aving one million dollars is one thing. Learning how to get rich quick is another thing. In reality, there are secrets to becoming wealthy. This post details the right mindset, money management tips, and schemes to become rich on your own terms.
Here's a fact: Only 20% percent of people become millionaires through inheritance. What does it mean, then?
It means that the rest of the 80% or the first-generation affluent started from nothing piled up money to become wealthy.
So, piling up that money is very doable. It’s just a matter of putting your mind to it.
Sure, you can play and win the lottery, and be ultra-wealthy overnight, but that's a long stretch.
But there are a lot more ways to get rich than mere luck from playing the lottery. There are ways to make money (even passive income) you can do now without sacrificing a lot.
Wait a minute!
Before jumping in, I'd like to answer some questions on how to find the get rich quick schemes that work (more at the end of this post so please read through everything):
How can I become a millionaire in a year?
While there's no exact roadmap or guide on making a million in just a year, here are some of the tips that can help you build a plan and, eventually, make you a millionaire.
- Build your plan/ Create your budget (Click here for budget templates samples)
- Educate yourself on personal finance and debt management
- Increase your income and decrease your expenses
- Find more ways to save money
- Increase your passive income streams
- Automate your savings
- Live within your means (and splurge from time to time)
- Associate with millionaires (if you want to make one million dollars or more)
How can I become rich from nothing?
You can become a millionaire coming from not having anything or not having a whole lot. Here are things you need to consider:
- Have a vision and push through it
- Surround yourself with like-minded people
- Make a budget plan
- Find your niche and make passive income
- Consistently learn. Always upgrade your skills, knowledge, and experience
- Think about the things that hinder you from becoming rich. Ditch those.
- Invest in yourself first
Look rich or be rich: How to really get rich quick
Even when you make money fast consistently, becoming rich isn't something done overnight unless you win the lottery or inherit a ton of money.
That said becoming a millionaire starts with a mindset, that is, you need to develop a “millionaire mindset.” If you're trying to mirror what the norm is, chances are you won't be able to get to your goal.
If the norms you're trying to follow right now are the right mindset of a millionaire, then, a lot of people would be millionaires now.
Here are the right mental ingredients you need to help you achieve your millionaire-status goal:
1. Develop a millionaire mindset
Develop the habit of “getting rich slow” than “getting rich quick.”
Wealthy people have two rules with regards to money. Here are the rules:
- Don't lose money. Millionaires study their finances and try to find ways to better manage their money. Just like with studying for an exam, you'll get better at handling your finances when you study them.
- Go back to rule number one. If you're tempted to do something that involves shelling out money, then, go back to rule number one.
2. Surround yourself with the right people
When you want to become rich quick or the slow way, you need to surround yourself with people that align with what you want to achieve.
You'd want to be in a group that has the same millionaire mindset and won't judge you for what you want to have.
Learn from them, their habits, their hobbies, among others and use what you learn to better yourself. If they're good in investing, learn how to invest in stocks.
Remember, it's easy to achieve your goal when you have someone or some people who go through the same journey as you do.
3. Develop the habits of wealthy people
When it comes to money, millionaires have this habit of getting good financial advice.
They not only study their finances but they also ask others (i.e., financial advisers) who can help them further enlighten them about the ways to grow their wealth.
Other habits of wealthy people:
Another fundamental trait of millionaires is that they take their time studying their investments before jumping into them.
In the case of investing in the stock market, they study the stock market, learn technical analysis, among others to ensure they know where they should put their money in.
Wealthy people also take their time with their chosen investments or businesses. They look at every detail before making a decision. They never allow pressure to hinder their decision.
4. Find mentors
The best teachers are those who have a wealth of experience to share. If you are looking for ways on how to become rich, chances are there are people who have dreamed of that and have successfully done it.
They are called mentors.
Not everyone can be a mentor. Those people who look down on you aren't your mentors.
They're distractors who feed on negativities and would be more than happy to see you fail.
That said, there are people who would be willing to help you achieve your goal, and would extend their extra time and effort to make sure you get the most out of them.
How To Manage Your Finances
When you've created that millionaire mindset, it's now the time for you to move to the next phase.
This phase is where you start to manage your money. Remember that it's difficult to be a millionaire and become rich when you don't know how to handle your finances.
In short, it's easy even when you want to learn how to become rich overnight, you won't be able to do that when you don't know how your money works. Read this post on Dave Ramsey’s Baby Steps for more info.
1. Take note of your finances
Making your money work for you or mastering your money to get you to your goal isn't really straightforward, at first.
Don't make a move without asking yourself the most important questions to include:
- Do you know where your money is going?
- Do you live paycheck to paycheck?
