How To Become Rich: 9 Fastest Ways, According To Experts

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Getting rich tops most people’s list of financial goals, hopes and aspirations. After all, it lets you not only have more security when making financial plans and decisions, but it also means you’ll have more retirement options if you save money or stash it in other investment accounts.

Short of winning the lottery, any financial advisor would tell you that your long-term personal finances and growth depend on more than just what you put in a savings account.

Take your mortgage, for example. Even if your mortgage rate is lower than the rates on your other debt, the size of a mortgage loan and the length of the term can cost you much more in interest over time.

Of course, considering how much mortgage debt Americans carry, finding extra cash for your mortgage might not be easy. How difficult it is could depend on where you live. GOBankingRates researched the average mortgage debt by state from 2013 through 2023.

Key Takeaways

You’ll notice some pretty big discrepancies with the average amounts of mortgage debt in different states. Here are some key findings:

• States with the highest average mortgage debt per household in 2023: Colorado ($70,790), California ($67,840) and Washington ($64,750)
• States with the lowest average mortgage debt per household in 2023: West Virginia ($19,610), Mississippi ($20,750) and Arkansas ($24,000)
• States with the largest one-year increase in average mortgage debt per household: South Carolina ($1,940), Texas ($1,890) and North Carolina ($1,830)
• States with the largest one-year decrease in average mortgage debt per household: Washington (-$740), South Dakota (-$520) and Hawaii (-$490)

Paying off this kind of mortgage debt is unlikely to be “fast.” But the interest savings are guaranteed, and once you’ve knocked out the principal, you can use your freed-up cash to accelerate other wealth-building activities.

For example, if you take out a 30-year, $350,000 mortgage at 7% interest, you’ll pay over $488,000 in interest over the life of the loan.

However, if you shave 15 years off the term, your total interest payments drop to $216,000, freeing up $272,000 that you can save, invest, or put toward other wealth-building opportunities.

8 More Ways To Become Rich

The problem with getting rich is that it takes tremendous time and effort in the long run.

Get-rich-quick schemes prey on those trying to earn more money while struggling financially. You can work toward improving your financial literacy to help, but there are also some tips and tricks to help you boost your saving and earning potential.

Unless you are born into a wealthy family and a large inheritance is passed to you, you’ll likely have to become rich through hard work and financial diligence. Here are eight more ways experts advise on how to become rich fast:

1. Avoid or pay down debt
2. Spend intentionally and minimize costs
3. Start saving ASAP
4. Invest in a diversified portfolio
5. Work on your career
6. Start a side hustle
7. Build an emergency fund
8. Invest in your financial education

1. Avoid or Pay Down Debt

Debt, especially high-interest debt, is not necessarily bad in all instances, but it’s avoidable most of the time. For example, student loans are beneficial if the principal and interest rates are not excessive and help you pursue a lucrative career.

“Some experts would contend that student loans are bad debt, but I disagree,” said Robert Johnson, chairman and CEO at Economic Index Associates. “I would categorize modest student loan debt as being ‘good debt.’ In my opinion, student loans get a bad rap.”

Again, the emphasis is on how you use them. Student loans can be bad if the numbers don’t work in your favor. “There is no doubt that the system has been abused and that some students have accumulated a mountain of debt and have earned degrees that simply won’t provide the earning power to pay that debt back,” Johnson said.

Johnson also emphasized that credit card debt is always bad debt and should be prioritized over student loans.

Ariel Acuña, founder of independent wealth management firm LTG Capital LLC, recommended putting at least 20% of your paycheck toward debt if you have it.

2. Spend Intentionally and Minimize Costs

If you want to become rich, minimize your costs and be more intentional with your spending. Spending intentionally and minimizing your costs will require you to keep a budget.

In doing so, you can keep track of exactly how much you spend and where you spend it.

“Develop a prioritized checklist for how you’re going to spend your paychecks when you receive them,” Acuña recommended.

Your goal should be to minimize costs as much as possible so you can put that money toward building wealth.

3. Start Saving ASAP

Laura Adams, MBA, award-winning personal finance author and expert with Finder, said that the sooner you start investing, the more wealth you can build over time.

