Everyone wants to get rich. Wealth is a sign of status, sure, but it also gives you a measure of comfort – the ability to do things you’d like to do without worrying about how you’re going to pay for the basics. If you’re wondering how to build wealth and get rich, we’ve got you covered.
This guide will cover four basic ways you can build wealth: making money, saving money, investing your money and through continuing education. You’ll learn:
- How to earn money, even if you haven’t earned a college or higher level degree
- How to use the money you already have to increase your wealth and get rich
- How to make your money and your education work for you, no matter the field you work in
Let’s get started on the road to wealth. Here’s the complete guide to heavy wealth in easy to digest steps.
1. Make money and increase your wealth
You’re not going to get rich twiddling your thumbs. You need to learn ways to make money – how to pad your bank account so that you can make your money work for you. You don’t have to be a C-level executive to be rich. You should be able to amass wealth just by doing what you love.
It’s also very important to determine what, to you, defines wealth. Is your goal to get rich defined by the number of dollars in your bank account? Or is it something else, like the ability to jet set across the country or world without worry?
Know what you want, and then you’ll be able to realize it. Set goals for yourself, but not vague ones. And mini-goals will help too, such as a new career path or a salary increase by year’s end. Ready to learn how to make more money that can help you build wealth? Here’s where to start.
1. Get a job
If you’re not currently employed, that’s the root of your problem. You’re not going to get rich when you’re not working. It’s just not going to happen. Whether your new job is raking leaves or the CEO of an airline, you’ve got to start somewhere, so get to looking or a new job!
Getting a job is sometimes easier said than done, sure. For instance, if you have a disability, or if the job market in your area is tough, or if you just don’t have a reliable skill set it may be tricky to get your foot in the door with an employer.
But you can do this! Get to pounding the pavement and meeting prospective employers. Hand out your resume, or just fill out applications at the local shops. Then, nail your interviews and consider yourself gainfully employed!
2. Refine your resume
If you do have some kind of work history, and if you’re looking for a higher-paying job than just fast food, you’re going to need to look at refining your resume. Many times, people are turned down for jobs because their resumes just aren’t good, or don’t accurately reflect work experience and skills. That’s no way to build wealth and get rich!
If you need help with your resume, you can:
- Ask a well-qualified friend to help you look over your existing resume
- Hire a professional resume writer, if you have the cash on hand
- Attend a resume workshop at your community college or library
Any of these places will help you revamp your resume in a way that’s going to make it attractive to employers, helping you take the next step to getting employed.
3. Negotiate your salary
If you do have a job, it’s time to talk about how much you’re getting paid. Is your boss paying you what you’re worth? Do your research. You won’t get rich if you make the same pay year after year. Increase your wealth by increasing your paycheck.
Go online and do a little job hunting. Look for job descriptions that match your own, and that are in your rough vicinity. Then, see how much those positions are earning. If it’s more than you’re getting paid, it’s time to ask for a raise.
Asking for a raise isn’t always easy. There are a few things you’ll need under your belt before you approach the Boss Lady about increasing your pay. These things may include:
- A good rapport with your supervisors
- A good relationship (working relationship) with your co-workers
- A solid attendance history, including very few late arrivals or early departures
- A marked and quantitative contribution to your company, whether it be your sales record or account history
- It’s also probably not likely that you’ll get a raise if you’ve gotten one within the past few months
When you’re ready, set up a meeting with your boss. Tell him or her that you’d like to talk about your performance, so that she’s not caught blindsided. Then, come prepared with any “proof” you need of performance, as well as the “proof” that other jobs in the area are paying more than yours.
Your boss may not say yes to the pay increase, but you’ll have brought yourself to the forefront of her mind, making it more likely that you’ll be considered for a raise in the future.
4. Change your career
You can always make more money by changing your career or your employer. After all, if you’ve been a picker/packer with one warehouse for 15 years, it’s likely you’ll be a shoo-in for a picker/packer position at another. Look at job listings in your area, and get your applications out there.
Switching places of employment isn’t always easy if you can’t count on your current boss for a reference. Make sure you have a trusted co-worker who’s willing to field the call if a prospective employer seeks a reference about you.
