How to Get Rich: 7 Awesome Ways to Build Big Wealth Today

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Learning how to get rich is as much “art” as it is “science” – but both are learnable. It’s not a mystery, and the fact that it’s been repeated throughout history, over and over, in every culture testifies to the fact that yes, indeed, you can learn how to get rich. Sitting on your couch playing video games is probably not going to make you rich, but digging ditches for the next 50 years probably won’t either. So how can you become rich?

Consider this article your entrance into the lifestyle of the rich and famous. Pull out your umbrellas, folks: I’m about to make it rain.

Invest in Real Estate

The 20 Best Books for Aspiring Real Estate Investors!

Here at BiggerPockets, we believe that self-education is one of the most critical parts of long-term success, in business and in life, of course. This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career.

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1.) Invest in Real Estate

Oh, you knew I’d start with this one.

Real estate has been one of the surest ways to get rich since before there was money because everyone needs it and, as Mark Twain so elequently stated, “they’re not making it anymore.” There are numerous paths to wealth in real estate, but it generally revolves around buying property that brings in more income than it costs to own, and holding on to that property until the prices go up.

I could write hundreds of thousands of words here on how to do this, but luckily I don’t have to. You can start building your real estate empire right now by reading the free online guide, The Ultimate Beginner’s Guide to Real Estate Investing, which will show you how and where to start your career.

Getting Rich from Online Businesses

2.) Start an Online Business

Have you heard of Google? How about Amazon? BiggerPockets?

No?

Okay, well trust me – there are companies out there that make their entire profit purely online. Google was started by two college kids who simply wanted to “to organize the world’s information and make it universally accessible and useful” but it has since grown into one of the largest companies on the face of the planet, making almost $10,000,000 per day. and valued at nearly $80 Billion dollars.

However, you don’t need to invent the next Google to learn how to get rich. Many internet entrepreneurs are building pretty substantial wealth through online websites and web companies. One of the most significant benefits for starting an online business is that barrier to entry is much lower, as you don’t need buildings, employees, merchandise, or other expensive items to begin – just a computer and some ingenuity. For one of the best sources for building an online business, be sure to check out SmartPassiveIncome.com and QuickSprout.com.

Get Rich with Business

3.) Start a Brick and Mortar Business

Although a lot of the shopping in the world is moving online, brick and mortar businesses are still the cornerstone of our economic system. Your local grocery store is a good example, as is the factory down the road, the ice cream shop downtown, and the daycare next door. Building wealth through a brick and mortar business is built by selling either services or products to consumers or other businesses.

Many brick and mortar businesses grow so large they sell out to larger corporations, who buy smaller companies to either limit competition or add to their own size. Other businesses eventually “go public” and sell shares to investors who are looking for stable returns. Typically, at this point, the owner is officially “rich.”

Marry to Get Rich

4.) Marry Rich

Let’s not parse words here: sometimes the easiest way to get rich is just to marry someone who already rich. Although the laws differ depending on what state you live in, generally by marrying someone who is rich – you will instantly become rich yourself.

To find a rich spouse, take a look at your surroundings. Are you in a position to meet such a celeb? If you are working in the back room office of a small company out in the backwoods… doubtful. Start positioning yourself right now at your career to meet the right Mr or Miss Rich. For example, Melinda Gates was a Microsoft manager when she met Bill Gates at a company press event and Billionaire Rupert Murdoch married two of his employees (at separate times, of course.)

Another good tip for marrying rich: find them before they get there. College is a great place for this adventure, so don’t immediately seek out the best-looking guy or girl on campus. Instead, focus on the smartest business-oriented mind around and snag that one.

If you are looking for more info on how to marry rich, check out this great article from Today.com

How to Get Rich with the Stock Market

5.) Invest in the Stock Market

Oh, the stock market. While it might not be as exciting as buying up a small multifamily property with amazing cash flow – the stock market can be an incredible source of wealth for you and your family. Take a look at Warren Buffet, who has amassed a fortune worth over $50 Billion dollars using the stock market.

There are a lot of different ways to invest in the stock market. From penny stocks to mutual funds to options and more – there is enough to easily make your head spin. If stocks are going to be your chosen path to getting rich – don’t simply throw your money at random companies. Take time to fully investigate the kind of investing you want to do and follow other investors within that niche to learn how they have made their fortunes.

