We tend to assume that if we work hard and save money then one day we will end up wealthy. This is wishful thinking. We are more likely to end up with some modest but useful savings. If you want to accumulate serious wealth then there a number of approaches you can use and some are much more effective than others. The best ways are as follows:
1. Start your own business and eventually sell it. This is the most effective and proven way to become rich. If you can find a new approach to a real customer need and build a profitable business that addresses that need then you have created real value. It could be a cleaning business, a hairdresser’s, a consultancy or an investment bank. It will probably take years of very hard work to build up the enterprise. Most new businesses fail so the risks are high. You need all the skills, dynamism, perseverance and diligence of an entrepreneur. But if you can pull it off the potential rewards are huge. This is how many of the seriously wealthy people did it.
2. Join a start-up and get stock. If you can accumulate equity positions in one or more start-up companies then there is an opportunity for a serious capital gain if the company thrives and either floats or is sold to a larger enterprise. Only a small minority of start-ups succeed in realising large capital gains so the odds are not good. However, you can use your judgement to see which business idea and which management team are likely to succeed. Early employees in Apple, Google and Microsoft became millionaires on this basis.
3. Exploit your skill as a self-employed expert. If you can develop a marketable skill and retain your independence then you can reap considerable rewards. This is how sports stars, authors and entertainers become rich. In general the self-employed expert has greater earnings opportunities than one who works for a company. There are risks and you have to have something special. Your success is in your own hands so this is a popular route for people who have developed a skill and want to strike out on their own.
4. Develop property. Buying, developing and selling property is a well-established way to build a significant capital position. One of the key elements is that by borrowing money you can gain leverage on your investment. Say you borrow $200,000 and put in $50,000 of your own to buy a property for $250,000. Then you develop the property and sell it for $400,000. The property has increased in value by 60% but your $50,000 has now grown fourfold to $200,000. You have to select the right properties in the right areas and develop them wisely. You are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth.
5. Build a portfolio of stocks and shares. If you can make steady investments in stocks over a long period and reinvest the dividends then you can build a large store of wealth. Of course stocks can go down as well as up and many small investors lose heart when their portfolio plunges. But over the long-term equities are as good an investment as property and much more liquid. Stock market crashes represent great buying opportunities for those with cash and strong nerves.
6. Inherit wealth. It helps if you were born to successful or wealthy parents but failing that, you could marry fortuitously!
7. Start a Side Hustle. Many people have accumulated significant income from a a money-making venture on the internet while they have continued in their full-time jobs. I am not talking about get-rich quick scams. People have offered goods and services using eBay, Fiverr, Etsy, podcasts, blog posts, advertising, drop-shipping or many other routes to income. If you have a special skill then maybe you can write an online course or create a podcast. What starts out as pocket money can sometimes become a major source of income.
8. Write a Book. If you can write a best selling novel it can make you rich – but this is difficult and rare. However, if you write a popular non-fiction book on say cookery, or business or self-help it can add to your standing and authority. The book can become a platform for speaking and training opportunities.
And now for two extra ways which maybe are not the best ideas.
9. Work in a steady job, cut back expenditures and save in the bank. This is prudent practice and reduces your financial risk but is not an effective method of becoming rich. You should keep your expense within your income but if you want to make serious money then you must significantly boost your income or find ways to multiply your capital. Revisit some of the ideas above.
10. Gamble. We hear about lottery winners and poker stars so this approach can sometimes work but the numbers are so unfavourable that it represents a lousy plan for becoming rich. You are strongly advised to avoid this method and use one of the above.
There are more important things in life than accumulating wealth. Who wants to end up rich, unloved, lonely and in poor health? However if you can enjoy life and at the same time become rich why not do so? Plan your route and relish the journey!
Now covered in much more detail in this new course, The Eight Best Ways to Become Rich.
Introductory video:
Great thought & inspirational
It’s really true there’s no way currently in our generation how you can become rich through hard working, it’s very rare,but its all bout mind when your mind is ready and able to process then wait for time being it will manifest
Awesome I know one day imma make it to that point where I become really wealthy following some of the steps above.
