We Asked Perplexity for the Best Ways To Turn $10 Into $1M

There are roughly 7.9 million millionaires in the United States — up 562,000 in the last year alone. As the average net worth rises, you might be wondering how to join the ranks and become a millionaire yourself.

We asked artificial intelligence (AI) search engine Perplexity how to turn $10 into $1 million. Here’s what it said and how viable the advice might be.

There Are Several Strategies

According to the AI tool, there are three main strategies for turning $10 into $1 million. The methods are: long-term, realistic strategy, moderate-risk with high-effort method and the high risk but low-probability gamble.

None of these are without risk — as the inclusion of the term “gamble” indicates. And there’s a definite time commitment. That said, if you’re looking to become a millionaire with such a small starting sum, there’s hope.

Also See: 7 Fastest Ways To Save $20K, According to Experts

Find More: Meet Your Complete Financial Toolkit. Budget, Build Credit and Track Your Money — All In One Place

Realistic, Long-Term Strategies

According to Perplexity, there are two viable long-term methods to turn that $10 into $1 million. The first is to invest that $10 into a diversified index fund, potentially the S&P 500. With regular contributions of about $100 a month, and with an average annual return of 10%, you could reach millionaire status in about 35 to 40 years due to compounding interest.

You’ll often find financial experts who support investing for the long haul…