Alternatively, you can change your entire career! You may be a picker/packer now, but the skills you use today could translate into a higher paying career elsewhere. For instance, a licensed forklift operator may earn more than your current position pays.
The same is true for white collar jobs. You may be a sales rep at a wireless company today, but your skills would be well suited to any customer service position. This includes everything from call center jobs to teaching, given the right certifications!
You may not get rich quick just by changing jobs or careers, but you can gradually accumulate wealth by doing just that.
5. Start a side hustle
If you’re not quite ready to throw in the towel at your current job, there are things you can do on the side that will help you get rich and build wealth all the same. Many people today are starting side hustles, and joining the gig economy. There are literally thousands of things you can do to earn money on the side, while keeping your day job.
Ideas for earning money outside your normal job include:
- Babysitting
- Ride share driving
- Freelance graphic design
- Consulting for businesses
- Publishing of ebooks
- Drop shipping
- Personal chef or catering
The possibilities are actually endless. Anything you have an interest in, you can convert into extra income for yourself. However, we do not recommend you get into multi-level marketing schemes. Study after study shows that people who participate in these scams lose more money than they make.
So even if your neighbor claims she’s making thousands each week selling handbags or leggings, don’t waste your money. The odds are slim to none that you’ll make even the first cent doing so.
6. Just say no
If there are things that are tying up your time that aren’t earning you money, put them on hold until you can begin to increase your income. You can get rich working, but you can’t get rich being on the board of the Homeowner’s Association or the Parent Teacher’s Association. Put these volunteer activities on hold until you’re more steadily building the wealth you want.
That doesn’t mean you can’t be involved with your community or your family. You can certainly spend an afternoon here or there at your kid’s soccer game or doing some volunteer work for the local animal shelter. But stop saying “yes” to every request that comes your way.
You must find a balance between helping others and helping yourself. And by the same token, you have to find a balance between work and personal life. You might feel like you’d love to binge-watch a crafting series on Hulu tonight, but would you be earning more by doing a little marketing for your side hustle?
- “Me time” is important, but shouldn’t put your finances at risk
- Your family is important, but finding a balance is too
- Stop agreeing to every request that comes along – it’s okay to say no every now and then
7. Change your circle of friends up a bit
You don’t have to break up with your friends to get rich. But wealth comes in a crowd, so make it a point to “hang out” with people who are at a status you’d like to see as your next step. People who have already bought their 6 bedroom house. People who are already a member of the yacht club. People who aren’t stressing about money, and who are traveling instead of clipping coupons.
When you associate with wealth, three things are going to happen:
- Opportunity is going to come your way
- You’re going to adopt the mindset of a wealthy person
- You’re going to learn a lot about managing wealth and your finances
Again, don’t drop your friends. But add a few to your regular social mix-up – you won’t regret it. You’ll begin to think more like these people, act more like these people and, in turn, build wealth like these people. So shake it up and hang out with the rich crowd from time to time.
8. Stop feeling sorry for yourself
You’re not poor because of your mom, your dad, your uncle or your dog. You’re not poor because of the economy, the Queen, the President or the Prime Minister. You’re not poor because of a decision you made twenty years ago to skip university and go straight to work.
You’re poor because you’re not taking action.
Sure, you may have been born into a poor family. But wealth isn’t always something you’re born into. In fact, most wealth is self-made from good ideas and strong perseverance. It’s made from hard work and determination.
If you keep on sitting on your couch feeling sorry for yourself, wondering why you just won’t get rich, it’s time to dry those crocodile tears and get to work. Find something that’s going to make you money – or make you more money – and do it. Time to pound the pavement.
9. Don’t forget to network
Even if you can’t find friends in high places, you can find people who work in fields you want to get involved in. Check the internet for networking events in your area, or events you can travel to. Then, print your resume (that you’ve recently had revamped) and hit the road.
You’re going to meet a lot of people at networking events, and not all of them will be in your chosen career field. However, that’s the point of networking. Connections beget connections, so there’s nothing saying that lighting professional you met in San Diego can’t match you up with a consulting contract.
When you network:
- Be professional
- Keep business cards on hand … always!
