For centuries there have been so-called gurus peddling many get rich quick schemes. It’s an attractive idea. That there would be some way to get rich in less time than it should normally take.
The problem is that many of these schemes really don’t work. They get those gurus rich, but the people paying for courses or some kind of system are often left with no money and no way to actually get rich.
Luckily, there are very many ways that you can get rich. Some are better than others but there is a way out there for everybody to do it. One of the best ways is to not be in a rush, but to have a plan and then execute it over time. It’s called getting rich slowly.
It will take some dedication and some sacrifice, but if you follow the steps, you will be rich one day. And then you can enjoy the fruit of the sacrifices you’ve made.
1 – Start investing early
Before you become an actual investor with a portfolio, you’ll need to have a few things in place to make sure that you’re successful at it. However, one of the first things you should do is get into the investing mindset and begin with some small investments.
There are a lot of apps that you can use that can get you started with easy investments that will put some extra money in your pocket while you get the rest of your strategy in place.
These apps use Robo advisors to help you make investments without paying an actual financial planner to do it for you. What’s a Robo advisor? Using Artificial Intelligence, the software can figure out what stocks to buy based on your personality and needs. When you sign up, a questionnaire will help the Robo advisor understand which type of investing will work best for you and then works 24 hours per day to find those opportunities.
It’s the easiest way to get started, and some apps even use the change you would normally get from purchase to invest, so you don’t have to think about anything.
2 – Eliminate debt
The fastest way to get rich even when you are trying to do it slowly is to get rid of all of your debt. Start by paying off the smallest debt load first so it can then snowball and help you pay down everything.
Once your smallest debt is paid off, then the money you would be putting towards that will go to your other debts. And on and on it goes until you are left with your biggest debt burden. This is likely your home or student loans, or even both. Besides the money going towards an emergency fund, most extra money should be dedicated to paying down your mortgage and other loans.
Once those debts are paid off then you will be able to use the money you would have been paying towards them for other things. Namely investments. Or, retirement funds. Whatever you do, don’t start spending more money just because you freed up the money that was going towards the debt. You should continue to live as if you are still paying those loans so you don’t fall into a spending trap.
3 – Invest more heavily
If you have been making small investments since you’ve set out on the financial independence path and getting rich slowly, and you’ve paid down your loans, then this is the time to supercharge things. At this point, you are entering the home stretch and can now start seeing some real progress.
At this point, many people who had the potential to get rich often give up because they feel the sacrifices are not bearing fruit. Well, you need to fertilize those plants with the money you’re saving from being debt-free.
There are many options for investing so you should pick the right one for you. For instance, you can go with low risk, but low return index funds that are easy and provide a steady return.
Or, if you want to really supercharge your passive income, you can opt for higher risk stocks in the form of EFTs that carry a higher amount of risk. The rewards can be high if you know what you are doing, however.
Then, you could also opt for buying a rental property as an investment and see some decent returns if you are in the right area.
When you start investing, your money will be making you money and will provide the way to start actually getting rich. The key is to spread the risk by having a diverse portfolio of investments, so you are covered if things don’t go well for a particular investment strategy.
4 – Add another income stream
When it comes to investing and retirement saving, having more money to put into those funds is the way to get there. Having a second income stream that can be dedicated specifically to investing will help build wealth.
It would be best to look into ways to make money online as it can be done in your spare time. For instance, you could open an eCommerce store that can end up making more than your full-time income if you do it right. Even if it doesn’t and only nets you a profit of a few hundred dollars per month, it will help you get rich by having that extra income in investments.
Flipping furniture, selling on eBay, or even doing a side hustle like Uber can be ways to actually get rich if you are using that money wisely and not spending it on other things. Focus just on saving and investing that money and act like you don’t have it, and you will be rich one day.
Nobody said getting rich would be easy, but it is just a matter of time before it happens when you have the right strategy. Be focused and dedicated, and you will reap those rewards without getting suckered into some get rich quick scheme.