- Do you know what expenses to cut to make ends meet or save more money?
- Are you willing to go the extra mile to save or make money from home?
These are some of the questions you need to answer. Be honest with your answers. By doing this, you'll be able to find your strengths and weaknesses.
2. Build your plan
You can't build a park without making a plan, right? The same reasoning goes with wanting to achieve your goal of becoming rich. You need a plan to reach it.
Here are some of the things you need to consider when building your money management plan:
- Create a budget. Your budget is your best friend. It can help you map your finances down to the single cent. Pick a budget system that works for you. There are plenty out there. Click here to learn how to create a budget from scratch.
- Find ways to earn extra money. There's only so much you can save with your salary/income right now. One of the best ways to build wealth is to find side hustle ideas that won't interfere too much with your personal life.
- Track your spending. No matter how much money you make, you won't become rich if you don't track what you spend. You'll have to know where your money is going and where you can make cuts if needed.
- Pay off your debt. Most of us have debts. Pay off your debt starting with the most expensive debt – the one with the highest interest rate – while making the minimum payments on the rest. Some of the great products to help you with your debts include SoFi and Tally.
- Track your net worth. Looking at your net worth is a good way to help you see how far you've come along and how much more you to need to achieve your goal. Some net worth tracker like Betterment and Personal Capital can help you do that.
3. Make savings consistent
When you want to become rich, it's not only spending that you need to pay attention but also the saving part. Click here to learn more on how to save money.
While a millionaire status can be a combination of cash, investment, among others, it's always better to have cash in savings.
Why? It's because you'll never know when you will need to shell out money to pay for something unexpected.
By saving enough, you'd be able to live comfortably both in the short-term and long-term.
4. Be persistent
Always push through with your goal. Not everyone will become rich or be a millionaire. Some will try but will eventually let go because of the challenges they face while trying to reach that goal.
Be persistent. Stick to your plan. Don't get discouraged if it's taking you longer than you expected to hit a milestone. It happens.
Remember, if having a lot of money was easy, then, a lot of people would have a lot of money now.
13+ Ways on how to get rich
Believe it or not. It doesn't take so much money to make so much money and become rich. That's just a myth. We’ve outlined 13 ways on how to get rich quick for free. You even be able to make your first million dollars after a few years of using these ways.
Here are some money making ideas you should consider.
FYI: You'll find some overlapping tips between the first few sections above and this section.
1. Make more money
The faster that you can earn more money either by working on online jobs or a regular day job, the faster you will become rich.
Let's face it:
When you're income is well below your expenses, in simple math, you'd be sinking in debt and becoming rich quickly won't happen.
That said, there's a fix for that, and that is making more money.
No, you don't have to get another job. You just need a side hustle or two to help you make extra money while at home, while you have extra time or some sort.
Here are several ways you can increase your surplus to get rich quick:
Survey Junkie is one of the best ‘how to get rich for free’ ideas because the website lets you share your thoughts for cash.
Just share your opinion and you'd get paid. That's what over 6,000,000 members have done – a testament of how good Survey Junkie really is.
Do you like lunch? Do you drive? Do you have TV? Those are some of the questions you could answer in seconds. So, why not get paid for answering those, right?
Survey Junkie works on a points system, and the points convert into cash. Once you reach 1,000 points, equivalent to $10, you can cash out your money. Since most surveys pay out between 400 and 700 points, it's not hard to reach that threshold.
One of the most lucrative “get rich quick schemes” that work is starting your own blog.
For me, blogging turned out to be an awesome money maker. I got my start a little over two years ago and now make more than $20,000/mo, and spend no more than 5 hours/mo on it.
Believe it or not:
Some part-time bloggers even make more than $100,000/mo! See how to start a blog for just $2.95/mo here.
With that money, you might even want to consider staying at home and starting a business from it.
Did I say there are tax benefits with having a home business?
If you’re wondering “how to get rich from nothing” from blogging, you first need a blogging platform.
I'd suggest using Bluehost for all your blogging essentials. Right now, you can get started with Bluehost for $2.95/mo (a price I negotiated just for my readers).
Using the internet? Watching videos? Playing games? Shopping? You know you can get paid doing just those and more.
That's possible with Swagbucks.
Swagbucks is one of the few sites that can help you earn money by doing just about anything you already do online.
So, it’s definitely worth a try especially if you're always in front of the computer or phone.
Why not, right? You might as well get paid to do things that you would normally do anyway.
2. Create passive income streams
You'll also want to find those consistent money-generating activities without you putting too much into it.
These are called passive income.
When you earn passive income, you make money even when you're asleep. Sure, it will take you some time to find and build a passive income stream.
That said, once this has been established, you'd find yourself with money month after month.