I’m so happy to be there and knowing about us
Am fully educated on how I can get rich by what I just read from here, thanks a million times
I’m on my way………
I love to think like rich people and I love to surround my self with rich people coz I love their thinking. I really like those 6 steps. I know one day I will make it.
Let’s become rich. Have a focus mindset and don’t change your mind.
I need some little help
The only reason i want to become rich is so i can help my mom. She works so hard all the time to put food on our plates
and to keep clothes on our backs. I found some really nice mansions in Florida that cost a fortune. I want my mom to be
able to live a good rest of her life before she passes. To make sure she knows i really appreciate everything she’s
ever done for me. I’m only 12 and i love her soooooo much and i’m just really afraid i’m gonna lose her. I just wanna
give her a couple more memories. To let her know how much she means to me and that i work hard to.
If you want to ger rich need to work hard first. You can see here shorturl.at/hnBFY
Yeah am convinced, I have to work harder so that I become rich ,being a billionaire is my goal
Yeah ,i gona work harder so that i become a billionaire to reach my goals
Rich we say. There many who worked hard day and night but nothing to show for it. The society today the people who do the most work are not paid well . b4 they get money to start something some are already old. To become rick is to be keen to opportunities, utilities ur talents or gifts life or God gave u. Expose them build them , work less gain more riches. I don’t succumb to the fact that to be rich is due to hardwork . don’t kill ur self or loose ur happiness while working hard . build ur mind picture to see above riches , attract riches and opportunities with ur subconcius . the key to success is the mind not hardwork. If ur mind is able process it then wait for the due time for it to manifest.
For me rich is evaluated by human kinds.I do not mean being rich is not that important in our busy lives but it is unlimited. The more u get rich the more u want.So ,i want to encourage about is to content with what you have.You all might think how can we content with what we have because we are not rich,we have nothing to content.yep’ you are right’ but here is the thing do you think the richest people have satisfacion?do you think you will have enough to be rich?Honestly,please don’t think like that.our life is flowing like a river that has no end to stop.it’s still flowing.Wisely, think about your present life.think about who you are?think about your being.Think about do you really want to be rich?You will make a big mistake if you think you can have satisfaction when you become rich.No,’ the most important in our life is to send your love,mercy,patience which come from your inside to your most beloved family, friends,neighbors,and your love ones.No one can have it all fully because they are the slave the being rich and they prioritize wealth.So they are lack of grace,humanity.
I am not trying to be rich but i am trying to live because i have to share my love,mercy, kindness to other.
well , no words i really appreciate your advice
Rich means not only money but money but is part of it. Mental peace and happiness are also riches.
Great though
Awesome job
Nice article http://moneymagnet.unaux.com
Good ideas thank you
Great ideas!
Great Ideas, Thanks a lot for your tips.
I am Iranian and there is really no money in our lives
good ideas
Here are some more valuable tips from people with experience who have already succeeded: https://www.dannyforest.com/blog/2019/4/11/learn-and-grow-rich7-skills-of-wealthynbsppeople I intend to achieve a lot. I hope I have enough motivation.
I Will do , i will be wealthy thanks alot
This article is an inspiring article. After reading this, pushing my confidence level much higher. I will follow you’re all ways hopefully it will be helping me. Thanks for sharing your knowledge.
The article is different from the other article. This is great and thanks for sharing this knowledge.
Great Ideas, Thanks a lot for your tips.
The Freemasonry society has turn my small business into a multi million euro business, I own a very small restaurant in America here in Los Angeles, but since I join the Freemasonry society they support me with 14 million euro and with great ideas that has changed my life.
Name: Steve from USA
That’s great,, But still some people fail to fulfill their vision
Yes , that is a very tangible great but stii some people in the world fail their vision
Early responses were pathetic, so I find them to be paid commenters. This list does not say much at all.
Some of them required special talents, money or luck.
The most reliable and assured way to get wealthy, with the only requirements being determination and effort, is by investing in rental properties.
You don’t have to be rich, or have a fancy degree. Put in a little effort and you will become a millionaire guaranteed.
Am 22yrs old so let me approach it and I see
Yes I can learn something from these comments thanks
Gambling made me poor
NICE
why gambling?
that will only make you loose money
and very quickly to say the least