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According to the latest Global Wealth Report from financial services firm UBS, there are nearly 24 million millionaires in the United States. With millionaires seemingly lurking around every corner, I wondered how I could join their ranks.
I asked ChatGPT how I could turn $10 into $1 million, here’s what it said, and whether the advice is worth considering.
Not Impossible
When I asked ChatGPT to make me a millionaire by turning my $10 into $1 million, I was thrilled to hear it wasn’t impossible. The chatbot, however, did acknowledge that it may require time, skill, and, often, some luck. The AI tool broke down my options for joining the financial elite into three overarching categories: realistic, long-term Strategies, moderate-risk, high-effort options, and high-risk, low probability paths.
Realistic, Long-Term Strategies
ChatGPT offered two long-term options for turning $10 into $1 million: investing in the stock market or starting a low-cost business. The chatbot recommended adding to the initial investment each month. It said that if $100 a month is invested in an S&P 500 index fund with ~10% annual return, I could become a millionaire in around 35 to 40 years as a result of compounding interest.
While most financial experts agree that investing is the most solid way to grow wealth, it may take more than $10 to reach millionaire status. Market volatility may also derail the strategy. It is strongly recommended that hopeful investors meet with a financial advisor first to develop the right plan moving forward. According to Fidelity, potential investors should first determine what they are investing for, the most part retirement, before deciding on a stock. A financial professional can then help determine what account is best based on individual needs and goals.
The second option suggested by ChatGPT was to start a low-cost business. This can be achieved, according to the online platform, by spending the $10 on a domain and then creating a blog or selling a digital product. While this may seem easy enough, in reality, it takes a level of expertise to get an online business started and even more to make it successful, given the crowded industry.
Moderate-Risk, High-Effort Options
The next set of options, as suggested by the popular chatbot, involves a little more risk and a lot more effort. In the moderate-risk category is flipping, arbitrage or skill-based work. As noted by the AI platform, the success of these depends on skill level, scale, and effort. Arbitrage involves the buying of an asset in a lower-priced market and selling it in a higher-priced market. ChatGPT recommended doing this via online marketplaces such as eBay and Craigslist.
The other suggestion in this category is to spend the $10 on learning a new skill and then monetizing that skill. While perhaps oversimplified, this idea can be utilized by anyone. The Future of Jobs Report 2025 by the World Economic Forum noted that 39% of workers will see their existing skill sets transformed or even outdated over the next five years. Learning a new skill may not turn someone into a millionaire overnight, but it could make them more marketable.
High-Risk, Low-Probability Paths
The final pathway recommended by ChatGPT is best left to gamblers and those with incredibly good luck. In the high-risk, low-probability category is investing $10 in cryptocurrency or taking a chance on a penny stock. The second option is to gamble the money or buy a lottery ticket. As explained by the AI tool, opting in to these high-risk strategies will most likely just result in the loss of $10.
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