If you want to get rich fast, your only options are winning the lottery or inheriting a boat load of money from a prince uncle you never knew existed.
You are on your own as far as those 2 options go, but if you are looking for ways to get rich slowly and don’t mind hard work, I have got 3 options for you.
What will I learn?
Before we get started, I just want to mention something. Please, for the love of whoever you love, stop wasting your time on get-rich-quick scams.
Yes, you can make a little, or a lot of money, depending on your skills and commitment. But there is no easy way to get filthy rich on the internet.
It’s the same as out there in the real world.
You have to work for it.
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There is no button you can push to become a millionaire overnight.
1. Becoming Rich by Building a Career
Your first option is through a career. The younger you are when you start, the better your chances of getting there.
Either way, here are a few different options:
It doesn’t matter if it’s some sort of vocational training or even a full-time four-year college course, you’d find that most people who achieved success in their lives had some fort of higher education after passing high school.
When you start out in your career, your potential employers only have your educational qualifications to go by. As such, it’d be a good idea to pursue a suitable degree.
Pick the Correct Profession
A simple look at the many research surveys on salaries offered by different professions will help add a different perspective to your search for a suitable profession.
After all, you’d be able to get rich a lot quicker by choosing a career in finance than settling for a teaching job.
Pick the Correct Location
You need to be ready to pack your bags to places that offer good jobs. So, if you think you can make a career in finance, you need to be willing to move to big cities as that is where the money is. Low-populated and rural areas, on the other hand, will get you nowhere.
Start from the Bottom & Make Your Way up
Increase your chances of getting a job by applying to as many places as possible. And once you do land a job, make sure to stick to it and gather the experience that will help you climb the hierarchy.
Switch Jobs & Employers
Switching to a new environment has its own set of benefits. So for example, you’ll be exposed to a different corporate culture and most importantly, get an impressive pay hike.
If your existing company thinks of you to be valuable enough, it may even resist you leaving by offering more benefits and perks.
2. Becoming Rich by Investing
This is a somewhat clever way to make money in order to join the elite, although it requires extensive knowledge and sometimes calculated risk taking.
Put Your Money into Education
Get into a university and earn degrees that will help you get ahead in the profession you’ve chosen. Sometimes, you need to spend in order to earn; it’s as simple as that.
For instance, if your area of interest is business and considering that you get an MBA degree, the money spent on the same can be recovered in a few year’s time itself.
Invest in the Stock Market
Put your money into investment instruments like bonds, stocks or any others so that you are able to earn a yearly return on them. This return on investment should be enough to sustain you through retirement.
Consider these numbers, if you’ve invested $1 million, at the rate of 7% per year you will earn $70,000 every year!
Put Money into Real Estate
Putting your money into reliable pieces of real estate like developmental land or rental properties located in areas with steady growth is always a good idea.
These are investments whose values multiply as time goes by. Also, some areas may see more growth and asset value multiplication than others so keep that in mind as well.
For example, a Manhattan apartment will surely give you a better ROI five years from now.
Invest Your Time
Now, everyone likes to have some ‘me’ time. This is the time people use for doing literally nothing. However, imagine if you’d invest those handfuls of hours spent doing nothing into something a bit more productive and money-making.
Simple math says you could enjoy almost 20 years of leisure time by investing your current free time into making money before retiring early.
So, the onus is on you to decide what can be given up now in order to be rich later in life.
Don’t Buy Things Whose Values Are Sure to Come down
A prime example of the same is blowing $60,000 on a new car. Rest assured, that car’s value won’t even match up to half of that in five years time.
3. Become Rich by Saving Money
This can be fast or tediously slow depending on your current financial situation as well as how much you can and are willing to save. Either way, here are some tips to help you get there faster:
Save Money Regularly
Although it’s a nice feeling to get yourself those long-desired shoes or that fantastic new TV, resist the urge to spend your salary or income as soon as it lands in your hands.
Instead, pay yourself a second salary by simply stowing away some of that money into a savings account. Do that regularly and see how your wealth grows exponentially.
Create & Stick to a Budget
Make a budget on monthly timelines that makes room for all your essential needs and expenses. However, make sure you leave some amount of money to “have fun”. Stick to this budget and watch your savings grow!
Downgrade Your House & Car
Ask yourself if you can live in an apartment instead of a huge house, or if you can share living expenses with a few roommates?
Also, consider if you need a new car or if you can do with a used one for your needs?
These are some very minor and yet hugely important methods to save a lot of money.
Cut down on the Expenditures
Take a hard look at how you spend money and if you find any frivolous expenditures, it’s time to cut them out.
For starters, you can buy your coffee from a place other than Starbucks. Some back of the envelope calculations show that the $4 designer coffee you buy every morning costs 20 bucks per week and $1040 for the year.
Getting rich is hard enough; staying rich is even harder.
A number of uncontrollable factors are going to determine the value of your wealth.
For example, the market will always have its high and low points. So, if you become a bit too casual during the good times, it’ll take no time for you to be dragged to square one as soon as the market goes low.
Simply put, if you earn a raise or even a promotion, or even if the value of your investment goes up, resist the urge to spend the excess. Save it for the times when your business suffers a slowdown or when your ROI slumps below 2%.
No matter how rich you get, if you can’t manage your personal finance the right way, you are going to lose it. Getting rich and staying rich are very different.
Lottery winner disaster stories are common. If you’ve ever seen the “Lottery Changed My Life” TV show, you know what I am talking about. I am not sure about the exact number, but they say a huge percentage of folks who hit the big jackpot end up broke in a matter of just a few years.
There was even a guy who went from winning 400 million dollars to being homeless in just 3 years.
Guess what, he didn’t know how to manage it.
Learning personal finance and money management is not just for the poor and middle class.
So, get smart about your money before you get rich!