- Don’t underestimate people – they may turn out to be worthwhile connections
- Don’t underestimate yourself – go ahead and introduce yourself to the COO
Networking can not only help you get rich by assisting in find a job, but you can meet great connections who will teach you how to build wealth.
10. Prioritize your time and your money
Is what you’re doing earning you money? Is the dollar amount per hour you’re earning while doing it worth the time spent? Think about how much time you’re spending on each activity you do each day. Then, determine if your time would be better spent:
- Searching for new jobs
- Researching your lateral options
- Developing new skills you can use
- Managing your finances
- Networking with others
The same goes for your money. Think about whether you’re going to get rich doing what you’re doing now. Would your money be better off:
- Invested back into your side hustle
- Put toward continuing education classes
- Saved for a “rainy day”
- Invested in stocks or bonds
You get the idea. You’re not going to get rich if you’re not prioritizing your assets, which include both time and money.
2. Save money and get richer
If you’re living paycheck to paycheck, you’re doing something wrong. You’re not going to build wealth and get rich if you spend every cent that comes into your bank account.
We don’t know your savings goals. Therefore, we can’t tell you how much to save each week, month or year. However, there are some things you should consider as you save your money to get rich, and some tips you can use to make it easier to do just that. Here are ten tips to help you save money so that you can gradually begin to grow your wealth.
1. Set aside a percentage of your paycheck
If you work a job that gives you a regular paycheck, commit to setting aside a percentage of that check into a separate account each time it hits your bank. There are two ways you can do this:
- Transfer the money manually from your primary account to your savings account, or
- Fill out your direct deposit slip to do the same
Most employers who offer direct deposit will also offer the option to divide your paycheck into two, even three, accounts. If that’s the case, this is always the best option. You’ll never actually see that money – it’s a “set it and forget it” type of scenario.
By setting aside a percentage of your paycheck, you’re effectively lowering your salary. However, that money is still yours. You simply won’t be tempted to spend it on entertainment or frivolous things. Instead, it will be there when you’re ready to invest or use the money.
In short, by setting aside a percentage of your paycheck, you can get rich and build wealth without even thinking about it!
2. Decide what to do with your savings
Take a close look at your savings account. What is the interest yield? Are there higher, more competitive rates out there? Do a little shopping and see if there’s a better option for you. There are a number of ways you can save your money, depending on what area of the world you live in. These include:
- Certificates of deposit
- Bonds
- IRAs
- Traditional savings
- Money market accounts
- Investment accounts
- Employer matched savings accounts
Talk to the representative at your bank branch and see what they recommend, or what your bank already offers. Bank reps are great resources for one reason: when you get rich, they get rich. They want you to make money on your savings and your investments, so they’re going to act in your best interest.
Investing is an option as well, but we’ll talk about that a bit more in another section of this guide.
3. Do your monthly math
If you’re not comfortable with a flat percentage of your paycheck, why not do a little “monthly math” to figure out just how much you can put aside without feeling a sting? Cut out a few of the frivolous things you’ve included in your budget. Then put the money you’d normally spend on those things into your savings account. Here are some ideas:
- Cut out the Friday night Ladies’ Night and put $50 into your savings instead
- Stop going to the coffee shop. Bring your own coffee and save $15 per week
- Cancel your streaming video subscription for a $15 per month savings addition
- Work out at home instead of the gym and put that money into your savings account
- Quit smoking! That money is better invested than literally burned
- Drop the cable subscription for thousands of dollar of savings each year
You get the idea. Figure out what’s necessary and what’s just eating up your earnings. Calculate a solid number and transfer that amount into your bank account each month.
4. Keep your credit score solid
If you live in a part of the world where your credit score matters, it’s important to understand just how critical it is for you to keep your score up. You can get rich and build wealth much more quickly with a good credit score for many reasons.
- Should you need a loan, your interest rates will be lower or non-existent
- Your security deposits and down payments will be lower
- You’ll be eligible for credit cards that can help you in a pinch, rather than tapping into savings
- Your insurance premiums will be lower if you have good credit
- You’ll have solid negotiating power with banks should the need arise
- You’ll be eligible for high interest-bearing accounts
- You may have access to accounts and credit cards with “perks” including cash back rewards
While keeping your credit score good isn’t the most obvious way to get rich and build wealth, you can see that the perks of good credit absolutely do add up over time.