These passive income ideas can range from starting a business to blogging.
3. Start investing now
Being frugal is important, but just as important is making your money work for you.
If done right, investing in the stock market, in your traditional or roth IRA, etc. can be a good way to get rich quick.
If you want to know the best secret on how to become rich fast, start investing. Period.
If you don’t believe me, take it from the millionaires. According to CNBC, millionaires on average invest 20% of their household income each year.
Granted we aren't the investor junkies or geeks that can understand what's going on in the stock market.
There's a solution to that, and it's a simple one.
They are called robo investing apps, which really are just apps that help you invest without you having to do the technical analysis, fund allocation, among others.
With robo investing apps, investing has never been easier. Here are a few of my favorites:
Lending Club Invest
Lending Club is the largest, beginner-friendly peer-to-peer lending group. Whether you are trying to refinance or loan money, Lending Club can help you make an amount of money completely passively.
Lenders have earned an average return of 9.65% per year since June 2015. Learn how to invest in stocks here.
The platform also allows you to make investments semi-automatically, so you don’t continually have to monitor your investment or reinvest returns.
Here's the real kicker:
For those borrowing, there's great news.
Borrowers are more likely to receive a lower interest rate compared to major banks since people fund the loans (not banks).
What does this mean? It means that a lot more people will go to Lending Club invest to borrow money. So, more borrowing means more money for you.
Gone are the days when you needed thousands to start in the real estate investing.
Fundrise is a real estate crowdfunding investment platform that can help you get started right away.
Real estate investing is a big thing and can be a moneymaker, passive income for you for life.
It's more accessible now than ever before.
Here's the real deal:
You just need a minimum investment of $500 to invest in either or both types of real estate investment trusts, one for immediate income and the other for growth.
After that, you are good to go.
Click here to start investing with Fundrise. Be on your way to learning how to become rich for good.
I understand that not all have $1,000, $500, or even $10 to spare for investing.
Believe it or not:
You can still invest by putting in a couple of cents here and there.
Acorns take a lot of the work and thought out of saving and investing.
The app monitors your daily purchases and takes the spare change after rounding up and invests it into one of five different portfolios that you can choose from.
The whole point is to make investing as simple as possible so that anyone can do it, and it’s a great way to put your extra income to good use and get even more in return.
Sure, you won't get rich quickly, but constant investing could give your pocket a boost.
Here's what happened to me:
Between investing change, referring people, getting cash back from Acorns (see more cash for apps here), among others, After seven months on Acorns, I turned my cents to $2,400. That's over 12.5% rate of return.
4. Educate yourself on money
Did you know that 40% of people in the U.S. don’t have $400 set aside for an emergency?
A simple way to stay out of that 40% is by educating yourself on money.
When trying to find new and unique ways to conserve funds, financial guru Dave Ramsey is an excellent person to grab advice from in many different finance-related areas.
From cutting back on activities and items you don't need to find ways to obtain excellent deals, there are quite a few Dave Ramsey tips for saving money with little effort on your part.
5. Pay your debt like it's the only thing you need to do
Debt can be an ugly thing.
In fact, about 77 million Americans, or 35 percent, of adults with a credit file, have debt in collections reported in their credit files, according to the Urban Institute.
I get it. Paying down debt is hard work.
I've been there and I feel your pain.
Not long time ago, I was indebted to the tune of over $40,000 with no savings in the bank or funds for my retirement accounts.
In paying down your debt, it’s always good to find ways to pay it down as fast as you can.
That's what I did, and have been debt-free for years now. Now, we see our savings account continue to grow day after day and continue building wealth with less effort.
If you can't pay it all right away, one option is to consolidate your debt – a way to reduce your interest payments (especially with that dreaded student loan) and penalties, and a way to save money fast.
Yes, that's one long term secret of how to get rich quick. That's how my wife and I did. It worked.
6. Cut your bills for good
If you’re still asking yourself, “how to get rich in a short time,” cutting your monthly bills is a surefire way to put money back in your pocket.
There are plenty of apps now that can help you cut your bills for good, including Trim, Charlie, and Cushion.
Trim will negotiate your utility bills for you, but also does a whole lot more.
When you use Trim, the system will analyze your spending and then help you to cut costs by canceling unwanted subscriptions for you and more. Click here for my Trim review.
Charlie is a text-based AI assistant.
You ask Charlie questions about your personal finances, and Charlie answers. Charlie also does all your balance-monitoring, number-crunching, and other burdensome budgeting chores (see more on budget templates here), so you don’t have to!
Charlie continuously monitors your transactions, finding you ways to save money, cut expenses, and understand your spending.
All the work is done for you, making Charlie one of my favorite “how to get rich with no money or education” apps.
