Social media is filled with fake millionaire “gurus” who will teach you the secret getting rich, all for the low price of $5,000. You’ve seen this countless times with Forex, crypto, day trading, dropshipping, coaching other coaches, and so on.
Rather than talk about specific scams or why certain get-rich-quick opportunities don’t work, today’s article focuses on the start-up costs to becoming a social media millionaire.
I think the answer might surprise you.
The five areas I’m going with here are: cars, clothes, house, and leisure time, and endorsements.
You can’t be an online millionaire without a Lamborghini. If you didn’t have a nice car, how would people know you’re rich?
Luckily, you don’t actually have to own your Lamborghini. You just need it for pictures. And because of this, you rent your car for a surprisingly low price.
I went on Turo (it’s like AirBnb for rental cars) and found several Lamborghinis renting out for under $2,000 per day. In fact, one of the top-rated choices was actually less than $1,200.
Paying $1,200 to rent a car for the day might sound expensive. But remember that this is technically a business expense. So if you are a fake guru, you could take out a small business loan that covers this, and use the car rental as a tax write-off (it is a marketing expense after all).
Finally, since you do have this car for the day, you can change your clothes 5–10 times, so it looks like you drive your car all the time.
Fake guru car cost: $1,200.
Fake gurus love their designer clothes and big labels. While these outfits are expensive, they aren’t astronomically overpriced if you calculate them in cost per wear.
Even if you aren’t a fake guru, cost per wear is a good metric for shopping.
If you wear something a lot, it’s smart to buy a top-quality version of that item. For example, if you live…