It doesn't have to take millions to reach level 2, or even level 3, but as I said in the other thread, it does take research to know where the smart money is.
You can get a free Alchemy Starter Kit from the Alchemy page that contains an easy and very cheap level-1 formula, and then you can buy more of the Starter Kits off the Marketplace. if you have any interest in zOMG!, the Orb Aggregate can also be an easy - and profitable - level-1 formula.
If you haven't yet, you should peruse
the Alchemy Guide and Information database. It's a thread that conveniently lists all of the different guides this forum's regulars have written to make Alchemy easier to understand, and to succeed at.