5. Live within your means
We mentioned earlier that if you’re trying to build wealth, it helps to associate with wealthy people. But it will certainly not help to live outside your means. When your car is too expensive, or your house is too big and pricey, you’re doing yourself no favors at all.
When you want to get rich, it’s important that you live within your means. Wait until you’re rich to buy that huge house or the luxury sports car. For now, you’re going to have to cut back a bit.
This doesn’t mean you can’t have nice things. You may really have your heart set on that soundbar or even on a new smartwatch. But remodeling the kitchen in ivory and granite should wait until you’re actually living a lifestyle that allows you to do that.
To put it quite simply, acting like you’re rich when you’re not is a sure-fire way to get poor. Don’t do it – spend responsibly.
6. Set savings goals
It’s not enough to just put coins into a jar, or to squirrel away a portion of each paycheck. You’ll need to set savings goals, and it’s good to be as specific as you can with those goals.
So, instead of saying “I’m going to put aside money each month,” say something like, “I will save $2,000 by the end of this year.” Here are a few savings goals you can pull from:
- I will save $200 each month
- I will save enough for a vehicle down payment (X amount) by June
- I will dedicate 10% of each paycheck to my savings account
- All cash I earn from my side hustle will go into savings
Now, not all of these are super specific goals, but you can see that they’re very defined in the scope. You can get rich more quickly if you set savings goals rather than just randomly depositing into your savings account.
7. Match your splurges
If you can’t go the day without heading to the café for that Triple Threat Coconut Chocolate Coffee, you can turn it into an opportunity to get rich and build wealth. All you have to do is match your own spending.
It’s a good idea for everyone to have a bank account with mobile access. The app or website should make it easy to transfer money back and forth between accounts. For instance, from your checking to your savings.
When you spend that four dollars on your coffee drink, go ahead and transfer four more dollars into your savings. Don’t have an additional four bucks? Maybe you should rethink your splurge in the first place.
It doesn’t just have to be your coffee-type splurges, either. You can match splurges on:
- Haircuts
- Your gym membership
- Trips to the theater
- Visits to the ice cream shop with the kids
- The gas you spend to go on a weekend getaway
You get the picture. Any purchase you wouldn’t normally make can be matched. Remember that once you transfer the money into your savings, it’s no longer available for immediate use. Don’t be tempted to withdraw!
8. Double up on savings accounts
Every person who wants to build wealth and gets rich should have two savings accounts: an emergency account and a long term savings account. Your emergency account should ideally contain a couple of months worth of padding. You should be able to cover your rent or mortgage, car note, utilities and food.
The long-term account is just that – it’s not to be touched. This is the account (or these are the accounts) that you’ll use to grow your wealth and make your money work for you. Don’t … we repeat, don’t be tempted to pull from that account, even if there’s an emergency.
If the car breaks down or you chip a tooth, pull from the emergency fund. Then, as quickly as you can, replenish your emergency savings so that if it happens again you’ll be prepared. The long-term account isn’t to be used for these purposes.
If your emergency stash is low, there are other resources you can access.
- A credit card
- A small personal loan from the bank
- Friends and family
- Auto dealership or medical center financing
Later in this guide, we’ll talk about ways you can prevent yourself from accessing your long-term savings. For now, suffice to say that you should just say no.
9. Refinance or consolidate your loans
This one may be a bit confusing, so we’ll try to break it down simply. Let’s say you have three credit cards you’re paying down. Each has a balance of $10,000 and you’re paying 10% interest on each. The money that you pay each month is first applied to the interest, then to the principal.
When you consolidate your loans, you’ll now have a $30,000 principal balance. You might still have 10% interest, but there’s a good chance your interest will be a bit lower if you’ve been working on your credit. That means that you can still pay the same amount each month, but more will be applied to the principal, allowing you to pay down your loans more easily.
So what does that mean for saving money and building wealth? Well, take the amount of money you were paying prior to consolidation. Then subtract the amount you’re paying monthly now. Deposit the difference into your savings account.
