what is a surefire way to turn £1 into 1 million?- serious question?

Answer 1

I am having a go at the moment but have only been trying a month - read about my experiences if you like in my blog

Answer 2

Yes. Take that £1 and deposit it in a savings account earning 2% interest (compounded annually). Then wait 698 years and you'll have £1006746.

The formula used to calculate compound interest is:

M = P( 1 + i )n

Where M is the final amount including the principal.
P is the principal amount.
i is the rate of interest per year.
n is the number of years invested.

If you can find an account yeilding a 5% APY that will take your £1 deposit, you'll be a millionaire in only 284 years!

Answer 3

He said "surefire". The lottery is definatly not surefire.

You can bet on stuff in such a way as to cover youself. If you get good odds on the reds in one place, and good odd on the blues in another, then whoever wins, you win. And you just have to keep doing it until you get a million. may take a while. make sure you work out the maths first though!

Answer 4

You say this is a serious question so here is a serious answer.
It is not beyond the bounds of possibility that you could be an entrepreneur with a bright idea and a pound coin in your pocket so, if that is the case, my very best wishes (I never had that idea) if not, I hope you think of one quickly and go to that TV Show - The Dragon's Den!

Answer 5

Why would you want that much money?
If you ever do get it, maybe give it away to people who have absolutely nothing

Besides, you typed "serious question" and put ? at the end. Are you asking us whether your question is a serious question?
I'm not being sarcastic - it's a serious answer

Answer 6

Put it in a high interest saving account and wait. Should take about 10,000 years. It's not sure fire though, the economy may collapse or the world might get hit by an asteroid etc.

Answer 7

There's not much you can do, and even they aren't guaranteed.

But, £1 is the minimum needed to open a HALIFAX Variable Rate Websaver account http://www.halifax.co.uk/savings/variablewebsaver.asp

Regularly save in this account, putting as much spare cash as you can to build up a "war chest"..... as in order to make a Million by investing, you need to have a large stash of cash to invest with to start off... something I noticed while playing the fantasy Stockmarket game @ http://www.bullbearings.co.uk - something I recommend you have a play around with too, to practise for the next phase........ namely learning how to invest on the stockmarket with the aid of this series of articles on finance website The Motley Fool (UK version): http://www.fool.co.uk/school/2006/sch060130.htm

Once you've built up your war chest of cash, open a Halifax SHAREBUILDER account to buy & sell shares on the London Stock Exchange... but as you'll learn't from the article at The Fool, you have to do your homework + be prepared to invest for a large number of years.
http://www.halifax.co.uk/sharedealing/sharebuilder.asp

To help bolster these efforts, invest in Premium bonds (chance of a monthly cash prize from £50 to £100,000 and 2x £1million prizes, mininmum investment to start off = £100)
http://www.nsandi.com/products/pb/index.jsp

And also the National Lottery

And a spot of Buying & Selling on eBay
http://astore.amazon.co.uk/jdcouk-books-21/203-9338484-3266364?_encoding=UTF8&node=21

Answer 8

Multiply it by 1 million.

Answer 9

Well, as you did not say a million what. I think that the exchange rate with Zimbabwe is so strong, that it may well be a million to one!

Answer 10

I am positive that is the dumbest "serious" question I have read so far on these boards.