Wealth Collect

6.) Buy Fancy Cars, Art, and Other Collectables

Perhaps the most exciting way to get rich, collecting valuable items like cars, artwork, or other collectibles can produce pretty significant returns for your money. While it does take some initial investment to buy the items, these investments can quickly climb in value and sometimes deals can even be found rummaging through old garages, like the $30 million in art found in this Cape Cod garage.

If you are looking to build substantial wealth through collecting items like cars, art, stamps, or whatever – don’t rely simply on luck. Get involved with others who collect the same and learn everything you can about it. Being able to distinguish a 1937 Bugatti 57S car worth $4.4 million dollars hidden in a garage and your neighbors rusty 1989 El Camino worth $800 is imperative.

Save Money

7.) Save Your Money

Finally, there is the good old fashion way to get rich: slowly. Save your money, each and every month, and you’ll grow wealthy just by principle. For example, if you make the average American salary, around $50,000 per year, and can live frugally to save half of your income – you could burry your cash under your mattress for 40 years and retire with a cool million bucks.

Or, if you took that money and invested it in real estate, earning an average return of 12% per year, you could have $26,389,054.18 after 40 years. Perhaps investing sounds a little better than hiding it under your mattress.

As I mentioned earlier – if you want to learn how to earn consistent returns on your money through real estate, don’t miss the Ultimate Beginner’s Guide to Real Estate Investing and check out the BiggerPockets Real Estate and Wealth Building Podcast.

Now it’s your turn: If someone were to ask you how to get rich – what would you say? What other ways can you use to get rich? Leave your comments below!

Also – if you enjoyed this article, please share this on your Facebook, Twitter, StumbleUpon (See Button Below!) or other social network! Sharing is caring!



Photos: Vince DeStefano | U.S. Army | Kevin Dooley | Rafael Matsunaga | Steve Corey | Kristina Alexanderson | Stian Eikeland

About Author

Brandon Turner

Brandon Turner (G+ | Twitter) spends a lot of time on BiggerPockets.com. Like... seriously... a lot. Oh, and he is also an active real estate investor, entrepreneur, traveler, third-person speaker, husband, and author of "The Book on Investing in Real Estate with No (and Low) Money Down", and "The Book on Rental Property Investing" which you should probably read if you want to do more deals.

49 Comments

  1. I did a lot of research after I started making good money as a realtor on how to invest it to become rich. After looking at franchises, starting my own business, stock market and even mlm. I kept coming back to investing in long term rentals as the best return for the money and time involved. After buying 7, I still think that was the way to go.

    Another way to get rich is investing in start ups. I would say warren buffet got rich primarily by purchasing under priced businesses and adding value to them through new management and restructuring.

    • Warren Buffet’s success is buying highly capital efficient businesses like Coke, McDonalds, See’s Candy, etc. What does this mean? It means these companies makes 20%+ returns on equity (some almost 50%). In other words, every dollar invested earns 20% per year. This not reflected in the stock price each day, but over time, the value shines through. It has to eventually because these companies all gush cash.

      You don’t have to get 20% returns for too many years before you reach millionaire status. If you start with $10k, you will be a millionaire in a little over 25 years.

      Good real estate investors understand ROE too. =D

      • Jason
        If you read the actual beginnings of Warren Buffet, you will see he was quite the shrewd Business Man. How he got started is that he got 7 investors to invest $10,000 apiece in a stock investing partnership (that was a LOT of money back then). The deal was, Warren got to keep 50% of the profit but only ‘eat’ 25% of the losses. But how much did Warren Buffet actually invest in the partnership, in cash? $100.00. Now that is a business deal.

        Actually, I like to think of Warren Buffet more as a Corporate Raider than a Stock Guru! For the last 4 years, he hasn’t even beat the S&P indexed funds, including costs. And he won’t beat the S&P this year either. That’s not to say that he isn’t a brilliant stock analyzer or a brilliant business man, he is, or at least was. When I am 82, I hope I can keep going as well as Warren has, but I think age is affecting him now.