That’s money you were spending each month – so you won’t miss it. The same is true for when you have a lower payment after refinancing your car note or your mortgage. This is a great way to help you get rich.
10. Use common sense
Common sense is something that everyone who wants to get rich should have. You should use your brain in determining what you should spend and what you should save. Here are a few examples of ways you can really be mindful of what you’re spending and saving.
- Is the money you’re spending money that you could save with a DIY approach? For example, working out at home or buying a 6 pack of beer instead of going to the bar.
- Sleep on it. Before you buy that car, couch or handbag, sleep on it. Do you really need to buy the premium cable package, or would a streaming service like Netflix be sufficient? Don’t make impulse purchases, and keep your credit card out of reach when you’re shopping.
- Go green. When you go green, you save the planet and you save money. Use less water, turn the lights out and keep the central air reasonable. Drive less, walk more and shop thrift stores instead of boutiques.
- Use the support of your family. Let everyone know that you’re trying to save money and get rich. They’ll be less likely to choose pricey restaurants and maybe might even agree to a white elephant swap for holidays.
3. Investing your money to make it work for you
You work hard for your money. Now, it’s time to make it work for you. How do you do that? Well, by investing, of course! You don’t have to be a stock market genius to invest your money and build wealth. You can get rich simply by using safe and reliable methods of investment.
Investment risks range from low to very high. If you are new to investing, it’s time to do a little research and learn the basics. The purpose of this guide isn’t to teach you how to invest, but rather is to give you tips and tricks for investing that will make your savings grow. Let’s take a look.
1. Try a stock market simulator
If you want to go all in and play the markets, it’s a great idea to use a stock market simulator before you inject real money into the market. There are dozens of simulators online, and many are attached to real investment platforms.
Here’s how this works. Let’s say you decide that you’d eventually like to invest with ABC Finance. The initial deposit requirement is $10,000, but you don’t know if you’re ready quite yet to put that money on the line.
Register for an account with ABC Finance, then play with the simulator. You’ll be given an allotment of fake money that you can “invest” in real companies like Apple, Google and Samsung. Over the course of a few weeks and months, you’ll learn how your money moves. As you use the simulator, you’ll want to pay attention to:
- Growth of your stocks
- Drops in values
- The overall value of your portfolio and how it moves
- The impact of trade fees on your overall investment and portfolio value
- Stop limits and other factors
As you play around with the simulator, you’ll find that you’re becoming more comfortable with playing the real markets.
Note that there is no guarantee with the stock market. You could get rich or lose all your money in the blink of an eye, so be cautious.
2. Choose your investment firm wisely
As you shop for a brokerage firm, you’ll want to pay attention to what they have to offer. Some will only offer markets native to your country, while others serve a global base. You’ll also want to pay attention to the fees assessed by the firm to move money, as this could be a deal breaker.
Look into reviews of the investment firms you’re researching, and ensure that they’re licensed to operate in your native country. You certainly don’t want to be involved with a firm that’s operating illegally!
If you need help choosing a firm, ask around. There are plenty of forums and reviews sites on the internet you can look into. Check with local resources, too! Credit unions and banks can sometimes offer suggestions as to how to research firms, or may even have brokerages associated with their brand.
Remember that this is your wealth, your money. Don’t risk losing everything by choosing a shady or “cheap” brokerage firm. That’s certainly no way to get rich.
3. Speak with a financial advisor
You can glean a lot of information by speaking to a financial advisor. Sometimes you’ll be able to get these consultations free, while other advisors will charge a fee. Generally speaking, if you’re considering going with one firm or another, they’ll sit down and talk with you about your existing financial health and how you can get rich and build wealth from this point on.
Even if you ultimately decide not to go with any one particular firm, take the information you can from your meeting. Make notes, either literal or mental, and put them to good use as you plan for your future.
For instance, a broker might tell you that you need to diversify your portfolio a bit. That will mean perhaps you may have too many high-risk investments. Conversely, your portfolio may be too conservative. You may want to invest in a few more aggressive stocks to get rich more quickly.