With 21% of working Americans having zero in their savings, getting bank and credit cards fees refunded could help get you some cash back in your wallet!
Similar to Trim, that negotiates your bills from cable/mobile companies, Cushion works with banks on your behalf to get your money back from silly charges like overdraft fees, wire transfer fees, foreign transaction fees, minimum balance fees, and more.
Fees Cushion will negotiate include ATM fees, monthly services fees, overdraft fees, withdrawal limit fees, wire fees, late fees, and interest charges.
7. Track your net worth
Keeping track of your net worth is one of the most important components of how to be rich and successful.
Tracking your net worth is pretty simple these days.
Through platforms like Personal Capital, all you have to do is fill out a short survey answering questions about your financial position and future goals.
From there, the robo-advisor puts together an optimal portfolio for you and manages it, so your investments stay on track with your goals.
Personal Capital is great for tracking your net worth, which could turn into a ‘how to get rich quick’ tip success. Plus, it’s free to sign up!
8. Make a budget
Just hearing the word budget can make most of us cringe. Learn how to make a budget here.
I know. I know.
But what if I told you that a simple budget could be the trick to a debt-free life and help you to learn how to become rich?
Would you start budgeting?
Believe it or not, it can.
My wife and I learned how to make a budget to get $40K out of debt. We learned how to budget money quickly because we had to, but after 2.5 years we became debt-free.
9. Practice conscious spending like a rich person
If you’re asking yourself “how to get rich with no money or education,” a budget is extremely important how to get rich quick.
There's something called the zero budget system, which you can apply using the Dave Ramsey envelope system.
Think of it this way.
You're paying all of your bills in cash. When you get your income, you assign each portion to a specific envelope, so that every portion of income has its place.
At the end of the day, you should be left with zero.
That doesn't mean that you don't get to save money. What it is is that you put a specific envelope for just savings, and put the money there just like you would for your other expenses.
An easy way to try out the zero budget system is to use a budget template.
10. Get a side hustle
Nearly 4 in 10 (37 percent) of Americans have a side hustle.
Plus, a side hustle can be very lucrative and can be your ticket on how to get rich quick.
In fact, some freelance writers are making upwards of $4,000/mo! Talk about how to get rich in a short time!
Check out this blog post to learn a few side hustles or passive income ideas that can get you what you need without exerting much effort.
11. Invest in you
One of the simplest “get rich quick schemes” that work is to invest in yourself.
Remember, the best way you can help yourself and others around you is to not be someone in need.
Help yourself out so you are in a position to get rich quick. In the context of this article, this means investing in yourself so you can make more money!
13. Avoid purchases that are likely to depreciate in value rapidly
A key to “how to get rich quick” is to be selfish with what you spend your money on.
So, when you can:
Avoid or make smarter choices about purchases that are likely to depreciate rapidly.
A year later, that percentage drops to 25%, and five years later, your car will be worth roughly 37% of what you paid for it.
Some other purchases that rapidly depreciate in value include phones, video games, and jewelry.
14. Sell your stuff
One of the easiest “how to get rich from nothing” is to sell your things you’re doing nothing with!
By discarding things you don’t really need, you can get rich even quicker with very little effort.
Believe it or not:
Some big companies like Under Armour started with a person selling their stuff.
Read here for the best things to flip for a profit.
15. Make your money work for you
When you’re thinking “how to be rich and successful,” the biggest no brainer is making your money work for you.
One of my favorite tips to do this is by opening a savings account with a higher interest rate.
Many banks have several options for savings, but a great one to check out is CIT Bank's savings account, which offers at least 1.55% APY on your savings.
This is 25 times the current national average of .06%. Some banks pay as low as .01%
So if your bank is offering a super low rate, ditch it and move your money over to one that will give you a much higher return.
Now, I make $1,550 every year for FREE. I'm earning cash without lifting a finger.
In the grand scheme of things, that $1,550 isn't going to make me rich. But hey, this is still is big FREE money.
How to get rich from nothing FAQs
How can I get rich overnight?
I'm not going to sugarcoat the answer, which is No. Unless you win the lottery or receive an inheritance, you can't get rich overnight.
That said, you can teach yourself the ways to get rich with no money by following the information above.
Conclusion: How to get rich in short time
How to get rich quick isn’t a silly question.
From investing your money to selling your stuff, to simply improving your financial habits, there are plenty of ways to do it.
One last tip to getting rich quick:
Read all you can about personal finance, investing, and passive income. Financial successes or becoming rich doesn't happen overnight.
Ultimately, the more you read, the more you know, and the quicker you can get rich and achieve the life you want.
Do you think these ideas have thought you how to become rich? Do you think any of these tips would help you reach that goal?