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.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
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.
2.) Start an Online Business
Have you heard of Google? How about Amazon? BiggerPockets?
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.
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.”
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
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.
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.
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!
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