4. Avoid the scams and schemes
Too many times, people new to investing are taken by surprise to find out they’ve been taken advantage of. There are unregulated schemes, triangle schemes, structured schemes and more. These aren’t always high risk, but you’re going to have to do double the research before you get involved.
Always, always, always fully check out anyone you give your money to. For the best results, stick with a widely recognized brokerage firm. You know, the ones who have been around for a long time and have a good reputation across your nation.
Alternatively, you can invest through your bank. However, sometimes it’s in your best interest to keep your checking and savings separate from your investment accounts.
There are red flags you can watch for as you choose an investment product.
- Guaranteed money back – nothing in the market is guaranteed
- Vague descriptions of where money will be invested – you should have a clear and specific outline of your portfolio
- Any class action lawsuit against the firm
- Brokers who are “pushing” a particular stock or product – your broker should be working in your best interest, not theirs
These are just a few examples of ways you can avoid the scams and schemes and, in doing so, build wealth and get rich in a safer way.
5. Don’t be a helicopter parent
You know those parents who are constantly checking in with their kid? They’ve got the location tracker on the phone, the car and the kid’s backpack. Well, don’t be that Stock Dad.
It’s great to periodically check in with your investments. You’ll get regular statements, ranging from monthly to quarterly. In some rare cases you may get an annual statement, and you’ll always get an annual performance report.
Use these tools wisely. Your goal is not to become a day trader, selling and buying stocks as they rise and fall. If it is, this is the wrong guide for you! Instead, your goal is to grow wealth over time and get rich slowly but surely, right? You should be using your reports and statements as tools to help you do just that.
- Periodically check your statements to make sure there are no huge drops in value
- If there are any changes you’re unsure of, consult with your advisor
- Use your annual performance report as a tool to decide which aspects of your portfolio you’d like to keep – and which you’d like to say goodbye to
- Always keep up with the news – you can learn a lot about the companies you’re investing in
In short, don’t helicopter your stocks. You’re better off checking in periodically just to make sure they’re safe and still thriving.
6. Know your goal!
So often, people enter into the world of investing with one goal: to get rich. Sorry, folks, that’s just not good enough. You’re going to need to set some long and short term goals for your investment portfolio that are comprised of two main things:
- How much you’re willing to put in
- How much you’re willing to lose
We’re not financial advisors, so it’s best if you consult with your own to determine how these factors should impact your portfolio. He or she can help you diversify your portfolio and fine tune it to a point that’s going to help you get rich and build wealth in a way that’s comfortable for you and your individual finances.
It’s okay, too, to set specific goals. Examples of this may include:
- To save $150,000 for retirement
- To save $20,000 for a child’s college tuition
- To save $30,000 for a home down payment
- To save $100,000 to pass down to your children
Whatever you choose to do, it’s best to speak with your advisor who an assist you in making sound decisions that will help you reach your goals.
7. Realize you can start with very little
You don’t have to already be wealthy in order to start investing. You can actually begin with anywhere from $100. Some of that money you’re putting aside in your savings can be allocated to your investment account. It really is that easy.
Again, we recommend playing around with a simulator online or on an app. Then, start investing real money as you feel comfortable doing so. You’ll watch your wealth slowly grow, and while you won’t get rich fast, you’ll learn the ins and outs of investing at a pace that’s comfortable for you.
There are many robo-advisors out there that will invest your money for you if you’re not sure which stocks to choose. These little robots were programmed to diversify your portfolio in a way that matches your personal goals and your monthly budget.
To put it simply, you don’t have to be rich to get rich. You can start investing with very little, so start learning the markets today.
8. Become a self-taught investor
You don’t need to know a lot about the stock market right now to start investing very soon. There are so very many resources online that are available to you to find out everything you need to know to become a self-taught investor. You can check out:
- YouTube
- Financial sites like Investopedia
- News programs
- Podcasts
- Individual brokerage sites and their news feeds
You can even go to the library and check out books on investing. We do recommend that you check that the books are recent – a stock market book from 1989 isn’t going to serve you well today.
Talk to friends you know who have invested, and don’t be scared to ask them questions. Investing isn’t a contest. Your friends won’t hide secrets from you because they’re scared you’ll succeed. In fact, there’s a great chance that they’ll be proud of their success and sharing those secrets is kind of a humble brag.