        • Quite a bit of Buffett’s success has resulted from his dealmaking, including his first and some of his most recent with the Federal government during the bailout. He has consistently written deals where he positions himself to gain a lot when good and lose a little if bad. (I think there’s a real estate lesson here…)

          I choose to focus on the stock selection investment part of Buffett’s success. Let me explain why. Most people cannot get exposure to those kinds of deals. (Maybe we can and I just delude myself.) But, we can all use his stock selection methodology which will make you quite wealthy. Don’t forget that Buffett gets ALOT of free capital from his insurance businesses to invest with. I just cant seem to find an insurance company that I can afford to buy though. 🙂

          I can explain why insurance is a wonderful business too if needed. It starts with OPM and, oh yeah, ends with OPM!

          I personally believe that real estate is the common man’s best way to acquire meaningful wealth. Hence, I am here. Perhaps once I have this meaningful wealth, I can parlay it into additional wealth in other asset types like business ventures or gold coins or foreign real estate.

          Fair disclosure: I am also pursuing stock market wealth simultaneously. If either works as planned, I should be secure. If both work, I will have meaningful wealth.

  2. “Pull out your umbrellas, folks: I’m about to make it rain!”

    HAHA!!!! That’s epic! That needs to somehow be incorporated into the podcast!
    Brandon’s make it rain session!

    The last point however, couldn’t you say that savers are losers? I mean that is basically one of the biggest points I think Robert Kiyosaki tries to put into all of his books. As the fed prints more phony money, the value of those dollars that you are just holding onto are dwindling by the day. So in one way, aren’t you almost going backwards by saving?

    Make it rain Brandon!

  3. Was lucky to get into investment 8 units in 1971, got 12 units in 1982, sold got NNN CVS drug and Blockbuster Video, no headache, Bought 2 4-plex’s in Vegas, sold and got into Apt TIC;S, big mistake. Will lose property, but non-recourse loan, so up and dn, but happily retired super senior, living on NNN income!!!!

  4. 8. Inherit wealth
    9. Win the WSOP
    10. Win the lottery
    11. Become a treasure hunter and find lost treasures
    12. Become a sports hero, super star singer or super star actor/actress
    13. Become a politician
    14. Become a Motivational Speaker/Guru
    15. Then there are the ILLEGAL ones which are NOT recommended. LOL

    You attribute that quote to Mark Twain but I always thought it was Will Rogers, “…out here I had been putting what little money I had in Ocean Frontage, for the sole reason that there was only so much of it and no more, and that they wasent making any more…” April 13, 1930 (Note: this is the line that is often paraphrased to say: put your money in land, because they aren’t making any more of it. This is the most “famous” of the Will Rogers quotes on land or real estate.)
    http://www.willrogerstoday.com/will_rogers_quotes/quotes.cfm?qID=7

    Great article. I just finished a pretty good book called “Business Brilliant” which covers a lot of this and actually has a 17 step approach on increasing your wealth.

    Thanks Brandon!

  5. #4 Marrying rich really isn’t the best advice unless you happen to fall in love with the person and they happen to be rich or will get rich. It would be pretty shallow to marry someone just for their money.

  6. Brandon, great article. Right now I am trying to use two brick and mortars to establish a cash stream that will allow me to proceed to a low risk strategy for buying a property a year.

    Bill

        • I don’t compare them, per se. I evaluate the opportunities in each category on a stand alone basis.

          The only comparison I do between real estate and stocks is how much of my net worth is allocated to each. For example, I feel like stocks are getting too high here and real estate is a solid value. I scaled back my contribution of excess cash to stock, and I am directing it towards rental property. I am also trimming my stock holdings in general. If the stock market declines 30, 40, or 50%, I will redirect the cash flow back to stocks. Or, if my allocation to rentals gets too high, I will redirect my cash flow back to stocks (regardless of valuation at the time). It’s about balance between the two.

          The cash flow generated by each activity stays in each class. My stock dividends get reinvested in stocks, and my rental cash flow gets reinvested in rentals. I might change that some day, but the amounts are too small to worry about at the moment. Currently, my W-2 income is the biggest source of cash, so I focus on allocating it.

          I hope this helps.

