Today, I wanted to do something a little different and introduce a time limit. So all the money making ideas I’m gonna be discussing with you today should be able to turn $100 into $1000 consistently over a 24-hour period.
If it was really that easy, everyone would be doing it. Oh, well, this certainly isn’t gonna be easy. I’m not gonna lie to you, this will be hard, but the rewards are definitely worth the grind.
But seriously guys, I’ve always believed that getting rich is entirely possible. However, getting rich easily just doesn’t really exist.
So I’m gonna be starting with the least risky ideas and work my way up to the riskiest ones.
Creating Digital Products
The first one is creating digital products. I’m putting this as number one on the risk scale ’cause you might not even need the full $100, provided you’ve already got a laptop or a PC.
The internet is definitely the place to make lots of money as its growth has been absolutely huge. Just in 2020 alone, there were 305,000 online businesses created compared to just 13,000 in 2019.
With all these people starting online businesses, you may think that the competition is gonna be sky high. And yes, of course it’s harder. However, I think there’s a huge gap in the market for digital products.
Just think about it, everyone is talking about e-commerce and drop shipping, but far less are actually selling quality digital products, which have the benefit of never running out stock and no shipping costs as it’s all done over the internet.
The thing I love about digital products is it can be fairly passive. Of course, no income is truly passive, but if you can create a digital product once, you can sell it over and over and over again.
This sounds great, but what actually is a digital product? A friend of mine created a digital template system you can use on Instagram, just off the back of a problem send to him by one of the followers who wanted to stand out.
Within a couple of hours and no more than $100 invested, the templates were designed and now she sells thousands of dollars worth every week. So you could use your $100 to buy some editing software to create these products.
Or you could even pay someone on platforms like Fiverr to do the work for you then you could list them on websites like Etsy and start making some sales.
I’ve seen these templates selling anywhere from five to $ 100 plus, and you only have to make it once. And it sells again and again, that’s the beauty of it.
Once you’ve got some more money to play with, nothing is stopping you from running efforts on Facebook and reaching even more customers. But if Instagram templates aren’t for you, then it doesn’t stop there.
You can make software, YouTube banners, e-books, games, email templates, or even online courses. Creating and selling online courses is a booming market internationally.
And in my opinion, it’s one that’s lacking a lot of quality. There’s a massive demand for quality courses that teach useful skills rather than all the fake gurus who sell those for $997.
I feel like I have given the e-learning market a bad name, however, it’s expected to exceed 325 billion by 2025, and we have a yearly growth of 5%.
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Starting a Service-Based Business
The second one is starting a service-based business. I’m putting this at number two on the risk scale as the initial setup is pretty straightforward, we’ve only $100.
This type of business is only really limited to your time. If you’re prepared to put in lots of work, then you will be able to turn your $100 into $1000 consistently once you’ve built up your client base.
Some jobs you can make an absolute fortune from doing because your customers don’t feel it’s worth their time. I don’t have to be honest, I agree with this.
I’m typically busy with business and it doesn’t make sense for me to waste two hours washing my own car when I could just pay someone $20 to do it for me.
And this is something you can take advantage of. Washing cars could be a great service-based business to get into, but it probably won’t make you $1000 a day unless you become a professional detailer, or start employing your friends to work for you so they can serve more of your customers.
Once again, it’s all about getting creative with the service and value you can provide your potential customers.
The list is endless. Mobile dog grooming, dry cleaning delivery and pickup, mobile locksmiths mechanic. And that’s just to name a few. It’s all about playing to your strengths and finding a unique mixture of skills that can add a lot of value to your customers.
Maybe it won’t make you $1000 in your first day, but with some hard work and dedication, you could absolutely scale it up to $1000 a day and beyond.
Reselling or Flipping Items
Next up is reselling. I’m talking, flipping items from garage sales and charity shops. I’m putting this at number three on the risk scale. As with this strategy, you will have to purchase the items before actually selling them.
This means that if you make a mistake or buy something no one wants, you may be stuck with the item and no profit. A garage sales, you will have lots of motivated sellers because they probably just want to clear out their house.
This means some valuable items get very easily overlooked. When I was younger, this wasn’t as easy to do as I didn’t have a phone with an internet connection, but nowadays you have such an advantage.
Of course, it helps to do some research before to know what you’re looking for, but whenever you’re unsure about the item, all it takes is a quick check on eBay to see what the market value is.
You even have the advantage of putting your negotiation skills to the test. If you can manage to get the price down, you’ll make even more profit.
I recently turned $100 purchase of secondhand model trains into just over $1000 because two of the items happened to be very rare. I gave a fair price based on what I thought I could sell everything for, and then as luck would have it, I had people fighting over them on eBay.
I had a bidding war on my hands, and this is a great thing to watch is that price just keeps going up and up and up. You could spend the day hunting for hidden gems and then go home and sell them on global marketplaces like eBay, Etsy, Amazon, and Facebook.
This is the perfect way to sell them as online shoppers can be lazy and not everyone can be bothered to go and find a good deal.
Of course, you don’t have to buy products at charity shops and garage sales, you can turn to the internet instead and hunt for some great deals.
A good strategy I’ve used is searching for common spelling mistakes, because this allows you to find listings that no one else has seen. And therefore there’s less competition when you’re trying to bid for the items.
I work out what I can sell the item for, and then I offer 50% or less. I aim to at least double my money. And who knows, maybe you’ll even scale this into a real business and begin buying inventory in bulk.
I really believe that with a bit of skill when a large range of garage sales, you would be able to turn $100 into 1000 within 24 hours.
Creating Physical Products
Let’s now talk about buying materials to create physical products. I’m putting creating your own products as number four on the risk scale.