There’s no need to hire an expensive brokerage firm if you want to be a DIY investor. Again, though, realize that the stock market isn’t guaranteed. Everyone can earn money and everyone can lose it. If your portfolio goes pear shaped, it’s not your fault – or your friend’s fault who gave you the advice!
9. Remember that investing is long-term
Again, you’re not in this to build wealth and get rich as a day trader. Your investments will be long-term ones, meant to gradually help you make your money work for you. Don’t expect to get rich overnight; it’s just not going to happen.
It bears repeating that you shouldn’t helicopter over your stocks. You’re more likely to earn money in the markets if you just leave your investments alone. The fees associated with stock trades alone can kill your savings, so don’t make the mistake of making frequent trades or, heaven forbid, withdrawals. Set it and forget it and you’ll come out better in the end.
10. Know your “options”
When most people think of investments, they think of stocks. Stock in Disney. In Apple. In Microsoft. But there’s more to it than that!
Depending on where you live, you’re going to have many, many options available to you, and some are higher-risk than others. Your options include:
- Stocks
- Bonds
- Mutual funds
- CDs
- Savings accounts
- Commodities
- Many more
Talk with brokers in your area to find out what’s available to you, then go with your gut. Do what’s comfortable to you, and don’t take any more risk than you can handle or afford.
4. Keep yourself educated
There’s so much more to education as it relates to wealth than just going to school. You can get rich without a college education, just look at Steve Jobs and Bill Gates!
However, whether you’ve gone to college (or school) or not, it’s going to be important for you to continue your education if you want to get rich. No, you don’t have to go back to university. There are ways you can learn on your own that will help you earn, save and invest your money.
1. Never stop reading
You can learn so much from reading, and not just from books! Don’t discount the library, but do realize that there are many, many places that you can glean information without ever cracking a book.
Many people are opposed to poring over full-length volumes related to investing, building wealth and saving money. However, there are some good ones out there. A few we love include:
- Think and Grow Rich by Napoleon Hill
- Rich Dad, Poor Dad by Robert Kiyosaki
- The Total Money Makeover by Dave Ramsay
- How Rich People Think by Steve Siebold
Most popular books about building wealth are translated into many languages. Check your local bookstore or sites like Amazon to find a translation that’s easy for you to relate to.
But you won’t just learn from books. You can get plenty of knowledge by reading stock market bulletin boards, financial news sites, newspapers, magazines, blogs and more. Just go online and search a term like, “how to build wealth” and you’ll see what we mean!
2. Take online courses
Whether you’re learning to save, to invest or just want to get a better handle on your finances, you can e-learn a lot by taking online courses. Some of these are free, while others are paid, so be sure you check out the reviews of your courses first.
Depending on where you are in the world, the online platforms for e-learning may be different. However, across most of the globe there are educational resources available in person to those who are interested:
- Community colleges
- Libraries
- Banks
- Tax preparation offices
- Community centers
Run a Google search for “savings workshops” or something similar to the course you’re looking for and you’ll see the opportunities that are available to you. Again, it’s perfectly fine to take a course you have to pay for, but be sure it’s a quality course by reading reviews and checking out what others are saying.
3. Find a mentor
If there’s someone in your life that you admire financially, why not ask him or her to become a mentor? Chances are this person will be thrilled to take you on, even if that just means answering questions you have about money management, savings, investment and building wealth.
You can get rich on your own, but it’s easier when you have a sounding board should any questions arise. Your mentor can be anyone you know, too. It doesn’t have to be someone who’s actually in finance. Consider:
- Your parent
- Your grandparent
- Your pastor, priest or other religious leader
- Your significant other
Pretty much anyone, really, with whom you can trust your personal information like your budget and salary and who you can trust to give you sound advice.
4. Keep up with your credit score
You can learn a lot about the cause and effect of personal finance simply by keeping up with your personal credit score. For instance, you can learn how a new credit card can raise your score, or how an inquiry can hurt it.
If you’re in a nation that relies on credit scores, sign up for one of those free credit monitoring sites. The credit score reflected on the site may not be 100% accurate, but it will give you a close enough indicator about how your credit health is doing.
