8 Ways To Build Wealth If You Live in a Small Town
Written by
Angela Mae
Edited by
Renee Ross
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Even if you live in a small, middle-of-nowhere town, there are always ways to build long-term financial stability. The opportunity to become wealthy isn’t always location-dependent, especially with so many businesses operating solely or partially online.
And if the wealth-building opportunities do seem lacking in your specific area, you might just need to get creative with how you go about it.
That being said, here are some of the top ways to build wealth if you live in a small town.
Get Into Real Estate
If you already have a bit of extra cash, real estate could be a great place to start building wealth.
“Real estate investment can be a robust path to wealth in small towns. Property values in smaller communities often have lower entry points, making it more feasible to purchase rental properties,” said Mike Kojonen, a retirement planning and financial services expert at Principal Preservation Services LLC. “These can provide a steady income stream and capital appreciation over time.”
As with anything, there are certain considerations with real estate investing. Ask yourself if your area has anything that might attract new people — like tourism, cultural significance or an expanding economy.
“Even with a smaller population, the demand for rental housing can remain consistent, especially if the town has unique attractions or a stable job market in certain sectors,” Kojonen said.
Start a Business
Another option is to start a business — either a local one or a digital one. That’s one way Andy LaPointe, a consultant and the thought leader at Traverse Bay Farms, started building wealth in a town of about 1,500 people.
“Prior to leaving the corporate world in 2009, I worked as a registered investment advisor (RIA) and mutual fund wholesaler,” he said. “Since leaving the corporate world, my wife and I have worked in our gourmet food business. We started it in 2001 as an exit strategy for me to leave the corporate world. Our gourmet food business has two year-round retail stores. We also sell online and have distributors across America.”
You can choose nearly any industry to get started, though you may want to do some market research to see if you’ve got a viable idea.
“Whether it’s selling locally made products, freelancing, or starting a niche blog, the digital landscape opens up countless opportunities that aren’t confined by physical location,” Kojonen said. “For instance, a client of mine transitioned from a small brick-and-mortar boutique to an online store, significantly increasing her sales by reaching customers nationwide.”
Become a Consultant
If starting a business doesn’t appeal to you, but you have specialized knowledge in your field, consider becoming a virtual consultant.
“With my experience in investments and finance, I also have a consulting business for digital asset companies,” LaPointe said. “Selling specialized knowledge today is in high demand.”
Get a High-Paying Remote Job
As long as you have reliable internet, you can always get a remote job that pays more than what local companies are offering.
“The secret to building wealth in a small town, particularly in a rural area, is to find a high-paying, work-from-home job. For example, when I was living in rural Mississippi, the community offered a free BootCamp for adults to learn coding. Coding jobs can be done from anywhere,” said Jay Zigmont, PhD, CFP®, founder of Childfree Wealth®. “Additionally, I work as a financial planner and meet with my clients virtually, so I can work from anywhere.”
If you live in a rural area with a low cost of living, you can also keep expenses low while increasing your savings or investments.
Build Local Connections — And Use Them
You don’t have to live in a town with 50,000 or 100,000 people to network and find or create wealth-building opportunities.
“Engaging with local organizations, attending town meetings, and networking with other residents can lead to partnerships, investment tips, and insights into the local economy,” Kojonen said.
So, get involved with the local community. Volunteer your time. Attend local events and join local professional associations. Network with local businesses, too. You could come across opportunities and make some great professional connections that can help you along the way.
Write and Sell Books
If there’s one thing people love, it’s a good story. Even if you live in a small town, chances are you’ve got something worth talking — and writing — about.
“I have written a book called Up North Dream–The Guide to Moving to Northern Michigan,” LaPointe said. “I have sold this book on Amazon and also taught classes teaching others how to move to Northern Michigan.”
You’ll need to market your book, which you can do through community events, social media platforms, book signings and more. But once word gets out, you can start earning passive income from that book — all while working on the next one.
Start Investing In Yourself
A great thing about small towns is that life usually moves a little bit slower in them. The reason this is so great?
It’s because it gives you more time to invest in yourself. You could take online courses, join virtual communities, or participate in webinars, and so on — all with the goal of improving your marketable skills and knowledge.
The more you invest in yourself, the greater the long-term payoff. The skills you gain, you can use them to get a higher-paying remote job. And if you also invest in your own financial literacy, you can start finding smarter, more lucrative ways to invest your money and build wealth that way.
Buy Undeveloped Land
If you’ve dismissed the thought of buying vacant or undeveloped land, you may want to reconsider. Depending on where you live and what’s on that land, you could generate revenue.
“The benefit [of] owning vacant land is the price is usually less than a developed property,” LaPointe said. “The right piece of vacant land can produce timber income, mineral rights and revenue for leasing it out to hunters during the hunting season. I have done all of these with my vacant land portfolio.”
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