  7. I suppose I will sound like a grumpy old curmudgeon here but this list is exactly what’s wrong with America today. Perhaps none of these suggestions are to be taken seriously (except, of course the first one which conforms to the world-view here) and the entire article is written tongue-in-cheek

    You will notice that nobody advised::

    Invent a new product
    Invent a new method of making an old product
    Find or invent a productive use for some by-product of a manufacturing process
    Find or invent a way to increase the productivity of an extraction business (mining, forestry, farming) without additional ecological damage in the process

    All the suggestions here are basically Get Rich Quick schemes (again, except for the last one which is actually the foundation of any realistic plan for most people actually getting rich ((not the mattress part but without saving some money from another source how are you going to capitalize any of the other businesses)) telling people that it is possible to become rich on the basis of finance alone. Real “finance only” opportunities are rare. Even in real estate the real wealth is made adding value (with development or rehab or leasing) not waiting for things to be worth more.

    The “marry well” comment is either facetious or wicked. My favorite Quote from Intolerable Cruelty on the difficulty of marrying for money:

    “(The Jury) bought Massey’s argument. If I lied and cheated and was with Rex only for his money, then he shouldn’t have to give me any.”

    Probably not wise to pick on the owner of the site but this is not rainmaking.

    • Mike McKinzie on

      Mark, you have the word “invent” in every scenario. Most folks just do not have the aptitude to invent anything. And most folks who think they are an inventor just invent ‘junk.’ And to top that off, most TRUE inventors end up destitute, such as Tesla. So inventing something is really totally out of reach for most folks. Bill Gates did not invent an Operating System, Henry Ford did not invent the car, even Marconi did not really invent the radio. Tesla could invent circles around Edison, but Edison was much more the Businessman and became wealthy, even though he fought very hard for DC (Direct Current).

      There is no need to physically do anything to add value if one makes wise decisions. How many Millionaires are there today who just bought 100 shares of Microsoft Stock at IPO. They did not do a single thing to “add value” to Microsoft yet they are multi millionaires today. If I buy a house for cash flow, I am not adding value to it, I am just making an investment. And since it is a cash flow, I have absolutely no interest in whether it’s value goes up or down, just that it is managed well and not vacant.

      Now maybe I am not reading your post correctly, and if that is the case, I apologize. But building wealth is all about FINANCE, it is the very definition. Sure it is great to have love, happiness, friendship, ‘saving the world,’ ‘a higher purpose,’ but at the end of the day, the grocery store, the mortgage holder and the utility company wants CASH, not love or happiness. Plus, I can do a LOT more good with more cash than I can do with less cash.

    • Brandon Turner

      Hey Mark – all very valid points, and yes – I wrote this with a sort of “tongue in cheek” tone. It’s meant to be more of a funny, light hearted entertaining look at the way some people make money in today’s world. I decided to take a little different approach to writing it, to see how people like it! I guess we’ll see!

  8. Jason,
    You’re right that Buffett invests in companies and is able to force change inside those companies. You don’t have to do it on his level but on your own. With work could you find a local business to invest in and take an ownership stake in? Could you then expand that business by working with the current owner? Using the cash flow from that deal you buy a second business and repeat!

  9. Rick Grubbs

    Another idea is to invest in children. We have 12 of them (see photo). I don’t worry about retirement. They are taught the RE business from birth and should all have their own empires to take care of Mom and Dad if we ever need anything in our old age.

    Learn to give them tools, not just toys as they grow up. Just yesterday my 14 year old boy was berating another boy about how much time he was wasting on video games. They can get just as excited about a new set of tools as a new toy if their appetites are properly developed.

  10. Erik Nowacki

    One recent success story is a guy from Sweden, Markus Persson. Google him, just for fun. He started with very little, then he created (invented?) a silly little computer game called Minecraft. He kept at it and eventually sold the game to Microsoft for $2 billion. The inspiring part is that his story shows us that today is unique in that you can make a vast fortune based solely on your creativity, not much capital is needed. If you see the need in the marketplace, you can create a computer program, a phone app or… Once you have the idea, you could even outsource the computer coding.

    Real estate related: Markus Persson recently bought a $70M party pad in LA. He outbid a celebrity couple some of us have heard about, Jay Z and Beyonce…

    Now back to my apartment rehab…

    Erik

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