The Real Ways to Get Rich Relatively Quick: Easy Ideas That Work
Realistically becoming rich is entirely possible, but it requires hard work consistently executed over time, an education into how personal finances work where you’re at and all the steps along the way, and a considerable mindset shift towards becoming rich.
How to Master The Mindset of the Rich
Many who seek greater wealth skip this first step and then struggle to go forward, all the while wondering what they’re doing wrong. If you don’t work on your mindset, you’ll always be missing essential tools for your journey.
Now, it’s not as if you suddenly work on your mindset and never have to come back to it. Rather, it’s important to learn the thought processes of the rich, and then when you run into obstacles, you’ll know the questions to ask yourself to push yourself to where you want to go.
Once you’ve decided that yes, you will work on this, then what you need to do is develop a wealth mindset.
To become rich, it only makes sense that your mind must be steered toward that goal. That you are focused on creating an abundance, on pursuing prosperity.
Unfortunately, most people have the opposite mindset. If you offered them a lottery ticket for millions of dollars of course they would take it and discuss what they would do were they to become rich. But in their daily lives, people focus more on what they don’t have. Even when they dream of winning that lottery, they are pulled down by the thought of how impossible that would be and all the things they list off wanting are things they think of themselves as never being able to have.
An abundance mindset requires you to understand that money is out there and it’s up to you to go out and earn your share. It requires you to believe it.
One of the first steps for that process is to look at yourself and ask what your relationship with money has been so far. What is your money story? When you dig deep within yourself, do you believe that rich people are evil? Do you believe that if you had more money you’d only have more problems? Do you believe that rich people are different from yourself? What are your beliefs about money?
Some of these beliefs may go back to your childhood. How did you first learn about money? Was it through listening to your parents argue about it, or talk about how it was out of reach? A lot of our most basic, unquestioned beliefs are ones we learned very early on.
Once you figure out what your past beliefs are, you can work on directly countering them with new beliefs, beliefs that focus on abundance and bringing that wealth into your life.
Find the Right People To Help You On Your Journey
It’s likely that the people currently surrounding you won’t be helpful on your journey to becoming rich. In fact, it’s often the case that they become obstacles on your path. When you set goals to become financially successful, it’s common for the people in your life to decide that you have become obsessed with money and provide negative feedback for what you’re working on. It’s common for them not to believe in what you’re doing and to insist that you’re wasting your time.
Always remember that this reflects their own beliefs and their own relationship with money. Money is a sensitive topic for many people and your pursuit of it can push their buttons.
People who are already successful or who are ahead of you on the path towards financial success will not have this attitude because they are also working on their wealth mindset. Surrounding yourself with these people will not only encourage you but you will learn more from them and their own journeys.
Surrounding yourself with people who will support you on this journey can help you stay focused and give you boosts along the way to getting where you need to be.
Investing In Yourself
There are many ways to invest in yourself and on your journey toward becoming rich you will work on as many of them as you can. You will invest in your education, probably in multiple ways. You will invest your time differently than you ever have before. And you will learn and test new ways to invest your money.
Looking at your mind, your time, and your assets always through the lens of investment will help you realize how much value you have in all of these different areas. You will become more confident the more you learn how to exert your power in these areas.
Define What Being Rich Means For You
Everyone’s answer of what wealth means is different for them. This might be a number for you. Or it might mean paying off all of your debt. It might mean owning certain real estate. Perhaps you want to take care of your parents. Do you want to retire at a certain age? Or travel? Do you have a hobby you wish you had the money to afford? Have you always wanted a helicopter?
The answer will be unique to you. Write out a list and figure out what your true priorities are. Once you know where you’re going, it will be easier to map out how to get there.
Starting Where You Are
Once you know what you want to achieve, it’s time to look at how to get there. Work your way backwards to where you are right now. Realistically, as you move on to learn more about personal finances, your plan for this journey will get more filled in with details on how to do all of this. To begin with, you can fill in the things you do know and work from there.
Then, it’s time to start with where you currently are. There are two priorities that have to be looked at first for anyone getting their personal finances in order.
1. An Emergency Fund
Do you have an emergency fund?
To begin with, this is likely around $1,500. A small sum that can help you out if your car needs a reasonable repair or if you need to take your dog to the veterinarian.
The next step is to build three months worth of living expenses. If you need $3,000 a month to live, then you need a three month emergency fund of $9,000. If you lose your job or anything else happens, you’ll be prepared. This money should be liquid, meaning it should be easily accessed in case you need it in an emergency.
Once you’ve built to the three month mark, build to six. Six months is what you ultimately want in your emergency fund. Experts used to stop at three months, but after the recession, it became evident that the safest policy is to have a six month fund if you want to be prepared for anything.
2. Get Out of Debt
Bad debt, like credit card debt, can hold you back from getting anywhere. If you want to move forward, you need to work on paying these off as soon as possible. Likely, this is an emotional undertaking for you. Debt causes a lot of stress. Believe in yourself. Believe that you can pay this off and get past this debt. And then, once you get your mindset right, make a plan for really making it happen.
Research options for refinancing your debt to lower your interest rate and then look into the stack method for paying off your highest interest rate debts first. Once you clear there off your financial portfolio, you will have the immense relief of being debt free and having the money you were using for monthly payments to put towards building your wealth!