You can build wealth with good credit, remember, so play around with the simulators on these sites to determine the next best steps for your personal situation. As an example, some people may benefit by paying down bills while others could see their scores rise by opening a new auto loan.
Learning about your personal situation is just as important as learning about the broader scope of saving and building wealth, so use these tools to your advantage.
5. Go back to college
Yes, we said you don’t have to go back to school to get rich. You certainly don’t. Many a wealthy person has seen success without much education at all!
But if you’re looking to change your career or to enter a higher-paying field than your current one, you should consider taking at least a certification program. This doesn’t mean you have to be a white collar worker. As an example, you can earn more money as a plumbing contractor than you can as a dishwasher, but you’ll need certifications and licenses to do so.
If you do choose to follow a professional career path – for instance to become a psychologist or a dentist – you’re obviously going to need to go the full college route. Realize that this takes a lot of money, so consider whether you’re ready to make that investment.
6. Take a personality test
Yes! There are tests you can take which measure your:
- Aptitude
- Interests
- Skills
- Talents
- Passions
You’ll answer a series of questions about yourself – be sure to answer honestly – and your test results will include career paths that suit you as an individual.
Maybe your mom and dad pressured you to take over the family restaurant, but you just don’t want to do that anymore. You’ve been working that kitchen your whole life … what else is out there? These assessments can help you determine possible paths you may love.
7. Learn a hobby
Oh yes, folks. Learning a hobby can certainly help you get rich and build wealth. First, you can operate your hobby as a side hustle. Design furniture, build musical instruments or weave baskets – whatever your passion, you can make money doing it.
Secondly, you’re going to network with others. Say you’ve found that you love to refinish furniture. Use your talent to reach out to local businesses and offer your services to them. Before long, your refinishing business could become a full time gig – you may even go national with it!
Finally, learning a hobby is going to help you remember that you should balance your work and your personal life a bit. Take the time that you’re pursuing your hobby to relax and unwind. You can do this and still make money. In fact, you may end up earning more because you’re following your passion!
8. Learn your own habits
Perhaps the most important part of learning to get rich and build wealth is learning about yourself. You need to take inventory of your own finances and how they flow through your checkbook.
- Know exactly how much income you have coming in each month
- Know the exact dollar amount you’ll need to cover your necessary expenses like rent and utilities
- Know how much you’re putting aside each month into your emergency fund and your long-term savings
- Know how much you have left over to spend on the frivolous things
Once you’ve got those numbers down, it’s time to learn about your spending habits. Are there costs you can cut? Transfer the difference to your savings accounts. Are you tempted by frivolous nonsense like expensive coffee drinks or even name-brand canned vegetables (because why?)? Cut those costs, too.
Know the what, where, when and why of your spending and make adjustments accordingly.
9. Learn from the gurus – with caution
There are a lot of reliable resources out there on the web and other places you can learn from. However, there are a lot of weirdos out there as well.
Don’t be afraid to take advice from the “financial experts” who are tried and true. The experts in your area will vary, so we’re not going to recommend any here for now. Check around in your area and just check out Google for your nation’s most trusted experts and go with the ones who speak most to you.
The disclaimer to this, though, is that you should always try to stay away from the weirdos who are trying to sell you something. You’ll know them when you see them – the pop ups on their webpages are the first giveaway, and the 500 shameless plugs for their own course or product are another red flag.
Some of the reliable men and women out there will try to plug their book or course now and then. But just be sure you’re buying from one of the good ones, not someone who’s out to make a quick buck.
10. Remember that learning is lifelong
Some aspects of finance will always remain the same, but others are constantly evolving. Your money and the way you build wealth will change depending on your age, your nation’s economy, your job situation, your area’s political climate and so much more.
Never stop learning, and never stop applying that knowledge to your financial situation. You can build wealth only when you take a proactive approach to managing your money, so be sure you do your part.
Conclusion
You want to get rich and build wealth – who doesn’t?! It may seem overwhelming and difficult to get started earning, saving and investing your money, but with some knowledge, preparation and planning, your dreams of becoming wealthy can come true.
Always trust your gut and always use your common sense, and watch your wealth grow before your very eyes.
