I’m a 30-year-old bachelor that works from home and I no longer worry about money.
For many years I worried about money, but now I spend time enjoying it.
Very few people wake-up one day and just become wealthy. It’s is a choice that you make and a way that you live your life.
It took me a long time and a ton of hard work, but I finally learned how to get rich quick realistically. I’m certainly not super-rich, but my money mindset has changed dramatically.
Most of us don’t get rich quick; it’s a journey. So, how did I do it? How can I possibly teach you how to get rich quick?
Here’s how I got rich quick (realistically):
Just in case you’re a busy professional who only has time to read lists, all you need to know to get rich is the following:
Realize you suck with money and believe wealth is possible for you.
Start investing now, your future self will thank you.
Educate yourself on money and learn to build wealth the right way.
Make more money and live the life that can make success happen for you.
Listen to our podcast and free your inner financial badass.
Investing
Being frugal is important, but it’s only one side of the coin. Cutting your fancy cappuccino habit to save a few bucks isn’t going to push the needle for you. While there is a limit to have much we can save, there is no limit to how much we can earn.
Investing in the Market
The easiest and the most efficient way to grow the money you’ve already saved is through investing in the stock market. The best part is it doesn’t take much work on your part; it can be put on autopilot.
No, investing in the stock market will not make you rich overnight. It’s a slow, steady and consistent way to build wealth. With a 7% average yearly gain, your initial investment will double ten years.
You can’t do that keeping it in a savings account. In fact, in 10 years, your savings will be worthless because of inflation.
Investing vs. Saving
You don’t need a ton of money to start investing either, and every little bit counts. If you’re an investing newb and need help getting started, we’re here to hold your hand.
We love Betterment for beginner investors because there is no minimum, the fees are low, and you don’t need to know anything about investing to get started.
Invest in Real Estate
Real estate can make you make you rich, but you need a little more money to get started here. If you are reading this you probably not ready for real estate investing just yet but you might want to put it on your list of goals. Investing in turnkey rental properties can have fantastic returns.
Roofstock is great, I created a free account and asked them a ton of questions a year before I even got started and they were more than happy to answer all my questions.
If you are interested, we have a bunch of resources and podcast episodes you can check out. We cover everything from cash flow to the tax benefits.
If you looking to invest in real estate but looking for something a little more hands-off check out Fundrise or RealtyShares where you can invest in crowdfunded real estate projects.
Take Away: You have unlimited earning potential. The only thing that is stopping you from earning more is you.
Less Stuff = More Money
Just a year ago, I worried about money all the time. I never had enough money to live the life I wanted, but I was able to pay my bills. I owned a condo that ran me close $2,000 a month, a BMW that cost over $400 a month, and a bunch of stuff inside of both. I needed at least $3,000 a month just to keep up with my stuff.
Then, I lost my job. I needed to downgrade my life, or I wasn’t going to make it. I sold the BMW and bought a Honda Civic for half the price. I rented out my condo and moved in with my younger brother — reducing my monthly living expenses dramatically.
I made a list of what was important to me and what was not. I sold every non-essential I could to make extra cash.
Why do you need all that stuff?
If I were to take an inventory of my life and determine the things I use every day, it would be a bed, a chair, the car, the computer, a frying pan, and a French press. Those are the thing I couldn’t live without. The rest of the stuff I rarely use.
We live in a consumer’s world. That’s why we even think about how to get rich quick. However, we don’t have to conform to it. Collecting stuff is just a waste if you don’t use it. You probably have a house full of useless stuff; get rid of it.
When I had this epiphany about stuff, everything changed. The way I thought about money shifted dramatically.
Do I Need This?
If you’re buying stuff every day, you need to take a step back and think about it. I like to create a 30-day list on my phone of things I’d like to buy.
If I see something in a store or online, instead of clicking buy I just put it on my list. That curbs the urge. 95% of the time, I end up not wanting it in 30 days. I also always ask myself- Do I need this? Will it make my life that much better?
Most of the time, it won’t. Most of the time I can’t even remember why I wanted that thing I put on the list anyway. If you do need to buy stuff make sure you get the best price for the best quality.
Take Away: Stuff costs money. Keeping stuff in your house costs money. Using stuff costs money. Less stuff, more money.