Be Aware Of Everything Happening With Your Finances
Build a budget for yourself. Cutting out your latte habit will not make you rich, but you should know how much you’re spending on that latte habit. You should be conscious of all your spending. People shy away from this because they’d rather not know, but that’s not a mindset for wealth, that’s a mindset of being afraid of money.
Spend money on your latte if it’s worth it to you, just know what you’re spending.
You should also shy away from impulse purchases. This is a strong habit to make for a good budget. Even making it a policy to wait 24 hours on any new purchase can keep you from spending money you don’t need to.
Following these practices means you are in control of your money, and that’s one of the keys to a wealth mindset.
Get Set Up To Track Your Net Worth
This is a way to see how far you’ve come over time.
You can do this yourself with a spreadsheet or you can use a tracker. The application Personal Capital is a popular choice for tracking this information.
The idea here is simple. Write down every asset you own. This may be your vehicles, your home, your investment accounts, and any other place that you have money.
Then you make a second list, this time of all your liabilities. This is where you write down all of your debts. This includes your credit card debts, your car loan, student loans, and what you have left to pay on your mortgage. If you owe money anywhere it goes on this list.
Your net worth is your total assets value minus your total liabilities value.
This may be a negative number to begin with. Remember this is just where you’re starting. Everyone’s starting line looks different. Later you’ll be able to look back on this number and see exactly how far you’ve come.
It’s Time to Learn About Money
You will need to dedicate yourself to your own education. You’ve spent a lot of time subtly learning how to not have money over the years. It’s time to make a big change.
Learn about how personal finances work. Learn about investments, real estate, passive income, wealth mindset, the stock market, and more. Don’t overwhelm yourself by trying to learn everything at once. Instead, pick up one book at a time. Dedicate yourself to always having one book on finance in your bag or on your phone that you will read a bit at a time. Set a goal to read so many in a year, or possibly a chapter a day. Subscribe to a few podcasts or YouTube channels about personal finances. The more educated you are on your options, the better choices you’ll make, and the more possibilities you will believe are out there.
Seek Out the Opportunities to Make More From Your Current Earnings
You are now at a stage where you are serious about your finances and it is time to look at making more money! The first step is to seek out all the ways you can make more in your current situation.
Start with asking for a raise at your current job. Be strategic about this. Go to a meeting with your boss equipped with insight on what people make in your position nationwide and a list of ways you’ve been useful in your job.
Research the benefits offered at your current job. Visit the HR department and become thoroughly educated on your current benefits. Some jobs offer unusual benefits that may save you money, like free tutoring for your children or tuition reimbursement.
Research your 401K. If your employer offers a match, see if you can contribute enough to take advantage of that.
Consider Where You Might Work Next
It may seem like staying loyal to a company is your best bet for financial success, but that is often not the case. Pay raises are often much less of an increase than a salary at a new job would be. It’s common for employees who frequently change jobs to make 50% more over the course of their lives than loyal employees who stay put.
The best way to find a job that pays you more money is to make yourself more valuable. Invest in your skill sets. Take classes, read books, and always be offering to do more at your current job if it means learning something new that you can put on your resume.
Diversify Your Income
Rich people have multiple sources of income. This can be through a side business, passive income streams, and through investing.
Starting a business is a solid way to gain a second income stream. There are many businesses you can start that don’t have large upfront costs to get started. Fortunately, the internet has made it so there are many options for accomplishing this. Consider how much time you want to spend on your business and what your skills are. Could you be a freelancer? Could you run an ecommerce store?
Read more books about being an entrepreneur to decide how you might get started.
Passive income streams begin with a lot of hard work. Once they are strongly established, they are an income stream that does not demand much of your time. Making a lot of money without putting a lot of time into it is a solid strategy for becoming rich.
Passive income can mean things like investing in real estate, once you have the money to do so. It can also mean starting a business you can mostly outsource once you get it established, or it runs itself. Some business models that can become passive income is through a drop shipping business, Amazon FBA stores, or selling courses.
Passive income can also be smaller things, like earning rewards on credit card purchases, or returns on high-yield savings accounts. Always be looking for more ways to bring in money, even small amounts. They add up the more you have.
Once you’re armed with knowledge from all the personal finance books you’ve been reading and podcasts you’ve listened to, it’s time to invest.
Investing in the stock market will not make you a millionaire overnight, but over time your returns will gradually add up and become something substantial. Even if you need to begin with a small amount of money, like $50, the money you invest compounds. Everyone starts somewhere.
Remember that it’s not about how money you can make in a week, it’s about how much money you can make in ten years.
You can also invest in real estate. If you aren’t ready to buy property, research crowdfunding real estate investment opportunities. In this scenario, multiple people go in on properties together. There are many companies that manage these types of investments now and it’s a solid way to get your hat in the real estate game.
Getting Rich Takes Time
Becoming rich is something anyone can do, but it takes time and a lot of hard work and belief. Get the right mindset in place, surround yourself with people on similar journeys who want to support you, and learn everything you can about personal finances, investing, becoming an entrepreneur, and passive income streams. The more actions you take, the more successful you will be.
Rachel is dedicated to helping individuals and families boost their budgets so they can enjoy the lifestyle they deserve. Rachel graduated with a degree in Family and Consumer Sciences. She’s a prolific finance writer, producing tons of articles on different aspects of personal and family budget management.