Going from broke to financially secure — and then some — might not take as long as you think. I asked ChatGPT the fastest way to go from a net worth of zero to $100,000 and it offered several different paths.
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Many factors weigh into the speed it takes to achieve this goal, including your skills, risk tolerance, time and resources.
Flipping/Arbitrage
- Speed: 6-18 months (or potentially faster if you scale)
Becoming a reseller could help you build a comfortable net worth quickly. This can involve flipping items at thrift stores or on eBay or Amazon, utilizing Facebook Marketplace or Craigslist for arbitrage, or getting into the sneaker resale business, according to the chatbot.
To get started, you’ll need around $50-$200 in seed money, then you’ll aggressively reinvest profits and document your business process, which could allow you to double-dip into the content business by selling your advice to others.
This business model works because it has a low startup cost, combined with a fast cash flow model, ChatGPT said.
I also asked the chatbot what types of items are best to resell on eBay and Amazon. It advised focusing on categories with high demand, low competition and reasonable profit margins.
Specifically, vintage and collectibles, branded apparel and sneakers, used electronics, tools and equipment, and parts and accessories were suggested for eBay. As for Amazon, retail arbitrage and private-label products, books, home and office supplies, seasonal products and ungated branded consumables were recommended.
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Sales or Commission-Based Work
- Speed: 6-24 months (at minimum)
If you’re naturally charismatic, cash in your charm with a sales or commission-based job. ChatGPT suggested becoming a real estate agent, car salesperson, insurance agent or a high-ticket online closing professional — selling high-priced products and services on an exclusively remote basis.
On the upside, these jobs come with unlimited income potential, the chatbot said. However, they often have low base pay but high commissions, so you must be confident with your sales skills before taking on this risk.
“Pair it with learning marketing to generate your own lead,” ChatGPT said.
Start a Service Business
- Speed: 6-24 months
People are willing to pay for services they don’t want to do, or can’t do, themselves. Therefore, ChatGPT suggested starting a service-based business like pressure washing, landscaping, cleaning, car detailing or a freelance agency specializing in web design, marketing or search engine optimization (SEO).
This is a great way to build net worth, because these businesses have low overhead costs, but offer high returns, the chatbot said. Promote your company using free marketing sites like Facebook groups, Nextdoor or DMs to generate business without racking up advertising costs.
High-Income Skill and Aggressive Saving
- Speed: 1-3 years
When combined, acquiring a high-income skill and becoming a seriously disciplined saver can add up fast, according to ChatGPT. Use sites such as YouTube, Coursera and boot camps to learn skills like coding, data analysis, user experience, user interface for tech jobs, sales, freelance design, writing and video editing for cheap or even free.
After you’ve gained enough skills to work, get a freelance gig or quickly obtain a job that pays $70,000-$120,000 per year, the chatbot said. You’ll then need to save at least 50% of your income and invest in index funds or take on a side hustle.
“Most people waste years under-earning,” ChatGPT said. “Skills shortcut that.”
If you’re able to carve out a successful career path using these skills, this will likely cause your earnings to increase relatively quickly.
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT the Fastest Way To Go From $0 to $100K in Net Worth
