Steps for How to Become Rich | Ways to Get Rich
Most of us dream of ways to become rich some day. Being able to do what you want and never having to work again is an intoxicating thought for many. But most people conclude the ways to become rich are out of reach or not possible for them.
But many of the world’s wealthiest people started out with very little money and weren’t quite sure of the best way to get rich. Oprah Winfrey, Suze Orman, Steve Jobs, and J.K. Rowling are all examples of people who began with meager means and learned how to become rich.
Top Ways to Get Rich
You don’t have to be a famous actor, best-selling author, or tech entrepreneur to retire rich. If you follow a few key steps, apply yourself, and stay disciplined in your endeavors, you too can find the best ways to become rich that work for you.
While many people look for the easy ways to become rich, those who actually find the quickest way to get rich know that easy isn’t part of the equation. Whether you get rich online investing in stock or learn how to buy and sell expensive treasures, any get rich schemes that actually succeed, typically involve work.
Define What “Rich” Means To You
According to FORTUNE, an average of 1,700 people in the U.S. will find ways to get rich every day. By the year 2020, there are expected to be 3.1 million new millionaires that found out how to get rich. Today, there are roughly 8 million American households with assets above the $1 million mark.
But not everyone reads get rich books or dreams of ways to become rich to reach a million dollars in wealth. Some would be happy to retire rich on half that much. Other people just want to be able to do what they love every day while being able to travel and live a comfortable life.
So, knowing how you define your end goal for the best ways to become rich is really the first step for any get rich schemes or plans. You may be perfectly happy with $500,000 or less, and having a target in mind is one of the means to successfully finding the quickest way to get rich.
Ways to Get Rich | Adopt the Good Habits of the Rich
You may hit the lottery tomorrow and be able to retire rich, but did you know that approximately 70% of lottery winners who win big end up being broke just a few years later. Why is that?
Many of them didn’t adopt good money habits. There was no journey to find ways to get rich, so once they have all that money, they spend or invest foolishly or give away more than they realize.
There are some good habits adopted by the wealthy and by those who found ways to be rich after starting out poor. Many of them may seem obvious, but you’ll be surprised how many people never succeed finding the best way to get rich because they didn’t adopt good money habits.
Quickest Way to Get Rich
Adopting some of these good money habits are initial steps in finding easy ways to become rich:
- Pinch pennies and be frugal in everything
- Save regularly to build up investment money
- Don’t use credit cards
- Learn all you can about ways to be rich
- Read success stories and get rich books
- Start moonlighting to earn extra money for savings
- Don’t spend money needlessly; think before you spend
- Surround yourself with positive people
- Stay dedicated to your goal of how to become rich
Don’t Miss: What Is Financial Planning?
Best Ways to Become Rich | Overview
In this article, we are going to discuss the top ways to get rich, what’s involved with each one, and potentially how much time they can take before you can retire rich. While there is no guarantee on the quickest way to get rich, it’s not impossible either; there are many success stories out there.
There are multiple ways to get rich with dedication, hard work, and a little luck. We’re going to review the top five that are realistic ways to get rich online or offline for most people. You don’t have to be a pro athlete or have a golden singing voice to find easy ways to become rich.
Most Realistic Ways to Become Rich
Here is an overview of the best ways to become rich that are also in reach for just about everyone.
1. Investing in the stock market
This is still one of the best get rich schemes out there if you do it right. But there is also risk involved. You don’t have to have a lot to get started using this as your best way to get rich.
2. Starting your own business
People like Mark Zuckerberg of Facebook and John Schnatter of Papa John’s learned how to become rich by starting their own businesses. Most folks just need a little encouragement and faith in themselves to make their great idea a reality and retire rich.
3. Real estate development
In the early 2000s, lots of people found the quickest way to get rich was either house flipping or real estate development. Now that the real estate market is back, there are opportunities to learn how to get rich in this market once again.
4. Buying and selling treasures
We’ve all heard those stories of someone finding a rare painting at a garage sale price, stumbling into one of those easy ways to become rich and selling it for a fortune. If you have an eye for good deals, you can actually learn how to get rich online by reselling items.
5. Become an expert in your field
If you read any of the top get rich books, such as “The Success Principles” by Jack Canfield, you’ll find that many people discover the best ways to become rich involve becoming an expert speaker and trainer. It’s something you can do, too, and retire rich.
Related: You Need Money for College?
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
Investing in the Stock Market | Ways to Get Rich
Lots of people shy away from investing in the stock market as one of the ways to become rich because they think they need to have thousands of dollars to get started. But even investing a smaller amount wisely and watching it grow can be the best way to get rich.
You may get lured into the excitement of day trading, but unless you know what you’re doing, this is not the best way to get rich on stock investments. Experts suggest taking a more measured approach with how to become rich by investing in a way that reduces your risk of losing your money.
Some of the safer investments that are still easy ways to become rich include:
- Index funds that track a market like the S&P 500
- High-yield dividend stocks
- Stocks with a good track record
- Invest in areas you know (such as tech or specific consumer goods)
How to Get Rich with Investing | Potential
If you’re looking for ways to be rich investing, then typically you do need to have patience. While this is a best way to get rich, and many people have used stocks to earn a nice nest egg, the amount you make does depend upon what you put in.
In an example from Stansberry Research, if you found a stock with an 18% return and reinvest what’s earned, starting with an initial investment of $10,000, by the third year you’d have grown that into $16,430.32. It may not be the quickest way to get rich, but compounding over 28 years would get you to $1 million.