“For example, Sam begins investing at age 35 and stops at age 65. Over those 30 years, she invested $250 monthly and received an average 7% return.” Adams explained, “Her account balance is less than $300,000 at retirement. A second investor, Taylor, begins investing at age 25 and stops at age 65. He also invests $250 monthly, receiving a 7% return but builds approximately $622,000 after 40 years.”

“By investing 10 years earlier than Sam, Taylor retires with over $300,000 more to spend, even though he only invested $30,000 more ($250 x 12 months x 10 years) than Sammy. Taylor has more because his money has more time to compound and grow,” Adams said.

4. Invest in a Diversified Portfolio

While there are limits to how much you can put into a 401(k) or individual retirement account, those limits are high enough — $23,000 and $7,000, respectively, for 2024 — that many people can’t reach. And if you do, you can always invest more in a taxable brokerage account. If you want to become rich, you should invest as much as possible — there is no upper limit to that amount.

There are many different investment strategies, but most experts recommend putting most of your money in the stock market to get rich. Some recommend a smaller portion of real estate or even speculative investments. Jeff Burrow, founder and lead advisor at Sierra Ocean, recommends a portfolio of 65% stocks, 25% real estate and 10% speculative asset of choice.

Invest that money in a tax-advantaged account such as a 401(k) or IRA first. That helps you minimize your tax bill and increase your returns over time. Once you max out all tax-advantaged accounts, move to a brokerage account.

5. Work on Your Career

There is only so much you can cut in terms of expenses, but there is no limit to how much your income can increase, at least in theory.

“Ensure that as you advance in your career/business/main occupation, you always save more than you spend as you earn raises and increase your gross income,” Burrow said. “Lifestyle cost creep will wreck a plan to get rich as quickly as possible.”

Of course, increasing your income will be contingent on your job. Those working hourly jobs, for example, may have minimal leverage to increase their income. As you can move up the career ladder, another powerful way to become rich, as you’re able to save and invest more.

6. Start a Side Hustle

The idea of a side gig is nothing new, but if you have some extra time and can pick up some extra work for a few hours a week, that can be a powerful way to increase your income. Gig economy platforms like Uber and Taskrabbit make it easy to find flexible work. And there is no shortage of lists of types of side hustles to be found online.

Finding a side hustle is sometimes easier said than done, but it’s worth the effort because the extra money lets you invest more to create wealth.

“Immediately find two to three side hustles to boost your take-home income. Save as much of that as you can,” Burrow said.

7. Build an Emergency Fund

Adams said that although it’s wise to start investing as soon as you lack a healthy cash reserve, you should make building an emergency fund your top financial priority.

“Emergency funds help you manage unexpected expenses and hardships, such as a job loss, home repair or medical bill,” said Adams. “A good savings target is three to six months’ worth of your living expenses — such as housing, food, utilities and debt payments. For example, if your monthly living expenses total $4,000, consider accumulating at least $12,000 in savings.”

8. Invest In Your Financial Education

“Being financially literate means you have money skills, such as budgeting, saving and investing, and you continue learning about personal finances,” said Adams. “It allows you to make wise decisions that improve your net worth over time and avoid money mistakes that could hurt your future financial security.”

There are various ways to increase your financial education, including subscribing to financial newsletters from trusted sources, listening to financial podcasts and reading personal finance books.

Good To Know

“A get-rich-quick scheme is any promise of earning or receiving money easily and quickly,” Adams explained. “Criminals may use them to lure you into paying for a scam that hurts your finances.”

Be wary of anyone who promises their product or service to help you become rich with little to no risk because it’s almost certainly a scam. Always research the individual or company offering the opportunity to verify their credentials and track record with other investors.

Final Take To GO 

There are no secrets to becoming rich, and GOBankingRates’ experts confirmed that time-tested approaches are generally your best bet. Paying off your mortgage is a good first step because it saves on interest and frees up cash to pay off smaller debts, increase your savings, expand your investment portfolio or start a business.

Bob Haegele, Daria Uhlig and Cynthia Measom contributed to the reporting for this article.

Methodology: GOBankingRates analyzed U.S. States to find the average mortgage debt per capita by state using the Federal Reserve Bank of New York’s Center for Microeconomic Data data. All data was collected on and is up to date as of Oct. 16, 2024.

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