The desire to become rich certainly isn’t anything new. Building wealth is something people have desired for generations, even before our monetary system today, and researchers have managed to track the income gap as far back as 11,000 years ago. Getting rich is something people have seemingly always aspired to accomplish, but rarely is it ever easy.
Let’s address the elephant in the room: you shouldn’t expect to get rich in a week. You can start getting rich in a week by putting the right systems in place or by starting a new business endeavor, but the wealth-building itself will likely take time.
Still, nothing should stop you from getting started. Depending on your skills and the resources you have in terms of time and money, there are several ways you can start getting rich in a week. Many of those ways have been around for decades, while others have only emerged in the past few years.
GOBankingRates polled the experts for their best ideas on getting rich, and they responded with ideas that are quite new in addition to time-tested methods of wealth creation.
Put Your Money to Work
Putting your money to work is undoubtedly one of the proven ways to get rich. Real estate, for instance, has been a tool people have used to build wealth for generations.
Jessica Weaver, CFP, says real estate is a great way to build passive income. However, you must take the necessary steps to ensure the property is a good investment. “First step is to do your research and see if the real estate market is favoring buyers or sellers,” Weaver says. “You don’t want to buy too high for a rental property.”
Weaver recommends finding a location with lower utility bills, taxes and homeowners association fees because they all must be covered by the renter.
In addition, Weaver recommends stocks as a way to put your money to work. “There are many strategies for investing in the markets such as buy and hold, dollar-cost average or tactical trading,” Weaver says. “This is something you can do yourself or hire a financial advisor or money manager to invest for you.”
Invest in Private Mortgage Funds
The previous section focuses on real estate as a way to get rich, but that assumes you are buying your own rental properties. However, there are many more ways to invest in real estate, and one way is with private mortgage funds.
If you don’t want to buy your own properties directly, these funds are one option to consider. For instance, you can lend money to house flippers who need the capital, says Lyle Solomon, principal attorney at Oak View Law Group.
“It can give funds to house flippers who purchase houses for commercial usage,” Solomon says. “Lending money to reputable house flippers can help spread the risk of this investment.”
‘Invest’ Your Time
You can’t invest your time quite the same way you would your money. After all, you can’t buy a rental property or shares of stock with a block of time. You can, however, put in the time to build a side hustle or business that will allow you to generate significant income. And, indeed, you may even be able to set one up in a week.
Weaver offered tips for starting a business venture that will help you get rich. “Start by brain dumping all the things you love to do; it’s time to identify your area of genius that is so special and custom to you!” In other words, figure out what you love to do and are uniquely skilled in doing.
“Next step is to research who else is doing what you love to do and what are they charging?” Weaver says. She recommends finding what people are doing and figuring out how you can provide more value, and charge more as a result.
Automate Your Savings
These days, automating your savings is easy, making it a must for anyone who wants to build serious wealth. Whether that is automatically contributing to a savings account, a retirement account, or both, it’s important to get started.
“If you want to start getting rich this week, the best thing you can do is establish automatic savings plans,” says Clayton Quamme, financial planner at AP Wealth Management. Quamme recommends opening a Roth IRA and setting up automatic weekly or monthly deposits into your account.
“This is also called the ‘pay yourself first’ strategy which means you save money first, then figure out how to spend the remainder,” Quamme says. “Most people do the opposite and never save enough to get rich.”
Make Videos for Social Media Platforms
Not everyone is comfortable making videos, but if you are a natural in front of a camera, this can be a great way to start earning income. Plus, it doesn’t take much to set up.
“Creating content for numerous social media is one of the best occupations you can have on the internet,” Solomon says. “Creating films for YouTube, Facebook, Instagram and Vimeo is the most successful content.”
It’s true — those who make videos on YouTube and other platforms can earn a lot of money. Some YouTube channels even make millions every year. While that certainly isn’t easy to do, you could make a decent income doing it, perhaps even one that rivals what you earn at your day job.
And, you can get started in a week’s time.
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