Starting Your Own Business | Ways to Get Rich
This is one of the ways to be rich that sounds like a lot of work…because it pretty much is. But it can also be very rewarding and take you much less time learning how to become rich than waiting on the stock market.
Let’s just look at a few examples from Inc. of how some entrepreneurs found easy ways to become rich by capitalizing on a business venture.
Tyler Dikman began a business charging $15 an hour to repair computers when was still in middle school. He grew it into his own business, CoolTronics, making him a millionaire by the age of 17.
Matt Wegrzyn found out how to get rich online. He began buying and selling domain names, which quickly turned into a multi-million dollar business for him.
A brother and sister from New Hope, PA, Catherine and Geoff Cook, teamed up to find ways to become rich. They too saw they could get rich online and founded myYearbook.com in 2005. Just 5 years later, it had $23 million in revenue.
Tips for the Quickest Way to Get Rich Starting a Business
- Do what you love
- Plan to work lots of hours to get it off the ground
- Research the market and competitors
- Use funding mechanisms like Kickstarter for capital
- Educate yourself on ways to get rich by using the internet
- Don’t go it alone; recruit friends and family
- Expect to start small, but aim for the sky
- Use free resources like the Small Business Administration
- Network with potential investors and clients
Real Estate Development | Ways to Get Rich
The real estate market has made a comeback since the recession and is again one of the best ways to become rich. Tycoons like Waren Buffett built their fortune with real estate development, and for many it is one of the easy ways to become rich, with a little less work than starting a new business.
You may be wondering how to become rich with real estate and exactly what is involved. One nice thing about these types of get rich schemes is that you can buy a little or a lot, just depending upon your available money.
Real estate development encompasses the following:
- Purchasing property for renovation and resale
- Purchasing property in order to rent to tenants
- Buying land to resell as parcels
- Both residential and commercial properties may be included
At the smaller end of real estate development is house flipping, where you buy a home at a good price, usually one that needs repairs. Then you fix it up and resell it for a profit. This is one of the common ways to become rich.
At the larger end of how to become rich with real estate development is purchasing larger commercial properties, and either doing the same as flipping but on a bigger scale, or fixing them up and renting out space to tenants.
If you’re interested in real estate as one of your get rich schemes, here are some helpful resources:
- Mashvisor | How to Get Rich in Real Estate: 5 Different Cycles
- Inman | 3 Habits to Get Rich in Real Estate Investing
- Early To Rise | 5 Steps to Overcoming Fear and Getting Rich With Real Estate
Popular Article: What Is a 401k? – What You Need to Know!
Buying and Selling Treasures | Ways to Get Rich
Now that so much of our shopping has gravitated to the online world, it’s easier than ever to get rich online buying and selling found treasures or nearly anything else. This is one of the easy ways to become rich if you have a good eye for deals and like to go to yard sales.
How to Become Rich?
According to Statista, e-commerce sales worldwide in 2014 were about $1.47 trillion and expected to grow by 2018 to $2.35 trillion. And with online ecommerce, the world is your marketplace, making it easier than ever to get rich online.
Where to Find Things to Sell to Get Rich Online
There are a few different places you can find things to resell as one of the ways to become rich. You’ll just want to keep in mind the value of the item and what you think you can get for it.
- Yard sales
- Big sales at discount stores
- Clearance bins
- Online neighborhood swap and sell pages
- Auctions or estate sales
- Thrift stores
Ways to Become Rich Selling What You’ve Found
Here’s a few of the most popular places to sell things to get rich online.
Become an Expert in Your Field | Ways to Get Rich
Have you ever signed up for a motivational seminar or online course? How about purchasing an ebook that was about the best ways to become rich?
Get rich books and similar motivational or educational books and course materials sold by experts in their field can be one of the excellent and rewarding ways to become rich doing something you love to do.
Get Rich Books
Whether you are an expert at organization, know how to travel with kids like a pro, or have considered ways to be rich teaching team building exercises, there are plenty of opportunities out there to show your stuff and retire rich by teaching others.
Here are a few examples of people who found ways to be rich by being an expert in their field:
- Jack Canfield – Motivational and Success Expert
- Pat Flynn – Entrepreneur and Income Expert
- Joe Wicks, The Body Coach – Fitness Expert
When researching the experts who sell get rich books or ebooks, DVDs, and merchandise in any field, understand that branding yourself is very important. No matter what your area of expertise, the better you define it, the faster your brand can turn into one of the quickest ways to get rich.
Ways to Get Rich and Make Millions Being an Expert
There’s a whole empire that can be built with get rich schemes being an expert in your field. As you go through the list, you’ll see how this can be one of the best ways to become rich and have fun doing it.
Merchandising your expertise can include selling:
- Hardcover books
- In-person or online seminars
- T-shirts or similar logo items
- Mobile apps
- Website (that gets advertising revenue)
Guide for the Best Ways to Become Rich | Conclusion
While some people might think the quickest way to get rich is to marry someone with millions or win the lottery, those aren’t the most realistic game plans if you want to retire rich. But that doesn’t mean you can’t learn how to become rich and make it happen.
With these five examples of how to get rich, you have a real chance to be like the thousands of people who have become millionaires. And some of them have even found ways to get rich in just a few years time.
Some main keys to succeeding in your get rich schemes are to understand that even the easy ways to become rich take hard work and determination. But if you apply yourself, you might just find that you can live on easy street before you know it after you get rich online or offline doing real estate or starting your own business.
You don’t have to be born with a silver spoon to find ways to get rich. The most reliable ways to become rich can be undertaken by anyone who wants it badly enough. Believing in yourself and that your dreams can become reality will get you farther than any lottery ticket.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.