9 Ways To Become Rich If You Were Born Poor
Written by
Cindy Lamothe
Edited by
Gary Dudak
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Growing up with wealth is a privilege that lends financial stability and provides greater opportunities for future success. But what if you weren’t born with a silver spoon in your mouth? It’s hard to fathom going from poor to wealthy in a single lifetime, but according to experts, it’s not some distant fantasy. It isn’t easy either.
“Wealth building for individuals starting from a disadvantaged economic position requires a multifaceted approach, focusing on education, smart financial decisions and leveraging available opportunities creatively,” said Dennis Shirshikov, head of growth at Summer.
“Education, both formal and informal, is a cornerstone. It’s not just about earning degrees but acquiring financial literacy,” he added.
Overall, though, some experts disagree on how best to build wealth — especially when starting from a place of financial insecurity. Some say to invest in education, while others suggest skipping the fancy schools altogether.
Below are some ways to become rich if you’re starting out with limited resources, according to the experts.
Capitalize on High Demand Skills or Industries
One strategy, according to Shirshikov, is to capitalize on high-demand skills or industries.
“Whether it’s learning a trade, tech skills or entering emerging markets, aligning one’s skillset with market demands can provide a substantial economic uplift.”
Start a Business
Entrepreneurship also plays a crucial role, Shirshikov continued. “It involves higher risks but offers greater control and higher rewards.
“I’ve observed several cases where individuals from modest backgrounds have started their own businesses in fields as varied as cleaning services to tech consultancies, scaling these ventures into substantial wealth over time.”
The key, he says, lies in starting small, minimizing initial costs and gradually expanding as the business generates revenue.
Focus on Getting a Good Education
“The key to building wealth for people starting from scratch is to focus on getting a good education and developing valuable skills,” said Joe Chappius, financial planning and tax expert at TaxClimate.com.
“This builds you a solid foundation that will open doors to better job opportunities and higher income for you later on.”
Melanie Musson, finance expert with Clearsurance, agrees.
“Take a class and read some books. When you don’t grow up rich, you miss out on the lifestyle learning you get just by living in a wealthy household. So, to make up for that, you have to take the initiative to educate yourself.”
She added: “The fact that you were born poor does not dictate your future. Put on a positive mindset and get to work.”
Diversify Your Streams of Income
“Once you’re earning, don’t just rely on a single source of income,” said Chappius.
“Look for ways to diversify it — maybe start a side hustle or invest in rental properties.”
Rhett Stubbendeck, CEO of LeverageRx, notes it’s vital to boost one’s earnings. “Whether it’s a side gig or upskilling for a better job, increasing your income is a game changer.”
Live Simply
According to Stubbendeck, avoiding lifestyle inflation is crucial. “By living below your means, you can save and invest more.”
Musson agrees with this approach. “Be ready to live poor so you can build wealth,” she said.
“If your goal is to live like you’re rich, you can probably make that happen by living to the maximum of your income,” she explained.
“However, that lifestyle will not help you build wealth that lasts. So, live like you’re poor and save every bit of money you can to build wealth.”
Start Investing Now
“Remember that as you’re making money, you need to save and invest a portion of it regularly,” Chappius advised. “Over time, this approach can really help you build significant wealth and secure your financial future and stability.”
Even small amounts matter, Stubbendeck added. “Starting with something as simple as $50 a month can grow significantly.
“At [my company], we guide clients towards low-cost investments that build wealth over time.”
Get Smart About Money
Knowledge is your first tool, said Stubbendeck.
“I always encourage diving into free financial education resources. We even host workshops to help break down the basics for our clients.”
Budget With Purpose
Tracking every dollar is key, Stubbendeck advised. “It’s not just about cutting costs,” he added, “but being intentional with your spending.”
“Many clients have shifted to cheaper housing or public transit, using the savings to boost their investment contributions.”
Skip the Fancy Colleges
Dan Kroyter, director at TailoredPay, has a controversial opinion to share: skip the fancy colleges.
“I grew up being told that our education is what makes our financial future, but as an experienced finance professional and business owner, I couldn’t feel farther from that conclusion.”
“Private universities of today are overrated,” he added.
In some places, he said, obtaining an undergraduate degree costs as much as buying a home. “Secondly, you almost always need to pursue a master’s degree at minimum to make a high salary, and even then, today’s market for master’s level graduates is extremely competitive in many industries.
“My advice for the disciplined and naturally talented is to focus on acquiring practical and trending skills. Learn programs companies want to see, teach yourself as much as you can find for free, and even consider starting your own business if you’re up for the risk.”
“The earlier you start earning real, applicable experience in your desired field, the better off you will be in two, three or five years,” he noted.
“Education is important, but it won’t necessarily make you rich. Being smart doesn’t take fancy schooling; it only takes the drive to learn, which you can do on your own.”
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