It does require you to have some creative skills, and also the ability to do some proper market research, to make sure people want your product in the first place.
But with that said, by making your own products, you can generate much more money than reselling as you’re only paying for the materials. This means you have a much higher chance of securing that $1,000 profit per day.
When I was younger, I used to build literally hundreds of radio control cars. I was friends with a model shop owner, and I noticed that many customers didn’t want to build their own cars from scratch as all they wanted to do though was race them around.
So after identifying this demand, I decided to buy the materials and charge a minimum of $30 for my time. It took me two hours to complete each model.
So in 24 hours, I could make $360. But that was way back in the 1980s. So you could definitely charge more for your time now and possibly hit that $1,000 mark.
This could apply to so many areas and all you need to do is promote yourself online be it building model cars, making arts and crafts, or even building furniture.
Crypto Trading
Now that takes me back to my carpenter days that’s for sure. Now let’s get into crypto trading.
I’m putting crypto trade in at number five on our risk scale because it’s such a new investment, which means certain coins can be extremely volatile, sometimes even shooting up over 1000% within a few days.
Of course is very excited, but it also means the opposite is true and you could end up losing all of your money.
You may be wondering why I’ve skipped investing in stocks and dive straight into crypto. The truth is, it’s just not very common to make $1000 from $100 investment in the stock market over a 24 hour period.
Of course it’s possible with certain penny stocks and short squeezes like the GameStop situation, but these are often hard to spot.
Because of the juicy returns from crypto, I’ve actually noticed that a decline in the amount of people interested in the stock market, especially from the younger generation.
The thing to remember here is that although stocks might not be as exciting, they can still offer some great returns over the long term and have been around a lot longer so generally regarded as a safer bet.
Back to the crypto, a crisis statistic I found was that 13% of all Americans have traded or at least purchased some crypto in the last year and the industry is forever growing.
Where most people think about crypto, Bitcoin and Ethereum come to mind. I personally invest in these long-term as I see them as blue chip crypto.
However, if your aim is to turn $100 into $1000, then those kinds of returns are more realistic with altcoins. An altcoin or otherwise known as alternative coin is any crypto that isn’t Bitcoin.
But I personally think Ethereum has also outgrown this title. My assistant’s friend has been traded in an altcoin called Luna, which is a decentralized currency and has generated well over $1000 in profits from $100 investment.
Shiba Inu also made a lot of people rich. However, these coins dump pretty fast. So it’s all about knowing when to get out.
This may sound like it contradicts what I always say about never time in the market, but I really don’t think that this applies to crypto or coins as some of them pump once and never reach the same all-time highs again.
It’s extremely risky and takes a lot of knowledge as well as research. And even with that, there’s still no knowing if you’ll be right or not.
I only invest 5% of my portfolio into crypto, but I do want to do more. It’s exciting, and the fluctuations in price are amazing.
It’s a very high risk option, a bit like gambling, but if you only have a little money and if you want a charter or an old coin going to the moon, then I can see the appeal.
Bitcoin was the best performing asset of the last decade. So it as crypto gains pace, it’s hard to argue against it. Not to mention, I’ve made way more than $1000 in a day on numerous occasions.
NFT Flipping
Now for NFT flipping, otherwise known as non fungible tokens. I’m putting this as number six on the risk scale. This is even newer than crypto altcoins and it reminds me very much of the .com bubble.
Yeah, that’s how old I am. It seems that recently, YouTube celebrities have been going crazy about buying these JPEG images for extortionate prices and then flipping them for even more.
It does seem like when we were at the dawn of the internet, there are lots of projects out there and most of them are probably trash. But if you can weed out the good ones, then you could be onto a winner.
One of my son’s friends was telling me the other day that he purchased an NFT for $1000, and now it’s worth over 20,000. If that’s not a great return then I don’t know what is.
This is an area I’ve yet to venture into. However, I struggle with the huge valuations and who will buy an NFT from me. It’s a bit like art. I might take the approach I did when I was young and I was selling pre-owned cars.
Back then, I would only buy a car that I would like to drive or own. I did this for two reasons. The first was my assumption that if I liked it, then someone else would as well.
And the second was, if no one wanted to buy it, then I’ll be happy to keep it as my personal car. So I just need an NFT that speaks to me. Buying NFTs is really popular on platforms like OpenSea.
And I’ve also heard that Coinbase are about to enter the NFT space. So it could be a good time to do some further research before jumping in.
Gambling
Gambling is number seven on our risk scale because the house always wins especially if you gamble for long enough. I like to have a flatter occasionally with gambling.
I know the online casinos like Roobet are very popular, but it’s not really my style. I would much rather get all dressed up and take a trip to the casino.
It makes me feel like James Bond for the night. I did buy $100 worth of scratch cards in the past, and we only made back $50. So that was actually a 50% loss.
Now, although it’s possible to turn $100 into a $1000 in a casino, the chances of that happening is very unlikely. When I go, I always look at it as a night out.
If I come out on top, then it’s an even better night out. We just have to remember that these casinos were built off the back of the losers and not by giving away the money to the winners.
As you’ve probably noticed, the further we got down the list, each idea required less work, but also had more risk involved.
So at the end of the day, provided you’ve got your long-term investments sorted and an emergency fund of three to six months of living expenses stored up, then I really don’t see anything wrong with taking a moonshot with $100 and even trying out a few different ideas.
I know for sure that if I played it completely safe all my life, I might have had enough to retire as a millionaire, but I wouldn’t have become a millionaire in my 20s and lived a fun life. So like anything, it’s all about finding the right balance.
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